Mangal Electrical Industries is a power-infrastructure company built on the precision processing of CRGO steel - the grain-oriented magnetic sheet that forms the core of every transformer. Founded in 1989 in Rajasthan, it has spent three decades expanding from a single component-processing operation into a vertically integrated business that now makes those components, builds the transformers they go into, and constructs the substations where those transformers sit - a step-by-step progression where each stage feeds the next. The recurring pattern is simple: master a high-barrier component process, then use that in-house capability to strengthen the next link in the chain, whether that means supplying transformer makers, building transformers itself, or delivering turnkey substation projects to government utilities.
Business segments
Three engines built in sequence - a component-processing cash cow that supplies the industry, a transformer factory that uses those same components, and a turnkey substation business that pulls both through to government customers.
1. Transformer components: the precision core business that feeds the industry
The company processes the specialised magnetic steel and switching devices that every transformer needs, selling to over 100 power-infrastructure customers from a position few competitors can replicate.
- The steel that makes transformers work - CRGO (Cold-Rolled Grain-Oriented) steel is the high-precision magnetic material at the heart of every power and distribution transformer, and the company takes wide coils of it and converts them into slit coils, cut laminations, core assemblies, and wound cores. It processed 15,283 tonnes in FY26, with installed capacity of 28,000 tonnes after a recent expansion from 16,200 tonnes.
- Approvals are the moat - getting certified to process CRGO for high-voltage applications is slow and difficult, and the company holds PGCIL approval for processing up to the 765 kV class, plus approvals from NTPC, Adani, and ReNew Power, which means its lab and processes have passed the scrutiny of India's most demanding power-sector buyers.
- Two kinds of circuit breaker, one factory floor - the company has made Integrated Circuit Breakers (oil-immersed breakers that sit inside transformers) since 2016, with capacity for 75,000 units a year, and added Vacuum Circuit Breakers to the line-up during FY26, giving it a second switching product alongside its magnetic-steel range.
- Amorphous cores for the efficiency play - alongside conventional CRGO, the company processes amorphous metal cores used in high-efficiency transformers, with 2,400 tonnes of installed capacity, so it can serve both standard and premium-efficiency segments.
- Short cycles, broad customer base - CRGO laminates typically work on spot orders with short turnaround times, and the top 10 customers account for roughly half of total revenue, which means the business is not dependent on any single buyer even though it supplies names like Transformers & Rectifiers, TBEA, and Waaree Transpower.
2. Transformer manufacturing: building finished units with in-house components
The company makes transformers from 5 KVA single-phase units up to 10 MVA three-phase machines, using its own processed cores and breakers to control cost and quality.
- Small to medium, with bigger ambitions - current production spans single-phase 5 KVA to three-phase 10 MVA units, and regulatory approval covers up to 33 kV / 10 MVA, but the company is already working to upgrade its capability to the 132 kV / 100 MVA class, which would open up larger utility-scale orders.
- A captive customer for its own components - because the company processes its own CRGO cores and manufactures its own circuit breakers, the transformer division draws on in-house supply for its most critical inputs, which shortens lead times and keeps more margin inside the group.
- Building the box, not just the guts - the company is adding tank manufacturing capacity for higher-voltage transformers, a move toward backward integration that means it will eventually make the steel enclosure as well as the electromagnetic core and switching gear inside it.
- Dedicated facility, order-book visibility - transformer manufacturing runs out of a dedicated facility shared with CRGO processing, and the order book for this vertical is largely made up of transformer supply contracts, giving a line of sight on production scheduling.
3. EPC and substations: turnkey delivery for government utilities
The company designs, procures equipment for, and builds entire electrical substations on a turnkey basis - a business that pulls through its own components and transformers into government-funded projects.
- From supplier to prime contractor - the EPC (Engineering, Procurement, and Construction) business was started in 2015, marking the shift from selling parts to delivering complete substations for government and public-sector clients, with four projects executed and four more underway as of the latest filings.
- In-house supply is the edge - because the company makes its own transformer components and finished transformers, it can supply its EPC projects with equipment from within the group rather than buying from third parties, which improves project economics and delivery certainty.
- A PGCIL credential that matters - the company successfully delivered a 132 kV project for PGCIL (Power Grid Corporation of India) in 2021, a reference that signals it can handle work for India's central transmission utility, the country's most demanding substation customer.
- Order book driven by unexecuted contracts - the EPC order book largely consists of contracts that are signed but not yet built, so revenue recognition follows project milestones rather than spot sales, giving a different rhythm to this business compared with the component and transformer divisions.
Group structure and partners
The company is part of a family-controlled power-infrastructure group with a listed cable maker under common leadership, and listed its own shares in August 2025.
- A sibling in cables - Dynamic Cables Ltd, already listed on Indian exchanges, manufactures power conductors and infrastructure cables including HT, LT, solar, and railway signalling cables, and shares leadership with Mangal Electrical: Rahul Mangal is Chairman and Managing Director of Mangal Electrical and non-executive Chairman of Dynamic Cables, while Ashish Mangal is a Non-Executive Director of Mangal Electrical and Managing Director of Dynamic Cables.
- Freshly public - the company listed its equity shares on BSE and NSE in August 2025, a transition that changed its Corporate Identification Number from the unlisted prefix to the listed one and brought it into the public-market fold.
- Land for the next expansion - in June 2026, the company acquired a 1.43-hectare industrial land parcel in Sikar district, Rajasthan, for ₹8 crore in cash, earmarked for expanding manufacturing facilities and future operations.