{"id":14484,"date":"2026-08-13T11:03:23","date_gmt":"2026-08-13T11:03:23","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14484"},"modified":"2026-08-13T11:03:23","modified_gmt":"2026-08-13T11:03:23","slug":"behari-lal-engineering-ipo-rolling-metal","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/","title":{"rendered":"Behari Lal Engineering IPO: Rolling Metal"},"content":{"rendered":"<p><em>Behari Lal Engineering Limited (BLEL) has filed a \u20b9302 Cr IPO on August 12, 2026. BLEL makes metal rolls, castings and alloy steel from two plants in Punjab since 1995 and commands ~10-12% share of the country\u2019s metal rolls market by volume.<\/em><\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png 1456w\" alt=\"\" width=\"650\" height=\"362\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!NFvo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:362,&quot;width&quot;:650,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:473494,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211015569?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F39347a40-44a0-482e-a43e-e362f298e352_650x362.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png 1456w\" alt=\"\" width=\"531\" height=\"406\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!peRG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8ee4353-a9fe-4ff7-b1af-9cf052b246c6_1680x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:460.94711538461536,&quot;width&quot;:603,&quot;resizeWidth&quot;:603,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-big-picture\">The Big Picture<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>India\u2019s steel demand rose from about 100 million tonnes in FY20 to about 169 million tonnes in FY26, a compound annual growth rate of 9%.<\/p>\n<p><mark data-color=\"rgb(255, 229, 153)\">Sectors like building and construction, infrastructure and engineering, and packaging together account for close to 90% of finished steel demand<\/mark>, with building and construction the largest single segment.<\/p>\n<p>Two sub-markets sit inside this steel value chain and matter directly to Behari Lal Engineering.<\/p>\n<ol>\n<li>India\u2019s demand for metal rolls used in rolling mills<\/li>\n<li>India\u2019s engineering castings and foundry market.<\/li>\n<\/ol>\n<p>Behari Lal Engineering manufactures across both these sub-markets.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p><mark data-color=\"rgb(255, 229, 153)\">Behari Lal Engineering is one of India\u2019s largest metal rolls producers, meeting 10-12% of the country\u2019s metal rolls demand in FY26<\/mark>, and is the only organised player manufacturing across metal rolls, engineering castings, and alloy steel products together.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-bTP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png 1456w\" alt=\"\" width=\"582\" height=\"367.641975308642\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:307,&quot;width&quot;:486,&quot;resizeWidth&quot;:582,&quot;bytes&quot;:255823,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211015569?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2f157ba-0139-4fe2-8e17-932cb02c42f0_486x307.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>The company makes four product groups:<\/p>\n<ol>\n<li><mark data-color=\"rgb(255, 229, 153)\">Metal rolls<\/mark>\u00a0used in rolling mills that produce structural steel.<\/li>\n<li><mark data-color=\"rgb(255, 229, 153)\">Engineering castings<\/mark>\u00a0used in steel, mining, power, and sugar plants.<\/li>\n<li><mark data-color=\"rgb(255, 229, 153)\">Alloy steel<\/mark>\u00a0products.<\/li>\n<li><mark data-color=\"rgb(255, 229, 153)\">Forging ingots<\/mark>\u00a0used in automotive, aerospace, oil and gas, and heavy engineering sectors.<\/li>\n<\/ol>\n<p>As of FY26, the company has served ~1,825 cumulative customers and has also exported its precision-engineered components across 5 continents and in 21 countries.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png 1456w\" alt=\"\" width=\"595\" height=\"305.9813596491228\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!entd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F712b1229-1485-41f0-b5d3-be4fa184798e_912x469.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:305.9813596491228,&quot;width&quot;:595,&quot;resizeWidth&quot;:595,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics\">Unit Economics<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png 1456w\" alt=\"\" width=\"617\" height=\"250.86813186813185\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!V9F0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa4b58f-9832-4154-bde3-c5d247bd9827_2048x833.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:250.86813186813185,&quot;width&quot;:617,&quot;resizeWidth&quot;:617,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>EBITDA per tonne increased 55% from Rs 7,433 in FY24 to Rs 11,495 in FY26 even as sales volume fell slightly in FY26.<\/li>\n<li>This\u00a0<mark data-color=\"rgb(255, 229, 153)\">higher profitability was further supported by slightly lower COGS in FY26.<\/mark><\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: left;\">This lines up with the company\u2019s stated shift toward higher-value and higher margin products.<\/p>\n<\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"rgb(255, 229, 153)\">Product Mix:<\/mark>\u00a0<\/strong>There is a clear shift by the company towards high value products which have helped increase their margins consistently each year.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png 1456w\" alt=\"\" width=\"602\" height=\"372.17663817663816\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!wLU2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F50d67adc-7500-475f-b367-0c9bd02f5f33_702x434.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:372.17663817663816,&quot;width&quot;:602,&quot;resizeWidth&quot;:602,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h6><em>* High value products comprise engineering casting and metal rolls and alloy steel grades such as valve steel, die steel and tool steel.<\/em><\/h6>\n<ul>\n<li><strong><mark data-color=\"rgb(255, 229, 153)\">Customer Base and Repeat Business:\u00a0<\/mark><\/strong>Repeat customers supply 80 to 86 percent of revenue while the number of customers served in a year fell slightly. The purchase order model, with no long-term contracts, means the company must keep winning repeat business every year.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png 1456w\" alt=\"\" width=\"599\" height=\"370.2782305005821\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!iNOe!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F283d2e9b-e8d6-40ac-a2a8-019e754bf9e4_859x531.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:370.2782305005821,&quot;width&quot;:599,&quot;resizeWidth&quot;:599,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"rgb(255, 229, 153)\">Order Book:\u00a0<\/mark><\/strong>The order book grew 38% between FY25 and FY26 and stood at Rs 178 Cr as of May 31, 2026.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png 1456w\" alt=\"\" width=\"599\" height=\"369.7908163265306\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!ACkd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e1eca56-12e3-4f6b-bf53-c3b12824318c_784x484.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:369.7908163265306,&quot;width&quot;:599,&quot;resizeWidth&quot;:599,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"financial-stuff-from-revenue-to-pat\">Financial Stuff: From Revenue to PAT<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!_pOB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png 1456w\" alt=\"\" width=\"603\" height=\"248.90315934065933\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/22d8be31-ac29-41cd-a833-d82b8c5cac86_2048x845.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:601,&quot;width&quot;:1456,&quot;resizeWidth&quot;:603,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Revenue grew at a CAGR of 9% between FY24 and FY26.<\/li>\n<li>PAT nearly doubled over the same period, and PAT margin expanded as well.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"behari-lal-engineerings-peers\">Behari Lal Engineering\u2019s Peers<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png 1456w\" alt=\"\" width=\"601\" height=\"288.529532967033\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substackcdn.com\/image\/fetch\/$s_!vO90!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a8b8469-2613-469c-ba13-298d613d2949_2048x983.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:288.529532967033,&quot;width&quot;:601,&quot;resizeWidth&quot;:601,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Behari Lal Engineering\u2019s ROCE of 27% is the second highest in the peer set after Steelcast\u2019s.<\/li>\n<li>While it has one of the lowest revenues among its peers it has an asset turnover of 6 which means\u00a0<mark data-color=\"rgb(255, 229, 153)\">it is efficiently converting its assets into revenue compared to other peers<\/mark><\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<p><strong>Customer concentration without long-term contracts<br \/>\n<\/strong>Revenue from the top 10 customers accounted for 38% in FY26 of revenue from operations. The company does not sign long-term contracts with customers so the loss of a small number of large customers could hit revenue quickly.<\/p>\n<p><strong>Supplier concentration and raw material exposure<br \/>\n<\/strong>Procurement from the top 10 suppliers was 38% of total expenses, and the company holds no long-term supply contracts for its key inputs, scrap, ingots, and ferro alloys.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"summary\">Summary<\/h2>\n<p>Behari Lal Engineering is a diversified metal rolls, engineering castings, and alloy steel manufacturer with over three decades of operating history, high and improving capacity utilisation, and margins.<\/p>\n<p>Revenue growth slowed sharply in FY26, and the margin gains of the last two years came from pricing and product mix rather than volume<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Behari Lal Engineering Limited (BLEL) has filed a \u20b9302 Cr IPO on August 12, 2026. BLEL makes metal rolls, castings and alloy steel from two plants in Punjab since 1995 and commands ~10-12% share of the country\u2019s metal rolls market by volume. IPO Summary The Big Picture India\u2019s steel demand rose from about 100 million [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Behari Lal Engineering IPO: Rolling Metal - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behari Lal Engineering IPO: Rolling Metal - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Behari Lal Engineering Limited (BLEL) has filed a \u20b9302 Cr IPO on August 12, 2026. BLEL makes metal rolls, castings and alloy steel from two plants in Punjab since 1995 and commands ~10-12% share of the country\u2019s metal rolls market by volume. IPO Summary The Big Picture India\u2019s steel demand rose from about 100 million [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-13T11:03:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"362\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Varun Shah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varun Shah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/\"},\"author\":{\"name\":\"Varun Shah\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"headline\":\"Behari Lal Engineering IPO: Rolling Metal\",\"datePublished\":\"2026-08-13T11:03:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/\"},\"wordCount\":615,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/\",\"name\":\"Behari Lal Engineering IPO: Rolling Metal - InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp\",\"datePublished\":\"2026-08-13T11:03:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp\",\"width\":650,\"height\":362},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/behari-lal-engineering-ipo-rolling-metal\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Behari Lal Engineering IPO: Rolling Metal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\",\"name\":\"Varun Shah\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"caption\":\"Varun Shah\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/varun-shah-5b5570a4\\\/\"],\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/varunshah\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Behari Lal Engineering IPO: Rolling Metal - InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/","og_locale":"en_US","og_type":"article","og_title":"Behari Lal Engineering IPO: Rolling Metal - InCred Money","og_description":"Behari Lal Engineering Limited (BLEL) has filed a \u20b9302 Cr IPO on August 12, 2026. BLEL makes metal rolls, castings and alloy steel from two plants in Punjab since 1995 and commands ~10-12% share of the country\u2019s metal rolls market by volume. IPO Summary The Big Picture India\u2019s steel demand rose from about 100 million [&hellip;]","og_url":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/","og_site_name":"InCred Money","article_published_time":"2026-08-13T11:03:23+00:00","og_image":[{"width":650,"height":362,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp","type":"image\/webp"}],"author":"Varun Shah","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Varun Shah","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/"},"author":{"name":"Varun Shah","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"headline":"Behari Lal Engineering IPO: Rolling Metal","datePublished":"2026-08-13T11:03:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/"},"wordCount":615,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/","url":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/","name":"Behari Lal Engineering IPO: Rolling Metal - InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp","datePublished":"2026-08-13T11:03:23+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/39347a40-44a0-482e-a43e-e362f298e352_650x362.webp","width":650,"height":362},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/behari-lal-engineering-ipo-rolling-metal\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Behari Lal Engineering IPO: Rolling Metal"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52","name":"Varun Shah","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","caption":"Varun Shah"},"sameAs":["https:\/\/www.linkedin.com\/in\/varun-shah-5b5570a4\/"],"url":"https:\/\/www.incredmoney.com\/blog\/author\/varunshah\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14484"}],"version-history":[{"count":4,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14484\/revisions"}],"predecessor-version":[{"id":14488,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14484\/revisions\/14488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14486"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}