With the recent developments in neural networks, there has been a resurgence in algorithms for the automatic generation of simulation ready electronic circuits from hand-drawn circuits. However, most of the approaches in literature were confined to classify different types of electrical components and only a few of those methods have shown a way to rebuild the circuit schematic from the scanned image, which is extremely important for further automation of netlist generation. This paper proposes a real-time algorithm for the automatic recognition of hand-drawn electrical circuits based on object detection and circuit node recognition. The proposed approach employs You Only Look Once version 5 (YOLOv5) for detection of circuit components and a novel Hough transform based approach for node recognition. Using YOLOv5 object detection algorithm, a mean average precision (mAP0.5) of 98.2% is achieved in detecting the components. The proposed method is also able to rebuild the circuit schematic with 80% accuracy with a near-real time performance of 0.33s per schematic generation.