Mangal Electrical Industries Limited submitted its unaudited financial results for the quarter and half year ended September 30, 2026 through a regulatory filing under SEBI Regulation 30.

Financial Performance (₹ in Crores)

Quarterly Performance:

  • Q2FY27 Revenue from Operations: ₹168.6 Cr (vs. ₹125.8 Cr in Q1FY27, ₹154.3 Cr in Q2FY26)
  • Q2FY27 EBITDA: ₹15.4 Cr with EBITDA Margin of 9.2% (vs. ₹11.1 Cr at 8.8% in Q1FY27, ₹21.8 Cr at 14.2% in Q2FY26)
  • Q2FY27 PAT: ₹11.0 Cr with PAT Margin of 6.5% (vs. ₹7.5 Cr at 6.0% in Q1FY27, ₹13.3 Cr at 8.6% in Q2FY26)
  • Q2FY27 EPS: ₹3.97 (vs. ₹2.72 in Q1FY27, ₹5.96 in Q2FY26)

Half-Yearly Performance:

  • H1FY27 Revenue from Operations: ₹294.4 Cr (vs. ₹244.0 Cr in H1FY26)
  • H1FY27 EBITDA: ₹26.6 Cr with EBITDA Margin of 9.0% (vs. ₹31.8 Cr at 13.0% in H1FY26)
  • H1FY27 PAT: ₹18.5 Cr with PAT Margin of 6.3% (vs. ₹17.0 Cr at 7.0% in H1FY26)
  • H1FY27 EPS: ₹6.69 (vs. ₹7.78 in H1FY26)

Full Year FY26 Reference:

  • FY26 Revenue from Operations: ₹579.7 Cr
  • FY26 EBITDA: ₹68.3 Cr with EBITDA Margin of 11.8%
  • FY26 PAT: ₹43.2 Cr with PAT Margin of 7.4%
  • FY26 EPS: ₹17.46

Revenue Breakdown by Product Segments (₹ in Crores)

| Product Segment | Q2FY27 | Q1FY27 | Q2FY26 | FY26 |

| Transformer components | 148.8 | 83.9 | 101.5 | 409.4 |

| Transformer | 9.7 | 24.4 | 36.5 | 89.4 |

| EPC & others | 10.0 | 17.5 | 16.3 | 80.9 |

| Total | 168.6 | 125.8 | 154.3 | 579.7 |

Business Performance Highlights

  • CRGO volumes increased by approximately 63% YoY in Q2FY27, marking the company's highest quarterly volume growth
  • CRGO realizations showing signs of normalization following prolonged price correction
  • Company remained selective on order intake amid intense pricing competition in distribution transformers, resulting in lower transformer sales
  • Sequential improvement in realizations provides early signs of market stabilization

Management Commentary

Mr. Rahul Mangal, Managing Director, stated: "Q2 FY27 witnessed strong volume momentum in our CRGO business, with volumes growing 63% YoY, while sequential improvement in realizations provides early signs of market stabilization. In transformers, we continue to prioritize profitable growth amid competitive pricing in our product segments. Our upcoming transformer manufacturing facility will further strengthen our position and support our growth ongoing forward."

Business Update and Growth Plans

  • Ramp up capacity utilization to support sustained 25-30% annual volume growth over the next three years
  • Setting up a radiator manufacturing facility by H1 FY28 with capex of approximately ₹25 Cr
  • Exploring international markets and customers to expand exports
  • Diversifying customer base by increasing penetration in private sector transformer market

Company Background

Mangal Electrical Industries Ltd. specializes in processing and manufacturing transformer components and transformers for the power infrastructure industry. The company also offers EPC services for setting up electrical substations. Customers include governmental, municipal utilities and private sector energy producers. The company has five production facilities situated at Jaipur and Reengus, with business operations managed through corporate office in Jaipur.