Mangal Electrical Industries IPO Price: ₹533 to ₹561 per share
IPO Dates: 20th August 2025 – 22nd August 2025
Company Overview
Mangal Electrical Industries Limited is a leading manufacturer of high-quality transformer components and transformers, serving the power infrastructure sector. Established in 1989 as a partnership firm and incorporated as a private limited company in 2008, it was later converted into a public limited company in July 2024. The company is engaged in processing and manufacturing a wide range of transformer components and providing EPC services for electrical substations.
Product Portfolio
The company specializes in:
- Transformer lamination, CRGO slit coils, amorphous cores, coil assemblies, core assemblies, wound cores, toroidal cores, and oil-immersed circuit breakers (ICBs).
- Trading of CRGO (Cold Rolled Grain Oriented) and CRNO (Cold Rolled Non-Grain Oriented) coils, as well as amorphous ribbons.
- Manufacturing transformers ranging from single-phase 5 KVA to three-phase 10 MVA (medium power units).
- EPC services for setting up electrical substations on a turnkey basis.
These products are marketed under the brand name “Mangal Electrical”, which enjoys strong reputation and brand recall in the domestic and international market.
Manufacturing Facilities
Mangal Electrical Industries operates five production units in Rajasthan, with the following aggregate annual capacities:
- 16,200 MT – CRGO processing
- 10,22,500 KVA – Transformers
- 75,000 units – ICBs
- 2,400 MT – Amorphous cores
Unit-wise Details (as of March 31, 2025):
- Unit I (Jaipur, VKI Area): CRGO – 3,000 MT
- Unit II (Jaipur, VKI Area): Transformer tanks (for internal consumption)
- Unit III (Jaipur, Vishwakarma Industrial Area): ICB (75,000 units) and CRGO (900 MT)
- Unit IV (Reegus, Sikar): Transformers (10,22,500 KVA), CRGO (12,000 MT), Amorphous (2,400 MT)
- Unit V (Mahindra World City SEZ, Kalwara): CRGO – 300 MT
Certifications and Quality Standards
The company maintains stringent quality standards and holds:
- NABL and PGCIL lab approvals (for transformers/reactors up to 765 kV class).
- ISO 9001:2015 and ISO 14001:2015 certifications.
- NTPC approval for CRGO processing.
- State-of-the-art testing machinery, including Brockhaus Messtechnik (Germany), ensuring high efficiency and reliability in outputs.
Customers
The company serves a diverse mix of government, PSU, and private sector clients, including:
- Government & PSU: Ajmer Vidyut Vitran Nigam, Jaipur Vidyut Vitran Nigam, BHEL, Andrew Yule & Co, Karnataka Vidyuth Karkhane.
- Private Sector: Siemens, Crompton Greaves, Transformer & Rectifiers India, Voltamp Transformers, Western Electrotrans.
- International Clients: Voltamp Oman Ltd, MTM Malaysia, Arab Trans Egypt.
Exports have been made to the Netherlands, UAE, Oman, USA, Italy, and Nepal.
EPC Projects
Mangal Electrical undertakes EPC contracts primarily for government and PSU clients. The company has successfully completed 4 turnkey projects and is executing 4 ongoing projects valued at ₹214.57 crore.
Key Ongoing Projects (as of June 30, 2025):
- Pratapgarh Circle, Rajasthan: Distribution infrastructure under RDSS – ₹97.87 Cr (Completion: July 2025)
- Bambori, Rajasthan: 220/132 KV substation – ₹48.60 Cr (Completion: July 2026)
- Dalot, Rajasthan: 220/132 KV substation upgrade – ₹44.55 Cr (Completion: Sept 2026)
- Alwar, Ratangarh & Jaipur Rural: 53 Nos. 33 KV RDSS Bays – ₹23.55 Cr (Completion: March 2026)
As of June 30, 2025, the company’s order book stood at ₹294.20 crore across all business segments.
Operational Highlights
- The company witnessed a shift towards higher-capacity transformers (10 MVA units) in FY 2024.
- Production cycles for large transformers (10–15 days) are longer compared to smaller units (3–5 days), leading to higher revenue despite consistent production cycles.
- This shift contributed significantly to revenue growth in FY 2024.
Competitive Strengths
- Strong leadership by promoters, supported by an experienced management team.
- Approvals and certifications available to only a limited set of players.
- Diversified domestic and international customer base.
- Backward and forward integration, ensuring operational efficiency.
- Proven track record of consistent growth and successful execution of projects.
- Recognized with the Best Employer Brand Award – Rajasthan (2022).
Bidding Starts In
Mangal Electrical Industries IPO Specifics:
| IPO Date | August 20, 2025 to August 22, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹533 to ₹561 per share |
| Lot Size | 26 Shares |
| Total Issue Size | 71,30,124 shares (aggregating up to ₹400.00 Cr) |
| Fresh Issue | 71,30,124 shares (aggregating up to ₹400.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,05,00,000 shares |
| Share Holding Post Issue | 2,76,30,124 shares |
Mangal Electrical Industries IPO Timetable (Important Dates)
| IPO Open Date | Wednesday, August 20 2025 |
| IPO Close Date | Friday, August 22 2025 |
| Basis of Allotment | Monday, August 25 2025 |
| Initiation of Refunds | Tuesday, August 26 2025 |
| Credit of Shares to Demat | Tuesday, August 26 2025 |
| Listing Date | Thursday, August 28 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 22, 2025 |
Mangal Electrical Industries IPO Lot Size
Bidders have the opportunity to bid for a minimum of 26 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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) | 66 | 1,768 | ₹9,91,848 |
| B-HNI (Min) | 67 | 1,794 | ₹10,06,434 |
Mangal Electrical Industries IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Mangal Electrical Industries Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 221.26 | 246.54 | 366.46 |
| Revenue | 357.81 | 452.13 | 551.39 |
| Profit After Tax | 24.74 | 20.95 | 47.31 |
| EBITDA | 44.42 | 42.63 | 81.84 |
| Net Worth | 93.97 | 114.99 | 162.16 |
| Reserves & Surplus | 96.64 | 92.12 | 149.12 |
Key Performance Indicator – Mangal Electrical Industries IPO
| KPI | Values |
|---|---|
| Market Cap | ₹1550.05 Cr |
| EPS | ₹23.08 |
| P/E (x) | 24.31 |
| ROE | 29% |
| ROCE | 25.38% |
| PAT Margin | 8.61% |
| RoNW | 34.14% |
| Debt/Equity | 0.92 |
Objects of the Issue:
Mangal Electrical Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Repayment/Prepayment of Borrowings:
An amount of ₹101.27 crore will be used for the repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company, thereby reducing debt obligations and strengthening the financial position. - Capital Expenditure for Facility Expansion:
₹87.86 crore will be allocated towards capital expenditure, including civil works, for expanding the company’s Unit IV facility located at Reengus, Sikar District, Rajasthan. This will enhance production capacity and operational efficiency. - Funding Working Capital Requirements:
An amount of ₹122.00 crore will be utilized to meet the company’s working capital needs, ensuring smooth day-to-day operations and business growth. - General Corporate Purposes:
The balance of the funds will be used for general corporate activities, including administrative expenses, business development, and other strategic initiatives.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
