Behari Lal Engineering Limited

Established in 1995, the company manufactures rolled/structural steel products and operates in the casting industry. It benefits from the promoters’ extensive industry experience, and has established operational track record, enabling the company to secure repeat business from customers. The promoters have undertaken periodic capital expenditure to enhance production capacity and operational efficiency. Management’s focus on developing and increasing the share of high value-added products, such

BLEL has demonstrated a sustained improvement in its profitability profile over the last five years, supported by an increasing contribution from value-added products, operational efficiencies, and better process controls. The company's PBILDT margin improved steadily from 9.54% in FY22 to 14.46% in FY25, and further to 16.96% in FY26, while the profit after tax (PAT) margin improved from 6.58% in FY22 to 10.42% in FY25, and further to 12.03% in FY26. The gradual improvement was primarily

The company has demonstrated healthy revenue growth over the past four years, rising from ₹332.93 crore in FY22 to ₹537.18 crore in FY26, reflecting a healthy compound annual growth rate (CAGR) of ~12.70%. This growth has been primarily driven by the successful ramp-up of its rolling mill division operations, which commenced operations in March 2022, and the successful ramp-up of the additional steel melting capacity commissioned in March 2024. The company is operating at healthy average

BLEL has a diversified product portfolio comprising alloy steel products, metal rolls, engineering castings, and forged ingots catering to multiple end-user industries, such as automotive, aerospace, defence, railways, power, cement, and infrastructure. Over the years, the company has steadily increased its focus on value-added and specialised steel products, resulting in improved sales realisation and profitability. Thediversified product mix reduces dependence on a single product category and

The company’s operations are working capitalintensive. BLEL’s operating cycle remains elongated at 117 days in FY26 (PY: 103 days) largely due to the high inventory period of 77 days in FY26 (PY: 61 days). BLEL maintains inventory of ~60-75 days, comprising 45-60 days of work-in-progress and 10-15 days of raw materials, to ensure timely execution of orders and meet customer requirements. The company's manufacturing operations necessitate a relatively high inventory of raw materials and

BLEL depends on external suppliers for procurement of key raw materials, including steel scrap and ferro alloys, with no backward integration in place. The top 10 suppliers accounted for ~63% of total raw material purchases in FY26 (PY: ~50%), exposing the company to supplier concentration and procurement-related risks. On the customer side, the company benefits from long-standing relationships and repeat business supported by its customised product offerings. However, the top 10 customers contr