Mangal Electrical Industries IPO Review

Mangal Electrical Industries is in the business of processing transformer components transformer lamination, CRGO slit coils, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core and oil immersed circuit breakers. They also trade CRGO and CRNO coils, as well as amorphous ribbons. Further, they manufacture transformers and customised products in the power infrastructure industry. 

The company have seen business growth under the leadership and guidance of one of the Promoter, Chairman and Managing Director, Rahul Mangal, who has over 35 years of experience in power distribution and technology sectors including as one of the partners of the erstwhile partnership firm under the name ‘Mangal Electrical Industries’ (now converted into the Company. Aniketa Mangal has over 8 years of experience across verticals including finance, operations, marketing and sales and has been on the Board of the Company since 2022.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 55,139.04 Lakh, ₹ 45,213.23 Lakh and ₹ 35,781.20 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 8,381.00 Lakh, ₹ 4,527.29 Lakh and ₹ 4,792.79 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 4,730.70 Lakh, ₹ 2,094.86 Lakh and ₹ 2,473.81 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 23.08 and post-issue EPS of ₹ 17.12 for FY24. The pre-issue P/E ratio is 24.30x, while the post-issue P/E ratio is 32.77x against the Industry P/E ratio is 27x. The company's ROCE for FY24 is 25.38%, ROE for FY24 is 29.00% and RoNW is 34.14%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of PMangal Electrical Industries showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Mangal Electrical Industries Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.