Mangal Electrical IPO: Price, Analysis, And GMP

Mangal Electrical IPO - Company Analysis

Mangal Electrical IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 400 Cr (~0.71 crore Shares) by Mangal Electrical Ltd., which was incorporated in 2008, and manufactures transformers utilised in the distribution and transmission of electricity in the power sector.  

Some of the oil-immersed circuit breakers and transformers that the company's techniques include the lamination, wound cores, toroidal cores, coil and core assemblies, CRGO slit coils, and amorphous cores.  

The company markets and sells its products as Mangal Electrical, which has a strong reputation, high brand recall, and established standing in the industry.  It also offers EPC services for the establishment of electrical substations in the power infrastructure industry.

Under the company, it has 5 production facilities in the state of Rajasthan, which grant an annual output of 16,200 MT of CRGO, 10,224,500 KVA of transformers, 75,000 units of ICB and 2,400 MT of amorphous units.  

Products Portfolio:  

The company continues to develop and manufacture vital components for small to large transformers for the electricity distribution and transmission industry. This actively supports the company in producing energy-saving electrical equipment.  

With regards to large transformers, the company also manufactures CRGO-wide coils, which are known to have high magnetic permeability and low core loss.

CRGO Split Coil: The company produces slit coils from CRGO sheets for use in transformer cores, minimising energy loss and improving efficiency in transformer manufacturing, which requires precise cuts.

CRGO Core Assembly: The company cores CRGO laminations for core assemblies, ensuring low core loss and high efficiency and uses them in multiple transformers for energy loss and performance optimisation.

 

Mangal Electrical IPO Details

The Mangal IPO open date is from Aug 20 to Aug 22, with IPO allotment on Aug 25, refund initiation on Aug 26, 2025.

The Rs. 400 Cr mainline IPO comprises a wholly fresh issue of 0.71 crore shares.

The Mangal Electrical IPO listing date might be on Thursday, 28 August 2025, and it will be listed at the BSE and NSE. The Mangal Electrical IPO price band is Rs. 533 to Rs. 561 for each Share. 

Events	Date
IPO Opening Date	Aug 20, 2025
IPO Closing Date	Aug 22, 2025
IPO Allotment Date	Aug 25, 2025
Refund Initiation	Aug 26, 2025
IPO Listing Date (Tentative)	Aug 28, 2025

 

Mangal Electrical IPO - The Hidden Shock in RHP that Investors Must Know

One state electrical board provides a significant amount of Mangal Electrical's income. The company's cash flow is linked to the success of a single buyer, despite all the talk about diversification and market expansion.

This is not merely a focus on customers; it is a level of dependency that has the potential to destroy the company. Mangal Electrical's earnings could plummet if this electrical authority postpones the publication of tenders, postpones new projects, or merely modifies its procurement guidelines.

 

 

Industry Outlook

Between FY 2020 and FY 2025, the per capita consumption increased steadily, with a 4.9% CAGR overall. 

 

Growth Forecast

The demand for electrical energy is anticipated to increase at a CAGR of ~ 5.6%.

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	366.46	246.54	221.26
Total Revenue	551.39	452.13	357.81
PAT	47.31	20.95	24.74
EBITDA	81.84	42.63	44.42
Net Worth	162.16	114.99	93.97
Total Borrowing	149.12	92.12	96.64

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(3,009.18)	3,656.11	2,739.35
Net Cash Flow Investing Activities	(1,832.64)	(1,262.54)	424.96
Net Cash Flow Financing Activities	4,181.84	(1,760.36)	(3,372.35)

 

Revenue Bifurcation 

Income Source

 

Region-wise Revenue from Sales Breakdown

 

Sales-wise Revenue Breakdown

Product-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Full or partial repayment or payback of some existing loans that the company has taken out. ~ Rs. 101.27 Cr.

• The company's capital expenditure, which includes civil works, is for the expansion of the facility at Unit IV, located in Rajasthan. ~ Rs. 87.86 Cr.

• Meeting the company's working capital needs. ~ Rs. 122 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Mangal Electrical Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Vilash Transcore Limited	10	14.58	36.48
Jay Bee Lamination Limited	10	12.31	18.28

Valuation

Metric	Value
ROE	29%
ROCE	25.38%
Debt/Equity	0.92
PAT Margin	8.61%
EBITDA	14.90%
Price to Book Value	7.09
RoNW	34.14%

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 23.08 from the last year, the resulting P/E ratio is 24.30x. When compared with the industry’s average P/E of 27.38x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Shreeji Shipping Global IPO.

IPO's Strengths 

• Strong leadership is demonstrated by promoters, who are backed by seasoned senior management.

•  Display of certain approvals that are accessible to specific market participants.

•  Broad range of clientele.

•  Robust forward and backward integration that guarantees operational effectiveness.

•  Demonstrated history of steady growth.
  
  

IPO’s Weaknesses 

• About 85-90% of revenue comes from the top 10 customers, and about 40% comes from a single SEB.

• SEBs frequently cause working capital problems by delaying payments.

• Use of IPO Funds is primarily for debt repayment and working capital, not expansion.

• The business uses outdated techniques and lags behind in smart grid and contemporary technology.

• Significant reliance on the SEB budgets and policies of particular governments.

Mangal Electrical IPO GMP 

Mangal Electrical IPO GMP today is Rs. 0 as of 16 Aug 2025, while writing this information. Hence, the Mangal Electrical IPO listing price (estimated) might be Rs. 561 (upper price + current GMP or grey market premium).

Mangal Electrical Limited IPO Summary

IPO Opening & Closing Date	Aug 20, 2025 to Aug 22, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 533 to Rs. 561
Lot Size	26 Shares
Issue Size	71,30,124 Shares (Rs. 400 Cr)
Offer for Sale	-
Fresh Issue	71,30,124 Shares (Rs. 400 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt. Ltd.

 

 

Mangal Electrical IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (26 Shares) amounting to Rs. 14586 and 13 Lots (338 Shares) amounting to Rs. 189618, respectively, while for S-HNI investors, the minimum Lot is 14 (364 Shares) amounting to Rs. 204204.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	68 Lots
BHNI (Minimum)	69 Lots

Mangal Electrical IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Mangal Electrical IPO Allotment Status

To check the Mangal Electrical IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website - Bigshare Services IPO allotment status

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Mangal Electrical Ltd.

• Rahul Mangal

• Ashish Mangal

• Saroj Mangal

• Aniketa Mangal.
  
  

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	74.19%

 

Mangal Electrical IPO Lead Managers

• Systematix Corporate Services Ltd. 

 

Dividend Policy

The company has not paid a dividend during the last three years.

Conclusion

Exposure to India's power industry with robust revenue growth and reasonable values is provided via the Mangal Electrical IPO. Investors should be aware of its significant reliance on a single SEB, late payments, and debt payback expenses. Even while the fundamentals are steadily improving, there is still a substantial risk of client concentration.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.