Mangal Electrical Industries Ltd.

•

mangals.comBSE: 544492NSE: MEIL

Market Cap₹ 780 Cr.

Current Price

High / Low₹ 548 / 206

Stock P/E16.6

Book Value₹ 216

Price to Book0.98

Dividend Yield0.00 %

ROCE14.7 %

ROE11.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Electrical Transformers, CRGO, Electrical Accessories & Other Related Items: 88.3% • EPC Contract Involving Electrical Items: 11.7%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 109.6% CAGR over last 5 years
Company is almost debt free
Company has a good return on equity (ROE) track record: 3 Years ROE 22.5%
Company has a healthy return on capital (ROCE) of 22.0%
Latest quarter profit grew 101.7% YoY, showing strong momentum
Company has delivered good sales growth of 36.8% CAGR over last 5 years

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -24.7pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.85x)
Working capital days have increased from 72 to 282 days
Equity base is being diluted - shares outstanding up 90.6%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	294.15	123.52	2493.69	74.46	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	MEIL	282.25	16.61	779.86	0.00	7.52	101.66	125.83	40.34	14.73	8.85

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	114	133	149	153	90	154	156	179	126
	103	109	125	130	80	132	137	162	118
Operating Profit	11	24	24	23	10	22	19	18	8
OPM %	9.81%	18.05%	16.12%	14.76%	11.12%	14.15%	12.08%	9.84%	6.59%
	1	1	0	0	0	1	3	3	2
Interest	3	4	5	3	4	4	2	2	2
Depreciation	1	1	1	1	1	1	2	2	1
Profit before Tax	7	19	18	19	5	18	18	17	10
Tax %	26.45%	25.12%	25.95%	25.94%	26.43%	25.35%	25.65%	25.92%	25.51%
Net Profit	5	14	14	14	4	13	13	13	8
	2.66	6.97	6.66	6.80	1.82	5.96	5.01	4.68	2.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	191	199	290	208	121	218	354	449	549	580	616
	168	177	266	194	109	197	310	407	468	511	549
Operating Profit	23	22	23	14	12	22	44	43	82	68	67
OPM %	11.89%	11.13%	8.09%	6.81%	10.29%	10.02%	12.54%	9.48%	14.90%	11.79%	10.83%
	4	2	1	4	1	1	4	3	2	7	9
Interest	18	15	12	10	9	12	11	13	15	12	10
Depreciation	3	3	4	4	3	3	4	4	5	6	6
Profit before Tax	6	6	8	5	1	8	33	28	64	58	63
Tax %	34.38%	32.63%	35.55%	36.23%	4.40%	24.45%	24.74%	25.47%	25.75%	25.71%	25.62%
Net Profit	4	4	5	3	1	6	25	21	47	43	47
EPS	2.57	2.83	3.75	0.00	0.74	4.19	12.07	14.45	23.08	15.62	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 37%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 31%
5 Years:: 110%
3 Years:: 20%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -47%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 23%
3 Years:: 23%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	14	14	14	14	14	14	14	20	28
	19	23	28	31	32	39	73	94	142	563
	105	99	56	83	106	83	97	83	143	44
Trade Payables	34	53	67	51	28	40	20	26	37	43
	13	11	13	8	4	10	15	26	23	23
Total Liabilities	185	200	179	188	185	187	220	244	365	700
	30	37	35	32	30	31	34	40	39	70
Capital Work in Progress	1	0	0	0	0	0	0	2	9	9
	46	62	45	44	64	65	82	83	148	192
	0	0	0	0	0	0	0	88	129	204
Cash & Bank	10	6	8	8	0	15	1	7	0	91
	98	94	92	104	91	76	103	25	39	134
Total Assets	185	200	179	188	185	187	220	244	365	700

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34	28	56	-14	-0	37	34	37	-30	-101
Cash from Investing	-2	-10	-2	-1	-10	-2	4	-13	-18	-158
Cash from Financing	-25	-21	-50	17	9	-33	-34	-18	42	264
	5	-4	2	0	-1	1	-2	6	-7	5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Aug 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	99.53	99.53	99.53	99.53	74.19	74.44	74.79	74.79	74.79
	0.00	0.00	0.00	0.00	4.12	2.39	2.03	2.19	1.28
	0.00	0.00	0.00	0.00	7.06	6.68	6.19	4.43	4.30
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.47	0.47	0.47	0.47	14.64	16.48	16.99	18.58	19.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Credit Rating

2026-09-02 - Mangal Electrical Industries Limited has informed the Exchange about Credit Rating

2026-08-27

Shareholders meeting

2026-08-27 - Mangal Electrical Industries Limited has informed the Exchange regarding voting results of Annual General Meeting held on August 26, 2026

2026-08-27

Shareholders meeting

2026-08-27 - Mangal Electrical Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 26, 2026

2026-08-26

Updates

2026-08-26 - Mangal Electrical Industries Limited has informed the Exchange regarding 'Disclosure Of Key Performance Indicators Under SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2018'.

2026-08-26

Shareholders meeting

2026-08-26 - Mangal Electrical Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026

2026-08-10

Copy of Newspaper Publication

2026-08-10 - Mangal Electrical Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Corrigendum

2026-08-07 - Mangal Electrical Industries Limited has informed the Exchange regarding Corrigendum to Correction in Annual Report - Board of Directors section (Page no. 18)

2026-08-07

Corrigendum

2026-08-07 - Mangal Electrical Industries Limited has informed the Exchange regarding Corrigendum to Notice of Annual General Meeting to be held on August 26, 2026 relating to Appointment of Secretarial Auditor

2026-08-06

Monitoring Agency Report

2026-08-06 - Monitoring Agency Report for the quarter ended June 30, 2026

News

Recent coverage and analyst commentary for MEIL

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