Behari Lal Engineering Limited

BLEL Stock Summary · September 2026

Management presented a strong quarter marked by revenue of INR151.7 crore and EBITDA per tonne around INR13,500, supported by rising volumes and a deliberate shift to higher‑value products that lifted realizations. The tone was constructive and execution‑oriented, with priorities on accelerating the high‑value mix (now about 60.4% with a target near 70%), deploying IPO proceeds to upgrade melting and finishing capabilities, and completing the Unit 3 foundry to expand capacity. Management acknowledged tension between margin tailwinds from a richer mix and stable scrap prices and near‑term working‑capital absorption as inventory rises with the product transition, and cautioned that defense and aerospace engagement remains at prototyping stages with significant approval timelines before meaningful revenue in FY28. Near term, they reiterated an INR80 crore FY27 capex plan (INR5 crore spent in Q1; INR75 crore planned), targeted Unit 3 commercial production in Q1 of the next fiscal year, and said the current order book should support stronger realizations over the next two quarters while maintaining cash‑conversion days around 90–100.