Behari Lal Engineering Ltd(BLEL)

NSE: BLELBSE: 544870

₹ 430.35-4.41%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 1,820 crWebsite: www.beharilalengineering.comUpdated: 24 Oct 2026

About

Behari Lal Engineering Ltd (BLEL) manufactures specialty steel rolls, castings, and alloy grades used by the steel industry, operating two facilities in India. In Q1 FY27, revenue from operations reached ₹151.7 crores with sales volume of 22,095 tons. The company listed on exchanges on 19 August 2025 via an IPO priced at ₹285 per share.^[1]

Products

Product portfolio comprises rolls, castings, and specialty alloy grades for the steel industry, with high-value products (rolls, castings, specialty alloy grades) accounting for 60.4% of revenue in Q1 FY27, up from 55.7% a year ago and 57.8% for full FY26.^[1]
Unit 3 under construction to manufacture ICDP (Indefinite Chill Double Poured) and HSS (High Speed Steel) rolls - products the company states are almost entirely imported today - making BLEL the only domestic player adding this capacity.^[1]
Company has begun supplying specialty components to BDL (Bharat Dynamics Limited) and NPCI (Nuclear Power Corporation of India) as well as private-sector defense players, currently in a prototyping and qualification stage.^[1]

Key operating numbers

Sales volume was 22,095 tons in Q1 FY27, up 13.4% YoY. Revenue per ton (ex-job work) was ₹93,487 in Q1 FY27, up 9.5% YoY.^[1]
EBITDA per ton was approximately ₹13,500 in Q1 FY27, up from approximately ₹12,400 a year ago.^[1]
Order book stood at ₹162 crores / 13,138 tons as of 30 June 2026, implying approximately ₹1.2 lakh per ton versus Q1 FY27 revenue per ton of ₹93,000, indicating the pipeline is weighted towards higher-value orders.^[1]
Cash conversion cycle was 94 days in Q1 FY27.^[1]

Operations and capacity

Capacity utilisation was 90.5% overall in Q1 FY27 - 94% at the melt shop and 87.5% at the rolling mill. The melt shop has operated in the mid-90s for nearly two years.^[1]
Own-manufacture tonnage rose approximately 12% QoQ in Q1 FY27 as low-value job work was deliberately reduced.^[1]
Power and fuel cost fell to 5.9% of revenue in Q1 FY27 from 6.3% a year ago and 6.6% for FY26, driven by a partial solar rollout and a richer product mix.^[1]

Expansion and capex

Unit 3 (centrifugal casting for ICDP and HSS rolls): shed under construction and machinery ordered as of Q1 FY27; expected to commence production in Q1 FY28.^[1]
Total capex of ₹80 crores targeted for FY27 across IPO-funded equipment and civil work, Unit 3 (funded from internal accruals), and rooftop solar (funded from internal accruals).^[1]
IPO proceeds of ₹56 crores allocated to equipment and civil work across existing facilities and ₹7 crores to rooftop solar, to be deployed by 31 March 2027.^[1]
High-value product share targeted to reach approximately 70% of revenue in the near future, from 60.4% in Q1 FY27.^[1]

Recent developments

IPO completed at ₹285 per share on 19 August 2025, raising ₹301 crores in total (₹93 crores fresh issue). Post-issue promoter holding is 70.84%.^[1]
Defense and aerospace vertical initiated: first orders received from BDL and NPCI; meaningful revenue from this segment expected from FY28 after completion of approval cycles.^[1]

Market Cap

₹1,820 Cr

High / Low

₹548 / 415

Promoter holding

70.8%

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Signal history

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