Mangal Electrical Industries Ltd.
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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 GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7330.00 | 51.99 | 155328.84 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 908.00 | 114.44 | 143050.87 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3972.00 | 43.19 | 141451.06 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31065.00 | 120.36 | 138464.05 | 0.03 | 294.15 | 123.52 | 2493.69 | 74.46 | 28.73 | 14.58 |
| GVT&D | 4500.00 | 617.01 | 115220.94 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3180.50 | 76.12 | 113264.13 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2545.00 | 19.18 | 73207.26 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17293.00 | 61.29 | 72409.83 | 0.35 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1116.00 | 42.88 | 70035.88 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.44 | 19.43 | 61085.61 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1195.30 | 155.53 | 28580.11 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| MEIL | 280.25 | 16.49 | 774.33 | 0.00 | 7.52 | 101.66 | 125.83 | 40.34 | 14.73 | 8.85 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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
Standalone Figures in Rs. Crores / View Consolidated
| 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
Standalone Figures in Rs. Crores / View Consolidated
| 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
Standalone Figures in Rs. Crores / View Consolidated
| 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
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Mangal Electrical Industries Limited has informed the Exchange about Credit Rating
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 - Mangal Electrical Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 26, 2026
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 - Mangal Electrical Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026
2026-08-10 - Mangal Electrical Industries Limited has informed the Exchange about Copy of Newspaper Publication
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 - 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 for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for MEIL
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