Shiprocket vs Behari Lal IPO: Which Offers Better Value?

Shiprocket vs Behari Lal is emerging as one of the more interesting IPO comparisons for investors as both mainboard issues enter their final day of subscription on August 14, 2026.

The contrast is straightforward. Shiprocket is a technology-led e-commerce enablement and logistics platform seeking to monetise the structural growth of India’s online commerce ecosystem. Behari Lal Engineering, meanwhile, is an integrated iron and steel manufacturer supplying customised engineering products to industrial customers.

The difference becomes more important when the financials are considered. Shiprocket has crossed ₹2,000 crore in annual revenue but remains loss-making, while Behari Lal Engineering reported ₹64.64 crore of profit in FY26 and expanded its EBITDA margin to nearly 19%. (mint)

Both IPOs close on August 14, with allotment expected on August 17 and listing scheduled for August 19 on the NSE and BSE. (mint)

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So, which IPO offers the better risk-reward proposition?

Shiprocket IPO: Scale, growth and the profitability question

Shiprocket has fixed its IPO price band at ₹92-97 per share. The ₹1,617.5-crore issue comprises a fresh issue of about ₹885.5 crore and an offer for sale of approximately ₹731.9 crore. The minimum lot size is 154 shares, requiring a retail investor to invest ₹14,938 at the upper price band. (TradingView)

The company operates an integrated commerce platform covering shipping, fulfilment, checkout, payments, cross-border commerce and customer experience. That gives it exposure to a broad portion of India’s growing digital commerce ecosystem rather than simply the traditional courier market. (mint)

The numbers show why the IPO has attracted attention.

Shiprocket’s FY26 revenue from operations stood at about ₹2,024 crore, while total income was approximately ₹2,077 crore. However, the company reported a net loss of ₹79.25 crore. Reported EBITDA remained negative at around ₹16.56 crore, although adjusted EBITDA turned positive at approximately ₹17.65 crore. (Reddit)

This distinction matters.

The investment case is not based on Shiprocket being a profitable company today. It is based on the argument that the company has reached sufficient scale for operating leverage and margin improvement to eventually translate into sustainable statutory profitability.

That transition is already visible in the sharp reduction in losses. Brokerage analysis cited by Mint noted that revenue grew at a 24% CAGR between FY24 and FY26, while adjusted PAT losses narrowed substantially. (mint)

At the upper price band, Shiprocket’s post-issue market capitalisation is around ₹7,057 crore. Since FY26 earnings are negative, a conventional P/E valuation cannot be used. Mint reported the issue at roughly 2.7x price-to-sales and 3.3x EV/sales on the metrics it cited. (mint)

Shiprocket IPO: Key positives

Large and established e-commerce enablement platform
Exposure to India’s expanding online commerce ecosystem
Strong revenue scale
Significant reduction in losses over the past few years
Adjusted EBITDA has moved into positive territory
Fresh capital can support technology, marketing and growth initiatives
A portion of the proceeds is earmarked for debt reduction

Shiprocket IPO: Key risks

Reported PAT remains negative
Reported EBITDA remains negative
Conventional P/E valuation is not applicable
Competition in logistics and e-commerce is intense
Future valuation depends heavily on execution and profitability improvement
Around ₹732 crore of the issue is an OFS, meaning those proceeds go to selling shareholders rather than the company

Brokerages have nevertheless been constructive. Anand Rathi has assigned a “Subscribe for Long Term” rating, while SBICAP Securities also recommended subscribing at the cut-off price, citing the company’s positioning and potential benefits from debt reduction. (mint)

Behari Lal Engineering IPO: Profitability takes centre stage

Behari Lal Engineering is raising approximately ₹301.62 crore through its IPO at a price band of ₹271-285 per share.

The issue comprises a ₹93-crore fresh issue and approximately ₹208.62 crore OFS. The lot size is 52 shares, putting the minimum retail investment at ₹14,820 at the upper price band—almost identical to Shiprocket’s retail entry amount. (SAHI)

The company is an integrated iron and steel manufacturer specialising in customised engineering solutions. Its product portfolio includes metal rolls, alloy steel products, engineering castings, forging ingots and forged shafts.

Its products are used across industries including steel, mining, automotive, construction, aerospace and other engineering applications. As of March 2026, the company had served 1,825 customers, with repeat customers accounting for 84.6% of FY26 revenue. It had also expanded exports to 21 countries across five continents. (Upstox – Online Stock and Share Trading)

The financial profile is where Behari Lal Engineering gains a clear advantage over Shiprocket.

Revenue from operations increased from ₹446.08 crore in FY24 to ₹507.91 crore in FY25 and ₹534.03 crore in FY26.

More importantly, PAT rose from ₹35.79 crore in FY24 to ₹52.95 crore in FY25 and ₹64.64 crore in FY26. EBITDA increased to ₹101.33 crore, while the EBITDA margin improved from 13.67% in FY24 to 18.97% in FY26. (SAHI)

The company also reported a net debt-to-equity ratio of only 0.06 times in FY26, indicating relatively low financial leverage. (SAHI)

Using FY26 PAT and the upper price band, the IPO works out to roughly 18.7 times FY26 earnings based on the post-issue share count. That gives investors a conventional earnings-based framework for assessing valuation, unlike Shiprocket.

Behari Lal Engineering IPO: Key positives

Profitable and growing business
PAT increased about 22% in FY26
EBITDA margin expanded to nearly 19%
Low net debt-to-equity ratio
Repeat customers contribute a large portion of revenue
Diversified industrial end markets
Growing export presence
IPO proceeds are largely directed towards manufacturing capacity expansion

Behari Lal Engineering IPO: Key risks

Exposure to steel and metal price cycles
Raw-material cost volatility can affect margins
Industrial demand is cyclical
Smaller scale than Shiprocket
A large portion of the IPO is an OFS
Competition from established engineering and steel manufacturers

The IPO proceeds will primarily fund manufacturing capex, including plant and machinery at two facilities, rooftop solar installations and a small amount of debt repayment. (Upstox – Online Stock and Share Trading)

Shiprocket vs Behari Lal: Financial comparison

Metric	Shiprocket	Behari Lal Engineering
IPO size	₹1,617.5 crore	₹301.62 crore
Price band	₹92-97	₹271-285
Minimum investment	₹14,938	₹14,820
FY26 revenue from operations	₹2,024 crore	₹534.03 crore
FY26 PAT	-₹79.25 crore	₹64.64 crore
FY26 EBITDA	-₹16.56 crore	₹101.33 crore
FY26 EBITDA margin	Negative	18.97%
FY26 P/E	Not meaningful	~18.7x
Fresh issue	₹885.5 crore	₹93 crore
OFS	₹731.9 crore	₹208.62 crore
Listing	NSE & BSE	NSE & BSE
IPO closing	August 14	August 14
Expected listing	August 19	August 19

The table illustrates the central difference in the Shiprocket vs Behari Lal debate: Shiprocket offers substantially greater revenue scale, while Behari Lal offers stronger current earnings visibility.

Subscription and GMP: What are investors saying?

Subscription data is changing throughout the final day and should not be treated as a measure of investment quality.

By early afternoon on August 13, Shiprocket’s IPO was subscribed about 2.10 times, with retail participation at 6.95 times and NII subscription at 1.66 times. QIB participation was still relatively low at around 2% at that reporting point. (mint)

Behari Lal Engineering saw considerably stronger demand. By 5 PM on August 13, its issue was subscribed 7.78 times, with NII subscription at 11.11 times, retail at 9.36 times and QIBs at 2.22 times. (Upstox – Online Stock and Share Trading)

The difference is notable, but the smaller size of the Behari Lal issue also needs to be considered when comparing subscription multiples.

What does GMP indicate?

Grey market premium, or GMP, is unofficial and unregulated. It can change rapidly and should not be interpreted as a guaranteed listing gain.

Shiprocket’s GMP was reported at around ₹34 on August 13, implying an indicative listing price of about ₹131 at the upper band and a notional premium of roughly 35%. (mint)

For Behari Lal Engineering, the latest available tracker update cited a GMP of ₹72, against the ₹285 upper price band. That implied an unofficial premium of about 25%. (SAHI)

Investors should treat both numbers as sentiment indicators rather than valuation tools.

Shiprocket vs Behari Lal: Which IPO is better?

For investors comparing Shiprocket vs Behari Lal, the answer depends largely on what they want from the investment.

For growth investors: Shiprocket

Shiprocket has the stronger structural growth story.

India’s e-commerce market continues to expand, and Shiprocket is positioned across shipping, fulfilment, checkout and related commerce infrastructure. If the company converts its growing revenue base into sustainable profits, earnings could potentially scale faster than its current financial profile suggests.

The risk is that investors are paying today for a profitability outcome that has not yet fully materialised.

For profitability-focused investors: Behari Lal Engineering

Behari Lal Engineering offers a cleaner earnings story.

The company is already profitable, margins have improved, leverage is low and PAT has grown consistently. At roughly 18.7 times FY26 earnings at the upper price band, investors can evaluate the IPO using conventional earnings-based valuation metrics.

The trade-off is lower growth potential and greater exposure to industrial and commodity cycles.

For listing-gain seekers

This is where GMP and subscription data may attract attention, but neither should be used in isolation.

Both IPOs have shown positive grey-market sentiment. Behari Lal has attracted a significantly higher subscription multiple, while Shiprocket has the larger issue and greater market visibility.

For a listing-gain strategy, market conditions on August 19 will matter more than GMP alone.

Bull case vs bear case

Shiprocket bull case

E-commerce continues to grow rapidly
Core operations generate stronger margins
Emerging businesses reach profitability
Debt reduction lowers interest costs
Technology investments improve operating leverage

Shiprocket bear case

Revenue growth slows
Losses persist despite scale
Competition limits pricing power
Emerging businesses require additional capital
Investors eventually demand profitability before assigning higher valuations

Behari Lal bull case

Capacity expansion increases volumes
Industrial and infrastructure demand remains strong
Higher-value engineering products support margins
Export contribution increases
Strong profitability continues to support earnings growth

Behari Lal bear case

Steel and raw-material prices rise sharply
Industrial demand weakens
Pricing pressure compresses margins
Capacity additions fail to generate expected returns
Smaller scale limits competitive advantages against larger peers

Investor Takeaway: What should investors watch next?

The key question in the Shiprocket vs Behari Lal comparison is not which company has the higher subscription.

It is whether investors prefer future profitability potential or current profitability visibility.

Shiprocket is the more aggressive growth proposition. It has considerably higher revenue scale and exposure to a structural digital-commerce theme, but investors must accept negative earnings and execution risk.

Behari Lal Engineering is the more conventional value-and-earnings proposition. It is smaller, but it has demonstrated profitability, improving margins and relatively low leverage.

For a long-term investor prioritising earnings visibility, Behari Lal Engineering appears to have the cleaner fundamental profile at the IPO price.

For an investor willing to take higher execution risk in exchange for greater growth potential, Shiprocket offers the more differentiated opportunity.

Neither conclusion makes the other IPO unattractive. The two simply represent different risk-reward profiles.

The final day of subscription is August 14. Investors should therefore focus on final QIB participation, valuation, issue structure and their own investment horizon rather than making a decision solely on GMP or subscription multiples.

Conclusion

Shiprocket vs Behari Lal is ultimately a comparison between scale and profitability.

Shiprocket brings a large technology platform, a growing revenue base and exposure to India’s e-commerce ecosystem, but the company still needs to demonstrate sustainable statutory profitability.

Behari Lal Engineering brings a smaller but profitable industrial business with improving margins, low leverage and a clearer earnings-based valuation framework.

On balance, Behari Lal Engineering looks stronger on current fundamentals, while Shiprocket offers the more compelling growth narrative. Investors should decide between the two based on whether they are more comfortable underwriting present earnings or future operating leverage.

FAQs (Frequently Asked Questions)

When do the Shiprocket and Behari Lal Engineering IPOs close?

Both IPOs close on August 14, 2026. The tentative listing date for both companies is August 19 on the NSE and BSE. (mint)

Which IPO is more profitable?

Behari Lal Engineering is more profitable. It reported FY26 PAT of ₹64.64 crore, compared with a net loss of ₹79.25 crore for Shiprocket. (SAHI)

Which IPO is larger?

Shiprocket is substantially larger, with an issue size of approximately ₹1,617.5 crore, compared with around ₹301.62 crore for Behari Lal Engineering. (TradingView)

Which IPO has better current earnings visibility?

Behari Lal Engineering has better earnings visibility because it is already profitable and reported an FY26 EBITDA margin of nearly 19%. Shiprocket remains loss-making at the reported PAT and EBITDA levels. (SAHI)

Is Shiprocket IPO expensive?

Shiprocket cannot be evaluated using a conventional P/E multiple because FY26 earnings are negative. At the upper price band, analysts cited by Mint valued it at around 2.7x price-to-sales and 3.3x EV/sales. The key valuation risk is therefore whether future profitability justifies the current revenue-based valuation. (mint)

What is the GMP of Shiprocket and Behari Lal Engineering?

GMP is unofficial and can change rapidly. Shiprocket’s reported GMP was around ₹34, while the latest available tracker update for Behari Lal Engineering cited around ₹72. Investors should not treat GMP as a guaranteed listing return. (mint)

Which IPO is better for long-term investors?

There is no universal answer. Behari Lal Engineering has the stronger current fundamental profile, while Shiprocket offers greater growth potential but higher profitability and execution risk. The choice should depend on valuation, investment horizon and risk tolerance.

Should investors apply for both IPOs?

Investors can consider both only if the businesses, valuations and risk profiles fit their portfolios. Applying simply because both IPOs have positive GMP or strong subscription demand is not a sufficient investment thesis.

Disclaimer: This article is for informational and educational purposes only and should not be construed as investment advice, a recommendation, or a solicitation to buy or sell any security. IPO valuations, subscription figures, grey market premiums (GMP), financial data and market conditions can change rapidly. GMP is unofficial and unregulated and does not guarantee listing gains or future performance. Investors should independently evaluate the IPO prospectus, financial statements, risk factors and valuation, and consult a SEBI-registered investment adviser before making investment decisions.

Shiprocket vs Behari Lal: Two very different IPO bets