MICEL - MIC Electronics
📢 Recent Corporate Announcements
MIC Electronics Limited has signed a Memorandum of Understanding (MOU) with Refit Global Private Limited to explore a strategic transaction. The potential deal may involve equity or debt investment, share swaps, or the acquisition of assets and business. This collaboration aims to merge MIC's manufacturing capabilities with Refit Global's refurbishment platform to enter the circular electronics market. The transaction is currently subject to due diligence and regulatory approvals.
- MOU signed on February 13, 2026, to explore strategic investment or acquisition opportunities.
- Potential transaction structures include equity, debt, hybrid instruments, or share swaps.
- Partnership combines MIC's manufacturing excellence with Refit's B2C market penetration in refurbished electronics.
- The initiative targets the next-generation circular electronics platform for sustainable growth.
- No prior shareholding exists between the two parties, and the deal is not a related party transaction.
MIC Electronics Limited has secured a domestic order valued at approximately Rs 4.45 crore from the Howrah Division of the Eastern Railway Zone. The contract involves the provision of Coach Indication Boards (CIB) and Train Indication Boards (TIB) across eight railway stations. The project is scheduled for completion within a six-month timeframe, indicating a quick turnaround for revenue recognition. This win reinforces the company's specialized position in the railway display and signaling infrastructure segment.
- Total order value is Rs 4,45,01,602.40 for railway display systems.
- Project covers eight stations including PRGR, SKIP, BZLE, SALE, MGAE, SDI, MRR, and RJG.
- The contract was awarded by the Howrah Division, Eastern Railway Zone through a tender process.
- Execution period is set for 6 months from the date of acceptance.
MIC Electronics Limited has received a Letter of Acceptance from the Firozpur Division of Northern Railway for a project valued at approximately ₹1.46 crore. The contract involves the provision of Coach Guidance and PA systems at SVDK and SINA stations within the Jammu Division. This domestic order was secured through a competitive tender process and is scheduled for completion within a short timeframe of three months. This win reinforces the company's presence in the railway infrastructure and signaling segment.
- Total order value stands at ₹1,45,75,627.69 including taxes
- Project involves Coach Guidance and PA systems at SVDK and SINA stations
- Execution timeline is strictly set at 3 months
- Order awarded by the Firozpur Division, Northern Railway Zone of Indian Railways
- The contract was won through a direct domestic tender participation
MIC Electronics Limited has secured its first commercial order for the Public Address and Passenger Information System (PAPIS) from the Railway Coach Factory, Kapurthala. This milestone follows the Capacity cum Capability Assessment (CCA) approval received in December 2024, validating the company's technical standards. The order marks the official commencement of commercial supplies in this specialized product category for the Indian Railways. This development is expected to open new revenue streams and strengthen the company's position as a railway electronics supplier.
- First commercial order received for GPS-based Public Address & Passenger Information System (PAPIS).
- Order placed by Railway Coach Factory (RCF), Kapurthala, following product approval in Dec 2024.
- Marks the transition from product development and approval to commercial supply phase.
- Strengthens the company's specialized electronics portfolio within the Indian Railways ecosystem.
MIC Electronics reported a massive jump in consolidated revenue for Q3 FY26, reaching ₹90.23 crore compared to ₹11.75 crore in the year-ago period. This growth was almost entirely driven by the 'Electrical & Electronics, Spare parts trading' segment, which contributed ₹77.60 crore. However, despite the top-line surge, consolidated Net Profit (PAT) declined by approximately 13% YoY to ₹1.88 crore, as the new trading segment operates on very thin margins. Standalone performance remained stable with revenue at ₹12.63 crore, indicating that the core LED business is not the primary driver of the recent volume expansion.
- Consolidated Revenue from Operations grew by 668% YoY to ₹9,022.71 Lakhs.
- Consolidated Net Profit (PAT) stood at ₹187.72 Lakhs, down from ₹216.56 Lakhs in Q3 FY25.
- The 'Electrical & Electronics, Spare parts trading' segment contributed 86% of total revenue but only ₹45.59 Lakhs to segment profit.
- Core LED Products segment revenue was stable at ₹1,263.20 Lakhs with a segment profit of ₹258.29 Lakhs.
- Consolidated Basic and Diluted EPS for the quarter was ₹0.08, compared to ₹0.09 in the previous year.
MIC Electronics reported a massive surge in consolidated revenue to ₹90.23 crore for Q3 FY26, compared to ₹11.75 crore in the previous year's quarter. This growth was primarily fueled by the 'Electrical & Electronics, Spare parts trading' segment, which contributed ₹77.60 crore to the top line. However, consolidated net profit saw a slight decline to ₹1.88 crore from ₹2.17 crore YoY, reflecting lower margins in the high-volume trading business. Standalone performance remained steady with revenue of ₹12.63 crore, primarily from the core LED products segment.
- Consolidated Revenue from Operations skyrocketed 668% YoY to ₹9,022.71 Lakhs.
- Consolidated Net Profit decreased by 13.3% YoY to ₹187.72 Lakhs from ₹216.56 Lakhs.
- The trading segment (Electrical & Electronics) emerged as the largest revenue contributor at ₹7,759.66 Lakhs for the quarter.
- Standalone LED segment profit stood at ₹258.31 Lakhs on segment revenue of ₹1,263.20 Lakhs.
- Consolidated EPS for the quarter was ₹0.08, down from ₹0.09 in the corresponding previous year quarter.
MIC Electronics Limited has been awarded a significant domestic contract worth ₹114.10 crore by the Nava Raipur Atal Nagar Vikas Pradhikaran, Chhattisgarh. The project involves the design, engineering, construction, and maintenance of infrastructure at a common facility center in Sector 22. With a short execution timeline of 10 months, this order is expected to provide a substantial boost to the company's revenue in the near term. The contract was secured through a competitive tender process, reinforcing the company's standing in government infrastructure projects.
- Total order value stands at ₹114,10,15,212 (approximately ₹114.10 crore)
- Project execution period is set at 10 months from the date of agreement
- Scope includes Designing, Engineering, Supply, Construction, Testing, Commissioning, and O&M
- Awarded by a government entity, Nava Raipur Atal Nagar Vikas Pradhikaran, through a tender process
MIC Electronics Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The report, issued by the Registrar and Share Transfer Agent, Venture Capital and Corporate Investments Private Limited, confirms the status of share processing. Specifically, the company reported that zero securities were received for dematerialization or rematerialization during the quarter. This is a standard administrative disclosure required to maintain transparency between the company, depositories, and stock exchanges.
- Compliance certificate submitted for the quarter ending December 31, 2025
- Registrar confirms 0 securities were received for dematerialization during the period
- Registrar confirms 0 securities were received for rematerialization during the period
- Filing covers requirements for both BSE (532850) and NSE (MICEL) listings
MIC Electronics Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the upcoming declaration of un-audited standalone and consolidated financial results for the quarter ending December 31, 2025. The restriction applies to all directors, promoters, and designated employees of the company. The trading window will remain closed until 48 hours after the financial results are officially announced to the exchanges.
- Trading window closure scheduled to begin on January 1, 2026.
- Closure pertains to the review of un-audited financial results for the quarter ended December 31, 2025.
- Restriction covers all Directors, Promoters, Designated Employees, and their immediate relatives.
- The window will reopen 48 hours after the board meeting results are disclosed.
- The specific date for the Board Meeting to approve results will be announced at a later time.
MIC Electronics Limited has received a variation order from the Central Railway, Nagpur Division, valued at approximately ₹1.05 crore. The contract involves the supply, installation, testing, and commissioning of telecom assets and passenger amenities at seven railway stations. This project is being executed under the Amrit Bharat Scheme, which aims to modernize Indian railway infrastructure. While the order size is modest, it demonstrates the company's continued success in securing government tenders within the railway sector.
- Total variation order value is ₹1,05,31,118 for telecom and passenger amenities.
- Project covers 7 stations under the Nagpur Division of Central Railway.
- Order executed under the Amrit Bharat Scheme for railway station modernization.
- The contract was secured through a direct domestic tender process.
- The order reinforces the company's position as a regular supplier to Indian Railways.
MIC Electronics Limited will be participating in a Non-Deal Roadshow (NDR) to meet Analysts and Institutional Investors. The meetings are scheduled for December 17, 2025, starting at 11:00 AM and December 18, 2025, starting at 12:30 AM. IDBI Capital Markets & Securities Limited is organizing these meetings. Discussions will be based on publicly available information, and no unpublished price-sensitive information (UPSI) will be discussed.
- Analyst/Institutional Investor meetings on December 17, 2025, at 11.00 AM
- Analyst/Institutional Investor meetings on December 18, 2025, at 12.30 AM
- Organized by IDBI Capital Markets & Securities Limited
MIC Electronics Limited has received its first commercial order for Microprocessor Controllers for Roof-Mounted AC Package Units (RMPU) from the Northeast Frontier Railway. This follows the product approval received on October 20, 2025, for use in LHB and Double-Decker coaches. The order marks the official commencement of commercial supplies for this new product category. This development validates the company's ability to monetize its R&D efforts within the Indian Railways ecosystem.
- First commercial order for RMPU controllers post-product approval.
- Order received from Northeast Frontier Railway, a key division of Indian Railways.
- Product is designed for high-end LHB and Double-Decker coach AC units.
- Follows the technical approval milestone achieved on October 20, 2025.
MIC Electronics Limited held an Extraordinary General Meeting on December 1, 2025, where shareholders considered and approved raising funds up to ₹250 Crores through Qualified Institutions Placement (QIP). Additionally, the proposal to raise funds by issuing Foreign Currency Convertible Bonds (FCCBs) on a Private Placement Basis not exceeding USD 15 Million was also approved. The meeting commenced at 11:45 A.M. and concluded at 12:40 P.M. These fundraising activities could dilute existing shareholders' equity but also provide capital for growth.
- Approved raising funds up to ₹250 Crores through QIP.
- Approved raising funds up to USD 15 Million via FCCBs.
- EGM held on December 1, 2025, at 11:45 A.M. (IST).
- Meeting concluded at 12:40 P.M.
Financial Performance
Revenue Growth by Segment
Total revenue grew 11.28% YoY to INR 62.95 Cr in FY 2024-25, up from INR 56.57 Cr in FY 2023-24. While segment-specific percentages are not detailed, the growth is driven by Railway Passenger Information Systems and LED Display solutions.
Geographic Revenue Split
Primarily domestic (India) with 100% of current revenue; however, the company established SOA Electronics Trading LLC in Dubai in May 2024 to target international markets.
Profitability Margins
Net Profit Margin stood at 15.55% for FY 2024-25 (INR 9.79 Cr profit on INR 62.95 Cr revenue). Profit Before Tax (PBT) margin was 20.70% (INR 13.03 Cr).
EBITDA Margin
Core profitability (PBT) margin decreased from 31.35% in FY 2023-24 to 20.70% in FY 2024-25, a YoY decline of 1,065 basis points due to expenditure growing at 9.83% while revenue grew 11.28%.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company is investing in R&D for IoT-integrated smart solutions and green manufacturing practices.
Operational Drivers
Raw Materials
Electronic components for LED displays, signaling equipment parts, and materials for Railway Passenger Information Systems. Specific percentage of total cost per material is not disclosed.
Capacity Expansion
Current installed capacity is not disclosed in units; however, the company is scaling operations in Railway Signaling and LED Display solutions through its new subsidiary MICK Digital India Limited (incorporated Nov 2024).
Raw Material Costs
Total expenditure (including raw materials) was INR 49.92 Cr in FY 2024-25, representing 79.3% of total revenue, compared to 80.3% in the previous year.
Strategic Growth
Growth Strategy
Growth will be achieved through market expansion into new geographies (Dubai), developing IoT-integrated smart solutions for digital infrastructure, and securing Railway EPC contracts such as the INR 1.50 Cr project for the Vijayawada Division.
Products & Services
Railway Passenger Information Systems (PIS), LED Display Boards, Emergency Light Units, Passenger Announcement & Passenger Information System (PAPIS), and Remote monitoring processing units.
Brand Portfolio
MIC Electronics.
New Products/Services
IoT-integrated and smart solutions for digital infrastructure and niche signaling products.
Market Expansion
Targeting international markets via SOA Electronics Trading LLC (Dubai) and domestic expansion in Railway signaling and EPC contracts.
External Factors
Industry Trends
The industry is shifting toward IP-based Integrated Passenger Information Systems and smart city digital infrastructure, growing at a pace that requires constant IoT integration.
Competitive Landscape
Faces intense competition in the LED display and railway signaling segments from both domestic and international players.
Competitive Moat
The company holds RDSO (Research Designs and Standards Organisation) and RCF (Rail Coach Factory) approvals, which are mandatory and stringent quality certifications that act as a high barrier to entry in the railway sector.
Macro Economic Sensitivity
High sensitivity to Indian Government infrastructure spending and railway modernization budgets.
Consumer Behavior
Increasing demand for real-time, IP-based passenger information and enhanced safety signaling in public transport.
Geopolitical Risks
Export market volatility is identified as a risk for the new international trading subsidiary in Dubai.
Regulatory & Governance
Industry Regulations
Operations are governed by RDSO and RCF quality standards and SEBI (LODR) Regulations for corporate governance.
Environmental Compliance
Focusing on green practices and sustainability in manufacturing; specific ESG costs not disclosed.
Taxation Policy Impact
Effective tax rate for FY 2024-25 was approximately 24.8% (INR 3.24 Cr tax on INR 13.03 Cr PBT).
Legal Contingencies
No penalties or non-compliances were imposed by stock exchanges or statutory authorities in the last three years.
Risk Analysis
Key Uncertainties
Government policy changes and delays in project execution could impact revenue by an estimated 10-15% if major railway tenders are postponed.
Geographic Concentration Risk
High concentration in India, though the company is diversifying into the Middle East (Dubai).
Third Party Dependencies
High dependency on Indian Railways as the primary customer and RDSO for product approvals.
Technology Obsolescence Risk
High risk due to rapid technological disruption in LED and digital signaling fields.