Behari Lal Engineering Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Behari Lal Engineering Limited IPO, taken from the red herring prospectus and the price band advertisement, both dated August 6, 2026. It is a mainboard issue: the shares list on the main boards of BSE and NSE, with NSE as the designated stock exchange. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

These are the company’s own “Basis for the Offer Price” disclosures from the RHP dated August 6, 2026 (printed pages 154–170), restated as filed — not a valuation, and no view is offered on them.

Ratio, as filed	Value
Basic / Diluted EPS (₹, face value ₹10)	FY2026: 16.56 / 16.56 · FY2025: 13.56 / 13.56 · FY2024: 10.07 / 10.07 · Weighted average: 14.48 / 14.48 (weights 3/2/1, per Ind AS 33; reflects the 4:1 bonus issue of 31,231,460 shares, record date May 1, 2025)
P/E at Floor / Cap / Offer Price	Not printed as a number — every cell in the RHP’s P/E table is [●], footnoted “To be updated in the Prospectus”
Industry P/E (RHP’s peer group)	Highest 62.02 · Lowest 18.48 · Average 31.36 — computed by the RHP on BSE closing prices of August 3, 2026 divided by diluted FY2026 EPS; peers with negative earnings excluded from the average
Return on Net Worth (RoNW)	FY2026: 21.12% · FY2025: 21.92% · FY2024: 18.48% · Weighted average: 20.94% (net profit after tax ÷ year-end net worth, per the RHP’s note)
NAV per equity share	₹78.41 as on March 31, 2026; NAV after the Offer (at Floor, Cap and Offer Price) filed as [●], “To be updated in the Prospectus”
EV/EBITDA (company)	The RHP states none for Behari Lal — its own cell in the filed peer table prints “NA”; the peers’ filed values appear in the table below

The RHP also files these KPIs, approved by the Audit Committee and certified by the CFO and the statutory auditor, each dated August 6, 2026:

KPI, as filed	FY2026 / FY2025 / FY2024
Revenue from operations (₹ million)	5,340.25 / 5,079.12 / 4,460.84
EBITDA (₹ million)	1,013.28 / 813.12 / 609.86
EBITDA margin (%)	18.97 / 16.01 / 13.67
PAT (₹ million)	646.36 / 529.51 / 357.91
PAT margin (%)	12.10 / 10.43 / 8.02
ROCE (%)	27.11 / 28.24 / 21.98
ROE (%)	23.60 / 24.31 / 22.83
Net worth (₹ million)	3,060.99 / 2,416.16 / 1,936.59
Net debt (₹ million)	166.35 / 51.18 / 407.43
Debt-equity ratio (times)	0.06 / 0.03 / 0.21
Sales volume (MT)	88,152.20 / 89,103.48 / 82,042.18
EBITDA per ton (₹)	11,494.66 / 9,125.51 / 7,433.60
Debt/EBITDA (times)	0.18 / 0.09 / 0.68

The RHP’s filed peer comparison (FY2026 figures as printed; the company’s own row is part of the filed table):

Listed peer	Face value (₹)	P/E	EPS (₹, basic / diluted)	RoNW (%)	NAV (₹/share)	EV/EBITDA	Total income (₹ million)
Behari Lal Engineering Limited (Standalone)	10	NA	16.56 / 16.56	21.12	78.41	NA	5,340.25
Jayaswal Neco Industries Limited (Standalone)	10	18.48	4.77 / 4.77	16.39	29.26	6.52	71,318.20
AIA Engineering Limited (Consolidated)	2	34.43	136.11 / 136.11	15.53	859.98	24.04	44,198.64
Steelcast Limited (Standalone)	1	37.99	8.58 / 8.58	21.89	39.03	22.50	4,231.66
RHI Megnesita India Limited (Consolidated)*	1	—	(18.54) / (18.54)	(10.81)	172.42	16.35	40,199.45
Vardhman Special Steel Limited (Consolidated)	10	23.19	13.15 / 13.13	9.59	132.11	13.10	17,544.33
IFGL Refractories Limited (Consolidated)	10	43.46	4.81 / 4.81	7.93	163.00	9.59	18,942.50
Kennametal India Limited (Standalone)	10	62.02	46.82 / 46.82	13.70	340.02	35.81	11,703.00

* Spelling as printed in the RHP’s table (“RHI Magnesita” elsewhere in the document); its P/E prints “-” as the company reported negative FY2026 earnings, and the RHP excludes negative-earnings peers from the industry average. Peer P/E is the RHP’s own computation on BSE closing prices of August 3, 2026.

What the RHP does not state in this section: any numeric P/E at the floor or cap (all band-linked cells are [●] “to be updated in the Prospectus”), any EV/EBITDA for Behari Lal itself, any price-to-revenue or market-capitalisation multiple, post-Offer NAV, the WACA-to-band multiples (WACA itself is filed as “Nil”), or the justification paragraph — and the ₹271–285 band appears only in the separate price band advertisement, not in this chapter; nothing here is computed by this site.

What the company does

Behari Lal Engineering Limited (CIN U27109PB1995PLC016490) was incorporated at Jalandhar, Punjab on May 23, 1995 as Behari Lal Ispat Private Limited. It was renamed Behari Lal Engineering Private Limited in September 2024 and converted to a public limited company under the present name later that month. The registered office is at Village Salani, Amloh Road, Mandi Gobindgarh, Punjab.

The RHP describes the company as an integrated iron and steel manufacturing company specialising in customised engineering solutions. Its products are precision-engineered components: metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts and blocks. In FY2026, alloy steel products contributed 45.81% of revenue from operations, metal rolls 26.35% and engineering castings 19.54%. The products serve the automobile, steel, mining, infrastructure and construction, power, aerospace and defence, and cement industries. As of March 31, 2026 the company had catered to 1,825 customers, and since April 1, 2024 it has exported to 21 countries across 5 continents.

It operates two manufacturing facilities at Mandi Gobindgarh, Punjab: Facility 1 at Village Salani (the SMS and foundry division) and Facility 2 at Village Turan (the rolling mill division). Together they cover approximately 790,000 sq ft, with a combined installed capacity of 119,690 MT — 54,690 MT of finished steel processing and 65,000 MT of rolling mill capacity. The company has recently commenced construction of a third facility at Village Salani, Tehsil Amloh, District Fatehgarh Sahib, Punjab.

The promoters are Parkash Chand Garg (Chairman), Rajesh Garg (Vice Chairman), Dinesh Garg (Managing Director), Lovlish Garg (Whole-time Director) and Bhuvnesh Garg.

What the money is for

The offer has two parts. The fresh issue — up to Rs 930.00 million of new shares — brings money into the company. The offer for sale — up to 7,320,001 existing shares, worth Rs 1,983.72 million at the floor price and Rs 2,086.20 million at the cap — goes to the selling shareholders, not the company. The RHP states this: the company will not receive any proceeds of the offer for sale.

The stated objects of the fresh issue, per the RHP:

Object of the fresh issue	Amount, as filed
New equipment and machinery (including computers, printers and computer peripherals) with civil work at Manufacturing Facility 1, Village Salani	Rs 195.89 million
Roof-top solar panels at Facility 1	Rs 34.00 million
New equipment and machinery with civil work at Manufacturing Facility 2, Village Turan	Rs 366.50 million
Roof-top solar panels at Facility 2	Rs 34.00 million
Repayment or pre-payment, in full or part, of certain borrowings	Rs 5.70 million
General corporate purposes	Not exceeding 25% of the gross proceeds, to be finalised in the prospectus

The selling shareholders:

Selling shareholder	Offer for sale, up to
Rajesh Garg (promoter selling shareholder)	1,943,623 shares
Lovlish Garg (promoter selling shareholder)	350,000 shares
Yogita Garg (promoter group selling shareholder)	2,143,623 shares
Dinesh Kumar Garg HUF (promoter group selling shareholder)	150,000 shares
SG Tech Engineering Private Limited (investor selling shareholder)	2,732,755 shares

What the RHP flags as risks

These come from the company’s own risk-factor section. They are paraphrased here, not assessed.

• Customer concentration. The top 10 customers accounted for 38.00%, 39.91% and 37.81% of revenue from operations in Fiscals 2026, 2025 and 2024. The company does not enter into long-term contracts with customers. Loss of such customers, or a significant reduction in revenue from them, would have a material adverse impact on the business and financial condition.
• Dependence on repeat customers. Repeat customers accounted for 84.69%, 86.10% and 80.04% of revenue from operations in Fiscals 2026, 2025 and 2024. Loss of one or more repeat customers, or a reduction in their demand, could adversely affect the business.
• End-use industry dependence. In Fiscal 2026, the automobile, infrastructure, aggregate crusher manufacturer and engineering (industrial equipment) industries accounted for 38.65%, 20.68%, 18.35% and 16.85% of revenue from operations. Any adverse impact on these industries, or loss of customers in them, could adversely affect the business.
• Geographic concentration. Customers in India accounted for 91.02%, 95.67% and 95.17% of revenue from operations in Fiscals 2026, 2025 and 2024. Inability to maintain and grow revenue from sales in India could adversely affect the business.
• Raw material and supplier concentration. Cost of material consumed was 61.02%, 60.78% and 68.62% of total expenses in Fiscals 2026, 2025 and 2024, and the top 10 suppliers accounted for 38.39%, 30.99% and 39.57% of total expenses. There are no long-term contracts with suppliers. Substantial delay or failure to procure raw materials at commercially acceptable prices could adversely affect operations.
• Steel prices. Pricing in the steel industry is subject to market demand, volatility and economic conditions. A reduction in steel prices may have a material adverse impact on the business, results of operations and financial condition.

The numbers as filed

Item	As filed
Issue size	Up to 10,751,735 shares (Rs 2,913.72 million) at the floor price; 10,583,158 shares (Rs 3,016.20 million) at the cap
Fresh issue	Rs 930.00 million (3,431,734 shares at floor, 3,263,157 at cap)
Offer for sale	Up to 7,320,001 shares
Price band	Rs 271 to Rs 285 per share — 27.10x face value at the floor, 28.50x at the cap
Face value	Rs 10
Lot size	52 shares per bid, and in multiples of 52 thereafter
Minimum investment	Rs 14,092 (one lot) at the floor price; Rs 14,820 at the cap
Post-offer market capitalisation	Rs 11,509.66 million at the floor; Rs 12,056.21 million at the cap, as tabulated in the advertisement

The minimum-investment rupee figures are arithmetic (52 x the band); the advertisement does not print them as a single number.

The financials below are from the key performance indicators table in the price band advertisement, based on the restated financial statements:

Item	FY2026	FY2025	FY2024
Revenue from operations	Rs 5,340.25 million	Rs 5,079.12 million	Rs 4,460.84 million
EBITDA	Rs 1,013.28 million	Rs 813.12 million	Rs 609.86 million
Profit after tax	Rs 646.36 million	Rs 529.51 million	Rs 357.91 million

Net worth at end-FY2026 was Rs 3,060.99 million.

Who can actually sell on listing day

On listing day, most of Behari Lal Engineering’s share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

The RHP’s Capital Structure notes (Notes 22–25) set out the lock-ins:

Who	Locked for, per this RHP
Promoter minimum contribution — 20% of the fully diluted post-Offer capital, about 8,460,496 shares at the Rs 285 cap	3 years from allotment (Note 22(a), citing Regulations 14 and 16)
Promoter excess — the promoters’ remaining post-Offer holding, about 7,747,026 shares at cap	1 year from allotment
All other pre-IPO holders — the entire pre-Offer capital held by persons other than the promoters, including the 16,052,340 promoter-group shares, which the RHP places in this bucket	6 months from allotment (Note 23, Regulation 17(1))
Anchor investors	30 days for 50% of any anchor allotment, 90 days for the rest, from allotment (Note 25)

The anchor book is done: allotment was made at Rs 285 per share — the cap of the band — on 11 August 2026, per the allocation circular uploaded to the BSE. With allotment on or about August 17 and listing on or about August 19, 2026, 100% of the anchor allotment is still locked on listing day.

The count at the Rs 285 cap:

Step	Shares	% of post-issue capital
Fresh issue	3,263,157	7.71%
Offer for Sale	7,320,001	17.30%
Total offer	10,583,158	25.02%
Less: anchor allotment, locked 30/90 days (as reported)	−3,174,946	−7.51%
= Sellable on listing day	7,408,212	17.51%
Locked or not offered — the rest of the register	34,894,270	82.49%
Post-issue capital	42,302,482	100.00%
Memo: of that locked block, pre-IPO shares under the promoter and six-month locks	31,719,324	74.98%

One sourcing caveat on the anchor row, and it is the reason it is marked “(as reported)”: the allocation circular is on the BSE’s site but was not fetchable from a primary host when this page was updated, and the company’s own IPO documents page does not carry it. The share count above is the figure four independent reports attribute to that circular, and it is consistent with the price and rupee amount they also report; it is not taken from the filed document directly. The number of anchor investors is not stated here because those reports disagree on it. The RHP caps the anchor portion at 60% of the QIB portion, and the reported allotment sits just inside that ceiling — a full anchor book.

The tranche split of this particular allotment between its 30-day and 90-day halves is not disclosed in any source read here; only the RHP’s general rule, in the table above, is.

All figures above are taken from the RHP’s capital-structure disclosures, the price band advertisement and the reported anchor-allocation circular, as of 12 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Tuesday, August 11, 2026
Bid/offer opens	Wednesday, August 12, 2026
Bid/offer closes	Friday, August 14, 2026 — UPI mandate end time 5:00 pm on the closing date
Finalisation of basis of allotment	On or about Monday, August 17, 2026
Refunds/unblocking and credit of shares to demat accounts	On or about Tuesday, August 18, 2026
Commencement of trading	On or about Wednesday, August 19, 2026

The post-close dates carry the filing’s own “on or about” qualifier, and the advertisement’s timetable notes that the bid/offer period may be extended by at least three working days on any revision of the price band. Any graphic claiming an August 10–16 bidding window is inconsistent with the primary documents; both the RHP cover and the price band advertisement state August 12 to August 14.

The book-running lead managers are Emkay Global Financial Services Limited (SEBI reg. INM000011229) and Systematix Corporate Services Limited (SEBI reg. INM000004224). The registrar is MUFG Intime India Private Limited (formerly Link Intime India Private Limited), C-101, 247 Park, 1st Floor, LBS Marg, Vikhroli (West), Mumbai 400 083; tel +91 810 811 4949; e-mail beharilalengineering.ipo@in.mpms.mufg.com; SEBI reg. INR000004058.

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Information as of 10 Aug 2026, with the anchor and float figures updated 12 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.