Mangal Electrical IPO - Listing Performance & Details

Mangal Electrical Industries Limited began as a partnership firm in 1989 and was incorporated as a private limited company in 2008, converting to a public limited company in 2024. It is headquartered in Jaipur, Rajasthan, and works in the power infrastructure sector as an integrated manufacturer of transformers and transformer components.

The company manufactures transformer laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers, and it also manufactures transformers ranging from single-phase 5 KVA to three-phase 10 MVA under the "Mangal Electrical" brand, alongside EPC services for electrical substations. Transformer components account for about 70% of revenue, medium power transformer manufacturing for about 23%, and EPC services for the remainder. It operates five manufacturing facilities in Rajasthan and serves government utilities, PSUs and private-sector clients, including Ajmer Vidyut Vitran Nigam and Voltamp Transformers, with exports to countries including the Netherlands, UAE, Oman, the US, Italy and Nepal. Its order book stood at about Rs 294.20 crore as of June 2025. The company is led by founder and Managing Director Rahul Mangal.

Revenue rose 27% to Rs 449.5 crore in FY24 from the prior year, with net profit declining to Rs 20.9 crore in FY24 from Rs 24.7 crore, before revenue and profit after tax rose a further 22% and 126% respectively between FY24 and FY25, as per the RHP. The IPO was a mainboard book-built issue of Rs 400 crore on the NSE and BSE, structured entirely as a fresh issue of 71,30,124 equity shares of face value Rs 10 each, with no offer for sale, priced at Rs 533-561 per share, and it listed in late August 2025. Net proceeds from the fresh issue were earmarked for repayment or prepayment of certain borrowings (about Rs 101.27 crore), capital expenditure including civil works for the Unit IV expansion at Reengus, Sikar district (about Rs 87.86 crore), funding working capital requirements (about Rs 122 crore), and general corporate purposes.