Behari Lal Engineering LimitedMetals & MiningBLEL
Q1 FY27 concall · earnings callBehari Lal Engineering Limited
Q1 FY27 revenue grew 18% year-on-year to INR151.7 crores as high-value share rose to 60.4% and utilization reached 90.5%, with growth to be driven by mix and Unit 3 capacity.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹151.7 Cr | up 18% YoY | |
| Sales volume | 22,095 tons | up 13.4% YoY | |
| EBITDA including other income | ₹29.7 Cr | up 23% YoY | |
| PAT | ₹19.2 Cr | up 24.5% YoY | |
| High-value products share of revenue | 60.4% | up 463 basis points YoY | |
| Capacity utilization | 90.5% | — |
TL;DR
- Revenue from operations was INR151.7 crores, up 18% year-on-year, on sales volume of 22,095 tons, up 13.4%.
- EBITDA was INR29.7 crores at 19.6% margin, up 85 basis points, and PAT was INR19.2 crores, up 24.5%.
- High-value products were 60.4% of revenue against 55.7% a year ago, with EBITDA per ton of approx 13,500.
- Capacity utilization was 90.5%, with 94% in the melt shop and 87.5% in the rolling mill.
- Order book was INR162 crores, 13,138 tons as of June 30th; balance sheet had net worth of INR325 crores, debt to equity of 0.03 and INR52 crores cash before IPO proceeds.
Said on the call
“High returns on a nearly debt-free balance sheet is how this business has always been run.”
From the Q&A
| Topic | What management said |
|---|---|
| Capacity and growth drivers | Management said growth at 90.5% utilization will come from shifting mix toward high-value products in the current year and adding melting capacity with Unit 3 under construction. |
| Unit 3 and capex | Management said Unit 3 centrifugal casting for ICDP and HSS rolls is under construction with machinery ordered, targeting commencement in the first quarter of the next financial year; total FY27 capex targeted at around INR80 crores. |
| Defense and aerospace | Management said defense work is in prototyping and approval stage with orders from BDL and Nuclear Power Corporation of India, with proper revenue expected from the next financial year. |
| ICDP and HSS import substitution | Management said the same steel-mill customers buying static rolls will buy ICDP and HSS rolls, and cited existing melt, heat treatment, machining, customer relationships and metallurgical know-how as entry barriers. |
Guidance
- Target capex of around INR80 crores in the current financial year, with INR5 crores spent in the first quarter
- Unit 3 expected to commence in the first quarter of the next financial year
- High-value products share direction is towards 70% from 60.4% in the quarter
- Defense sector meaningful revenue targeted from the next financial year after prototyping and approvals
- Intention to hold cash conversion cycle at around 90 to 100 days
Source
Summary written from the transcript filed by Behari Lal Engineering Limited for the call held on 8 Sept 2026; published 11 Sept 2026, 13:54 IST.
More Q1 FY27 concalls ·How verification works ·Report an error