Mangal Electrical Industries Limited announced the resignation of its Chief Financial Officer, Mr. Pawan Mendiratta, effective from the close of business hours on September 3, 2026. The company disclosed that the resignation was tendered via email dated June 3, 2026, due to personal reasons.

The intimation was made to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the requirements outlined in SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The filing was submitted by Naresh Kumar Sharma, Company Secretary & Compliance Officer of Mangal Electrical Industries Limited. The resignation marks a change in the Key Managerial Personnel of the company.

Details of Resignation

The specific details regarding the cessation of the CFO's role were provided in the annexure to the regulatory filing.

Mangal Electrical Industries Limited reported a revenue of ₹579.7 crore and a Profit After Tax (PAT) of ₹43.2 crore for the financial year ended March 31, 2026. The Board of Directors approved the audited standalone financial results for the year and quarter ended March 31, 2026, at its meeting held on May 13, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also filed a press release with the stock exchanges on May 15, 2026. The company operates across five production facilities in Rajasthan, focusing on transformer components, manufacturing, and EPC services.

Financial Performance

The company reported an EBITDA of ₹68.3 crore for FY26, resulting in an EBITDA margin of 11.8% and a PAT margin of 7.4%. While revenue grew from ₹549.4 crore in FY25, PAT declined from ₹47.3 crore in the prior year. The presentation highlighted a 20% volume growth in the core CRGO processing product, though price deceleration throughout the year impacted value growth and profitability. The detailed profit and loss account is presented below:

Balance Sheet Highlights

The company's net worth expanded significantly to ₹590.4 crore in FY26 from ₹162.2 crore in FY25, driven by a sharp rise in Reserves & Surplus to ₹562.7 crore. Total debt (short and long term) reduced substantially to ₹45.4 crore from ₹149.1 crore in FY25. Cash and cash equivalents (including fixed deposits) stood at ₹152.0 crore at the end of FY26.

Business Verticals

Mangal Electrical's product mix for FY26 comprises transformer components (71% of revenue), transformer manufacturing (15%), and EPC & others (14%). The company holds PGCIL approval for processing CRGO up to the 765 kV class and carries certifications from NABL (ISO/IEC 17025:2017), ISO 9001:2015, and ISO 14001:2015. CRGO processing volume grew from 12,717 MT in FY25 to 15,283 MT in FY26. The segment-wise revenue trend is detailed below:

Within transformer components, CRGO processing revenue stood at ₹359 crore in FY26, while amorphous core contributed ₹38 crore and ICB contributed ₹13 crore. The EPC segment saw a notable jump to ₹68 crore in FY26 from ₹16 crore in FY25, with four projects executed to date and four ongoing.

Manufacturing Infrastructure & Certifications

The company operates five fully equipped manufacturing facilities in Rajasthan with dedicated setups for CRGO processing and transformer manufacturing. Current installed capacities include 28,000 MT for CRGO processing, 10,22,500 KVA for transformers, 75,000 units for ICB, and 2,400 MT for amorphous processing. The company currently holds approval to manufacture transformers up to 33 kV/10 MVA and is in the process of enhancing this to 132 kV/100 MVA class. A greenfield transformer plant is under implementation to further move up the value chain.

Management Commentary

Chairman and Managing Director Rahul Mangal acknowledged the challenging market environment in FY26, noting that declining CRGO prices led to sluggish industry sentiment. He stated that despite the price headwinds, the company achieved 20% volume growth in its core product and undertook capacity expansion of CRGO processing lines that enabled increased growth momentum in Q4. He also highlighted the addition of Vacuum Circuit Breakers (VCBs) to the product portfolio during the year and noted that the greenfield transformer plant under implementation will shape the transformer business over the next 2–3 years.

Industry Outlook & Strategic Priorities

The Indian transformer market is expected to grow at an 8.2% CAGR, with the market size projected to rise from ~$3.0 billion in 2025E to ~$4.8 billion in 2031E, according to Mordor Intelligence. Key growth drivers include India's 500 GW renewable energy capacity target by 2030, planned T&D capex of ~₹9+ Lakhs Crore under NEP by 2032, peak power demand of 256 GW reached in April 2026, and strong export demand from the US and Europe. Mangal Electrical's strategic priorities include scaling manufacturing capabilities, expanding into higher kV class transformers, market and customer expansion, and product portfolio diversification through the addition of new transformer components and expanded transformer segments.

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