Mangal Electrical Industries IPO

Mangal Electrical Industries IPO is a Mainboard, book-built IPO of approximately ₹400 crore, and is a pure fresh issue with no OFS. The bidding window is provisionally 20-22 August 2025. The lot size is 26 shares and the issue is proposed to be listed in NSE and BSE during the last week of August, subject to regulatory confirmations. The allocation structure will be in the usual split between QIB, NII, and Retail categories of investors.

Company Background

MEIL is a comprehensive player in the power transmission and distribution sector of India. The company processes electrical steels (CRGO/CRNGO) and produces transformer cores and laminations, distribution and power transformers to utilities, EPC contractors and industrial customers. The company has a long operating history, which places it in an advantageous position to enjoy grid modernization, DISCOM capex, and industrial power demand.

Operations & Product Range

Facility & Production

Mangal Electrical IPO has processing and manufacturing plants in Rajasthan, where it processes slitting, cutting, stacking, annealing and testing of CRGO/CRNGO electrical steels as well as assembly and testing of distribution and power transformers. Planned capex is expansion at Unit IV (Reengus, Sikar) and storage/civil works at the head office in Jaipur, to achieve higher throughput, improved utilization and operational efficiency.

Brands & Market Presence

MEIL sells products under the Mangal brand to state utilities, EPCs and industrial customers in major Indian geographies. Domestic, tender-based demand related to distribution network expansion and electrification and OEM/export opportunities where market conditions allow are the primary areas of focus.

Revenue Channels

The revenues of MEIL are usually generated through:

• The sale of processed electrical steel products and transformer cores/laminations to OEMs and EPCs.
• Institutional sales and tenders to sell distribution and power transformers to utilities and industrial customers.
• Ancillary transformer parts and job-work / processing services, which enhance asset usage and margins.

Management & Shareholding

Promoters & Shareholding

The promoter group of Mangal Electrical IPO includes the members of the Mangal family, Rahul Mangal, Saroj Mangal, Ashish Mangal, and Aniketa Mangal. Promoter ownership is concentrated in these four, with Rahul Mangal having the highest stake, followed by significant stakes of Saroj Mangal, Ashish Mangal, and Aniketa Mangal; this fresh issue will cause proportionate dilution, and control is likely to remain with the promoter group.

Board Members

Mangal Electrical IPO’s board members have executive representation of the promoter family and independent directors with experience in power sector operations, governance and finance, with key managerial personnel who are in charge of the plant operations, quality/testing, finance, procurement and business development.