Mangal Electrical Limited is coming up with its Initial Public Offering (IPO), which will open for subscription on August 20, 2025, and close on August 22, 2025. The IPO is a Book-Build Issue with a total size of around ₹400 crores, consisting entirely of a fresh issue of shares worth ₹400 crores. An offer for sale (OFS) component has also been proposed, details of which are yet to be disclosed.
The price band for the Mangal Electrical IPO has been fixed at ₹533 to ₹561 per share, with a face value of ₹10 each. The issue has been structured with the following investor reservation: 50% for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and 15% for Non-Institutional Investors (HNIs).
The IPO allotment date is expected on August 25, 2025, and the shares are likely to be listed on both the BSE and NSE on August 28, 2025.
Financial Performance
Mangal Electrical has shown strong growth in recent years:
- Revenue: ₹551.39 crores in FY 2025 vs. ₹452.13 crores in FY 2024
- Profit After Tax (PAT): ₹47.31 crores in FY 2025 vs. ₹20.95 crores in FY 2024
This consistent rise in both revenue and profitability highlights the company’s robust business model and improving margins.
Mangal Electrical IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | August 20, 2025 |
| IPO Close Date: | August 22, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹533 to ₹561 Per Share |
| Issue Size: | Approx ₹400 Crores |
| Fresh Issue: | Approx ₹400 Crores |
| Lot Size: | 26 Shares |
| Issue Type: | Book-Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Mangal Electrical IPO Market Lot
The minimum market lot for the Mangal Electrical IPO is 26 shares, requiring an application amount of ₹14,586. For retail investors, the maximum subscription limit is 13 lots, which equals 338 shares with a total investment of ₹1,89,618.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 26 | ₹14,586 |
| Retail Maximum | 13 | 338 | ₹1,89,618 |
| S-HNI Minimum | 14 | 364 | ₹2,04,204 |
| B-HNI Minimum | 69 | 1,794 | ₹10,06,434 |
Mangal Electrical IPO Allotment & Listing Dates
The Mangal Electrical IPO will open on August 20, 2025, and close on August 22, 2025. The IPO allotment is expected to be finalized on August 25, 2025, while the listing date is scheduled for August 28, 2025, on both the BSE and NSE.
| Type | Date |
|---|---|
| IPO Open Date: | August 20, 2025 |
| IPO Close Date: | August 22, 2025 |
| Basis of Allotment: | August 25, 2025 |
| Refunds: | August 26, 2025 |
| Credit to Demat Account: | August 26, 2025 |
| IPO Listing Date: | August 28, 2025 |
Mangal Electrical IPO: Promoters
The promoters of Mangal Electrical Limited are Rahul Mangal, Ashish Mangal, Saroj Mangal, and Aniketa Mangal.
Mangal Electrical IPO Company Financial Report
The company reported a revenue of ₹551.39 crores in FY 2025, compared to ₹452.13 crores in FY 2024. Its profit after tax (PAT) also grew significantly, rising to ₹47.31 crores in FY 2025 from ₹20.95 crores in FY 2024.
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹357.81 | ₹324.94 | ₹24.74 | ₹221.26 |
| 2024 | ₹452.13 | ₹424.02 | ₹20.95 | ₹246.54 |
| 2025 | ₹551.39 | ₹487.68 | ₹47.31 | ₹366.46 |
Mangal Electrical IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 34.14% |
| ROCE: | 25.38% |
| EBITDA Margin: | 14.90% |
| PAT Margin: | 8.61% |
| Debt to equity ratio: | 0.92 |
| Earning Per Share (EPS): | ₹23.08 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.14% |
| Net Asset Value (NAV): | ₹79.10 |
Mangal Electrical IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Vilas Transcore Limited | 14.58 | 36.48 | 15.27% | 117.68 | 362.00 Cr. |
| Jay Bee Lamination Limited | 12.31 | 18.28 | 24.11% | 65.42 | 368.37 Cr. |
Objects of the Issue – Mangal Electrical IPO
The net proceeds from the Mangal Electrical IPO will be utilized for the following purposes:
- Repayment / Prepayment – Full or partial repayment of certain outstanding borrowings availed by the company.
- Capital Expenditure – Investment in civil works and expansion of the company’s Unit IV facility located at Reengus, Sikar District, Rajasthan.
- Working Capital Requirements – To meet the day-to-day operational funding needs of the company.
- General Corporate Purposes – For other business requirements and strategic initiatives.
Mangal Electrical Company Overview, Strengths, and Risks
Mangal Electrical Industries Limited (MEIL) is a power infrastructure company based in Jaipur, Rajasthan, India. Founded in 1989 as a partnership firm, it was later incorporated as a private limited company in 2008 and then transitioned to a public limited company in 2024. The company has an integrated business model that spans the manufacturing, processing, and distribution of various electrical components.
MEIL’s core business involves:
- Processing of transformer components: It processes transformer laminations, Cold Rolled Grain Oriented (CRGO) slit coils, amorphous cores, and oil-immersed circuit breakers (ICBs).
- Manufacturing of transformers: The company manufactures a range of transformers from single-phase 5 KVA to three-phase 10 MVA units and also provides customized products.
- EPC Services: MEIL provides Engineering, Procurement, and Construction (EPC) services for setting up electrical substations, a key part of the power sector.
The company operates five manufacturing facilities, all located in Rajasthan. It has a diversified customer base, including government utilities, private energy producers, and EPC contractors, both in India and internationally.
Strengths
- Integrated Business Model: The company’s backward and forward integration is a significant strength. By processing raw materials like CRGO and manufacturing finished products, it gains better control over quality and costs, reduces its dependence on external suppliers, and mitigates supply chain risks.
- Strong Financial Performance: MEIL has demonstrated consistent growth in its financial metrics. In fiscal year 2025, it reported a 22.23% increase in revenue and a remarkable 126% rise in profit after tax (PAT) compared to the previous year. Its profitability margins and return ratios (ROE and ROCE) have also shown significant improvement.
- Key Approvals and Certifications: The company has secured important regulatory and quality certifications, including NABL and PGCIL lab approvals. Notably, its approval for 765 kV class transformers from PGCIL positions it to capitalize on high-voltage transmission projects, giving it a competitive edge.
- Robust Order Book and Favorable Industry Outlook: As of June 30, 2025, the company had a strong order book of over ₹294 crore, providing revenue visibility for the near future. The Indian government’s focus on grid modernization and electrification schemes like the Revamped Distribution Sector Scheme (RDSS) and Saubhagya Yojana is expected to drive sustained demand for MEIL’s products and services.
- Experienced Management: The company is led by a promoter and management team with extensive experience in the electrical equipment industry, which has helped it build a strong brand reputation and long-standing customer relationships.
Risks
- Raw Material Price Volatility: The company is heavily dependent on raw materials like CRGO steel, a significant portion of which is imported. This exposes it to fluctuations in global steel prices and foreign exchange risks. Any sharp increase in raw material costs that cannot be passed on to customers could severely impact profit margins, as evidenced by a decline in margins in FY24 due to cost spikes.
- Working Capital Intensive Operations: MEIL’s business model, particularly its work with government and state-owned utilities, is highly working capital intensive. Delayed payments from these entities can lead to stretched receivables and may necessitate increased reliance on borrowings to fund operations.
- Customer and Geographic Concentration: A large percentage of the company’s revenue is concentrated among its top customers and in a few key states in India. The loss of a major customer or any adverse economic or regulatory changes in these regions could have a significant negative impact on its financial performance.
- Highly Competitive Industry: The electrical equipment industry in India is highly fragmented and competitive, with the presence of both large, established players and numerous unorganized players. This intense competition limits pricing power and can put pressure on the company’s profit margins.
- Execution Risk: The company’s planned growth is contingent on the successful and timely completion of its expansion projects, particularly at its Unit IV facility. Any delays or cost overruns in these capital expenditure projects could affect its financial projections and growth trajectory.
Mangal Electrical IPO Review
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Mangal Electrical IPO Registrar
Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
Mangal Electrical IPO Lead Managers aka Merchant Bankers
- Systematix Corporate Services Ltd.
Mangal Electrical Company Address
Mangal Electrical Industries Ltd.
C-61, C-61 (A&B),
Road No. 1-C,
V. K. I. Area,
Jaipur, Rajasthan, 302013
Phone: +91141-4036113
Email: compliance@mangals.com
Website: http://www.mangals.com/
FAQs about Mangal Electrical IPO
The IPO opens for subscription on August 20, 2025, and closes on August 22, 2025. The allotment is expected on August 25, 2025, with listing on August 28, 2025.
The price band has been fixed at ₹533 to ₹561 per equity share.
The minimum lot size is 26 shares, which requires a minimum application amount of ₹14,586.
The total issue size is approximately ₹400 crores, consisting entirely of a fresh issue of shares.
The IPO is reserved as follows: 50% for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and 15% for Non-Institutional Investors (HNIs).
The shares are scheduled to be listed on both the BSE and NSE.
The company has shown strong growth, with revenue increasing to ₹551.39 crores in FY 2025 from ₹452.13 crores in FY 2024. Profit after tax (PAT) also saw a significant jump to ₹47.31 crores in FY 2025 from ₹20.95 crores in FY 2024.
The proceeds from the IPO will be used for repaying/prepaying borrowings, funding capital expenditure for its Unit IV expansion, meeting working capital requirements, and for general corporate purposes.
The promoters of the company are Rahul Mangal, Ashish Mangal, Saroj Mangal, and Aniketa Mangal.
The registrar for the IPO is Bigshare Services Pvt. Ltd.
