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Anand Rathi Report
Here are the 10 things to know before investing
1. IPO Dates
Behari Lal Engineering Ltd.'s IPO opens for subscription today, August 12, 2026, and closes on August 14, 2026.
2. IPO Size
The Rs 301.6 crore IPO comprises of fresh issue of Rs 93 crore and Offer for Sale (OFS) of 73.20 lakh equity shares, worth
Rs 208.6 crore.
3. Behari Lal Engineering Price Band
Punjab-based, an integrated iron and steel manufacturing company has fixed the price band in the range of Rs 271-285 per share, at a face value of Rs 10 per share.
4. Lot Size
Investors can bid for a minimum of 52 shares, which translates into a minimum investment of Rs 14,820 at the upper price band.
5. Lead managers
Emkay Global Financial Services, Systematix Corporate Services are the book running lead manager for the issue while MUFG Intime India Pvt Ltd. is the registrar to the offer.
6. Object of the issue
- Funding working capital requirements.
- Repayment/prepayment of certain borrowings.
- General corporate purposes.
7. About Behari Lal Engineering
Behari Lal Engineering Ltd is an integrated iron and steel manufacturer based in Punjab.
It produces alloy steel products, metal rolls, engineering castings, forging ingots and forged shafts/blocks for industries such as automobiles, steel, mining, infrastructure, power, aerospace & defence, and cement.
8. Financial Performance
Revenue increased to Rs 534 crore in FY26 from Rs 446.1 crore in FY24.
Ebitda rose to Rs 88.9 crore in FY26 from Rs 57.1 crore in FY24.
PAT grew to Rs 64.7 crore in FY26 from Rs 35.8 crore in FY24.
Ebitda margin improved from 12.8% to 16.6% during the period.
9. Strengths
- Diversified product portfolio catering to over 10 industries.
- Strong customer relationships with 84.7% of FY26 revenue coming from repeat customers.
- Integrated manufacturing facilities with high capacity utilization.
- Growing exports and increasing focus on customized, value-added products.
10. Key risks
The company remains dependent on the domestic market (91% of FY26 revenue), repeat customers, and steel demand cycles. Raw material price volatility is another major risk.
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