Behari Lal Engineering IPO GMP today is Rs 133. Investors can use this GMP along with price band and subscription status for a better IPO review.
Closed
Mainboard IPO
BEHARILAL
Behari Lal Engineering IPO GMP, Subscription & Allotment Status Today
Behari Lal Engineering Limited is an integrated steel manufacturing and trading enterprise specializing in customized iron and steel products for various engineering applications. The company’s core business involves manufacturing and selling a diverse range of items tailored to customer-specific requirements, establishing it as one of India’s leading integrated foundries. Its operations are conducted through integrated facilities in Punjab, including a Steel Melt Shop, Foundry, and Rolling Mill divisions. Key products include forging ingots and forged shafts, metal rolls, engineering castings, and alloy steel products such as flats, rounds, and squares. The company generates revenue primarily through the domestic and export sale of these products, supplemented by income from job work services. This model allows it to serve a broad range of industrial clients with high-quality, specialized steel solutions.
- Price Band
- ₹271.00 - ₹285.00
- Lot Size
- 52 Shares
- Bidding Closes
- 14 Aug 2026
- Listing Date
- 19 Aug 2026
Current GMP Status
₹133
+46.67% vs upper band
Est. Listing Gain
+46.67%
Last Trend
13 Aug 2026
Listing Price
Est. ₹418
Retail Entry
₹14,820
IPO Details
Complete IPO information
| Current GMP | ₹133 |
|---|---|
| Estimated Listing Gain | +46.67% |
| Price Band | ₹271.00 - ₹285.00 |
| Issue Price | Approx ₹285.00 Crores |
| Listing Price | Est. ₹418 |
| Lot Size | 52 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | 108.44x |
| Listing Date | 19 Aug 2026 |
| Minimum Investment | ₹14,820 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 20.37 | 3367.52 | 165.33x |
| NII | 16.13 | 2666.13 | 165.31x |
| Retail | 37.63 | 2004.63 | 53.27x |
| Overall Subscription | 74.13 | 8038.28 | 108.44x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Behari Lal Engineering is priced at ₹285 per share. With a minimum lot size of 52 shares, a retail investor applying for one lot would need approximately ₹14,820 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Behari Lal Engineering stands at ₹133, implying an estimated listing gain of around 46.67% over the issue price if it holds until listing. This is up ₹7 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Behari Lal Engineering's IPO was subscribed 108.44x overall, with a category-wise breakdown of Retail 53.27x, QIB 165.33x, NII 165.31x.
Among the strengths highlighted in Behari Lal Engineering's IPO documents: Strategic location in a major steel hub provides seamless access to key raw materials and logistics infrastructure.; The scale of operations as a large-scale manufacturer of metal rolls offers competitive advantages and cost efficiencies..
Investors should also weigh the risk factors Behari Lal Engineering has disclosed, including: Complete operational dependence on facilities based out of a single geographic location in Punjab..
A share of Behari Lal Engineering's issue proceeds is earmarked for Repayment Of Borrowings: 0.57 (0.61%).
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
12 Aug 2026
✓
Bidding Closes
14 Aug 2026
03
Allotment Next
17 Aug 2026
04
Listing
19 Aug 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 13 Aug 2026 | ₹74.00 | +₹7.00 | 25.96% |
| 12 Aug 2026 | ₹67.00 | - | 23.51% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 52 | ₹14,820 |
| Retail Maximum | 13 Lot | 676 | ₹1,92,660 |
| S-HNI Minimum | 14 Lot | 728 | ₹2,07,480 |
| S-HNI Maximum | 67 Lot | 3,484 | ₹9,92,940 |
| B-HNI Minimum | 68 Lot | 3,536 | ₹10,07,760 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 0.57 (0.61%)
- General Corporate Purpose 29.39 (31.6%)
Issue Notes
Important takeaways before applying
Strengths
- Strategic location in a major steel hub provides seamless access to key raw materials and logistics infrastructure.
- The scale of operations as a large-scale manufacturer of metal rolls offers competitive advantages and cost efficiencies.
- A multi-decade legacy in the steel casting and foundry sector creates a high entry barrier for new competitors.
- Integrated manufacturing facilities with steel melt shop, foundry, and rolling mill divisions under one system.
- Diversified product portfolio with customized forging ingots, forged shafts, metal rolls, and engineering castings.
Risks
- Complete operational dependence on facilities based out of a single geographic location in Punjab.
- Heavy reliance on a limited number of top clients for a majority of total business revenue.
- Vulnerability to fluctuations in prices of essential raw materials like steel scrap, pig iron, and alloys.
- Substantial working capital requirements to maintain inventory levels and manage credit cycles.
- Exposed to regulatory compliance risks and stringent environmental safety mandates for foundry operations
Analysis
Behari Lal Engineering IPO Details
The Behari Lal Engineering IPO is a Book Built Issue with a total issue size of approximately ₹301.62 crores. The public offering consists of a fresh issue worth approximately ₹93.00 crores along with an Offer for Sale (OFS) of approximately 73,20,001 equity shares by existing shareholders.
The IPO is scheduled to open for subscription on August 12, 2026 and close on August 14, 2026. Behari Lal Engineering has set the IPO price band at ₹271 to ₹285 per equity share, while the face value is ₹10 per share. The company's equity shares are proposed to be listed on both the BSE and NSE.
| Particular | Details |
|---|---|
| IPO Open Date | August 12, 2026 |
| IPO Close Date | August 14, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹271 to ₹285 Per Share |
| Issue Size | Approx ₹301.62 Crores |
| Fresh Issue | Approx ₹93.00 Crores |
| Offer for Sale (OFS) | Approx 73,20,001 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
Note: The IPO details above are based on the proposed issue structure. Investors should review the latest offer documents and issue-related announcements for any changes in the IPO size, price band, dates, or other terms.
Analysis
Behari Lal Engineering IPO Reservation
The Behari Lal Engineering IPO has a category-wise reservation structure for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). The allocation determines the portion of the net offer available to different categories of investors participating in the IPO.
As per the proposed reservation structure, 50% of the net offer is reserved for Qualified Institutional Buyers, excluding the anchor investor portion. Non-Institutional Investors have a 15% reservation, while 35% of the net offer is reserved for Retail Individual Investors.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| Qualified Institutional Buyers (QIB) (Excluding Anchor) | – Shares | 50% |
| Non-Institutional Investors (NII) | – Shares | 15% |
| Retail Individual Investors (RII) | – Shares | 35% |
Note: The exact number of equity shares available under each investor category will depend on the final issue structure. The final allotment will be determined after the IPO closes and the basis of allotment is finalized.
Analysis
Behari Lal Engineering IPO Anchor Investors
The Behari Lal Engineering IPO anchor investor bidding is scheduled for August 11, 2026, one day before the public issue opens for subscription. Anchor investors are institutional investors who receive an allocation from the Qualified Institutional Buyers (QIB) portion of the IPO before bidding begins for other investors.
The final anchor investor list, number of shares allocated, and total anchor allocation amount will be available after completion of the anchor bidding process.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 11, 2026 |
| Anchor Investors List | To be announced |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date – Remaining 50% Shares (90 Days) | 2026 |
Note: The anchor investor list, shares offered, anchor size, and exact 30-day and 90-day lock-in end dates will be updated after the anchor allocation details are officially announced.
Analysis
Behari Lal Engineering IPO Dates
The Behari Lal Engineering IPO will open for subscription on August 12, 2026 and close on August 14, 2026. After the subscription period ends, the company is expected to finalize the basis of allotment on August 17, 2026.
Refunds for unsuccessful applicants are scheduled to be initiated on August 18, 2026, while successful applicants are expected to receive the allotted shares in their demat accounts on the same day. Behari Lal Engineering shares are proposed to be listed on the BSE and NSE on August 19, 2026.
| IPO Event | Date |
|---|---|
| IPO Open Date | August 12, 2026 |
| IPO Close Date | August 14, 2026 |
| Basis of Allotment | August 17, 2026 |
| Refunds | August 18, 2026 |
| Credit to Demat Account | August 18, 2026 |
| IPO Listing Date | August 19, 2026 |
Note: The above IPO schedule is based on the proposed issue timeline. The dates may be revised by the company, registrar, or stock exchanges if required.
Analysis
Behari Lal Engineering IPO Promoters and Holding Pattern
The promoters of Behari Lal Engineering are Bhuvnesh Garg, Dinesh Garg, Lovlish Garg, Parkash Chand Garg and Rajesh Garg. Prior to the IPO, the promoter and promoter group collectively hold 88.51% of the company's equity share capital, while other shareholders hold the remaining 11.49%.
The promoter and promoter group currently hold 3,45,53,485 equity shares, while other shareholders hold 44,85,840 equity shares. The company's total pre-IPO equity shareholding stands at 3,90,39,325 shares. The post-IPO shareholding figures are currently not available in the provided data.
Promoters of Behari Lal Engineering
- Bhuvnesh Garg
- Dinesh Garg
- Lovlish Garg
- Parkash Chand Garg
- Rajesh Garg
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 3,45,53,485 | 88.51% | – | -% |
| Others* | 44,85,840 | 11.49% | – | -% |
| Total | 3,90,39,325 | 100% | – | -% |
Note: The above table presents the available pre-IPO shareholding information. The final post-IPO promoter holding and total post-issue share capital can be updated once the relevant shareholding details are available.
Analysis
Behari Lal Engineering IPO Objects of the Issue & Utilisation of Proceeds
Behari Lal Engineering intends to use a significant portion of the fresh issue proceeds for capital expenditure across its manufacturing facilities. The planned investments include the purchase and installation of new machinery and equipment, associated civil works, and installation of rooftop solar power systems.
The company also proposes to use a portion of the proceeds for repayment or prepayment of certain existing borrowings. The remaining amount will be available for general corporate purposes in accordance with the applicable regulations.
| Purpose | Amount |
|---|---|
| Funding capital expenditure requirement for purchase and installation of new equipment / machinery (including computers, printers and computer peripherals), along with civil work required for such installation at Manufacturing Facility 1 | ₹19.59 Crores |
| Purchase and installation of new roof-top solar panels at Manufacturing Facility 1 | ₹3.40 Crores |
| Purchase and installation of new equipment / machinery along with civil work required for such installation at Manufacturing Facility 2 | ₹36.65 Crores |
| Purchase and installation of new roof-top solar panels at Manufacturing Facility 2 | ₹3.40 Crores |
| Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company | ₹0.57 Crores |
| General Corporate Purposes | ₹- |
Note: The above utilisation amounts are based on the proposed objects of the issue. Actual deployment of the IPO proceeds may vary depending on project requirements, business conditions, and applicable regulatory provisions.
Analysis
Behari Lal Engineering About Ipo
Behari Lal Engineering, founded in 1995, is one of the leading iron and steel manufacturing companies with a focus on providing customised engineering solutions.
Its product portfolio includes the manufacturing of precision-engineered components such as Metal Rolls, Engineering Castings (ranging from 500 kg to 20 MT, serving steel, iron, mining, aggregate crushers, power, and sugar industries), Alloy Steel Products (rounds, flats, hex, and round corner squares, with sizes from 6 mm to 230 mm), and Forging Ingots and Forged Shafts/Blocks.
So far, the firm has served 1825 domestic and international customers, including Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries, and Metso India, among others.
Analysis
Behari Lal Engineering IPO Company Financial Report
Behari Lal Engineering has reported an overall improvement in its financial performance between FY2023 and FY2026. Revenue stood at ₹467.46 crores in FY2023, declined to ₹449.96 crores in FY2024, and subsequently increased to ₹516.30 crores in FY2025 and ₹546.52 crores in FY2026.
The company's profitability improved consistently during the period. Profit After Tax (PAT) increased from ₹28.80 crores in FY2023 to ₹64.64 crores in FY2026. The company's total assets also expanded from ₹203.25 crores in FY2023 to ₹367.87 crores in FY2026.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹467.46 Cr. | ₹429.24 Cr. | ₹28.80 Cr. | ₹203.25 Cr. |
| 2024 | ₹449.96 Cr. | ₹400.04 Cr. | ₹35.79 Cr. | ₹262.08 Cr. |
| 2025 | ₹516.30 Cr. | ₹446.94 Cr. | ₹52.95 Cr. | ₹295.98 Cr. |
| 2026 | ₹546.52 Cr. | ₹459.94 Cr. | ₹64.64 Cr. | ₹367.87 Cr. |
Amount in ₹ Crores: The above table summarizes Behari Lal Engineering's revenue, expenses, Profit After Tax (PAT), and total assets from FY2023 to FY2026. Investors should evaluate these financial trends along with the company's valuation, debt position, IPO pricing, industry outlook, and future growth prospects.
Analysis
Behari Lal Engineering IPO Valuation – FY2026
The valuation metrics of Behari Lal Engineering provide investors with an overview of the company's profitability, capital efficiency, leverage, and financial position ahead of the IPO. Key indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Net Worth (RoNW), and Net Asset Value (NAV) can help investors assess the company's financial performance.
For FY2026, Behari Lal Engineering reported an EPS of ₹16.56, ROE of 23.60%, and ROCE of 27.11%. The company reported an EBITDA margin of 18.97% and PAT margin of 12.10%. Its debt-to-equity ratio stood at just 0.06, while the Net Asset Value was ₹78.41 per share.
| KPI | Values |
|---|---|
| ROE | 23.60% |
| ROCE | 27.11% |
| EBITDA Margin | 18.97% |
| PAT Margin | 12.10% |
| Debt to Equity Ratio | 0.06 |
| Earning Per Share (EPS) | ₹16.56 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 21.12% |
| Net Asset Value (NAV) | ₹78.41 |
Note: The above valuation metrics are based on FY2026 financial information. Investors should compare these indicators with the IPO price band, peer-group valuations, historical financial performance, business risks, and future growth prospects before making an investment decision.
Analysis
Behari Lal Engineering IPO Peer Group Comparison
The peer group comparison of Behari Lal Engineering helps investors evaluate the company's financial position against listed companies operating in engineering, steel, industrial manufacturing, refractories, and related segments. Important metrics such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and income can provide a useful benchmark while evaluating the IPO.
The comparable listed companies include Jayaswal Neco Industries Limited, AIA Engineering Limited, Steelcast Limited, RHI Magnesita India Limited, Vardhman Special Steel Limited, IFGL Refractories Limited, and Kennametal India Limited.
| Company | EPS | P/E Ratio | RoNW (%) | NAV (₹) | Income |
|---|---|---|---|---|---|
| Jayaswal Neco Industries Limited | 4.77 | 18.48 | 16.39% | 29.26 | ₹7,131.82 Cr. |
| AIA Engineering Limited | 136.11 | 34.43 | 15.53% | 859.98 | ₹4,419.86 Cr. |
| Steelcast Limited | 8.58 | 37.99 | 21.89% | 39.03 | ₹423.17 Cr. |
| RHI Megnesita India Limited | (18.54) | – | (10.81)% | 172.42 | ₹4,019.95 Cr. |
| Vardhman Special Steel Limited | 13.15 | 23.19 | 9.59% | 132.11 | ₹1,754.43 Cr. |
| IFGL Refractories Limited | 4.81 | 43.46 | 7.93% | 163.00 | ₹1,894.25 Cr. |
| Kennametal India Limited | 46.82 | 62.02 | 13.70% | 340.02 | ₹1,170.30 Cr. |
Note: Peer group figures should be considered as comparative benchmarks rather than the sole basis for an investment decision. Investors should also evaluate differences in business scale, product mix, profitability, capital structure, growth prospects, IPO valuation, and industry-specific risks.
Analysis
IPO Lead Managers aka Merchant Bankers
- Systematix Corporate Services Ltd.
- Emkay Global Financial Services Ltd.
FAQ
Behari Lal Engineering IPO FAQs
Behari Lal Engineering IPO price band is Rs 271.00 to Rs 285.00. Check the latest issue price, lot size and GMP together before applying.
Behari Lal Engineering IPO open date is 12 Aug 2026, close date is 14 Aug 2026, and listing date is 19 Aug 2026.
Behari Lal Engineering IPO lot size is 52 shares. The minimum retail investment is Rs 14,820.
Behari Lal Engineering is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Behari Lal Engineering IPO subscription status currently shows Retail 53.27x, QIB 165.33x, NII 165.31x, Overall 108.44x.
Behari Lal Engineering Limited is an integrated steel manufacturing and trading enterprise specializing in customized iron and steel products for various engineering applications. The company’s core business involves manufacturing and selling a diverse range of items tailored to customer-specific requirements, establishing it as one of India’s leading integrated foundries. Its operations are conducted through integrated facilities in Punjab, including a Steel Melt Shop, Foundry, and Rolling Mill divisions. Key products include forging ingots and forged shafts, metal rolls, engineering castings, and alloy steel products such as flats, rounds, and squares. The company generates revenue primarily through the domestic and export sale of these products, supplemented by income from job work services. This model allows it to serve a broad range of industrial clients with high-quality, specialized steel solutions.
Behari Lal Engineering IPO issue size is 301.62 and the expected allotment date is 17 Aug 2026.
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