Mangal Electrical Aims for NSE/BSE Listing, Projects ₹580 Cr FY26 Revenue

Projected FY26 Revenue: ₹579.7 Crs. Projected FY26 EBITDA: ₹68.3 Crs. The company plans to enhance its transformer manufacturing capacity and expand its product range.

Financial Outlook and Plans

Mangal Electrical Industries Ltd. has outlined its financial projections and strategic initiatives for fiscal year 2026. The company anticipates revenue reaching ₹579.7 Crores and EBITDA of ₹68.3 Crores. These forecasts are supported by plans to increase manufacturing capacity and broaden its product range, particularly with higher kV class transformers. Mangal Electrical also confirmed its intention to pursue a listing on the NSE and BSE in August 2025, a significant step for the company.

Why This Matters

This outlook aligns with the Indian Transformer Market's projected growth of 8.2% annually (CAGR) and the significant capital expenditure planned for Transmission & Distribution (T&D) infrastructure over the next ten years. By positioning itself strategically, Mangal Electrical aims to capitalize on India's ongoing infrastructure development and energy transition efforts. A listing on the national stock exchanges could also enhance the company's visibility and access to capital for future growth.

What Changes Now

• The company is increasing its transformer manufacturing capacity to the 132 kV/100 MVA class.
• A new greenfield transformer plant is being built to move up the value chain.
• Product offerings will expand to include Vacuum Circuit Breakers (VCBs).
• The Engineering, Procurement, and Construction (EPC) business will remain secondary, focusing on selective, high-margin projects.
• The planned NSE & BSE listing in August 2025 will offer investors a new platform.

Risks to Watch

Management highlighted potential challenges for FY25-26, particularly noting the impact of declining CRGO prices. This trend can affect industry profitability and lead to slower value growth. As with any forward-looking projections, actual results may differ due to factors such as shifts in demand, competitive pressures, and technological advancements.

Peer Comparison

Mangal Electrical Industries operates within a competitive sector. Established transformer manufacturers include Transformers and Rectifiers (India) Ltd and Bharat Bijlee Ltd. Other companies involved in large-scale Transmission & Distribution (T&D) projects, reflecting market demand, include KEC International and Skipper Ltd.

Key Financial and Market Figures

• Net revenue increased from ₹449.5 Crs in FY24 to ₹549.4 Crs in FY25, with a projection of ₹579.7 Crs for FY26.
• EBITDA margin was 9.5% in FY24, rose to 14.9% in FY25, and is projected at 11.8% for FY26.
• The Indian Transformer Market is forecast to grow at a CAGR of 8.2% between 2026 and 2031.

What to Track Next

• Progress on implementing the new greenfield transformer plant.
• Updates on expanding capacity to the 132 kV/100 MVA class.
• Milestones concerning the planned NSE & BSE listing in August 2025.
• Performance and growth within the EPC business segment.
• How the company manages CRGO price volatility and market sentiment.