IPO Details
RHP/DRHPIssue Date
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IPO Size
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Schedule of Mangal Electrical Industries IPO
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End date
Allotment of bids
Refund Initiation
Listing on exchange
About Mangal Electrical Industries IPO
Mangal Electrical Industries Limited will soon launch its IPO, which will comprise only a fresh issue. Where the fresh issue size is pegged at ₹45 crores with a face value of ₹10 each. The IPO will open on TBA and the IPO will close on TBA. The credit of shares will take place on TBA and the refunds will be initiated on TBA.
Objectives of Mangal Electrical Industries IPO
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
- Capital expenditure of the company for expanding the facility at Unit IV situated in Reengus, Sikar District, Rajasthan and civil works at its existing head office, Jaipur, Rajasthan, to optimise space usage and increase storage capacity.
- Funding working capital requirements of the company.
- General corporate purposes.
Mangal Electrical Industries IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the Net Issue |
Non-institutional Investors (NIIs) | Not less than 15% of the net issue |
Retail-individual Investors (RIIs) | Not less than 35% of the net issue |
Industry Outlook
India’s power infrastructure sector is expanding due to government investments, renewable energy integration, and grid modernisation. Transformer demand remains stable, with 381 units required annually and a total capacity of 118,390 MVA each year. Policies promoting energy efficiency and private sector participation are driving sustained growth. Technological advancements like high-voltage direct current (HVDC) projects are set to shape the industry’s future.
Company Information
Mangal Electrical Industries Limited is a leading manufacturer of transformer components and power infrastructure solutions. Established in 1989, the company specialises in CRGO slit coils, core assemblies, amorphous cores, and oil-immersed circuit breakers (ICBs). Headquartered in Jaipur, Rajasthan, it operates multiple manufacturing units across Rajasthan. With ISO 9001:2015, ISO 14001:2015, NABL accreditation, and PGCIL approval, it serves power utilities, industrial conglomerates, and public sector enterprises in India and globally. Strong backward and forward integration ensures cost efficiency and supply chain stability. The company has maintained consistent financial growth and profitability in the power infrastructure sector.
Strengths of Mangal Electrical Industries IPO
Exhibition of certain approvals available to selected market players
Over the years, India’s substation capacity has grown significantly, driven by expanding power infrastructure and the government’s emphasis on energy efficiency (Source: Industry Report). To capitalise on these opportunities, Mangal Electrical Industries has acquired the necessary licenses and certifications that many industry competitors lack. The company’s Unit IV facility holds NABL certification and PGCIL approval for transformer/reactor processing (132 kV to up to 400 kV class). It is also ISO 9001:2015 and ISO 14001:2015 certified, with a global customer base and has NTPC approval for CRGO processing. These credentials position Mangal Electrical Industries as a leading player in the power infrastructure sector, specialising in the processing of transformer components and transformer manufacturing.
Diversified base of customers
The company has a strong, diversified customer base that spans power utilities, industrial conglomerates, infrastructure developers, and public sector enterprises in both domestic and global markets. This extensive reach helps the company access varied revenue streams and mitigate sector-specific risks. By serving a broad range of clients, Mangal Electrical Industries remains agile in adapting to shifting market dynamics, ensuring a stable operational foundation. This strategic diversification also supports future revenue stability and operational scalability, providing long-term growth visibility.
Strong backward and forward integration, which ensures operational efficiency
The company’s comprehensive backward and forward integration significantly bolsters operational efficiency and delivers a competitive advantage. On the backward integration side, in-house capabilities for procuring and processing critical raw materials—including CRGO, Amorphous, and ICB—ensure consistent quality, cost control, and reduced reliance on external suppliers. This secures a stable supply chain, mitigates price volatility risks, and fosters economies of scale. Forward integration is achieved by utilising its transformer manufacturing capabilities and transformer components in the company’s EPC vertical.
Proven track record of consistent growth
The company has demonstrated a strong track record of consistent growth, underpinned by its robust market presence and operational excellence in the power infrastructure industry. By strategically leveraging both domestic and global opportunities, the company has achieved sustained revenue expansion despite market fluctuations. This resilience stems from Mangal Electrical Industries’ adaptability, enabling it to align with evolving industry trends and technological advancements, while broadening its product offerings to serve the diverse requirements of the power, industrial, infrastructure, and renewable energy sectors.
Mangal Electrical Industries IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peer Comparision
| Parameter | Mangal Electrical Industries Limited | Vilash Transcore Limited | Jay Bee Lamination Limited |
|---|---|---|---|
Total income for Fiscal 2024 (in ₹ crore) | 452.13 | 313.94 | 303.49 |
P/E for FY 24 | NA | 38.99 | 35.26 |
Return on Net Worth for FY 24 in % | 20.05% | 15.57% | 36.42% |
EPS | 10.22 | 12.82 | 10.75 |
Risks of Mangal Electrical Industries IPO
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Prices of raw materials used in the manufacturing process are subject to volatility due to factors beyond its control. Any rise or fluctuation in these costs could adversely impact the company's business, financial condition, results of operations, and cash flows.
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The company lacks definitive agreements for the supply of products and raw materials with its customers and suppliers. Any inability to effectively leverage these relationships and networks could negatively impact the company’s business, financial condition, and growth prospects.
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The presence of counterfeit products—including items falsely passed off as Mangal Electrical Industries Ltd's offerings—and any failure to protect or enforce trademark and brand rights could negatively affect its business and competitive position.
IPO Registrar and Book Running Lead Manager
Bigshare Services Private Limited is the registrar of the Mangal Electrical Industries Limited IPO. The book-running lead managers are:
- Systematix Corporate Services Limited
Business Model
Mangal Electrical Industries Limited is engaged in the processing of transformer components, including transformer lamination, CRGO slit coils, amorphous cores, and oil-immersed circuit breakers. The company also manufactures transformers ranging from single-phase 5 KVA to three-phase 10 MVA units, catering to the power infrastructure sector. Additionally, it provides EPC services for setting up electrical substations, reinforcing its presence in the energy transmission and distribution market.
Company Growth Trajectory
Despite fluctuations in profitability, the company’s revenue from operations grew from ₹256.65 crores in FY22 to ₹354.31 crores in FY23, marking a 38.05% increase, and further rose to ₹449.48 crores in FY24, reflecting a 26.86% YoY growth. EBITDA surged from ₹25.68 crores in FY22 to ₹44.42 crores in FY23 before slightly declining to ₹42.63 crores in FY24. Meanwhile, capacity utilisation for transformers saw fluctuations, rising from 44% in FY22 to 82% in FY23, before declining to 48% in FY24.
Mangal Electrical Industries Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 452.13 | 357.81 | 259.54 |
EBITDA (in ₹ crores) | (2.05) | (0.23) | (0.17) |
Profit Before Tax (in ₹ crores) | 28.10 | 32.87 | 11.71 |
Profit After Tax (in ₹ crores) | 20.94 | 24.73 | 9.19 |
EPS (in ₹) | 10.22 | 12.07 | 4.49 |
Mangal Electrical Industries Limited Cash Flow
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Net Cash Used in Operating Activities (in ₹ crores) | 36.56 | 27.39 | 11.13 |
Net Cash Used in Investing Activities (in ₹ crores) | (12.62) | 4.24 | (1.39) |
Net Cash Generated from Financing Activities (in ₹ crores) | (17.60) | (33.72) | (7.12) |
Cash and Cash Equivalent at the End of the Year (in ₹ crores) | 7.03 | 0.70 | 2.78 |
How to Check the Allotment Status of Mangal Electrical Industries Limited IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Bigshare Services Private Limited To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Mangal Electrical Industries Ltd
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
To check the status on the website of Bigshare Services Private Limited:
- Visit the website of Bigshare Services Private Limited
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from the ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
How to Apply for Mangal Electrical Industries IPO?
Here are the steps to apply for Mangal Electrical Industries Limited IPO:
-Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
-Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
-Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
-Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
-Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Mangal Electrical Industries IPO FAQs
Where can I read more about Mangal Electrical Industries business?
You can read more about Mangal Electrical Industries and its IPO from the company’s red herring prospectus (RHP) here.
What is the Mangal Electrical Industries Limited IPO
The Mangal Electrical Industries LimitedIPO is a 100% book-built issue comprising a fresh offer and an offer-for-sale. The fresh issue size is pegged at ₹45,000 lakhs
Is Mangal Electrical Industries Limited IPO coming?
Yes, Mangal Electrical Industries Limited is expected to come up with its IPO soon.
Who is the Chairman and Managing Director of Mangal Electrical Industries Limited?
Rahul Mangal is the Chairman and Managing Director of Mangal Electrical Industries Limited
