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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Repaying or prepaying, in whole or in part, certain outstanding loans taken by the company.
Working capital
Funding the company's incremental working capital requirements.
Unit IV expansion and head office works
Capital expenditure to expand the Unit IV facility at Reengus in Sikar district, Rajasthan, together with civil work at the existing Jaipur head office to make better use of space and add storage capacity.
General corporate purposes
Ordinary corporate requirements, applied at the board's discretion.
(₹ in Crore)
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Mangal Electrical Industries Limited is a Jaipur based maker of transformers and the components that go inside them. Incorporated in 2008, it builds distribution and power transformers for utilities and private generators, in capacities running from single phase 5 KVA units up to three phase 10 MVA medium power units, and it supplies engineering, procurement and construction services for electrical substations. A large part of the business sits upstream of the finished transformer. The company processes core materials into transformer laminations, CRGO slit coils, wound and toroidal cores, amorphous cores and coil and core assemblies, and it also trades in CRGO and CRNO coils and amorphous ribbon. It makes oil immersed circuit breakers as well. That vertical spread means it sells both to its own transformer lines and to other transformer manufacturers, and it uses imported German processing equipment on the lamination side. Operations run from five plants in Rajasthan with an installed capacity of roughly 16,200 tonnes of CRGO processing, 750,000 KVA of transformers, 75,000 circuit breaker units and 2,400 tonnes of amorphous material a year, employing about 761 permanent staff. It holds NABL and Power Grid laboratory approvals along with ISO certifications, and it sells to state utilities and private power producers in India as well as to export markets. Revenue grew from about 358 crore rupees in the year to March 2023 to roughly 551 crore rupees in the year to March 2025, with profit of about 47 crore rupees in the latest year.
Ahead of the issue the company placed 21,39,020 shares with ten anchor investors at 561 rupees per share, the top of the band, raising about 120 crore rupees on 19 August 2025. The book included Abakkus Diversified Alpha Fund, LC Pharos Multi Strategy Fund VCC, Societe Generale, Finavenue Capital Trust, Swyom India Alpha Fund, the Sundaram Alternative Investment Trust, the Imap India Capital Investment Trust, the Sunrise Investment Trust and the Aarth AIF Growth Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 6:50 PM
Makes the core, not just the transformer
The company processes laminations, slit coils and cores in-house rather than buying them in, and it sells those components to other transformer makers too. That gives it two ways to earn from the same material flow.
Approvals that are hard to get
It holds NABL and Power Grid laboratory approvals alongside ISO certifications. Utilities will not buy from a supplier without these, so they function as a barrier to new entrants.
Customers on both sides of the grid
It supplies state electricity utilities, private power producers and export markets. No single customer type carries the order book.
Growth has been steady
Revenue rose from roughly 358 crore rupees to 551 crore rupees across the three reported years, and profit more than doubled in the most recent one. The expansion at Unit IV is meant to extend that run.
Bought-in raw material
Core steel and other inputs come from third-party suppliers, and the business depends on their delivery and pricing. A squeeze on CRGO supply would feed straight into margins.
Energy hungry processing
Lamination and core processing consume a lot of power and fuel. Tariff increases land directly on the cost base with little room to pass them on.
Contract labour on sites
The substation engineering work relies on contract labour at project sites. Availability, cost and compliance around that workforce are outside the company's direct control.
Mangal Electrical Industries Limited
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Profit has been uneven
Profit fell in the year to March 2024 even as revenue grew, before rebounding sharply the following year. Earnings have not tracked the top line reliably.
Everything sits in one state
All five plants are in Rajasthan. A regional disruption, whether regulatory, power-related or environmental, would affect the whole manufacturing base at once.