Financial Performance FY26

Mangal Electrical Industries Limited reported FY26 revenue of ₹579.68 crore, representing a 5.51% increase from ₹549.42 crore in FY25. However, net profit declined 8.74% to ₹43.17 crore from ₹47.31 crore in the previous year, primarily due to sharp corrections in CRGO steel prices which impacted industry realizations. EBITDA stood at ₹68.35 crore with a margin of 11.79%, down from 14.90% in FY25. EPS decreased to ₹17.46 from ₹23.08 in the previous year.

Capital Markets Activity

The company successfully completed its IPO in August 2025, issuing 71,30,124 equity shares at ₹561 per share, raising ₹400 crore. The shares were listed on NSE and BSE on August 28, 2025. Post-IPO, the company's net worth increased significantly to ₹590.37 crore from ₹162.16 crore in FY25. As of March 31, 2026, the company had utilized ₹28,596.60 crore of IPO proceeds, with ₹9,000.14 crore temporarily invested in bank deposits.

Operational Developments

Mangal Electrical expanded its CRGO processing capacity to 28,000 MT and obtained PGCIL approval for processing up to 765 kV class, positioning the company for higher-value opportunities. The company operates five manufacturing facilities in Rajasthan with transformer manufacturing capacity of 1,000 MVA. The business is structured across three segments: Transformer Components, Transformer Manufacturing, and EPC services for electrical substations and power infrastructure projects.

Corporate Governance & AGM Matters

The company has convened its 18th Annual General Meeting on August 25, 2026, with remote e-voting available from August 22 to August 25, 2026. Key resolutions include the re-appointment of directors Mr. Ashish Mangal and Mr. Sumer Singh Punia, appointment of Ms. Neha Rathi as Independent Director, approval of cost and secretarial auditors, and implementation of a new Employee Stock Option Plan (ESOP) for up to 15 lakh shares.

Forward Outlook

Management highlighted India's power sector entering a multi-decade investment cycle driven by transmission expansion, renewable energy integration, rising electricity demand, and grid modernization. The board recommended no dividend for FY26, retaining profits for capacity expansion and working capital requirements. The company remains focused on operational excellence and capturing opportunities in the evolving power infrastructure landscape.