MIC Electronics Limited (MICEL)
₹34.52 -1.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MIC Electronics' revenue was ₹43.7 Cr (+264.3% year on year, -14.3% on the previous quarter), and net profit ₹2.1 Cr (+6.6% year on year); the operating margin was 9.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹43.7 | +264.3% | -14.3% |
| Operating profit | ₹4.3 | +6.7% | -67.2% |
| Net profit | ₹2.1 | +6.6% | from loss |
| Operating margin | 9.8% | — | — |
MICEL exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 1 session in about the last 20.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MIC Electronics Limited has received trading approvals from BSE and NSE effective October 08, 2026, for 5,68,73,418 equity shares allotted on a preferential basis. The allotment was done at ₹41.38 per share (face value ₹2 plus premium of ₹39.38) for consideration other than cash via a share swap to shareholders of Neo Semi SG Pte. Ltd., Singapore. The issue represents approximately 19.1% of the expanded paid-up equity capital of 29,78,84,978 shares (₹59.58 Cr). The newly allotted shares carry a lock-in period up to April 14, 2027.
- 5,68,73,418 equity shares admitted to trade on BSE and NSE effective October 08, 2026
- Issued at ₹41.38 per share (face value ₹2 plus premium of ₹39.38)
- Preferential allotment via share swap for acquisition of Neo Semi SG Pte. Ltd., Singapore
- Post-issue paid-up equity share capital expands to ₹59,57,69,956 (29,78,84,978 shares)
- Lock-in period for the allotted shares remains in effect up to April 14, 2027
MIC Electronics Limited announced that all 7 resolutions presented at its 38th Annual General Meeting held on September 16, 2026, were passed with requisite majority. Approved items include the adoption of FY26 financial statements, the re-appointment of director Mr. Sivanand Swamy Mitikiri, and the reappointment of statutory auditor M/s. Bhavani & Co. for a 5-year term. Shareholders also passed 4 ordinary resolutions approving related party transactions with RRK Enterprise, MICK Digital India, SOA Electronics Trading LLC (Dubai), and Cellular Galaxy Electronics LLC.
- All 7 resolutions passed by shareholders via remote e-voting and ballot voting at the 38th AGM on September 16, 2026
- Total of 194 members participated across remote e-voting (171) and ballot voting (23)
- Re-appointment of statutory auditor M/s. Bhavani & Co. passed with 99.97% votes in favour (10,84,41,482 votes)
- Related party transaction with RRK Enterprise approved with 85.19% votes in favour (2,09,618 votes) vs 14.81% against (36,434 votes)
MIC Electronics Limited conducted its 38th Annual General Meeting on September 16, 2026, with 80 shareholders in attendance. Key agenda items included the adoption of FY26 financial statements and approval of related party transactions with entities including RRK Enterprise, MICK Digital India, SOA Electronics Trading LLC Dubai, and Cellular Galaxy Electronics LLC. Additionally, shareholders considered the re-appointment of M/s Bhavani & Co. as statutory auditors for a second 5-year term. CEO Rakshit Mathur also provided a business update on the status of the acquisition of NEO Semi SG Pte Ltd.
- 38th AGM held on September 16, 2026, attended by 80 shareholders (including 1 promoter representative)
- Remote e-voting was conducted from September 13 to September 15, 2026, with cut-off date fixed as September 10, 2026
- Approval sought for 4 related party transactions (RRK Enterprise, MICK Digital India, SOA Electronics Trading Dubai, Cellular Galaxy Electronics)
- Proposed re-appointment of M/s. Bhavani & Co., CAs, as Statutory Auditors for a second 5-year term
MIC Electronics has approved the allotment of 5,68,73,418 equity shares (face value ₹2 each) on a preferential basis for non-cash consideration. The issuance satisfies the purchase consideration to acquire a 59% controlling stake in Neo Semi SG Pte. Ltd. from Ebisu Global Opportunities Fund, Unico Global Opportunities Fund, and Tavas Advisory & Consulting. Following this allotment, the company's paid-up share capital increases from 24.10 crore shares (₹48.20 crore) to 29.79 crore shares (₹59.58 crore), representing an equity expansion of ~23.6% (and ~19.1% post-issue dilution).
- Allotted 5,68,73,418 equity shares of face value ₹2 each on a preferential basis for non-cash consideration.
- Acquired 59% ordinary share capital of Singapore-based M/s. Neo Semi SG Pte. Ltd.
- Paid-up equity share capital expands from ₹48.20 Cr (24,10,11,560 shares) to ₹59.58 Cr (29,78,84,978 shares).
- Allotment made to Ebisu Global Opportunities Fund, Unico Global Opportunities Fund, and Tavas Advisory & Consulting.
MIC Electronics Limited has received the Certificate of Incorporation dated August 31, 2026, for its 100% wholly-owned subsidiary, 'MIC Defence Systems Private Limited'. The subsidiary has an authorised share capital of ₹10,00,000 and an initial paid-up capital of ₹1,00,000 (with approved investment up to ₹10,00,000). The new entity will focus on defence electronics, aerospace, surveillance solutions, electronic warfare, and AI-based defence technologies. This represents an early-stage diversification step beyond the company's core railway signaling and LED display systems.
- Subsidiary incorporated on August 31, 2026, as a 100% wholly-owned subsidiary
- Authorised capital is ₹10,00,000 divided into 1,00,000 equity shares of ₹10 each
- Initial subscribed and paid-up capital is ₹1,00,000 (10,000 equity shares of ₹10 each)
- Target business lines include defence electronics, aerospace, homeland security, unmanned systems, and cyber security
MIC Electronics has received in-principle approval from both BSE and NSE for issuing 5,68,73,418 equity shares on a preferential basis. The shares, priced at not less than ₹41.38 each (aggregate deal value ~₹235.34 crore), are being issued to non-promoters via a share swap to acquire Singapore-based Neo Semi SG Pte Ltd. The transaction value represents approximately 31.3% of MICEL's current market capitalization of ₹751 crore. The company plans to complete the share allotment within 15 days, subject to final share transfers and procedural compliances.
- Received in-principle approval from BSE and NSE on August 25, 2026 for preferential allotment
- Issuance of 5,68,73,418 equity shares of face value ₹2 each
- Minimum issue price fixed at ₹41.38 per share, valuing the swap at ~₹235.34 crore
- Acquisition target is Singapore-based M/s. NEO Semi SG Pte Ltd
- Allotment of equity shares to be completed within 15 days
MIC Electronics has issued the notice for its 38th Annual General Meeting scheduled for September 16, 2026, along with its FY 2025-26 Annual Report. Key agenda items include the re-appointment of Statutory Auditors M/s Bhavani & Co. for 5 years at a remuneration of Rs 6,00,000 per year. Additionally, the company seeks shareholder approval for related party transactions with its holding entity, RRK Enterprise Private Limited, up to Rs 50.00 Cr for FY 2027-28 (representing ~22.4% of TTM revenue of Rs 223 Cr). Remote e-voting is scheduled from September 13 to September 15, 2026, with a cut-off date of September 10, 2026.
- 38th Annual General Meeting scheduled to be held on Wednesday, September 16, 2026 at Hyderabad.
- Shareholder approval sought for Related Party Transactions with holding company RRK Enterprise Pvt Ltd up to Rs 50,00,00,000 for FY 2027-28.
- Proposed re-appointment of M/s Bhavani & Co. as Statutory Auditors for a second 5-year term at Rs 6,00,000 per financial year.
- Remote e-voting window runs from September 13, 2026 (9:00 AM) to September 15, 2026 (5:00 PM) with cut-off date fixed as September 10, 2026.
MIC Electronics Limited (MICEL) has received a credit rating upgrade from Brickwork Ratings, moving its long-term bank facilities from BWR BB/Stable to BWR BBB-/Stable (Investment Grade). The short-term rating was also upgraded from BWR A4+ to BWR A3. The total rated bank loan facilities have been expanded to ₹110.82 Cr, up from the previous ₹74.23 Cr. This upgrade reflects an improved credit profile and financial stability, which is critical for a company heavily reliant on government infrastructure projects.
- Long-term credit rating upgraded to BWR BBB-/Stable from BWR BB/Stable, entering investment grade territory.
- Short-term rating upgraded to BWR A3 from BWR A4+, indicating improved liquidity and debt-servicing capability.
- Total rated bank facilities increased by 49% to ₹110.82 Cr from the previous ₹74.23 Cr.
- Non-fund based facilities (Bank Guarantees) significantly increased to ₹34.29 Cr to support project bidding.
- Fund-based facilities, including Cash Credit and Term Loans, now total ₹76.53 Cr.
MIC Electronics (MICEL) has announced a strategic diversification into the defense sector by incorporating a new wholly-owned subsidiary with an initial investment of ₹10 lakhs. The company has scheduled its 38th Annual General Meeting (AGM) for September 16, 2026, with September 10, 2026, fixed as the record date for voting eligibility. Additionally, Independent Director Ravinder Reddy Surakanti resigned effective July 31, 2026, leading to a reconstitution of key board committees. This move comes as the company seeks to expand beyond its core railway signaling business, despite reporting a net loss of ₹12.12 crore in FY26.
- Incorporation of a new wholly-owned subsidiary for defense-related manufacturing and technology services.
- Initial capital investment of ₹10,00,000 for the new defense entity, to be completed within 60 days.
- Record date for the 38th AGM set for September 10, 2026, with the meeting on September 16, 2026.
- Resignation of Independent Director Ravinder Reddy Surakanti effective July 31, 2026.
- Reconstitution of Audit, Nomination & Remuneration, and Stakeholders Relationship committees.
MIC Electronics (MICEL) has approved the incorporation of a wholly-owned subsidiary (WOS) dedicated to defence-related manufacturing and technology, marking a strategic pivot from its core railway signaling business. The initial investment in the WOS is small at ₹10 Lakhs, with incorporation expected within 60 days. The board also scheduled the 38th Annual General Meeting (AGM) for September 16, 2026, and accepted the resignation of Independent Director Mr. Ravinder Reddy Surakanti. This diversification comes as the company reported a TTM loss of ₹12 Cr despite a revenue of ₹191 Cr, highlighting a need for new growth verticals.
- Approved incorporation of a new wholly-owned subsidiary for defence-related manufacturing and services.
- Initial investment in the proposed defence subsidiary capped at ₹10,00,000 (₹10 Lakhs).
- 38th Annual General Meeting (AGM) scheduled for September 16, 2026, at 11:00 AM.
- Record date for determining AGM voting eligibility fixed as September 10, 2026.
- Resignation of Independent Director Mr. Ravinder Reddy Surakanti effective July 31, 2026, citing personal commitments.
MIC Electronics (MICEL) reported a significant turnaround in Q1 FY27 (ending June 2026), with consolidated revenue surging 276% YoY to ₹43.72 Cr. The company posted a net profit of ₹2.13 Cr, a sharp recovery from the ₹18.35 Cr loss recorded in the preceding quarter (Q4 FY26). Growth was heavily driven by a new 'Electrical & Electronics Spare Parts Trading' segment, which contributed ₹31.43 Cr (72% of total revenue), while the core LED segment grew a modest 8.7% YoY to ₹12.29 Cr.
- Consolidated revenue increased 276% YoY to ₹43.72 Cr from ₹11.61 Cr in the same quarter last year.
- Net profit turned positive at ₹2.13 Cr compared to a loss of ₹18.35 Cr in the previous quarter.
- New trading segment contributed ₹31.43 Cr to revenue, though with thin segment margins of approximately 1.2%.
- Core LED Products segment revenue grew 8.7% YoY to ₹12.29 Cr.
- Earnings Per Share (EPS) improved to ₹0.09 from ₹0.07 in the corresponding quarter of the previous year.
MIC Electronics (MICEL) reported a strong start to FY27 with consolidated revenue reaching Rs 43.72 Cr, a 276% increase from Rs 11.61 Cr in Q1 FY26. The company posted a net profit of Rs 2.13 Cr, recovering from a heavy loss of Rs 18.35 Cr in the preceding quarter (Q4 FY26), which was impacted by deferred tax adjustments. Notably, the revenue mix has shifted significantly, with the 'Electrical & Electronics, Spare parts trading' segment contributing 71.9% of total revenue, while the core LED segment grew a modest 8.7% YoY.
- Consolidated revenue surged 276% YoY to Rs 43.72 Cr from Rs 11.61 Cr in the previous year's quarter.
- Net profit for the quarter stood at Rs 2.13 Cr, compared to Rs 1.67 Cr in Q1 FY26 and a loss of Rs 18.35 Cr in Q4 FY26.
- The newly active 'Electrical & Electronics, Spare parts trading' segment generated Rs 31.43 Cr in revenue.
- Core LED Products segment revenue grew to Rs 12.29 Cr, up from Rs 11.30 Cr YoY.
- Finance costs decreased to Rs 1.39 Cr from Rs 1.67 Cr in the corresponding quarter last year.
MIC Electronics (MICEL) has received official completion and installation certificates for several railway infrastructure projects. The work spanned the Rajkot Division, involving Coach Indicator Boards at 6 platforms, and the Jabalpur Division, covering Coach Guidance Boards at Kareli station and a Parcel Management System across 10 stations. While the specific financial value of these completions was not disclosed, successful execution is critical for revenue recognition against the company's TTM revenue of ₹191 Cr. This reinforces MICEL's operational footprint within its primary client, Indian Railways.
- Received completion certificates for Coach Indicator Boards at 6 platforms across SUNR, BKNG, HAPA, and OKHA stations.
- Completed installation of Coach Guidance Boards, Display Boards, and GPS clocks at 2 platforms of Kareli station.
- Successfully rolled out the Parcel Management System at 10 stations within the Jabalpur Division.
- Execution supports the company's core business strategy of securing and completing Railway EPC and signaling contracts.
MIC Electronics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Venture Capital and Corporate Investments Private Limited, confirmed that no securities were received for dematerialization or rematerialization during the quarter ended June 30, 2026. This is a routine administrative filing required by SEBI to track the conversion of physical shares to electronic form. The filing indicates no change in the physical-to-electronic shareholding mix for the period.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Zero (0) securities were received for dematerialization or rematerialization during the quarter
- Certificate issued by Registrar Venture Capital and Corporate Investments Private Limited on July 3, 2026
- Official filing to exchanges completed on July 11, 2026
MIC Electronics Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. The window will remain shut for all directors, promoters, and designated employees until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later time.
- Trading window closure starts on July 1, 2026, for the quarter ending June 30, 2026.
- Restriction applies to all Directors, Promoters, and Designated Employees of the company.
- The window will reopen 48 hours after the official declaration of Q1 financial results.
- Board meeting date for result approval to be intimated separately in due course.
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.
