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Behari Lal Engineering Limited

RHP · filed 12 Aug 2026

SEBI cleared

Behari Lal Engineering Limited is a manufacturer of industrial equipment and aggregate crushers serving the automobile, infrastructure, and engineering sectors. The offer consists of a fresh issue of Rs 93 crore with no offer for sale. The company's financial trajectory is supported by a high proportion of revenue from repeat customers, though it faces significant risks regarding customer concentration and dependence on purchase orders rather than long-term contracts.

What stands out

Risk factor. The Company generates significant revenues from its top 10 customers, which accounted for 38.00%, 39.91% and 37.81% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. The loss of such customers or a significant reduction in revenue from them will have a material adverse impact on

Risk factor. The Company does not enter into long-term contracts with its customers and is dependent on maintaining relationships with them. Failure to negotiate acceptable terms, adverse changes in customers' financial condition, or other factors could have a material adverse impact on the business, results of

Risk factor. The Company derives a significant majority of its revenue from repeat customers, which constituted 84.69%, 86.10% and 80.04% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. Loss of one or more of these repeat customers or reduction in their demand could adversely affect the bu

Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.

Low leverage. Debt-to-equity of 0.06x.

How the offer is structured

Fresh issue

₹93.0 Cr

New capital into the company

OFS share

0%

Debt repayment

₹0.6 Cr

From fresh proceeds

  • Funding capital expenditure requirement for: purchase and installation of new equipment / machinery (including computers, printers and computer peripherals) along with civil work for such installation at Manufacturing Facility 1₹19.6 Cr
  • Funding capital expenditure requirement for: purchase and installation of new roof-top solar panels at Manufacturing Facility 1₹3.4 Cr
  • Funding capital expenditure requirement for: purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2₹36.6 Cr
  • Funding capital expenditure requirement for: purchase and installation of new roof-top solar panels at Manufacturing Facility 2₹3.4 Cr
  • Repayment and/ or pre-payment, in full or part, of certain borrowings availed by our Company₹0.6 Cr
  • General corporate purposes

Promoters, litigation & related parties

Promoter (pre)

47.4%

Proceedings

495

Set out below is a summary of outstanding litigation proceedings involving our Company, our Directors, Promoters, Key Managerial Personnels, and members of the Senior Management: 495 Name of Entity Criminal Tax Statutory/ Disciplinary Material Aggregate Proceedings proceedings Regulatory actions by civil amount proceedings the SEBI or litigation involved stock (₹ in Exchanges million)* against our Promoter in last 5 years Company By our Company Nil NA NA NA Nil Nil Against our Company Nil 4# Nil Nil Nil 8.21 Promoters By our Promoter Nil NA NA NA Nil Nil Against our Promoter Nil 2 Nil Nil Nil 0.85 Directors (Other than Promoters) By our Directors Nil NA NA NA Nil Nil Against our Directors Nil Nil Nil Nil Nil Nil Key Managerial Personnels and members of Senior Management (other than Directors) By our Key Managerial Nil NA Nil NA NA NA Personnels and members of Senior Management Against our Key Nil NA Nil NA NA NA Manage

Risks the company discloses

  • The Company generates significant revenues from its top 10 customers, which accounted for 38.00%, 39.91% and 37.81% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. The loss of such customers or a significant reduction in revenue from them will have a material adverse impact on the business and financial condition.(Customer Concentration)

  • The Company does not enter into long-term contracts with its customers and is dependent on maintaining relationships with them. Failure to negotiate acceptable terms, adverse changes in customers' financial condition, or other factors could have a material adverse impact on the business, results of operations, financial condition and cash flows.(Customer Concentration)

  • The Company derives a significant majority of its revenue from repeat customers, which constituted 84.69%, 86.10% and 80.04% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. Loss of one or more of these repeat customers or reduction in their demand could adversely affect the business, results of operations and financial conditions.(Customer Concentration)

  • The Company has an annual customer churn rate of 38.58%, 34.73% and 34.87% in Fiscal 2026, 2025 and 2024 respectively. The Company cannot assure that it will be able to retain the business of existing key customers or maintain the current level of business with each of its customers.(Customer Concentration)

  • The Company's revenue from operations is significantly dependent on the automobile, infrastructure, Aggregate Crusher Manufacturer (ACM) and engineering (industrial equipment) industries, which contributed 38.65%, 20.68%, 18.35% and 16.85% of total revenue from operations during Fiscal 2026 respectively. Any adverse impact on these industries or loss of customers in them could have an adverse effect on the business, revenue from operations and financial condition.(Industry Concentration)

  • The Company's business is based on purchase orders placed by customers and it does not enter into long-term contracts due to volatility in steel prices. The Company cannot assure that it will continue to be able to generate revenues from its top 10 customers at these levels or at all, or that it will be able to offset any reduction in revenue from these customers through sales to other customers or by obtaining new customers.(Operational)

  • The Company's business, results of operations, financial condition and cash flows are reliant on its top 10 customers. The Company cannot assure that it will continue to be able to generate revenues from these customers at these levels or at all, or that it will be able to offset any reduction in revenue from these customers through sales to other customers or by obtaining new customers.(Customer Concentration)

  • The Company's ability to maintain its relationships with its customers, particularly its long-standing customers, is a key element of its business and growth. Failure or inability to consistently generate business from its top 10 customers could have a material adverse impact on its business, results of operations, financial condition and cash flows.(Customer Concentration)

How this document reads, dimension by dimension

governanceno governance flags found
balance sheetdebt/equity 0.06x
issue structure0% of the offer is OFS

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

Figures are extracted automatically from the document filed with SEBI and may contain errors — the linked SEBI document is the authoritative record; analysed 07 Sept 2026.

Not investment advice

These lists are rules-based research, not buy recommendations. Rankings are generated from NSE & BSE data by a deterministic formula and do not account for your personal circumstances. For informational purposes only. Consult a SEBI-registered advisor before investing.

Behari Lal Engineering Limited RHP — SEBI filing analysis | DocStoX