MEIL

Mangal Electrical Industries financials

Rajasthan-based manufacturer and processor of transformer components (CRGO, amorphous core, ICB, VCB) and transformers, plus EPC services for power T&D sub-stations.

Market cap: ₹779 Cr
Sector: Capital Goods

What Mangal Electrical Industries Limited does

Mangal Electrical Industries processes and manufactures transformer components — Cold-Rolled Grain Oriented (CRGO) lamination, amorphous core, Integrated Circuit Breakers (ICB) and Vacuum Circuit Breakers (VCB) — and manufactures transformers ranging from single-phase 5 KVA to three-phase 10 MVA units. It also provides EPC (engineering, procurement, construction) services for setting up electrical sub-stations in the power transmission & distribution (T&D) space. The company runs five manufacturing facilities in Rajasthan and supplies transformer manufacturers, power utilities, industrial conglomerates, infrastructure developers and public sector enterprises across India and overseas.

Segments

Transformer Components
Transformer Manufacturing
EPC Services

Manufacturing facilities: 5 (all in Rajasthan)
Transformer installed capacity: 10,22,500 KVA
CRGO processing installed capacity: 28,000 MT
ICB installed capacity: 75,000 units
Amorphous processing installed capacity: 2,400 MT
CRGO volume (FY26): 15,283 MT

Founded 1989Headquarters Jaipur, Rajasthan, India Company website

Quarterly results

Q1 FY27: revenue up 40.3%, net profit up 101.6% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	133	149	153	90	154 +16%	156 +5%	179 +17%	126 +40%
Expenses	109	125	130	80	132	137	162	115
EBITDA	24	24	23	10	22 −9%	19 −22%	18 −22%	11 +12%
Margin	18%	16%	15%	11%	14%	12%	10%	9%
Other income	1	0	0	0	1	3	3	2
Interest	4	5	3	4	4	2	2	2
Depreciation	1	1	1	1	1	2	2	1
Profit before tax	19	18	19	5	18 −7%	18 −2%	17 −9%	10 +99%
Tax rate	25%	26%	26%	26%	25%	26%	26%	26%
Net profit	14	14	14	4	13 −7%	13 −2%	13 −8%	8 +102%
EPS	6.97	6.65	6.80	1.82	4.81	4.85	4.61	2.72

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −47.4% 1Y

1Y: ₹536.35 on 10 Sept 2025 → ₹282.1. High ₹538.35 (15 Sept 2025), low ₹208.54 (30 Mar 2026).

Financials, as filed

Revenue grew 5.5% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.8%.

Year ending	FY25	FY26
Revenue	₹549 Cr	₹580 Cr
Operating profit	₹82 Cr	₹68 Cr
Operating margin	14.9%	11.8%
Interest	₹15 Cr	₹12 Cr
Depreciation	₹5 Cr	₹6 Cr
Net profit	₹47 Cr	₹43 Cr
Net margin	8.6%	7.4%
Cash from operations	₹-30 Cr	₹-101 Cr
Free cash flow	₹-42 Cr	₹-138 Cr
ROCE	30.0%	15.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹14 Cr	₹14 Cr	₹14 Cr	₹14 Cr	₹28 Cr	₹28 Cr
Reserves	₹32 Cr	₹39 Cr	₹79 Cr	₹100 Cr	₹536 Cr	₹563 Cr
Borrowings	₹106 Cr	₹83 Cr	₹97 Cr	₹92 Cr	₹68 Cr	₹45 Cr
Other liabilities	₹32 Cr	₹51 Cr	₹31 Cr	₹39 Cr	₹50 Cr	₹71 Cr
Total liabilities	₹185 Cr	₹187 Cr	₹221 Cr	₹247 Cr	₹682 Cr	₹707 Cr
Fixed assets	₹30 Cr	₹31 Cr	₹34 Cr	₹40 Cr	₹51 Cr	₹70 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	₹25 Cr	₹10 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Other assets	₹155 Cr	₹156 Cr	₹187 Cr	₹205 Cr	₹605 Cr	₹628 Cr
Total assets	₹185 Cr	₹187 Cr	₹221 Cr	₹247 Cr	₹682 Cr	₹707 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Sep 2025, the public added +3.18 pp while DIIs trimmed −2.38 pp. The shareholder count shrank 16% to 54,834.

Promoters: 74.8%
FIIs: 1.3%
DIIs: 4.3%
Public: 19.6%

Since Sep 2025

Public +3.18 pp
DIIs −2.38 pp
FIIs −1.11 pp

How it drifted, 4 quarters

Over this window the public went from 16.5% to 19.6% — +3.2 pp.

Sep '25Dec '25Jun '26

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Mangal Electrical Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Rahul Mangal	30.48%	unchanged
Saroj Mangal	21.05%	unchanged
Ashish Mangal	14.59%	unchanged
Aniketa Mangal	8.07%	unchanged
Abakkus Diversified Alpha Fund AIF	2.89%	unchanged
Lc Pharos Multi Strategy Fund Vcc-Lc Pharos Multi Strategy Fund Sf1 FPI fund	1.26%	−0.29 pp
Rahul Mangal Huf	0.24%	unchanged
Adhyan Mangal	0.12%	unchanged
Meenakshi Mangal	0.12%	unchanged
Shalu Mangal	0.11%	unchanged
Usha Aggarwal	0.00%	unchanged
Lata Agrawal	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹282, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹55 — downside of 80%.

Growth the price implies: 11.6% a year; for 7 years, fading to 4%
It has actually compounded at: -18.2% a year; net profit, FY25–FY26
The gap: 0.3 pp; -80% downside if it only repeats history

Price today ₹282.1 Value at the reference growth ₹55.44

Change the assumptions yourself →

Learn to analyse Mangal Electrical Industries Limited

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