Behari Lal Engineering’s IPO opens Wednesday at ₹271-285 per share and closes Friday, with the integrated iron and steel manufacturer raising fresh capital for capacity expansion, equipment and solar installations.
The public offer of Behari Lal Engineering Ltd, an integrated iron and steel manufacturing company that specialises in customised engineering solutions, opens today at a price band of ₹271-285 and closes on Friday.Investors can bid for a minimum of 52 Equity Shares and multiples of 52 thereafter. The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not less than 15 per cent and 35 per cent of the net offer is assigned to non-institutional bidders and retail investors, respectively.The initial public offering comprises a fresh issue aggregating up to Rs 93 crore and an offer-for-sale of up to 73.20 lakh shares by promoters - Rajesh Garg, Lovlish Garg, Yogita Garg, and Dinesh Kumar Garg HUF and investor selling shares - SG Tech Engineering Pvt Ltd.The proceeds from its fresh issuance worth Rs 19.58 crore will be utilised towards funding purchase and installation of new equipment/machinery (including computers, printers and computer peripherals) along with civil work for such installation at manufacturing facility 1, Rs 3.4 crore for purchase and installation of new roof-top solar panels at manufacturing facility 1, Rs 36.6 crore for purchase and installation of new equipment/machinery along with civil work for such installation at manufacturing facility 2, Rs 3.4 crore for purchase and installation of new roof-top solar panels at manufacturing facility 2, Rs 57 lakh for repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company, and general corporate purposes.Emkay Global Financial Services Limited and Systematix Corporate Services Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the offer.Company InformationIncorporated in 1995, the company is an integrated iron and steel manufacturer specialising in customised engineering solutions. According to CRISIL, the company is one of India’s largest metal rolls producers and a leading player, meeting 10-11.5% of the country’s demand in Fiscal 2026.The company is a manufacturer of metal rolls, engineering castings, alloy steel products, and forging ingots for user industries, including steel, power, and heavy engineering.It operates two manufacturing facilities in Mandi Gobindgarh, Punjab, equipped to design, develop, and manufacture its products. Further, the company has recently commenced construction for its third manufacturing facility at Mandi Gobindgarh, District Fatehgarh Sahib, Punjab.Brokers’ views:SBI Securities: BLEL is one of India’s largest metal rolls producers and met ~10.0%-11.5% of the country’s demand in FY26. Historically, the company has recorded CAGRs of 9.4%/24.7%/34.4 % for Revenue/EBITDA/PAT, respectively, over the FY24-FY26 period. Going forward, the company intends to use the fresh proceeds to fund capex at its existing facilities and is in the process of setting up a third manufacturing facility. The company continues to focus on expanding the share of higher-value products in its sales mix, which, combined with the expanded capacities, shall result in improved profitability with scale. At the upper price band of Rs 285, the issue is valued at a FY26 P/E multiple of 18.7x based on post-issue capital. We recommend investors SUBSCRIBE to the issue at the cut-off price.Anand Rathi: At the upper price band, the company is valued at a P/E of 18.6x and an EV/EBITDA of 13.3x based on its FY26 earnings, with a market cap of Rs 1,205.60 crore post-issue of equity shares. We believe the IPO is fairly priced and recommend a “Subscribe-Long Term” rating.Published on August 12, 2026
