Behari Lal Engineering Limited
Closed12–14 Aug 2026
Updated 2026-08-21 (IST)
Business overview
We are an integrated iron and steel manufacturing company specializing in customized engineering solutions. Our precision engineered components for critical industrial applications comprise of metal rolls, engineering castings, alloy steel products, forging ingots and forged shafts/blocks.
Profit & Loss
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2023 | 2024 | 2025 | ||
|---|---|---|---|---|
| Sales | 463 | 446 | 508 | |
| Operating Profit | — | — | 81 | |
| OPM % | — | — | 16.0% | |
| Net Profit | — | — | 53 | |
| Total Debt | 64 | 41 | 8 |
Offer structure
Total: ₹110 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Use of proceeds- purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 1 — ₹24 cr
- purchase and installation of new roof-top solar panels at Manufacturing Facility 1 — ₹4 cr
- purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2 — ₹44 cr
- purchase and installation of new roof-top solar panels at Manufacturing Facility 2 — ₹4 cr
- Repayment and/ or pre-payment, in full or part, of certain borrowings availed by our Company — ₹1 cr
Promoters
- PARKASH CHAND GARG — Chairman and Non-Executive Director
- RAJESH GARG — Vice Chairman and Non-Executive Director
- DINESH GARG — Managing Director
- LOVLISH GARG — Whole-time Director
- BHUVNESH GARG — Chief Executive Officer
Strengths & risks
Company-stated strengths and disclosed risk factors from the offer document.
- Long standing relationships with a large number of customers spread across a wide array of end-user industries with stringent qualification processes (p.160)
- Diversified product portfolio catering to varied application industries (p.160)
- Strategically located Manufacturing Facilities with advanced equipment and robust overlapping processes which enables high capacity utilisation (p.160)
- Robust presence in the steel manufacturing industry leveraging on the legacy and experience of our Promoters and strong domain expertise of our management team (p.160)
- Logistics and Resource Availability (p.296)
- We generate significant revenues from our top 10 customers, and do not enter into long term contracts with them. (p.28)
- Our success depends on our continuing relationship with our customers and we derive a significant majority of our revenue from repeat customers. (p.29)
- We cater to diverse end use industries and customers in the automobile, infrastructure, Aggregate Crusher Manufacturer (ACM) and engineering industries. (p.29)
- A substantial proportion of our sales is concentrated in India. (p.29)
- The cost of raw materials consumed, including through imports, constitutes the largest component of our expenses. (p.29)
Peer comparison — DRHP median P/E 26.0x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Jayaswal Neco Industries Limited | Rs 88.48 -2.5% | 59.9x | 19.3% | 25.7% | live |
| AIA Engineering Limited | Rs 4,491.2 +1.2% | 33.1x | 41.1% | 21.1% | live |
| Steelcast Limited | Rs 351.45 -0.8% | 5.8x | 28.2% | 31.6% | live |
| RHI Magnesita India Limited | Rs 380.05 -2.9% | -22.2x | 14.7% | -10.9% | live |
| Vardhman Special Steel Limited | Rs 352.65 +7.4% | 24.4x | 14.1% | 19.0% | live |
| IFGL Refractories Limited | Rs 222.7 +0.5% | 39.2x | 10.6% | 5.9% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Market & competition
According to CRISIL, we are one of India’s largest metal rolls producers and a leading player in the metal rolls meeting 10.00% of the country’s demand in Fiscal 2024.
Future outlook
As part of our strategic growth plan, we aim to expand our production capacity to meet the increasing demand for our products. By doing so, we will be able to take advantage of economies of scale, broaden our geographic reach, and provide our customers with unique and value-added products and services.
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Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
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