Mangal Electrical Industries Reports FY26 Revenue of ₹579.7 Cr, PAT at ₹43.2 Cr
Mangal Electrical Industries Limited reported FY26 standalone revenue of ₹579.7 crore and PAT of ₹43.2 crore, with EBITDA of ₹68.3 crore and an 11.8% EBITDA margin. The company's net worth expanded to ₹590.4 crore while total debt reduced to ₹45.4 crore. CRGO processing volume grew 20% to 15,283 MT, and the EPC segment surged to ₹68 crore from ₹16 crore in FY25. The audited results were approved on May 13, 2026, and filed with exchanges on May 15, 2026 under Regulation 30.
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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:
| Profit & Loss Account (₹ in Crs): | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net Revenue: | 449.5 | 549.4 | 579.7 |
| Raw Material Cost: | 363.2 | 414.6 | 457.9 |
| Gross Profit: | 86.3 | 134.8 | 121.8 |
| Employee Cost: | 19.6 | 23.5 | 28.5 |
| Other Expenses: | 24.0 | 29.5 | 25.0 |
| EBITDA: | 42.6 | 81.8 | 68.3 |
| EBITDA Margin %: | 9.5% | 14.9% | 11.8% |
| Depreciation: | 4.1 | 4.9 | 5.9 |
| EBIT: | 38.5 | 76.9 | 62.4 |
| Interest Cost: | 13.1 | 15.2 | 11.6 |
| Other Income: | 2.6 | 2.0 | 7.3 |
| PBT: | 28.1 | 63.7 | 58.1 |
| Tax: | 7.2 | 16.4 | 14.9 |
| Reported PAT: | 20.9 | 47.3 | 43.2 |
| PAT Margin %: | 4.7% | 8.6% | 7.4% |
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.
| Balance Sheet (₹ in Crs): | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net Worth: | 115.0 | 162.2 | 590.4 |
| Short + Long Term Debt: | 92.1 | 149.1 | 45.4 |
| Capital Employed: | 207.1 | 311.3 | 635.8 |
| Total Fixed Assets: | 41.4 | 48.4 | 79.2 |
| Current Assets: | 201.5 | 311.8 | 617.6 |
| Inventories: | 82.9 | 148.3 | 192.0 |
| Sundry Debtors: | 88.3 | 129.3 | 204.4 |
| Cash & Cash Equivalents (incl. FD): | 15.6 | 13.0 | 152.0 |
| Current Liabilities & Prov.: | 39.4 | 55.2 | 71.3 |
| Net Current Assets: | 162.1 | 256.6 | 546.3 |
| Total Assets: | 207.1 | 311.3 | 635.8 |
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:
| Fiscal Year: | Transformer Components (₹ Cr) | Transformer Mfg (₹ Cr) | EPC (₹ Cr) |
|---|---|---|---|
| FY23: | 240 | 94 | 12 |
| FY24: | 324 | 99 | 16 |
| FY25: | 387 | 127 | 16 |
| FY26: | 410 | 89 | 68 |
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.
| Particular: | Effective Installed Capacity |
|---|---|
| CRGO Processing: | 28,000 MT |
| Transformers: | 10,22,500 KVA |
| Immersed Circuit Breaker (ICB): | 75,000 units |
| Amorphous: | 2,400 MT |
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.
| Growth Driver: | Key Metric |
|---|---|
| Indian Transformer Market CAGR (2026–2031): | 8.2% |
| India Market Size (FY26): | ~$3.3 Bn |
| Renewable Energy Target by 2030: | 500 GW |
| Planned T&D Capex by 2032 (NEP): | ₹9+ Lakhs Crs |
| Peak Power Demand (April 2026): | 256 GW |
Source: None/Company/INE0PKD01011/06a7ea9a1b5b4786.pdf
Historical Stock Returns for Mangal Electrical Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.40% | -1.08% | +7.22% | -16.55% | -40.04% | -40.04% |
How will the planned upgrade to 132 kV/100 MVA transformer manufacturing capability impact Mangal Electrical's competitive positioning and margin profile once the greenfield plant becomes operational in the next 2–3 years?
Given that CRGO prices declined throughout FY26, what is the outlook for CRGO pricing in FY27, and could a price recovery restore EBITDA margins closer to the FY25 peak of 14.9%?
With the EPC segment growing fourfold to ₹68 crore in FY26 and four projects currently ongoing, what is the revenue visibility and scalability of this segment as a long-term contributor to the business mix?
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