MANGAL ELECTRICAL IND L

Manufactures and trades electrical transformers, CRGO (Cold Rolled Grain Oriented) steel laminations, and electrical accessories, which together generated ₹511.83 crore or 88.3% of FY26 segment revenue. CRGO laminations are a key input into transformer cores and are sold both internally and to external buyers. The remaining 11.7% of revenue (₹67.84 crore in FY26) comes from EPC contracts involving electrical items, where the EBIT was ₹15.76 crore on a smaller base, indicating a higher margin profile than the manufacturing segment. In Q1 FY27, total revenue rose about 40% YoY to ₹125.8 crore, with CRGO volumes growing roughly 32% even as realisations fell about 18% YoY, while transformer revenue tripled to ₹24.4 crore. Raw materials are the dominant cost, making up 71% of FY26 revenue, with employees at 4.9% and other opex at 6.9%. The company is expanding capacity — it acquired 1.4315 hectares of industrial land in Parsarampura, Sikar, Rajasthan for ₹8 crore in June 2026, with new transformer capacity targeted by end of FY27. It listed on NSE and BSE in August 2025 via an IPO of ₹400 crore, and promoters hold 74.79% of equity.