Mangal Electrical Industries IPO

About the company

Mangal Electrical Industries manufactures transformers ranging from single-phase 5 KVA to three-phase 10 MVA units. It specialises in processing transformer components, including transformer laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers. The company also trades CRGO and CRNO coils, as well as amorphous ribbons. Additionally, it provides EPC services for setting up electrical substations, serving the power sector. The company operates five production facilities in Rajasthan with an aggregate production capacity of 16,200 MT for CRGO, 1,022,500 KVA for transformers, 75,000 units for ICB, and 2,400 MT for amorphous units per annum. Unit I is located in Jaipur with a CRGO capacity of 3,000 MT; Unit III produces ICB and CRGO with capacities of 75,000 units and 900 MT, respectively; while Unit IV in Sikar handles transformers (10,22,500 KVA), CRGO (12,000 MT), and amorphous (2,400 MT) production. Its customer mix primarily includes governmental and municipal utilities such as Ajmer Vidyut Vitran Nigam Limited (AVVNL) and Jaipur Vidyut Vitran Nigam Limited (JVVNL), as well as private sector energy producers like Voltamp Transformers Limited and Western Electrotrans Private Limited. The company has a presence across India and has exported transformer components to the Netherlands, the United Arab Emirates, Oman, the United States of America, Italy and Nepal. The West region contributed the highest revenue at 61.40% in FY25, followed by the North region at 23.48% and the South region at 13.93%. State-wise, Gujarat led with 31.22%, followed by UP at 20.14% and Rajasthan at 19.33% in FY25. As of June 30, 2025, the company's order book across all business segments stood at ₹294.20 crore. The company has completed four major EPC projects on a turnkey basis, including power projects under RGGVY and DDUGJY schemes and EHV AIS Grid Substation projects, with total completed project values exceeding ₹160 crore. Currently, the company has four ongoing projects with a combined contract value of ₹214.57 crore, targeting completion dates between 2025 and 2026. India’s electricity sector is witnessing sustained growth, with per capita consumption rising at a CAGR of 4.9% from FY20 to FY25 (1,208 kWh to 1,538 kWh). Installed capacity has also increased from 370 GW in FY20 to 475 GW in FY25, a CAGR of 5.1%, reflecting strong investments across thermal, hydro, nuclear, and renewables. Electricity generation touched 1,830 BU in FY25, growing at a CAGR of 5.7% over FY20 to FY25, while demand reached 1,694 BU in FY25 with a steady reduction in supply deficits (from 6.6 BU in FY20 to 1.6 BU in FY25). Importantly, renewable energy’s share in installed capacity rose to 36% (172 GW), aligning with India’s target of 500 GW of non-fossil capacity by 2030. Mangal Electrical is actively working to diversify its transformer solutions across renewable energy, infrastructure, and industrial sectors. The company has planned capacity expansion at its existing Unit IV facility by investing in advanced technology and new plants and machinery. This expansion is expected to increase production efficiency, enhance scalability, and cater to rising demand across the power and infrastructure sectors. Now, Mangal Electrical Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹400 crore. The total issue size of the IPO is ₹400 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   20 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   22 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   25 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   26 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   26 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   28 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.