NSE: BLEL · BSE: 544870
BEHARI LAL ENGINEERING L
Manufactures metal rolls, engineering castings, alloy steel and forging ingots from a single fungible melt shop at Mandi Gobindgarh, Punjab, with the same liquid metal redirected to whichever product line has stronger demand. The FY26 product mix was alloy steel at 46% of revenue, metal rolls at 26%, engineering castings at 20% and forging ingots at 4%. Alloy steel, engineering castings and rolls are classed as high-value products and made up 60.4% of Q1 FY27 revenue, up from 45% in FY25, with management targeting ~70% in the medium term. Q1 FY27 revenue was INR151.7 cr (+18% YoY) on volumes of 22,095 tonnes, with operating EBITDA margin at 18.2%. The business meets 11.5% of India's metal roll demand per CRISIL and serves 1,871 customers across steel, thermal power and defense, with cited defense customers including Bharat Dynamics and NPCIL. A new Unit 3 for ICDP and HSS rolls, currently imported, is under construction with commissioning targeted for Q1 FY28, supported by FY27 capex of INR80 cr. Material costs are the largest input at 51.1% of revenue. AR · MarketPing reader · 2026-09-16
Revenue streams, as the annual report describes them. Alloy steel (46%), Metal rolls (26%), Engineering castings (20%), Forging ingots (4%). Asset-heavy, integrated iron and steel engineering with a fungible melt shop serving four product lines and a stated focus on shifting mix toward high-value products.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · standalone |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 152 |
| Profit before tax | 26 |
| Net profit | 19 |
| EPS (₹) | 4.92 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Filing of SEBI Regulation 74(5) certificate for September 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · CIN updated to reflect new listed status on BSE and NSE | general | minimal | — | — |
| 21 Sept 2026 · Trading window to close from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · MUFG Intime appointed as Registrar and Share Transfer Agent | compliance | low | — | — |
| 11 Sept 2026 · BLEL Q1 FY27: Revenue up 18% to INR151.7 cr, EBITDA margin at 19.6% | investor communications | medium | — | — |
| 8 Sept 2026 · Earnings call Q1 FY27 audio recording available on website | investor communications | low | — | — |
| 8 Sept 2026 · Q1 FY27 results: revenue up 18%, EBITDA margin at 19.6%, order book Rs 162 Cr | investor communications | medium | — | — |
| 8 Sept 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 7 Sept 2026 · Q1 FY27 results: Revenue up, profit at Rs 19.2 cr; new secretarial auditor appointed | management changes | medium | — | — |
| 7 Sept 2026 · Q1 FY27 results approved; Secretarial Auditor appointed post IPO listing | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.