1. At a Glance – The Elevator Pitch with a Side-Eye
If Indian power infrastructure had a backstage crew, Mangal Electrical Industries Ltd would be the guy tightening bolts while the grid gets all the applause. Market cap around ₹789 Cr, stock chilling near ₹287, and a ROCE of ~30% that makes many capital goods companies look like they skipped leg day. The latest Q3 FY26 numbers? Revenue ₹156 Cr, PAT ₹13.4 Cr, and margins holding despite commodity mood swings. Debt has been trimmed, balance sheet has learned discipline, and promoters still hold a chunky ~75%—which usually means they’re still emotionally attached. Three-month returns hurt (the market had a tantrum), but operationally the company is doing exactly what a boring, profitable infra supplier should do: execute orders, sweat assets, and mind cash. Curious why the market’s still unsure? Read on.
2. Introduction – From Coils to Confidence
Founded in 2008, Mangal Electrical didn’t wake up one day and decide to become a transformer whisperer. It built capability brick by brick—CRGO laminations, slit coils, amorphous cores, wound and toroidal cores, and even oil-immersed circuit breakers (ICBs). Add transformer manufacturing (5 KVA single-phase to 10 MVA three-phase) and EPC for substations, and you’ve got a company that touches multiple points of the power value chain.
Revenue mix tells the story of pragmatism: ~77% transformer components, ~17% transformers, ~6% EPC & others. Exports exist (Netherlands, UAE, USA), but India is home base (~96.7% of FY24 revenue). The order book stood at ₹98 Cr (Nov 30, 2024)
—not obscene, not empty. The IPO (listed Aug 28, 2025) funded debt reduction, capex, and working capital. Translation: less banker anxiety, more shop-floor confidence.
3. Business Model – WTF Do They Even Do?
Imagine a transformer as a gym bro: coils, cores, and laminations are the muscles. Mangal makes the muscles.
- Processing & Trading: CRGO/CRNO coils, amorphous ribbons—precision work where wastage kills margins.
- Manufacturing: Transformers and customized assemblies for utilities and OEMs.
- ICBs: Niche but sticky.
- EPC: Substations—project execution, approvals, timelines (aka patience test).
Facilities in Rajasthan with capacity muscle:
- CRGO: ~16,200 MT
- Transformers: ~7,50,000 KVA
- ICB: ~75,000 units
- Amorphous: ~2,400 MT
Clients include state utilities and private OEMs—boring names, reliable payments (usually). This is not a fashion brand; it’s a repeat-order, qualification-heavy business.
4. Financials Overview – Numbers Don’t Lie (But They Do Smirk)
Quarterly Comparison (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 156.27 | 149.00 | 154.00 | ~4.9% | ~1.5% |
| EBITDA | 19.00 | 24.00 | 22.00 | -20.8% | -13.6% |
| PAT | 13.39 | 14.00 | 13.00 | -4.4% | ~3.0% |
| EPS (₹) | 4.85 | 6.65 | 4.81 | -27.1% | ~0.8% |
Annualised EPS (Q3 rule): Avg of Q1, Q2, Q3 EPS × 4
Q1 (₹1.82), Q2 (₹4.81), Q3 (₹4.85) →
