| Reviewer | Recommendation |
| IPOWatch | May Apply |
| Swastika Investmart Ltd. | Apply |
| SMC Global | Neutral |
| Axis Capital Ltd. | Not Rated |
| Dilip Davda | Not Rated |
Behari Lal Engineering is involved in the customized manufacturing of metal rolls, Engineering castings, Alloy steel products, and Forging Ingots and Forged Shafts/ Blocks.
For medium- to long-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the companyâs fundamentals, strengths, risks, and growth prospects before making any investment decision.
Strengths:
- The company has maintained long-standing relationships with its customers, serving 1,825 customers across a diverse range of industries as of FY26.Â
- It offers a wide range of engineering products across Metal Rolls, Engineering Castings, Alloy Steel Products, and Forging Ingots, serving 10 industries including aerospace and defence, aggregate crusher manufacturing, automobile, cement, defence, engineering, finished steel manufacturing, infrastructure, power, and railways.Â
- Its 2 manufacturing facilities are strategically located at Mandi Gobindgarh, Punjab, which is Indiaâs oldest steel manufacturing hub and is renowned for its steel production capabilities.Â
- The firm has shown strong financial growth, generating revenue of âč534.025 crore in FY2026, while PAT grew to âč64.636 crore.Â
Weaknesses:Â
- In FY26, the firm generated 38.00% of its revenue from the top 10 customers, and they do not hold long-term contracts with them. Loss of any of the top customers can negatively affect the business and cash flow.
- Most of the companyâs revenue comes from the customers in the automobile, infrastructure, Aggregate Crusher Manufacturer (ACM), and engineering industries. Loss of any customers from these industries or if these industries face any problem can adversely impact the business operation and cash flow.
- The firm depends on top 10 outside suppliers for 38% of its raw materials. Failure to retain those suppliers or any delay or increase in the price of raw materials can adversely impact the business operations.
- More than 90% of Bihari Lalâs revenue derives from the sale of alloy steel products, metal rolls, and engineering castings business. Any decline in demand in these segments can badly affect the business operations and financial performance.
DisclaimerÂ
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the companyâs RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.