Mangal Electrical Industries IPO

About Mangal Electrical Industries IPO

The offer consists of a fresh issue component. The fresh issue will include equity shares with a face value of up to 71,30,124 equity shares of face value of ₹10 aggregating up to ₹400 crore.

Mangal Electrical Industries Limited manufactures and supplies different components that are critical for the manufacturing of the transformers used for the distribution and transmission of electricity in the power sector. These components become part of a small transformer, a distribution transformer or a large transformer & generator for the production of energy-saving electrical equipment. They also offer EPC services for setting up electrical substations, serving the power sector. As of 30 June 2025, their company had a total order book value of ₹294.20 crore.

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.

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.

Risks of Mangal Electrical Industries IPO

• 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.

• 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.

• 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.

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 Neo 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.