Behari Lal Engineering IPO opens: Should you subscribe? Check price band, GMP & reviews

The initial public offering (IPO) of Behari Lal Engineering kicks-off for subscription on Wednesday, August 12. The specialized engineering player has fixed a price band of Rs 271-285 per share, with investors required to bid for a minimum of 52 equity shares and in multiples thereafter. The issue will close for bidding on Friday, August 14.

The Rs 302 crore-IPO comprises a fresh issue of Rs 93 crore and an offer-for-sale (OFS) of up to 73,20,001 equity shares for Rs 209 crore. Proceeds from the fresh issue will be utilised towards capex in machinery and equipment, purchase of new roof-top solar panels, repayment of debt and general corporate purposes.

Incorporated in 1995, Punjab-based Behari Lal Engineering is an integrated iron and steel manufacturing company specialising in customised engineering solutions. The company manufactures precision-engineered components for critical industrial applications, including metal rolls, engineering castings, alloy steel products, forging ingots and shafts.

Ahead of the IPO, Behari Lal Engineering raised Rs 90.48 crore from 11 anchor investors by allotting 31,74,946 equity shares at Rs 285 apiece. The anchor book included Tata AIA Life Insurance, Whiteoak Capital, Bandhan MF, 360 One Equity Opportunity Fund, Dynasif Equity Ex-Top 100 Long Short Fund, Pinebridge Global Funds, Singularity Large Value Fund, Amicorp Capital and more.

Behari Lal Engineering reported a net profit of Rs 64.64 crore on revenue of Rs 546.52 crore for the financial year ended December 31, 2026. In FY25, the company reported a net profit of Rs 52.95 crore on revenue of Rs 516.30 crore. At the IPO price band, the company commands a market capitalisation of a little over Rs 1,205 crore.

Behari Lal Engineering has reserved 50 per cent of the net issue for qualified institutional buyers (QIBs), while non-institutional investors (NIIs) have been allocated 15 per cent. Retail investors will have access to 35 per cent of the issue. In the grey market, Behari Lal Engineering shares were grey market commanding (GMP) a premium of Rs 67-70 apiece, indicating a potential listing gain of 24-25 per cent.

Emkay Global Financial Services and Systematix Corporate Services are the book running lead managers of Behari Lal Engineering IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 19, Wednesday. Here's what a host of brokerage firms say about the IPO of Behari Lal Engineering:


SBI Securities
Rating: Subscribe
Behari Lal is one of India’s largest metal rolls producers and met 10-11.5 per cent of the country demand in FY26. Historically, the company has recorded revenue, EBITDA and PAT CAGR of 9.4 per cent, 24.7 per cent and 34.4 per cent respectively over the FY24-FY26 period. The issue is valued at FY26 P/E multiple of 18.7 times based on post-issue capital, said SBI Securities.

"Going ahead, it intends to utilize fresh proceeds to fund capex at its existing facilities and is in process of setting up the 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," it added with a 'subscribe' rating.


Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Behari Lal Engineering has established a differentiated position within the specialised steel and engineering products industry through its focus on value-added alloy steel products, metal rolls, engineering castings and forgings, supported by integrated manufacturing capabilities and customised production, said Anand Rathi Share & Stock Brokers.

It benefits from inhouse engineering, design and material development capabilities, along with stringent quality and customer qualification processes that support its presence across critical industrial applications.  The IPO is valued at P/E of 18.6 times and EV/EBITDA of 13.3 times with its FY26 earnings "We believe that the IPO is fairly priced," it said with a 'subscribe for long-term' tag.


Swastika Investmart
Rating: Subscribe with caution
Behari Lal Engineering posted steady growth in its top and bottom lines for the reported periods. EBITDA margin expanded from 13.67 per cent to 18.97 per cent over FY 24-26, while PAT margin from 8.02 per cent to 12.10 per cent. Order book stood at Rs 178.57 crore as of May 31, 2026, said Swastika Investmart.

"Issue appears fully priced, with no direct listed peer for easy comparison. High customer concentration and unhedged forex exposure could impact earnings. Well-informed investors may park funds for medium to long term," it added.


BP Equities
Rating: Subscribe
"The issue is valued at a P/E multiple of 17.2 times based on FY26 diluted EPS of Rs.16.56. The valuation appears reasonable considering its strong earnings growth, improving financial position and favourable long-term outlook for infrastructure and industrial capex. We recommend a 'subscribe' rating for the issue with a long-term investment horizon," it said with BP Equities.


Master Capital Services
Rating: Subscribe
"Behari Lal Engineering is well positioned to benefit from rising demand through its strong presence in metal rolls, engineering castings and alloy steel products, integrated manufacturing capabilities, customised engineering solutions and established customer relationships. Investors may consider the IPO as a potential long-term investment opportunity," said Master Capital Services.


KC Securities
Rating: Subscribe
The IPO is valued at 18.7 times PE post-issue , which appears reasonable considering its growth profile and peer comparison. It plans to deploy fresh IPO proceeds toward capex at existing facilities and the development of its third manufacturing plant. , the company catered to 1,825 customers, with exports to 21 countries, said KC Securities.

"The company is reflecting improving profitability and order book is also improving. Increasing the contribution of higher-value products, along with capacity expansion, should support better operating leverage, product mix and profitability over the medium term. We recommend investors to 'subscribe' to the issue," it added.


Ventura Securities
Rating: Subscribe
Behari Lal Engineering is an integrated iron and steel manufacturer specialising in customised engineering solutions and metal rolls, serving automotive, infrastructure, power and industrial equipment sectors. It has a strong domestic position, with its metal rolls accounting for 10–11.5 per cent of India’s demand, and exports to 21 countries, said Ventura.

Its integrated manufacturing capabilities, diversified customer base and long promoter track record support its growth. Revenue rose from Rs 446.08 crore in FY24 to Rs 534.03 crore in FY26, while PAT increased to Rs 64.64 crore, with EBITDA margins expanding to 18.97 per cent, it added with a subscribe rating.