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Listed
Iron & Steel Products
Behari Lal Engineering Limited IPO
₹302 Cr · Fresh Issue & OFS · Iron & Steel Products
Price Band
₹271 – ₹285
Lot: 800 shares (₹228,000)
GMP (Grey Market)
₹43 (+27.22%)
Est. listing ₹328
Issue Size
₹302 Cr
Fresh Issue & OFS
Market Cap
₹1,205.62 Cr
At upper band
P/E Ratio
18.7x
P/S: 2.3x
Listing Date
19 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
12 Aug 2026
✓
Closes
14 Aug 2026
✓
Allotment
17 Aug 2026
✓
Refund
18 Aug 2026
✓
Listing
19 Aug 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.81× sector midpoint with strong PAT growth of 34.4% CAGR and minimal debt (D/E 0.06×), offering fair entry valuation for an SME engineering player. Key risk is that OFS comprises 69.2% of the issue, signaling heavy promoter exit, and revenue growth of 10.2% CAGR lags profit expansion, raising sustainability questions.
Listing Performance
Issue Price
₹285
Allotment price
Listing Price
₹458
+60.7% on listing day
Current Price (CMP)
₹460
+61.4% vs issue
Listed On
19 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit momentum and returns
Net profit has grown at 34.4% CAGR over two years (₹35.8 Cr to ₹64.6 Cr), significantly outpacing revenue growth of 10.2% CAGR. ROCE of 27.11% and EBITDA margin of 18.97% demonstrate strong operational efficiency and capital deployment in the iron & steel products segment.
✓ Strength
Conservative balance sheet and valuation
Debt-to-equity ratio of 0.06× is exceptionally low, providing financial flexibility for capex and downturns. At 18.7× P/E (0.81× the 23× sector midpoint), the company is priced below peer benchmarks for niche/unlisted manufacturing, offering a margin of safety.
⚠ Risk
Promoter exit via high OFS component
OFS represents 69.2% of the total issue size, indicating substantial promoter selling despite retaining 70.84% post-issue. This high exit proportion raises questions about founder confidence and may signal valuation concerns at the upper band.
⚠ Risk
Revenue growth significantly lags profit growth
Revenue CAGR of 10.2% over two years is modest and trails the 34.4% PAT CAGR, suggesting margin expansion rather than organic scale-up. This divergence is unsustainable long-term and may reflect one-time cost controls or operational leverage that could reverse.
₹ Valuation
Fair valuation relative to sector norms
At 18.7× P/E against a niche/unlisted sector midpoint of 23× (range 18–28×), the company is valued at 0.81× midpoint. P/S of 2.3× is reasonable for an engineering player, and the valuation is supported by 11.8% NPM and strong ROCE of 27.11%.
👁 Watch
Monitor revenue growth trajectory post-listing
Investors should closely track quarterly revenue and order book trends to confirm whether the 10.2% growth rate accelerates or stagnates. If revenue growth remains flat while margins compress, the profit growth story will unwind quickly.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
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External links go to each platform's IPO section — search for "Behari Lal Engineering Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹534.03 Cr
Net Profit
₹64.64 Cr
Industry
Iron & Steel Products
Issue Type
Fresh Issue & OFS
Promoters
PARKASH CHAND GARG, RAJESH GARG, DINESH GARG, LOVLISH GARG AND BHUVNESH GARG
Lead Managers
Emkay Global Financial Services and Systematix Corporate Services
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.81× sector midpoint with strong PAT growth of 34.4% CAGR and minimal debt (D/E 0.06×), offering fair entry valuation for an SME engineering player. Key risk is that OFS comprises 69.2% of the issue, signaling heavy promoter exit, and revenue growth of 10.2% CAGR lags profit expansion, raising sustainability questions.
The current grey market premium (GMP) is ₹43, which is 27.22% above the upper band price of ₹285. This implies an estimated listing price of around ₹328. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 800 shares. At the upper band price of ₹285, the minimum investment per retail application is ₹228,000. You can apply for up to 13 lots (₹2,964,000) under the retail category (up to ₹2 lakh).
The IPO opens on 12 Aug 2026. It closes on 14 Aug 2026. Allotment is expected on 17 Aug 2026. Refunds initiate on 18 Aug 2026. Listing on BSE and NSE is on 19 Aug 2026.
The lead managers for the IPO are Emkay Global Financial Services and Systematix Corporate Services. Check the SEBI filing for the registrar details.
The IPO listed on 19 Aug 2026 at ₹458 against an issue price of ₹285 (+60.7% on listing day). The current market price (CMP) is approximately ₹460 (+61.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 14 Aug 2026. The minimum investment is ₹228,000 for one lot (800 shares). The company trades at 0.81× sector midpoint with strong PAT growth of 34.4% CAGR and minimal debt (D/E 0.06×), offering fair entry valuation for an SME engineering player. Key risk is that OFS comprises 69.2% of the issue, signaling heavy promoter exit, and revenue growth of 10.2% CAGR lags profit expansion, raising sustainability questions.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 14 Aug 2026. The IPO is priced at a P/E of 18.7x. Market cap at issue price is ₹1,205.62 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 800 shares at ₹285 each, costing ₹228,000 per application. The issue closes on 14 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Behari Lal Engineering Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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