Mangal Electrical Industries has issued a corrigendum to the notice for its 18th Annual General Meeting (AGM), scheduled for August 26, 2026, to rectify inadvertent errors in the appointment of its secretarial auditor and a director’s profile. The correction extends the tenure of M/s SKMG & Co. from a single year to five consecutive financial years, aligning with SEBI regulations, and clarifies the current employment status of proposed independent director Ms. Neha Rathi. This update ensures accurate governance disclosures before shareholders vote on key resolutions via remote e-voting.

The corrigendum, filed with BSE Limited and National Stock Exchange of India Limited on August 7, 2026, addresses two specific items in the AGM notice and Annual Report for FY25. The primary change relates to Item No. 5 of the notice, which concerns the appointment of the Secretarial Auditor. Originally, the resolution sought approval for M/s SKMG & Co., Practicing Company Secretaries, for the Financial Year 2026-27 alone. The revised resolution now proposes their appointment for a term of five consecutive financial years, commencing from FY26-27 and ending with FY30-31. This extension complies with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which permit longer tenures for secretarial auditors under specific conditions.

Auditor Appointment Correction

The revision impacts the remuneration structure and oversight continuity for the company. While the original notice specified a fee of ₹2,31,000 plus taxes for FY27, the new resolution leaves the exact remuneration for the five-year term to be determined by the Board of Directors. The appointment remains subject to shareholder approval at the AGM. The company also retains M/s Maharwal & Associates as Cost Auditors for FY27 at a fee of ₹50,000 plus applicable taxes, a detail that remains unchanged from the initial notice.

Director Profile Rectification

The second correction addresses a typographical error in the "Board of Directors" section of the Annual Report for FY25. The initial document incorrectly stated that Ms. Neha Rathi, who is up for appointment as an Independent Director, was the Company Secretary & Compliance Officer of Mangal Electrical Industries Limited. The corrigendum clarifies that she currently serves as the Company Secretary & Compliance Officer at Raghav Productivity Enhancers Limited. This distinction is material for assessing her independence and potential conflicts of interest, as required under corporate governance norms.

Ms. Rathi’s appointment, if approved, will be for a five-year term commencing July 29, 2026. She brings over 10 years of experience in corporate governance and SEBI regulations. The correction ensures that shareholders have accurate information regarding her professional background before voting on her reappointment.

AGM Logistics and Voting

The 18th AGM will be held on Wednesday, August 26, 2026, via Video Conferencing or Other Audio-Visual Means (VC/OAVM). Shareholders holding shares as of the record date, Monday, August 17, 2026, are eligible to participate. Remote e-voting is facilitated by Bigshare Services Private Limited, with the voting window open from August 22, 2026, at 10:00 A.M. IST to August 25, 2026, at 5:00 P.M. IST. The company published the initial notice in Financial Express and Nafa Nuksan on July 30, 2026, adhering to Regulation 30 and Regulation 47 of the SEBI (LODR) Regulations, 2015.

The meeting also includes resolutions for the adoption of the Employee Stock Option Plan 2025 (MEIL-ESOP 2025), which allows for the issuance of up to 15,00,000 equity shares, and the re-appointment of directors Mr. Ashish Mangal and Mr. Sumer Singh Punia by rotation. All other contents of the AGM Notice and Annual Report remain unchanged except for the corrections specified in this corrigendum.

mangal electrical industries reported a profit after tax (PAT) of ₹43.17 crore for the financial year ended March 31, 2026, alongside a 5.51% increase in revenue from operations to ₹579.68 crore. The company’s EBITDA stood at ₹68.3 crore, reflecting an EBITDA margin of 11.8%. These results mark the firm’s first full year as a publicly listed entity following its initial public offering (IPO) in August 2025, which raised ₹40,000 lakh and strengthened its balance sheet by reducing total debt from ₹149.12 crore to ₹45.43 crore.

The Board of Directors did not recommend any dividend for FY26, opting instead to retain profits to fund ongoing capacity expansion and working capital requirements. The company’s net worth increased significantly to ₹590.37 crore as of March 31, 2026, driven by healthy internal accruals and the successful capital raise. Statutory auditors M/s. A Bafna & Co. issued an unqualified opinion on the standalone financial statements, confirming compliance with Indian Accounting Standards (Ind AS).

Financial Performance

Revenue growth was primarily driven by higher volumes in the transformer components business and steady momentum in transformer manufacturing. However, margins faced pressure due to a sharp correction in Cold Rolled Grain Oriented (CRGO) steel prices, which impacted industry realizations across the sector. Despite these headwinds, the company maintained disciplined cost management while continuing investments in capacity expansion.

Strategic Developments

During FY26, Mangal Electrical expanded its CRGO processing capacity to 28,000 metric tons and secured Power Grid Corporation of India Limited (PGCIL) approval for CRGO processing up to the 765 kV class. The company is also constructing a greenfield transformer manufacturing facility designed to produce transformers up to the 220 kV/100 MVA class, aiming to address higher-value opportunities in the power sector. Additionally, the company introduced Vacuum Circuit Breakers (VCBs) to broaden its product portfolio.

What the Numbers Show

The most significant structural change in the company’s financial profile is the deleveraging achieved through the IPO. With total debt dropping to ₹45.43 crore against a net worth of ₹590.37 crore, the debt-equity ratio improved dramatically from 0.92x to 0.08x. This strengthened balance sheet provides the company with greater financial flexibility to pursue its long-term strategy of backward integration and capacity expansion without relying heavily on external borrowings. The retention of earnings further supports this growth trajectory, ensuring that capital is deployed directly into manufacturing capabilities and working capital rather than distributed as dividends.