Mangal Electrical Industries: No IPO Fund Use Deviation for Q2 FY27

Mangal Electrical Industries Ltd has filed a Statement of Deviation and Variation for the quarter ended September 30, 2026. The company confirms there has been no deviation or variation in the utilization of proceeds raised through its Initial Public Offer (IPO). The IPO, which raised ₹40,000 Lakhs (₹400 Crore) on August 25, 2025, had its funds monitored by CARE Ratings Limited. The filing indicates that all funds raised have been utilized as per the original objects disclosed, with no modifications or deviations requiring shareholder approval or auditor comments.