Mangal Electrical Industries IPO

9.38x

subscribed

Mangal Electrical Industries IPO

Engineering - Construction
listed
₹13,858Min. investment
  1. Pre-apply
    19 Aug
  2. Bid start
    20 Aug
  3. Bid end
    22 Aug
  4. Allotment
    25 Aug
  5. Release of funds
    26 Aug
  6. Demat transfer
    26 Aug
  7. Listing
    28 Aug

About Mangal Electrical Industries Limited

SectorEngineering - Construction
Price range₹533 – ₹561
IPO type
Regular
Lot size26 shares
Issue size₹400Cr
Red Herring Prospectus
Read
Market Cap
₹1,550CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹549.4CrLower than sector avg
Growth rate3Y CAGR
15.70%Higher than sector avg

Mangal Electrical Industries Limited IPO Overview

Mangal Electrical Limited IPO date

Mangal Electrical Limited IPO will open for subscription on August 20, 2025, and the closing date for the IPO is August 22, 2025. After this, investors are expected to be updated about the allotment status on August 25, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on August 26, 2025. The shares will be listed on the NSE and the BSE on Thursday, August 28, 2025.

Mangal Electrical Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹533 to ₹561 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising only a fresh issue of ₹400 crore.

Mangal Electrical Limited IPO listing price will be determined on Aug 28, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Mangal Electrical Limited IPO lot size

Mangal Electrical Limited IPO details have been declared. The minimum lot size for an application is 26 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹400 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹549.4Cr
This sector
₹2,186.73Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
15.70%
This sector
0.03%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹47.31Cr
This sector
₹107.3Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹1,550Cr
This sector
₹5,580.04Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
24.31
This sector
39.87
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.92
This sector
1.33
Compare with companies

Objectives

Working capital
30.50%
Repayment of borrowings
25.30%
General corporate purposes
22.30%
Capital expenditure
21.90%

Strength and Weakness

Regulatory approvals and certifications

The company is both NABL and PGCIL lab approved, demonstrating adherence to stringent quality standards, and has procured PGCIL approval for processing transformers/reactors from up to 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 obtained NTPC approval for CRGO processing. These approvals strengthen its credibility and enable access to larger contracts.

Diversified customer base

The company serves a broad spectrum of customers across India and global markets, including industrial utilities, infrastructure developers, and public sector enterprises such as BHEL and Transformers & Electricals Kerala Ltd. This diversification reduces dependency on any single sector, enhances market resilience, and creates long-term growth visibility.

Strategic partnerships with CRGO mills

Future collaborations with CRGO mill suppliers can provide a reliable supply of critical raw materials, reduce procurement risks, and foster innovation in product design. Such partnerships would strengthen the company’s supply chain resilience and support long-term growth.

Leveraging PGCIL 765 kV approval

With PGCIL approval for 765 kV class transformers, the company is well-positioned to capture opportunities in high-capacity transmission projects. This approval opens doors to large, complex contracts, enhancing its competitive edge in the power infrastructure market.

Backward and forward integration

By developing in-house processing capabilities for CRGO, amorphous, and ICB materials, the company has reduced dependency on external suppliers, ensured quality, and achieved cost efficiency. Forward integration through its EPC vertical further enhances margins, customer satisfaction, and long-term operational sustainability.

About Mangal Electrical Industries Limited

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.

IPO Analysis

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Mangal Electrical Industries IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
20-Aug-25
0.06 times (X)
0.72 times (X)
0.71 times (X)
0.54 times (X)
21-Aug-25
0.09X
4.15X
2.08X
1.98X
22-Aug-25
9.32X
18.58X
4.72X
9.38X

Latest News on IPO

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Rajasthan-based Mangal Electrical Industries plans to approach the primary market to raise Rs 450 crore via an initial public offering for its capacity expansion and working capital requirements. It has filed a draft red herring prospectus (DRHP) with the SEBI on December 24. The IPO consists of an entirely fresh issue by the company, with no offer-for-sale component.
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Mangal Electrical IPO: The initial share sale seeks to raise ₹400 crore via fresh issuance of equity shares. There is no offer for sale (OFS) component.

2 min read

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Mangal Electrical IPO: The initial share sale aims to raise ₹400 crore solely via fresh issuance of equity shares. There was no offer-for-sale component.

3 min read

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Mangal Electrical share price: The ₹400 crore IPO, which was entirely a fresh issuance of 0.71 crore shares, had set a price band of ₹533 to ₹561 per share.

2 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Mangal Electrical Industries IPO ?

The issue size of the Mangal Electrical Industries IPO is 400 Cr.

What is 'pre-apply' for Mangal Electrical Industries IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Mangal Electrical Industries IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.