Mangal Electrical Industries
Book Building issueMainboardBSE₹400 Cr issue
-0.53%
Listing gain over issue price
Issue size
₹400 Cr
1 lot at cut-off
₹14,586
Lot size
26shares
Open
20 Aug 2025
Close
22 Aug 2025
Allotment
25 Aug 2025
Listing
28 Aug 2025
Listing performance
Issue price
₹561
Listed at
₹558
Listing-day close
₹535.35
Latest price
₹243.80
Close on 23 Oct 2026
Listing gain
-0.53%
Return since issue
-56.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Aug 2025 – 22 Aug 2025
- Listing date
- 28 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹561 per share
- Lot size
- 26 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹400 Cr
- Market cap at offer price
- ₹1,550 Cr
- Promoter holding
- 100.00% → 74.19% pre-issue → post-issue
- ISIN
- INE0PKD01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Systematix Corporate Services Ltd.
- Registered office
- C-61, C-61 (A&B), Road No.1-C, Vishwakarma Industrial Area, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 21,39,020 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 26 shares per lot, in multiples, at ₹561
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹14,586 |
| Retail (max) | 13 | 338 | ₹1,89,618 |
| S-HNI (min) | 14 | 364 | ₹2,04,204 |
| S-HNI (max) | 68 | 1,768 | ₹9,91,848 |
| B-HNI (min) | 69 | 1,794 | ₹10,06,434 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
21,39,020
Anchor portion
₹120 Cr
at ₹561 per share
Valuation and performance
Valuation at offer price
₹561 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.08 | 17.12 |
| P/E (×) | 24.31 | 32.77 |
| Price to book (×) | 7.09 | — |
| Market cap | — | ₹1,550 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.14%
- ROCE
- 25.38%
- Debt / equity
- 0.92
- PAT margin
- 8.61%
- EBITDA margin
- 14.90%
- NAV per share
- ₹79.10
- Price to book
- 7.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mangal Electrical Industries
Mangal Electrical Industries Limited, incorporated as a partnership firm on April 28, 1989 and converted to a public limited company in 2024, specializes in transformer components and power infrastructure solutions. The company operates five manufacturing units across Rajasthan, producing CRGO (Cold Rolled Grain Oriented) steel products, amorphous cores, immersed circuit breakers, wound and toroidal cores, and oil-immersed transformers ranging from 5 KVA single-phase to 10 MVA three-phase units. Beyond manufacturing, it trades in CRGO and CRNO coils and amorphous ribbons, and offers engineering, procurement, and construction (EPC) services for electrical substations. Revenue from operations grew from ₹35,430.88 lakhs in FY2023 to ₹54,942.14 lakhs in FY2025, with the company earning through contract manufacturing for government entities, public sector undertakings, and private customers in India's rapidly expanding power transmission and distribution sector.
Company Analysis
from RHPMangal Electrical Industries Limited manufactures and processes transformer components (CRGO laminations, amorphous cores, coil assemblies, circuit breakers) and transformers (5 KVA to 10 MVA), trades in CRGO/CRNO coils, and provides EPC services for electrical substations in India's power infrastructure sector.
Mangal Electrical Industries Limited, incorporated as a partnership firm on April 28, 1989 and converted to a public limited company in 2024, specializes in transformer components and power infrastructure solutions. The company operates five manufacturing units across Rajasthan, producing CRGO (Cold Rolled Grain Oriented) steel products, amorphous cores, immersed circuit breakers, wound and toroidal cores, and oil-immersed transformers ranging from 5 KVA single-phase to 10 MVA three-phase units. Beyond manufacturing, it trades in CRGO and CRNO coils and amorphous ribbons, and offers engineering, procurement, and construction (EPC) services for electrical substations. Revenue from operations grew from ₹35,430.88 lakhs in FY2023 to ₹54,942.14 lakhs in FY2025, with the company earning through contract manufacturing for government entities, public sector undertakings, and private customers in India's rapidly expanding power transmission and distribution sector.
Power Transmission & DistributionTransformer ManufacturingElectrical ComponentsPower InfrastructureEngineering Procurement & Construction (EPC)
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company 10,126.65 lakhs p.24
- Capital expenditure including civil works for expanding the facility at Unit IV situated at Reengus Sikar District, Rajasthan 8,785.63 lakhs p.24
- Funding working capital requirements of our Company 12,200.00 lakhs p.24
- General corporate purposes p.24
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹10,126.65 lakhs p.109
- Capital expenditure including civil works of our Company for expanding the facility at Unit IV situated at Reengus Sikar District, Rajasthan ₹8,785.63 lakhs p.106
- Funding working capital requirements of our Company ₹12,200.00 lakhs p.106
- General corporate purposes p.106
- Repayment and/or pre-payment of borrowings including interest thereon ₹10,126.65 lakhs p.109
- Capital expenditure including civil works for expanding the facility at Unit IV situated at Reengus Sikar District, Rajasthan ₹8,785.63 lakhs p.113
- Funding long-term working capital requirements ₹12,200.00 lakhs (₹4,825.00 lakhs in Fiscal 2026 and ₹7,375.00 lakhs in Fiscal 2027) p.121
- General corporate purposes including strategic initiatives and inorganic expansion p.123
- Expansion of manufacturing capacity at Unit IV facility through investment in new plants and machinery p.217
- The document does not explicitly state the 'Objects of the Offer' section describing specific uses of proceeds
Issue Structure
- Total Issue
- Up to ₹40,000.00 lakhs
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 aggregating up to ₹40,000.00 lakhs
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through: (1) Processing and manufacturing transformer components (CRGO laminations, amorphous cores, circuit breakers, coil/core assemblies) sold to transformer manufacturers and end customers; (2) Manufacturing complete transformers ranging 5 KVA to 10 MVA for power infrastructure applications; (3) Trading in CRGO, CRNO coils and amorphous ribbons; (4) EPC (engineering, procurement, construction) services for electrical substations. Revenue from manufacturing transformers represented 23.11% of total revenue in FY2025 (₹12,699.29 lakhs). The business model is driven by government capital expenditure in power T&D infrastructure, with top 10 customers representing 49.94% of FY2025 revenue.
Business Segments
Processing and manufacturing CRGO (Cold Rolled Grain Oriented) laminations, slit coils, and related transformer components; includes amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers
Manufacturing complete transformers ranging from single-phase 5 KVA to three-phase 10 MVA units; manufactured transformers accounted for 23.11% of total revenue in FY2025
Trading in CRGO and CRNO coils and amorphous ribbons without manufacturing them
Engineering, Procurement, and Construction (EPC) services for setting up electrical substations serving the power sector
Manufacturing and sale of Cold Rolled Grain Oriented steel products and transformer components
Execution of Engineering, Procurement, and Construction projects for power transmission infrastructure on a turnkey basis through competitive bidding
Manufacturing and sale of fast-moving electrical consumer products
Processing of Cold Rolled Grain Oriented (CRGO) steel for transformer manufacturing, including slot punching and related processing activities
Manufacturing of Single Phase Oil-Filled Transformers, Three Phase Oil-Filled Transformers, Dry-Type Transformers, high voltage transformers (including 132 KV up to 200 MVA transformers), inverted duty transformers for solar applications, and transformer tanks
Design, manufacturing and fabrication of transformer tanks for use in transformer assembly
Processing and manufacturing of CRGO (Cold Rolled Grain Oriented) products including slit coils, cut laminations, core assemblies, core-coil assemblies, amorphous cores, wound cores, toroidal cores, and immersed circuit breakers (ICBs). These components are critical inputs for transformer manufacturing.
Direct manufacturing of transformers ranging from single-phase 5 KVA to three-phase 10 MVA units for distribution and power transmission applications in the power infrastructure sector.
Engineering, Procurement, and Construction (EPC) services for setting up electrical substations and related infrastructure on a turnkey basis, primarily for government and public sector utilities. Also includes sale of scrap from manufacturing operations.
Manufacturing and sale of electrical transformers and reactors including single-phase and three-phase wound core transformers, with PGCIL manufacturer approval for manufacturing transformers/reactors up to 765 kV class
Manufacturing and supply of CRGO electrical laminations, CRGO electrical toroidal cores, CRGO electrical steel sheets/coils/strips, with NTPC approval for CRGO processing and PGCIL manufacturer approval for CRGO coils slitting and laminations cutting for transformers/reactors up to 765 kV class
Execution of Engineering, Procurement and Construction contracts involving electrical items
The main business of the Company is of manufacturing and sales of Electrical Transformers, CRGO and other electrical accessories. All other activities of the Company revolve around the main business and the chief operating decision making body in the company reviews the same as only one segment i.e. related to power.
Manufacturing and trading of Electrical Transformers, CRGO, Electrical Accessories and other related items and execution of EPC contracts involving Electrical Items
SWOT Analysis
Strengths
- • Established manufacturing presence with five operational facilities across Rajasthan(p.34)
- • Diversified product portfolio spanning transformer components and transformers(p.23)
- • Significant order book indicating strong customer demand(p.23)
- • Strong revenue growth trajectory over recent years(p.25)
- • High capacity utilization in core transformer manufacturing(p.36)
- • Experienced leadership with deep industry expertise(p.58)
- • 100% insurance coverage of tangible assets(p.62)
- • Structured quality control systems across production stages(p.58)
- • Successfully executed major EPC projects independently(p.52)
- • Diversified product portfolio across transformer segments(p.113)
- • Backward integration enabling cost optimization(p.113)
- • Strong R&D investment and innovation capability(p.113)
- • Significant recent revenue growth(p.131)
- • High return on net worth demonstrating capital efficiency(p.131)
- • PGCIL approval for high-voltage transformer processing up to 765 kV class(p.216)
- • Experienced promoters with 35+ years in power infrastructure sector(p.215)
- • Diversified customer base across India and globally(p.216)
- • Backward and forward integration ensuring operational efficiency(p.217)
- • Consistent profitability and revenue growth trajectory(p.217)
- • NABL and PGCIL lab approvals with ISO certifications(p.211)
- • Five production facilities across Rajasthan with significant aggregate capacity(p.210)
- • Stringent quality control system from material receipt to packaging(p.231)
- • Multiple international quality certifications and approvals (NABL, PGCIL, ISO standards, NTPC)(p.231)
- • Advanced German machinery for quality control enabling optimal-efficiency outputs(p.231)
- • Diversified customer base across 128 customers and multiple geographies(p.231)
- • Geographic diversification with exports to 7+ countries reducing domestic market dependency(p.235)
- • Capital-intensive industry with sophisticated technology requirements creates barriers to entry(p.237)
- • Recent capacity expansion through machinery repairs and new installations(p.231)
- • Diversified product portfolio in power infrastructure(p.335)
- • Wide transformer manufacturing capacity range(p.335)
- • Strong revenue growth trajectory(p.317)
- • Improved profitability metrics(p.317)
- • Strong return on equity performance(p.331)
Weaknesses
- • Significant dependence on limited customer base with high concentration risk(p.38)
- • High reliance on imported raw materials (24.91% of total cost of raw material in Fiscal 2025)(p.41)
- • Significant underutilization of manufacturing capacity in key product segments(p.43)
- • High employee attrition rates exceeding 10% annually(p.40)
- • Leasehold property dependence with limited long-term security at one location(p.42)
- • Heavy reliance on promoter financing for working capital(p.45)
- • High employee attrition impacting project execution capacity(p.59)
- • Missing critical corporate records and statutory filings(p.51)
- • Contingent liabilities that may materialize into actual liabilities(p.51)
- • Promoter compliance violations with regulatory penalties(p.51)
- • Significant outstanding debt with restrictive covenants limiting operational flexibility(p.53)
- • Incomplete educational documentation for a Promoter(p.61)
- • High debt levels relative to equity(p.131)
- • Substantial working capital requirements and inventory holdings(p.122)
- • Elevated working capital holding period(p.131)
- • Significant dependence on borrowed funds for operations(p.109)
- • High revenue concentration in three states (71% from Gujarat, Rajasthan, Uttar Pradesh)(p.217)
- • Dependence on limited CRGO steel suppliers(p.217)
- • Low contribution from transformer manufacturing (only 23% of revenue)(p.218)
- • Capacity utilization below optimal levels across multiple facilities(p.229)
- • High concentration of customer base with top 10 customers accounting for 49.94% of revenue(p.232)
- • Significant dependence on supplier base with top 5 suppliers at 40.57% and top 10 at 61.25% of purchases(p.233)
- • High material costs at 67.51% of revenue, leaving limited margin for price pressures(p.234)
- • Limited registered trademark protection with only logo application filed(p.236)
- • Insurance policies exclude critical risks including natural disasters, terrorism, and acts of civil unrest(p.236)
- • One manufacturing unit (Unit III - Road No. 16) had no CRGO production activity in FY2022-23 and FY2023-24(p.231)
- • High leverage and debt burden(p.331)
- • Significant working capital requirements(p.306)
- • Declining current ratio indicating liquidity stress(p.331)
- • Dependence on key customers(p.336)
- • High inventory levels relative to sales(p.331)
Opportunities
- • Growth in Indian transformer industry with strong government support(p.23)
- • Expansion of power transmission and distribution infrastructure through government schemes(p.23)
- • Rising renewable energy demand driving transformer component requirements(p.23)
- • Significant projected increase in power generation and demand(p.23)
- • Planned capacity expansion at Unit IV to capture growing market demand(p.24)
- • Expansion of manufacturing capacity for CRGO products and transformers(p.59)
- • Growing demand in power and transmission sectors(p.65)
- • Product portfolio expansion and innovation(p.59)
- • Organic and inorganic growth in fast-moving electrical goods segment(p.59)
- • Expansion of power transmission and distribution infrastructure(p.168)
- • Growing renewable energy integration requiring transformer capacity(p.171)
- • Rising electricity demand and electrification(p.155)
- • Government infrastructure spending driving demand(p.146)
- • Entry into high-voltage transformer market segments(p.113)
- • Expanding capacity at Unit IV facility with ample available land(p.218)
- • Growing renewable energy demand driving transformer requirements(p.199)
- • Grid modernization through smart transformers and IoT integration(p.199)
- • Government transmission infrastructure investment through RDSS and expansion plans(p.199)
- • Replacement demand from aging transformer infrastructure(p.199)
- • Strategic collaborations with CRGO mill suppliers to ensure supply reliability(p.218)
- • Geographic diversification into new markets including USA(p.219)
- • Expansion into higher voltage transformer manufacturing with new PGCIL approval up to 765kV class(p.237)
- • Growing domestic electrical infrastructure market through power distribution investments(p.290)
- • Expansion of export markets with competitive pricing strategy and diversification into new geographies(p.235)
- • Customer base addition with 112 new customers added in FY2025 demonstrating market penetration capability(p.233)
- • Capacity utilization improvement potential with plant operating at average 14 hours in H2 FY2024-25(p.231)
- • Renewable energy and infrastructure development tailwinds supporting transformer demand(p.235)
- • Government infrastructure and renewable energy investments(p.336)
- • Modernization of aging power grids(p.336)
- • Capacity expansion plans to capture market growth(p.336)
- • International market expansion potential(p.337)
- • Growing organized sector consolidation(p.337)
Threats
- • Raw material price volatility from commodity market fluctuations beyond company control(p.32)
- • Market cyclicality and potential adverse changes in CRGO and transformer product market(p.34)
- • Significant geographic revenue concentration in three states (70.69% in Fiscal 2025)(p.46)
- • Intense competitive pressures in transformer and CRGO component markets(p.47)
- • Dependency on government capital expenditure initiatives for growth realization(p.48)
- • Regulatory restrictions on CRGO material imports affecting supply chain and costs(p.51)
- • Exposure to foreign exchange fluctuation risks from material imports(p.41)
- • Power supply disruption risks to manufacturing operations(p.47)
- • Volatility in raw material prices, particularly CRGO steel and other metals(p.61)
- • Intense competition from other manufacturers and traders(p.60)
- • Regulatory risks including changing labour and compliance requirements(p.66)
- • Degradation of legacy grid infrastructure and transmission losses(p.61)
- • Dependence on contract awards through competitive bidding(p.53)
- • Supply disruptions and quality issues from suppliers(p.57)
- • Macroeconomic headwinds including inflation and foreign exchange volatility(p.70)
- • Pandemic and natural disaster risks(p.71)
- • Raw material supply constraints and price volatility(p.123)
- • Geopolitical uncertainties affecting global trade(p.144)
- • Global economic slowdown impacting demand(p.143)
- • Transmission infrastructure development lag(p.168)
- • Intense competition from multinational and local transformer manufacturers(p.199)
- • CRGO steel supply shortage and import restrictions from China(p.189)
- • Significant delays in transmission Capex projects across central and state utilities(p.200)
- • Grid stability challenges from variable renewable energy integration(p.201)
- • High transmission and distribution losses impacting grid efficiency(p.200)
- • Raw material price volatility for copper, aluminum, and CRGO steel(p.199)
- • Disruptions from decentralized energy and microgrids reducing grid transformer demand(p.199)
- • BIS certification requirements for CRGO imports creating compliance costs and delays(p.196)
- • Intense competition in precision components manufacturing sector with evolving competitive parameters(p.237)
- • Aggressive pricing by Chinese suppliers affecting competitiveness and export margins(p.235)
- • Third-party supplier dependency and potential failure to meet obligations(p.234)
- • Power and fuel disruptions could increase production costs and adverse impact on operations(p.235)
- • Manufacturing facility disruptions, breakdowns or shutdowns impact business continuity(p.231)
- • Dependency on complex regulatory compliance and quality certifications across multiple jurisdictions(p.241)
- • Currency fluctuation risks from exports(p.337)
- • Increasing competition and pricing pressures(p.337)
- • Dependence on overall economic conditions(p.336)
- • Government policy and regulatory changes(p.336)
- • Litigation and contingent liabilities(p.322)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rahul Mangal | Promoter | 41.09% | — |
| Ashish Mangal | Promoter | 19.67% | — |
| Saroj Mangal | Promoter | 28.37% | — |
| Aniketa Mangal | Promoter | 10.24% | — |
| Rahul Mangal | Promoter | 41.09% | — |
| Ashish Mangal | Promoter | 19.67% | — |
| Saroj Mangal | Promoter | 28.37% | — |
| Aniketa Mangal | Promoter | 10.24% | — |
| Rahul Mangal | Promoter | — | — |
| Ashish Mangal | Promoter | — | — |
| Aniketa Mangal | Promoter | — | — |
| Rahul Mangal | Promoter/Chairman and Managing Director | — | — |
| Aniketa Mangal | Promoter | — | — |
| Rahul Mangal | Promoter | 41.09% | — |
| Ashish Mangal | Promoter | 19.67% | — |
| Aniketa Mangal | Promoter | 10.24% | — |
| Saroj Mangal | Promoter | 28.37% | — |
| Rahul Mangal | Promoter | 51.88% | 41.09% |
| Saroj Mangal | Promoter | 40.10% | 28.37% |
| Ashish Mangal | Promoter | 7.12% | 19.67% |
| Aniketa Mangal | Promoter | — | 10.24% |
Leadership
Rahul Mangal · Chairman and Managing Director
Balvinder Singh Guleri · Company Secretary and Compliance Officer
Pawan Mendiratta · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Mangal Electrical Industries IPO FAQs
What is the lot size of Mangal Electrical Industries IPO?
The minimum lot size of Mangal Electrical Industries IPO is 26 shares. One lot costs ₹14,586 at the cut-off price.
When does Mangal Electrical Industries IPO open and close?
Mangal Electrical Industries IPO opened for subscription on 20 Aug 2025 and closed on 22 Aug 2025.
What is the listing date of Mangal Electrical Industries IPO?
Mangal Electrical Industries IPO listed on 28 Aug 2025.