Behari Lal Engineering files draft papers for IPO, seeks to raise ₹110 cr

Behari Lal Engineering Ltd has filed draft papers with market regulator Sebi to mobilise funds through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth Rs 110 crore and an offer-for-sale (OFS) of 78.54 lakh shares by promoters and an investor shareholder SG Tech Engineering, according to the draft red herring prospectus (DRHP) filed on Friday.

Proceeds from the fresh issue will be deployed for funding capital expenditure requirements, repayment or prepayment of borrowings, and general corporate purposes.

Behari Lal Engineering was established in Punjab in 1995 as Behari Lal Ispat Private Limited. In 2024, it was converted into a public limited company and renamed Behari Lal Engineering Limited to reflect its broader product portfolio and scale of operations.

The company manufactures engineering castings, alloy steel products, and metal rolls, which are used in industries such as steel, power, and heavy engineering.

It operates two integrated production units in Mandi Gobindgarh, Punjab -- a steel melting shop and foundry, and a rolling mill division. These facilities cover functions such as design, testing, and R&D, allowing the company to meet a range of customer requirements.

The company has supplied products to more than 1,600 customers across 19 states and 6 Union territories, and exports to 15 countries, including Germany, the United States, Brazil, South Africa, and the UAE.

Its customer base spans both private enterprises and government entities.

As of March 31, 2025, Behari Lal Engineering had an aggregate installed capacity of about 1.20 lakh tonnes per annum across its two facilities in Mandi Gobindgarh.

In FY2025, revenue from operations rose to Rs 508 crore from Rs 446 crore in FY2024. Profit after tax increased to Rs 53 crore from Rs 36 crore.

Emkay Global Financial Services and Systematix Corporate Services are the book-running lead managers to the public offering.