Behari Lal Engineering IPO 2026: 301.62 Cr Issue, Price Band, GMP & Subscription

The Behari Lal Engineering IPO is scheduled to open for subscription on August 12, 2026, and close on August 14, 2026. The company aims to raise ₹301.62 crore through a combination of a ₹93 crore fresh issue and an Offer for Sale (OFS) of ₹208.62 crore.

The IPO price band has been fixed at ₹271 to ₹285 per share, with a lot size of 52 shares. Retail investors need a minimum investment of ₹14,820 at the upper price band. The shares are proposed to be listed on both the NSE and BSE on August 19, 2026.

Behari Lal Engineering is an integrated iron and steel manufacturing company engaged in producing customised engineering products such as metal rolls, engineering castings, alloy steel products, forged shafts, blocks and forging ingots. The company serves customers across steel, mining, power, sugar, iron and other industrial sectors.

In this article, we cover the Behari Lal Engineering IPO details, GMP, subscription status, financial performance, business model, IPO objectives, competitive strengths, risks, and investment analysis.

Behari Lal Engineering IPO Details

Behari Lal Engineering IPO Timeline

The above dates are tentative and may change.

Behari Lal Engineering Financial Performance

Behari Lal Engineering has reported consistent growth in revenue and profitability over the reported financial periods. Total income increased from ₹449.96 crore in FY24 to ₹546.52 crore in FY26, while profit after tax increased from ₹35.79 crore to ₹64.64 crore during the same period.

The company has also significantly reduced its borrowings compared with FY24, while its net worth has continued to increase.

Key Financial Ratios

The financial performance indicates improving profitability, healthy return ratios and a relatively low debt-to-equity position.

Behari Lal Engineering IPO GMP

As of August 7, 2026, the Behari Lal Engineering IPO GMP is ₹10. At the upper price band of ₹285, the estimated listing price based on the current GMP is approximately ₹295 per share.

The current GMP indicates an estimated premium of around 3.51% over the upper IPO price band.

However, GMP is an unofficial and unregulated indicator. It can change significantly before listing and should not be considered a reliable predictor of the actual listing price.

Behari Lal Engineering IPO Subscription Status

The Behari Lal Engineering IPO will open for subscription on August 12, 2026, and close on August 14, 2026. Therefore, live subscription data is not available yet.
The category-wise reservation is expected to be as follows:

Live subscription figures will be updated once bidding begins.

Behari Lal Engineering IPO Day-wise Subscription Trend

What is the current subscription data for Behari Lal Engineering IPO ?

The live subscription data will be updated using official BSE and NSE bidding information once the IPO opens. The table below will display the total shares offered, shares bid, and subscription multiple across different investor categories.

What is Behari Lal Engineering Ltd.?

Founded in 1995, Behari Lal Engineering Limited is an integrated iron and steel manufacturing company focused on customised engineering solutions for industrial applications.

 The company manufactures a range of specialised products, including metal rolls, engineering castings, alloy steel products, forging ingots, forged shafts and forged blocks. Its metal rolls are manufactured using grades such as alloy cast steel, alloy steel base adamite, graphitic steel and S.G. iron pearlitic. 

The company also produces engineering castings weighing from approximately 500 kg to 20 MT, catering to industries such as steel, iron, mining, aggregate crushers, power and sugar.

 Its alloy steel portfolio includes carbon steel, alloy steel and stainless steel bars in different sections, including rounds, flats, hexagons and round-corner squares. The company also manufactures tool and valve steel. 

Behari Lal Engineering operates two manufacturing facilities in Mandi Gobindgarh, Punjab, spread across approximately 790,000 sq. ft. The combined installed capacity is around 119,464 MT, including finished steel processing capacity of 54,464 MT and rolling mill capacity of 65,000 MT. 

As of March 31, 2025, the company had served 1,681 domestic and international customers. Its customer base includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India, among others.

As of August 31, 2025, Behari Lal Engineering employed 774 trained employees.

Objects of the Behari Lal Engineering IPO

The company plans to use the net proceeds from the fresh issue primarily for capital expenditure, solar installations, debt repayment and general corporate purposes.

The proposed utilisation includes:

• ₹19.59 crore for purchasing and installing new equipment and machinery, including computers and peripherals, along with related civil work at Manufacturing Facility 1.
• ₹3.40 crore for rooftop solar panels at Manufacturing Facility 1.
• ₹36.65 crore for new equipment and machinery and related civil work at Manufacturing Facility 2.
• ₹3.40 crore for rooftop solar panels at Manufacturing Facility 2.
• ₹0.57 crore for repayment or prepayment of certain borrowings.
• Remaining proceeds towards general corporate purposes.

The stated amounts under the identified issue objects total approximately ₹63.61 crore, with the balance of the fresh issue proceeds allocated according to the final offer documents and applicable issue expenses/general corporate purposes.

Competitive Strengths of Behari Lal Engineering

1. Established Industry Presence

The company has operated in the iron and steel engineering industry since 1995, giving it more than three decades of operating experience.

2. Diversified Product Portfolio

Behari Lal Engineering manufactures metal rolls, engineering castings, alloy steel products, forged shafts, blocks and forging ingots, reducing dependence on a single product category.

3. Large Customer Base

The company has catered to more than 1,600 domestic and international customers, including established industrial companies.

4. Integrated Manufacturing Facilities

Its two manufacturing facilities in Mandi Gobindgarh provide significant installed production capacity across steel processing and rolling operations.

5. Improving Financial Performance

Revenue, EBITDA and PAT have increased over the reported financial periods, while net worth has also strengthened.

6. Low Debt Position

The company's total borrowings declined substantially from ₹41.21 crore in FY24 to ₹17.78 crore in FY26, supporting a relatively low leverage position.

Risks Investors Should Consider

1. Cyclical Nature of the Steel Industry

The company's business is exposed to fluctuations in steel prices, demand conditions and broader industrial cycles.

2. Raw Material Price Volatility

Changes in the cost of steel inputs, scrap, alloys, energy and other raw materials can affect margins.

3. Customer and Industry Concentration

The company operates primarily across industrial sectors such as steel, mining, power and engineering, exposing it to fluctuations in capital expenditure and industrial demand.

4. Competition

The company competes with established players in the specialised steel and engineering products industry.

5. Manufacturing Risks

Production disruptions, equipment failures, power availability and operational issues could negatively affect manufacturing output.

6. IPO Includes a Significant OFS

A substantial portion of the ₹301.62 crore issue comprises an OFS of ₹208.62 crore. Unlike fresh issue proceeds, OFS proceeds generally go to selling shareholders rather than the company.

Should You Invest in Behari Lal Engineering IPO?

Behari Lal Engineering operates in the specialised iron and steel engineering segment and has an established manufacturing presence, a diversified product portfolio and a large customer base.

The company's financial performance has also improved, with FY26 total income of ₹546.52 crore and PAT of ₹64.64 crore. Its EBITDA margin of 18.97%, ROE of 23.60% and relatively low leverage are positive factors.

At the same time, investors should consider the cyclical nature of the steel industry, raw material price volatility, competition and manufacturing-related risks. The IPO also includes a sizeable OFS component of ₹208.62 crore.

The current GMP of ₹10 indicates a modest estimated premium over the upper price band, but GMP can change rapidly and should not be used as the sole basis for an investment decision.

Investors should evaluate the company's valuation, financial performance, industry outlook, IPO structure and risk factors before deciding whether to apply.

Behari Lal Engineering IPO Allotment Status

The tentative basis of allotment date for the Behari Lal Engineering IPO is August 17, 2026.

After the IPO closes, the registrar will prepare the basis of allotment based on demand and applicable regulatory guidelines. Investors can check their allotment status through the IPO registrar, MUFG Intime India Pvt. Ltd.

Applicants can generally check allotment using details such as:

• PAN
• IPO application number
• Demat account/DP Client ID

The tentative refund and demat credit date is August 18, 2026, while listing is scheduled for August 19, 2026.

Summary

The Behari Lal Engineering IPO is a ₹301.62 crore Mainboard Book Build Issue comprising a ₹93 crore fresh issue and ₹208.62 crore Offer for Sale. The IPO price band has been fixed at ₹271–₹285 per share, with a lot size of 52 shares and a minimum retail investment of ₹14,820.

The company has an established presence in specialised iron and steel engineering products and serves customers across several industrial sectors. Its financial performance has improved, with rising revenue, EBITDA, PAT and net worth, while borrowings have declined significantly.

The IPO proceeds are primarily intended for manufacturing capacity expansion, machinery purchases, solar installations, debt repayment and general corporate purposes.

With the GMP currently at ₹10, the estimated listing price is around ₹295 based on the upper price band. However, investors should remember that GMP is unofficial and can change before listing.

Overall, investors should assess the company's valuation, industry cyclicality, IPO structure, financial performance and risk factors before making an investment decision.

Frequently Asked Questions (FAQs)

What is the Behari Lal Engineering IPO?

Behari Lal Engineering IPO is a Mainboard Book Build Issue of ₹301.62 crore, comprising a ₹93 crore fresh issue and ₹208.62 crore Offer for Sale.

What are the Behari Lal Engineering IPO dates?

The Behari Lal Engineering IPO will open on August 12, 2026, and close on August 14, 2026.

What is the Behari Lal Engineering IPO price band?

The IPO price band has been fixed at ₹271 to ₹285 per share.

What is the lot size of Behari Lal Engineering IPO?

The minimum application lot consists of 52 shares. At the upper price band of ₹285, the minimum investment is ₹14,820.

What is the Behari Lal Engineering IPO GMP today?

As of August 7, 2026, the Behari Lal Engineering IPO GMP is ₹10, according to the supplied grey-market data. GMP is unofficial and can change.

What is the estimated listing price of Behari Lal Engineering IPO?

Based on a GMP of ₹10 and the upper price band of ₹285, the estimated listing price is approximately ₹295 per share.

When will Behari Lal Engineering IPO allotment take place?

The tentative basis of allotment date is August 17, 2026.

When will Behari Lal Engineering IPO shares be listed?

Behari Lal Engineering shares are expected to list on August 19, 2026, on the BSE and NSE.

What is the minimum investment for Behari Lal Engineering IPO?

Retail investors need to apply for at least 52 shares. At ₹285 per share, the minimum investment is ₹14,820.

What is the issue size of Behari Lal Engineering IPO?

The total issue size is ₹301.62 crore, consisting of a ₹93 crore fresh issue and ₹208.62 crore OFS.

Who is the registrar of Behari Lal Engineering IPO?

MUFG Intime India Pvt. Ltd. is the registrar to the Behari Lal Engineering IPO.

Who are the lead managers of Behari Lal Engineering IPO?

The book-running lead managers are Systematix Corporate Services Ltd. and Emkay Global Financial Services Ltd.

What does Behari Lal Engineering manufacture?

The company manufactures metal rolls, engineering castings, alloy steel products, forging ingots, forged shafts and forged blocks for various industrial applications.

Is Behari Lal Engineering IPO a fresh issue or OFS?

The IPO contains both components: ₹93 crore fresh issue and ₹208.62 crore Offer for Sale.

Sources

• Behari Lal Engineering DRHP & RHP
• Chittorgarh IPO
• InvestorGain
• InvestKraft

Disclaimer

This article is for informational purposes only and should not be considered investment advice. IPO investments are subject to market risks. Investors should read the Red Herring Prospectus (RHP), evaluate the company's financial performance and valuation, and consult a qualified financial advisor before making any investment decision.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.