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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: 2000 shares (₹570,000)
GMP (Grey Market)
—
No GMP data yet
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 0.06x), offering attractive entry valuation for an SME steel products manufacturer. Key risk is that revenue CAGR of 10.2% lags profit growth, suggesting margin expansion rather than volume-driven scaling, which may not sustain if input costs rise.
Listing Performance
Issue Price
₹285
Allotment price
Listing Price
₹458
+60.7% on listing day
Current Price (CMP)
₹442.9
+55.4% vs issue
Listed On
19 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit momentum and low leverage
Net profit grew 34.4% over two years (₹35.8 Cr to ₹64.6 Cr) while debt-to-equity stands at just 0.06x, indicating strong operational leverage and financial discipline. ROCE of 27.11% and EBITDA margin of 18.97% demonstrate efficient capital deployment in a capital-intensive sector.
✓ Strength
Valuation discount to sector baseline
At 18.7x P/E, the company trades at 0.81× the niche/unlisted sector midpoint of 23x, offering a 19% valuation cushion. This discount is justified by the SME classification and provides entry-level pricing for investors seeking exposure to steel products.
⚠ Risk
Revenue growth significantly lags profit growth
Revenue CAGR of 10.2% over two years is less than one-third of PAT CAGR (34.4%), indicating margin expansion is the primary driver rather than volume growth. If raw material costs spike or pricing power weakens, profit growth will decelerate sharply.
⚠ Risk
High OFS component signals promoter exit
OFS represents 69.2% of the total issue, well above the 30% threshold, meaning most capital raised goes to selling shareholders rather than the company. Promoter holding drops from 88.51% to 70.84% post-issue, reducing founder alignment and increasing free float volatility risk.
₹ Valuation
Fair valuation with margin caveat
P/E of 18.7x at 0.81× sector midpoint is attractive, but NPM of 11.8% is below the 15% threshold that would justify premium pricing. P/S of 2.3x is reasonable for steel products, but sustainability depends on maintaining current EBITDA margins of 18.97%.
👁 Watch
Monitor gross margin and working capital trends
Post-listing, track quarterly EBITDA margins and inventory turnover closely; any compression below 18% or working capital deterioration would signal that profit growth was unsustainable and driven by temporary cost advantages rather than operational scale.
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 |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
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 0.06x), offering attractive entry valuation for an SME steel products manufacturer. Key risk is that revenue CAGR of 10.2% lags profit growth, suggesting margin expansion rather than volume-driven scaling, which may not sustain if input costs rise.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 2000 shares. At the upper band price of ₹285, the minimum investment per retail application is ₹570,000. You can apply for up to 13 lots (₹7,410,000) 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 ₹442.9 (+55.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 14 Aug 2026. The minimum investment is ₹570,000 for one lot (2000 shares). The company trades at 0.81× sector midpoint with strong PAT growth of 34.4% CAGR and minimal debt (D/E 0.06x), offering attractive entry valuation for an SME steel products manufacturer. Key risk is that revenue CAGR of 10.2% lags profit growth, suggesting margin expansion rather than volume-driven scaling, which may not sustain if input costs rise.
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 2000 shares at ₹285 each, costing ₹570,000 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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