Mangal Electrical Industries Limited has informed the Exchange regarding Change in Auditors of the company.
MEIL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mangal Electrical Industries reported FY26 audited results with revenue of Rs. 5,797 Lakhs (up 5.5% from FY25), though profit after tax declined 8.7% to Rs. 4,317 Lakhs due to higher material costs. The Board approved an Employee Stock Option Plan (MEIL-ESOP 2025) for up to 15 lakh options, subject to shareholder approval. Two directors (Mr. Ashish Mangal and Mr. Sumer Singh Punia) were recommended for re-appointment at the AGM. The Cost Auditor (M/s Maharwal & Associates) was re-appointed for FY27. The company's IPO monitoring report showed no material deviations—Rs. 309.34 crore of the Rs. 400 crore IPO proceeds have been utilized, with Rs. 90.66 crore remaining unutilized. Note: The headline mentioned 'Change in Auditors' but the filing contains no such change; statutory auditor M/s A Bafna & Co continues.
The decline in profitability despite revenue growth signals margin pressure, which may concern investors. The ESOP plan could help retain talent. IPO funds are being deployed largely as planned with no material deviations.