1. At a Glance
Mangal Electrical Industries wants to tap the wires of Dalal Street with a ₹400 Cr all-fresh issue IPO. Price band: ₹533–₹561 per share, market cap ~₹1,550 Cr. They make transformers, CRGO coils, and other power equipment — basically the unsung heroes behind your “bijli bill.” FY25 was a blockbuster: revenue up 22%, PAT up 126%. Sounds electrifying — until you see post-IPO P/E ~33x. That’s not D-Mart expensive, but for a transformer company, it’s charged way above normal.
2. Introduction
Power sector companies usually fall into two buckets:
- Giants like NTPC who generate electricity and bore investors to sleep.
- Niche players like Mangal Electrical, who quietly manufacture the nuts and bolts — or in this case, transformers and CRGO coils — that keep the grid alive.
Founded in 2008, Jaipur-based Mangal isn’t a household name, but if you’ve ever switched on a fan during summer and not had a blackout, companies like this deserve partial credit. They produce transformers from 5 KVA to 10 MVA, assemble CRGO cores, make circuit breakers, and even take EPC contracts for substations.
IPO story? They want ₹101 Cr to repay debt, ₹88 Cr to expand capacity, and ₹122 Cr to buy more working capital (translation: raw material stockpiling). Promoter holding drops from 100% → 74%. That’s healthy — promoters still retain majority control.
Financials show solid growth, but IPO pricing makes it smell more like a power cut during IPL finals — irritating.
3. Business Model (WTF Do They Even Do?)
In simple terms: Mangal Electrical makes equipment that distributes electricity.
Product lines:
- Transformers (distribution & small power transformers).
- CRGO coils, cores, assemblies (critical raw material for transformers).
- Amorphous cores (energy-efficient components).
- Oil-immersed circuit breakers.
- Trading in CRGO/CRNO coils and ribbons.
- EPC services for substations.
Manufacturing setup: 5 plants in Rajasthan, with hefty annual
