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Mangal Electrical Industries IPO
9.38xsubscribed

Mangal Electrical Industries IPO

Engineering - Construction
listed
₹13,858Min. investment

Mangal Electrical Industries Limited IPO Details

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 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

As on 20-Aug-25, 5:30 PM

Mangal Electrical Industries IPO Timeline

  1. Pre-apply
    19 Aug 2025
  2. Bid start
    20 Aug 2025
  3. Bid end
    22 Aug 2025
  4. Allotment
    25 Aug 2025
  5. Release of funds
    26 Aug 2025
  6. Demat transfer
    26 Aug 2025
  7. Listing
    28 Aug 2025

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.

Mangal Electrical Industries Limited IPO Analysis

IPO REVIEW

Mangal Electrical Industries IPO | Analysis Video

Should you apply?

Watch our analysts break down the Mangal Electrical Industries Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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

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.

Objectives of Mangal Electrical Industries Limited IPO

Working capital
30.50%
The company will use ₹122 crore towards its working capital requirements.
Repayment of borrowings
25.30%
The company will use ₹101.27 crore for repayment of borrowings availed by it.
General corporate purposes
22.30%
Part of the IPO proceeds will be used for general corporate purposes.
Capital expenditure
21.90%
The company will use ₹87.86 crore for expanding the facility at Reengus Sikar District, Rajasthan.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹549.4Cr15.70%₹47.31Cr₹1,550Cr24.310.92
This sector (avg.)₹2,186.73Cr0.03%₹107.3Cr₹5,580.04Cr39.871.33
₹2,55,547.01Cr---₹17,687.39Cr₹5,40,931.7Cr33.291.36
₹19,923.02Cr---₹1,281.52Cr₹71,599.59Cr63.030.57
₹7,062Cr---₹6,480.68Cr₹25,092.05Cr3.811.04

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Mangal Electrical Industries IPO Contact Details

Company NameMangal Electrical Industries Limited

How to apply for Mangal Electrical Industries IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Mangal Electrical Industries Limited IPO FAQs

Investors can apply for the Mangal Electrical Industries IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Mangal Electrical Industries IPO is 400 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Mangal Electrical Industries IPO will be open between 2025-08-20 and 2025-08-22.
Mangal Electrical Industries IPO allotment date is 2025-08-26. For Mangal Electrical Industries IPO allotment status check, you can visit the website of the registrar of the IPO.
For Mangal Electrical Industries IPO, the IPO registrar is Bigshare Services Private Limited. You can check Mangal Electrical Industries IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Mangal Electrical Industries IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Mangal Electrical Industries IPO lot size is 26 and minimum order quantity is 26.
Mangal Electrical Industries IPO has set the price band for its IPO at 561 per equity share with a face value of 10.