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Mangal Electrical Industries Q2 FY27 results: net profit down 17.5% to ₹10.97 crore, revenue up 9.2%
Mangal Electrical Industries Limited reported standalone revenue of ₹168.58 crore in Q2 FY27, up 9.2% from the year-ago quarter, but net profit fell 17.5% to ₹10.97 crore as the EBITDA margin narrowed to 9.2% from 14.2%. Against Q1 FY27, revenue rose 34.0% and profit rose 45.9%, with basic EPS of ₹3.97.
Key points
- Q2 FY27 standalone revenue was ₹168.58 crore, up 9.2% from ₹154.33 crore in Q2 FY26.
- EBITDA fell to ₹15.43 crore from ₹21.84 crore, and the EBITDA margin narrowed 5.0 percentage points to 9.2%.
- Net profit was ₹10.97 crore, down 17.5% from ₹13.30 crore, and basic EPS was ₹3.97 against ₹5.96.
- Total expenses rose to ₹156.06 crore from ₹137.81 crore, while finance costs fell to ₹1.85 crore from ₹3.99 crore.
- For H1 FY27, revenue was ₹294.41 crore, up 20.7%, and net profit was ₹18.5 crore, up 8.6%.
How did Mangal Electrical Industries perform in Q2 FY27?
Mangal Electrical Industries reported standalone revenue of ₹168.58 crore for Q2 FY27, up 9.2% from ₹154.33 crore in Q2 FY26. Total income rose to ₹170.67 crore from ₹155.64 crore. EBITDA fell 29.3% to ₹15.43 crore from ₹21.84 crore, and the EBITDA margin narrowed by 5.0 percentage points to 9.2% from 14.2%.
Profit before tax fell 18.1% to ₹14.61 crore from ₹17.83 crore, and tax was ₹3.64 crore against ₹4.52 crore. Net profit declined 17.5% to ₹10.97 crore from ₹13.30 crore, and the net margin narrowed 2.1 percentage points to 6.5%. Basic EPS was ₹3.97 against ₹5.96.
Against Q1 FY27, revenue rose 34.0% to ₹168.58 crore from ₹125.83 crore, and EBITDA was ₹15.43 crore against ₹11.13 crore, with the margin at 9.2% versus 8.8%. PBT rose 44.7% to ₹14.61 crore from ₹10.10 crore, and net profit rose 45.9% to ₹10.97 crore from ₹7.52 crore. Basic EPS was ₹3.97 against ₹2.72. The results are standalone, and the board approved only standalone financial results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 168.58 | 125.83 | 154.33 | +9.2% | +34.0% |
| Other income | 2.10 | 1.81 | 1.31 | +60.3% | +16.0% |
| Total expenses | 156.06 | 117.54 | 137.81 | +13.2% | +32.8% |
| EBITDA | 15.43 | 11.13 | 21.84 | −29.3% | +38.6% |
| EBITDA margin | 9.2% | 8.8% | 14.2% | −5.0 pp | +0.4 pp |
| Profit before tax | 14.61 | 10.10 | 17.83 | −18.1% | +44.7% |
| Tax | 3.64 | 2.58 | 4.52 | −19.5% | +41.1% |
| Net profit | 10.97 | 7.52 | 13.30 | −17.5% | +45.9% |
| EPS (₹) | 3.97 | 2.72 | 5.96 | −33.4% | +46.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mangal Electrical Industries' costs and profit?
Total expenses rose to ₹156.06 crore in Q2 FY27 from ₹137.81 crore in Q2 FY26, an increase of ₹18.25 crore. Cost of materials was ₹120.64 crore, up ₹8.04 crore from ₹112.60 crore, while employee cost rose ₹1.95 crore to ₹8.21 crore from ₹6.26 crore. Other expenses fell ₹1.76 crore to ₹7.89 crore from ₹9.65 crore.
Finance costs declined by ₹2.14 crore to ₹1.85 crore from ₹3.99 crore, and depreciation fell ₹0.28 crore to ₹1.06 crore from ₹1.34 crore. Other income rose ₹0.79 crore to ₹2.10 crore from ₹1.31 crore. There was no exceptional item in either quarter, and tax was ₹3.64 crore against ₹4.52 crore. The filings do not state reasons for the changes in individual cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 120.64 | 112.60 | +8.04 | +7.1% |
| Employee cost | 8.21 | 6.26 | +1.95 | +31.2% |
| Finance costs | 1.85 | 3.99 | −2.14 | −53.6% |
| Depreciation | 1.06 | 1.34 | −0.28 | −20.9% |
| Other expenses | 7.89 | 9.65 | −1.76 | −18.2% |
| Total expenses | 156.06 | 137.81 | +18.25 | +13.2% |
| Other income | 2.10 | 1.31 | +0.79 | +60.3% |
| Tax | 3.64 | 4.52 | −0.88 | −19.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹294.41 crore, up 20.7% from ₹243.99 crore in H1 FY26. Total income rose 21.5% to ₹298.31 crore from ₹245.55 crore. Profit before tax increased 7.9% to ₹24.71 crore from ₹22.9 crore.
Net profit for H1 FY27 was ₹18.5 crore, up 8.6% from ₹17.03 crore, while basic EPS was ₹6.69 against ₹7.78 in H1 FY26, a fall of 14.0%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 294.41 | 243.99 | +20.7% |
| Profit before tax | 24.71 | 22.90 | +7.9% |
| Net profit | 18.50 | 17.03 | +8.6% |
| EPS (₹) | 6.69 | 7.78 | −14.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets were ₹743.54 crore against ₹707.05 crore as at 31 March 2026, and total equity was ₹608.43 crore against ₹590.37 crore. Borrowings rose to ₹50.51 crore from ₹45.43 crore, while cash fell to ₹0.01 crore from ₹5.79 crore. Inventories rose to ₹251.48 crore from ₹192.05 crore, trade receivables to ₹221.52 crore from ₹204.4 crore, and trade payables to ₹66.49 crore from ₹42.82 crore.
For H1 FY27, cash flow from operating activities was negative ₹14.59 crore, compared with negative ₹159.75 crore in H1 FY26. Investing cash flow was ₹7.44 crore against negative ₹28.71 crore, and financing cash flow was ₹1.37 crore against ₹291.2 crore. Capital expenditure was ₹21.6 crore against ₹30.23 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 743.54 | 707.05 |
| Total equity | 608.43 | 590.37 |
| Borrowings | 50.51 | 45.43 |
| Cash and equivalents | 0.01 | 5.79 |
| Inventories | 251.48 | 192.05 |
| Trade receivables | 221.52 | 204.40 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −14.59 | −159.75 |
| Cash from investing | 7.44 | −28.71 |
| Cash from financing | 1.37 | 291.20 |
| Capital expenditure | 21.60 | 30.23 |
Source: Company's results filing (XBRL).
How has Mangal Electrical Industries done over the last 6 quarters?
Revenue has risen year on year in each of the last two quarters. It reached ₹179.42 crore in Q4 FY26, the highest of the six quarters shown, and fell to ₹125.83 crore in Q1 FY27 before recovering to ₹168.58 crore in Q2 FY27. Profit after tax peaked at ₹13.39 crore in Q3 FY26 and was lowest at ₹3.73 crore in Q1 FY26, while the latest quarter's net profit was ₹10.97 crore.
The EBITDA margin peaked at 14.2% in Q2 FY26 and fell to 9.8% in Q4 FY26 and 8.8% in Q1 FY27. It edged up to 9.2% in Q2 FY27, the latest quarter, but remained below the year-ago level of 14.2%.
Which businesses drove the quarter?
The company reported two business segments in Q2 FY27. Manufacturing and trading of transformers, CRGO, electrical accessories and other related items recorded revenue of ₹163.25 crore and EBIT of ₹16.58 crore, giving an EBIT margin of 10.2%.
The EPC contract segment involving electrical items reported revenue of ₹5.33 crore and EBIT of negative ₹1.15 crore, with an EBIT margin of negative 21.6%. The filings excerpt did not provide year-ago revenue or EBIT for either segment, so growth against Q2 FY26 is not stated.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Manufacturing & Trading of Transformers, CRGO, Electrical Accessories & Other Related Items | 163.25 | 16.58 | 10.2% | |
| EPC Contract involving Electrical Items | 5.33 | −1.15 | -21.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board met on 31 October 2026 and approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities and the statement of cash flows, and took on record the statutory auditors' limited review report. The auditors reported that nothing had come to their attention suggesting a material misstatement.
The board also noted the CARE Ratings monitoring agency report on the utilisation of proceeds raised through the initial public offer for the quarter ended 30 September 2026, along with the statement of deviations or variations, if any. Following a recommendation from the Nomination and Remuneration Committee, it was proposed to designate Mr. Swathirajan Mulvadi Gomadam, Chief Operating Officer – CRGO, as Senior Management Personnel with effect from 31 October 2026. The trading window for designated persons opens 48 hours after dissemination of the announcement.
How did Mangal Electrical Industries shares react?
The filing was made after market hours, with a base price of ₹241.00 against a prior close of ₹251.65. In the first 30 minutes after the filing, the price moved 0.4% above the base, after being 0.4% lower at 15 minutes and 0.1% higher at five minutes. On the reaction day, the stock fell 6.6% from the previous close.
| After the filing | Stock |
|---|---|
| 5 minutes | +0.1% |
| 15 minutes | −0.4% |
| 30 minutes | +0.4% |
| Reaction day | −6.6% |
| Next day | −5.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −3.0% |
| 13 May 2026 | −6.4% |
| 28 January 2026 | −6.4% |
| 8 November 2025 | −4.3% |
| 16 September 2025 | −8.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Mangal Electrical Industries' revenue in Q2 FY27?
Revenue from operations was ₹168.58 crore, up 9.2% from ₹154.33 crore in Q2 FY26 (standalone).
Did Mangal Electrical Industries make a profit in Q2 FY27?
Yes. Net profit was ₹10.97 crore, against a net profit of ₹13.30 crore in Q2 FY26.
What was Mangal Electrical Industries' EPS in Q2 FY27?
Basic earnings per share were ₹3.97, against ₹5.96 in Q2 FY26.
How did Mangal Electrical Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.6% from the previous close.
When did Mangal Electrical Industries announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Prior Intimation Of Board Meeting Pursuant To Reg.29 Of SEBI(LODR) Regulations, 2015 (BSE, 24 October 2026) · PDF
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- Updates (NSE, 31 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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