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Mangal Electrical IPO
Mangal Electrical Industries Ltd
₹13,858 /26 sharesMinimum Investment
Mangal Electrical IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹561.00 | ₹556.00 | -₹5.00 (0.89%) |
Mangal Electrical IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 20 Aug ‘25 - 22 Aug ‘25 | ₹13,858 | 26 | ₹533 - ₹561 |
| Issue Size | IPO Doc |
|---|---|
| 400.00Cr | RHP PDF |
Subscription rate
As of 22 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 9.35x |
| Non-Institutional Investor | 18.22x |
| Retail Individual Investor | 4.35x |
| Total | 8.75x |
About Mangal Electrical
Founded in
1989
Managing director
Mr Rahul Mangal
Parent organisation
Mangal Electrical Industries Ltd
Mangal Electrical Industries Ltd IPO
https://www.youtube.com/watch?v=kOeivJzWwnQ
Strengths & Financials of Mangal Electrical
Strengths
Risks
The company claims to have a highly diversified customer base across India and international markets. Its clientele includes power utilities, industrial conglomerates, infrastructure developers, and public sector enterprises. This broad customer mix helps mitigate sector-specific risks and provides access to a variety of revenue streams, contributing to stable growth and market resilience.
Mangal Electrical Industries claims to have strong backward and forward integration, which enhances its operational efficiency. By controlling the procurement and processing of critical raw materials like CRGO and amorphous cores, the company ensures consistent quality and cost control. Additionally, its ability to integrate transformer manufacturing with EPC services strengthens its operational agility, allowing for optimised production and delivery timelines.
Mangal Electrical is a National Accreditation Board for Testing and Calibration Laboratories (NABL) and Power Grid Corporation of India Limited (PGCIL) lab-approved entity. Additionally, it holds ISO 9001:2015 certification for its quality management systems and ISO 14001:2015 certification for its environmental management systems.
The company has received credit ratings of IVR BBB+/Stable for its long-term bank facilities and IVR A2 for its short-term bank facilities from Infomerics Valuation and Rating Limited.
The company has reported a consistent increase in revenue from operations. It increased from Rs 354.31 crore in FY23 to Rs 449.48 crore in FY24 and Rs 549.42 crore in FY25.
The cost of raw materials consumed, particularly steel, accounted for Rs 263.00 crore (70.91 percent) of the company’s total cost of raw materials in FY25, Rs 187.44 crore (57.08 percent) in FY24, and Rs 86.06 crore (31.72 percent) in FY23. This increase in steel prices has more than doubled over the past few years, and any further adverse fluctuations in its price could negatively impact the company's operations and financial condition. Also, if the company is unable to pass on these higher costs to customers, it may face challenges in maintaining its margins, which could reduce demand, adversely affecting profits and cash flows.
A significant portion of the company’s revenue is derived from the manufacturing of transformers. It accounted for Rs 126.99 crore (23.11 percent) of the company’s revenue in FY25, Rs 99.03 crore (22.03 percent) in FY24, and Rs 93.62 crore (26.42 percent) in FY23. Any adverse changes in the conditions affecting the transformer products market can negatively impact the company’s business, financial condition, results of operations, and cash flows.
All five manufacturing facilities of the company are concentrated in a single location - Rajasthan. Any adverse political, social, or economic development in this region could be detrimental to the company’s operations and business prospects.
The top 10 clients accounted for Rs 274.36 crore (49.94 percent) of the company’s revenue in FY25, Rs 194.91 crore (43.36 percent) in FY24, and Rs 154.56 crore (43.62 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from any of them could adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 194.72 crore (40.57 percent) of the company’s total purchases in FY25, Rs 172.01 crore (47.22 percent) in FY24, and Rs 97.31 crore (39.72 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
China accounted for Rs 62.24 crore (57.04 percent) of the company’s total import of raw materials in FY25, Rs 66.73 crore (50.31 percent) in FY24, and Rs 32.95 crore (43.71 percent) in FY23. Any issues related to trade restrictions, logistical challenges, or increased demand in China could lead to shortages or delays in material supply, impacting production schedules, costs, and ultimately, the company’s profitability.
As of FY25, the company had trade receivables of Rs 129.34 crore, an increase from Rs 88.24 crore in FY24. Any failure to collect these receivables on time or at all can hit the company’s business and its financial condition.
A substantial portion of the company’s revenue is derived from three states – Rajasthan, Gujarat, and Uttar Pradesh. Together, they accounted for Rs 388.42 crore (70.69 percent) of the company’s revenue in FY25, Rs 282.14 crore (62.77 percent) in FY24, and Rs 217.36 crore (61.34 percent) in FY23. Any disruptions in these regions could be detrimental to the company’s operations and business prospects.
As of FY25, the company had contingent liabilities amounting to Rs 79.53 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business and finances.
As of June 30, 2025, the company had outstanding financial indebtedness amounting to Rs 254.89 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Mangal Electrical Financials
*All values are in Rs. Cr
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Application Details of Mangal Electrical IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹533 - 561 | ₹2 Lakh |
| High Networth Individual | ₹533 - 561 | ₹2 - 5 Lakh |
For Mangal Electrical IPO, eligible investors can apply as Regular.