Behari Lal Engineering IPO is a mainboard IPO raising ₹302 Cr at ₹271 – ₹285 a share. It listed on 19 Aug 2026 at ₹465, +63.2% against its issue price of ₹285, and trades at ₹444 today (+56.0% since issue). It was subscribed 108× in total.
108.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 597-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 378 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
The degree certificates and marksheets pertaining to the educational qualifications of our Promoters who are also the Directors of our Company, Parkash Chand Garg and Rajesh Garg are not traceable.
The average cost of acquisition of Equity Shares of face value of ₹ 10 each by our Promoter Selling Shareholders is set out below: Lovlish Garg - 5,532,125 - 2.72; Rajesh Garg - 3,897,115 - 1.12
Net cash flow from/(used in) operating activities (A) 275.38 618.86 371.44
revenue from repeat customers was ₹ 4,522.77 million, ₹ 4,372.98 million and ₹ 3,570.50 million constituting 84.69%, 86.10% and 80.04%, respectively, of our revenue from operations
our reliance on our largest industry segment i.e. automobiles, has steadily reduced from 55.61% in Fiscal 2024 to 38.65% in Fiscal 2026... our revenue from the automobile industry has reduced in absolute Rupee terms as well, from ₹ 2,480.73 million in Fiscal 2024 to ₹ 2,063.85 million in Fiscal 2026
Our manufacturing operations are based out of our Manufacturing Facilities in Mandi Gobindgarh, Punjab... The concentration of our Manufacturing Facilities and operations in a single location in Punjab subjects us to various risks
Our procurement cost towards our top 10 suppliers during Fiscal 2026, 2025, and 2024 was ₹ 1,766.96 million, ₹ 1,385.04 million, and ₹ 1,583.14 million constituting 38.39%, 30.99%, and 39.57% of our total expenses... We do not enter into long term contracts or other arrangements with the suppliers of our raw materials
revenues from alloy steel products, metal rolls and engineering castings account for more than 90% of our revenue from operations in each of Fiscal 2026, Fiscal 2025 and Fiscal 2024
Our Company has filed statutory forms with incorrect information in the past. Set out below are the details of the forms filed with the Registrar of Companies with incorrect information
our Promoters and members of the Promoter Group hold an aggregate of 34,553,485 Equity Shares, constituting 88.51% of the Equity Share capital of our Company... they will have the ability to significantly influence our corporate decision-making process
We are entitled to subsidies under the Invest Punjab Scheme by the Government of Punjab pursuant to which we receive benefits specifically subsidy to compensate us for certain electricity duty expenses... Withdrawal of or reduction in these subsidies could have an adverse impact on our financials
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our power and fuel expenses was ₹ 351.46 million, ₹ 326.98 million and ₹ 236.82 million constituting 7.64, 7.32% and 5.92%, respectively of our total expenses... Employee attrition ratio (A/B) (%) 22.96 37.30 27.90
Inventories 1,043.87 810.98 623.65
While we have procured quotations from vendors in relation to the capital expenditure to be incurred, we have not entered into any definitive agreements with any of these vendors.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.9 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 4 | 0 | ₹0.8 Cr |
| Promoters | 0 | 2 | 0 | ₹0.1 Cr |
| Directors | 0 | 0 | 0 | — |
| Group companies | — | — | 0 | — |
Company — 3 indirect tax litigations aggregating ₹8.04 million
Company filed Writ Petition CWP-38174-2025 before Punjab & Haryana HC against Union of India, DC (Audit) and DC (Adjudication) challenging CGST SCN dated April 15, 2025 alleging wrongful availment of input tax credit of ₹6.98 million
Promoters — 2 direct tax litigations aggregating ₹0.85 million
Company — 1 direct tax litigation involving ₹0.17 million
Aggregate amounts in summary table stated in ₹ million; converted to crore at 1 crore = 10 million (₹ 8.21 million = ₹ 0.821 crore; ₹ 0.85 million = ₹ 0.085 crore). Grand total of 0.906 crore is sum of company (0.821) and promoters (0.085) as no consolidated grand total is stated in text. No criminal, statutory/regulatory, disciplinary or material civil proceedings disclosed for any party. No material litigation involving Group Company (BLC Metals Pvt Ltd) or KMP/Senior Management.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
