Mangal Electrical’s profit growth outpaced revenue as margins edged higher
Operating costs grew slightly slower than revenue, but the 9.15% margin remained 3.28 percentage points below the Industrials peer median.
Filed 01 Nov 2026, 10:55 IST · after market close · Mangal Electrical Industries Ltd (MEIL)
Key takeaways
- Standalone revenue rose 33.97% quarter on quarter to Rs 168.58 cr, while expenses grew slightly slower at 33.52%.
- Operating margin improved 0.30 percentage points to 9.15% as operating profit grew 38.63% quarter on quarter.
- Net profit rose 45.88% to Rs 10.97 cr, helped by a 0.62-point fall in the tax rate, while other income contributed 14.37% of pre-tax profit.
Price around the results
Revenue growth accelerated in the second quarter
Standalone revenue increased 33.97% quarter on quarter to Rs 168.58 cr, and operating profit grew faster at 38.63% to Rs 15.43 cr. Expenses rose 33.52%, slightly below revenue growth, allowing operating margin to expand by 0.30 percentage points to 9.15%. The company filed these results after market close, so there is no post-results market reaction to assess yet.
Lower tax rate and other income lifted reported profit
Profit before tax grew 44.65% quarter on quarter, ahead of operating profit growth, as interest expense declined 0.54% and other income increased 16.02% to Rs 2.10 cr. The tax rate fell 0.62 percentage points to 24.89%, helping net profit rise 45.88% to Rs 10.97 cr. Other income accounted for 14.37% of pre-tax profit, so part of the earnings increase came from a non-operating source.
Margin remains below the Industrials peer median
Mangal Electrical’s 9.15% operating margin was 3.28 percentage points below the 12.43% median for the 75 Industrials companies that had reported the same quarter. Sequentially, margin improved from 8.85% in Q1FY27, but the available trend shows only one preceding quarter, so a multi-quarter direction is not established.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹169 cr | ₹126 cr | +33.97% |
| Other income | ₹2 cr | ₹2 cr | +16.02% |
| Expenses | ₹153 cr | ₹115 cr | +33.52% |
| Operating profit | ₹15 cr | ₹11 cr | +38.63% |
| Operating margin (%) | 9.15% | 8.85% | — |
| Interest | ₹2 cr | ₹2 cr | -0.54% |
| Depreciation | ₹1 cr | ₹1 cr | +7.07% |
| Profit before tax | ₹15 cr | ₹10 cr | +44.65% |
| Tax | ₹4 cr | ₹3 cr | +41.09% |
| Net profit | ₹11 cr | ₹8 cr | +45.88% |
| EPS (₹) | ₹3.97 | ₹2.72 | +45.96% |
Operating margin of 9.15% compares with a Industrials sector median of 12.43% across 75 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above the Q2FY27 level of 9.15%.
- Whether other income remains below or above its 14.37% share of pre-tax profit.
- Whether the margin gap to the 12.43% Industrials peer median narrows from 3.28 percentage points.