MIRCELECTR - MIRC Electronics
📢 Recent Corporate Announcements
MIRC Electronics reported a 27% year-on-year revenue growth to ₹212.04 crore for Q3 FY26. However, the company's net loss widened significantly to ₹13.10 crore from ₹5.47 crore in the previous year, impacted by higher operational expenses and a ₹2.48 crore exceptional charge for labor code adjustments. The company successfully raised ₹149.52 crore via preferential allotment during the period, with ₹45 crore still held in liquid mutual funds. An independent monitoring agency confirmed no deviation in the utilization of these funds.
- Revenue from operations grew 27.1% YoY to ₹212.04 crore in Q3 FY26.
- Net loss widened to ₹13.10 crore compared to a loss of ₹5.47 crore in Q3 FY25.
- Raised ₹149.52 crore through preferential allotment; ₹86.13 crore utilized for working capital and ₹18.39 crore for general corporate purposes.
- Exceptional item of ₹2.48 crore recorded due to one-time gratuity and leave liabilities under New Labour Codes.
- Promoter holding diluted from 53.36% to 40.51% following the preferential equity issuance.
MIRC Electronics (Onida) reported a 27.1% YoY increase in revenue for Q3 FY26, reaching ₹21,204 Lakhs. Despite the top-line growth, the company's net loss widened to ₹1,311 Lakhs from ₹759 Lakhs in the same quarter last year, primarily due to rising operational costs and an exceptional loss of ₹249 Lakhs. The company significantly strengthened its balance sheet by raising ₹14,952 Lakhs through a preferential allotment, though this resulted in promoter shareholding diluting from 53.36% to 40.51%. Currently, ₹4,500 Lakhs of the raised funds remain unutilized and are parked in liquid mutual funds.
- Revenue from operations increased to ₹21,204 Lakhs in Q3 FY26 from ₹16,681 Lakhs in Q3 FY25.
- Net loss for the quarter widened to ₹1,311 Lakhs compared to a loss of ₹759 Lakhs in the previous year.
- Raised ₹14,952 Lakhs via preferential allotment of 8.89 crore shares at ₹16.81 per share.
- Promoter holding decreased significantly to 40.51% from 53.36% post-equity dilution.
- Exceptional item of ₹249 Lakhs recorded for gratuity and leave liabilities under New Labour Codes.
MIRC Electronics (Onida) reported a 27.1% YoY revenue growth to ₹212.04 crore for the quarter ended December 31, 2025. However, the company's net loss widened significantly to ₹13.11 crore from a loss of ₹7.59 crore in the same period last year. During the quarter, the company completed a massive ₹149.52 crore preferential allotment, which led to a significant dilution in promoter holding from 53.36% to 40.51%. An exceptional loss of ₹2.49 crore was also booked due to liabilities arising from new labor codes.
- Revenue from operations increased 27.1% YoY to ₹212.04 crore in Q3 FY26.
- Net loss widened to ₹13.11 crore compared to a loss of ₹7.59 crore in Q3 FY25.
- Raised ₹149.52 crore through preferential allotment, with ₹45 crore currently parked in liquid mutual funds.
- Promoter shareholding diluted significantly to 40.51% from 53.36% post-equity issuance.
- Exceptional charge of ₹2.49 crore recognized for gratuity and leave liabilities under new labor codes.
MIRC Electronics Limited successfully passed three key resolutions during its Extraordinary General Meeting held on January 16, 2026. Shareholders overwhelmingly approved modifications to the 2023 Employee Stock Option Plan (ESOP) and a revision in the remuneration of Whole Time Director Mr. Shirish Suvagia, both with 99.99% support. Furthermore, the appointment of new Statutory Auditors to fill a casual vacancy was ratified by the members. These results demonstrate strong institutional and retail shareholder backing for the company's current leadership and governance policies.
- Modification of ESOP 2023 Scheme approved with 149,775,998 votes in favor (99.99%).
- Remuneration revision for Whole Time Director Mr. Shirish Suvagia passed with 99.99% majority.
- Statutory Auditor appointment to fill casual vacancy approved with 149,776,012 votes in favor.
- All resolutions were passed as Special or Ordinary resolutions with requisite majorities via e-voting.
MIRC Electronics held an Extra Ordinary General Meeting (EOGM) on January 16, 2026, where shareholders approved two significant resolutions. The company received approval to modify its Employee Stock Option Plan (ESOP) 2023 Scheme, likely to better align employee incentives. Additionally, M M Nissim & Co LLP was appointed as the new Statutory Auditor to fill a casual vacancy following the resignation of ASA & Associates LLP. The new auditors will hold office until the conclusion of the next Annual General Meeting and will audit the financial results for FY 2025-26.
- Shareholders approved the modification of the MIRC Electronics Employee Stock Option Plan 2023 Scheme at the EOGM held on Jan 16, 2026.
- M M Nissim & Co LLP appointed as Statutory Auditors to fill the vacancy caused by the resignation of ASA & Associates LLP.
- The new auditor appointment is effective for the Financial Year ending March 31, 2026.
- M M Nissim & Co LLP is a multi-disciplinary firm established in 1946 with a PAN-India presence and a valid Peer Review certificate.
MIRC Electronics held an Extra Ordinary General Meeting on January 16, 2026, where shareholders approved the appointment of M M Nissim & Co LLP as the new Statutory Auditors. This appointment fills a casual vacancy created by the resignation of the previous auditors, ASA & Associates LLP. The new auditors will hold office until the next Annual General Meeting and will conduct the audit for the financial year ending March 31, 2026. Additionally, the company received approval to modify its Employee Stock Option Plan (ESOP) 2023 scheme.
- Appointment of M M Nissim & Co LLP as Statutory Auditors approved at EOGM on January 16, 2026.
- The new firm fills a casual vacancy following the resignation of ASA & Associates LLP.
- M M Nissim & Co LLP, established in 1946, will conduct the audit for the financial year ending March 31, 2026.
- Shareholders also ratified modifications to the MIRC Electronics Employee Stock Option Plan 2023 Scheme.
MIRC Electronics Limited held an Extraordinary General Meeting (EGM) on January 16, 2026, to seek shareholder approval for three key resolutions. The agenda included modifying the Employee Stock Option Plan (ESOP) 2023 Scheme and revising the remuneration for Whole Time Director Mr. Shirish Suvagia. Furthermore, the company proposed the appointment of Statutory Auditors to fill a casual vacancy. While the meeting has concluded, the final voting results will be published separately following the scrutinizer's report.
- EGM conducted on January 16, 2026, via video conferencing to address special business items.
- Special resolution proposed for modifications to the MIRC Electronics ESOP 2023 Scheme.
- Shareholders voted on revising the remuneration package for Mr. Shirish Suvagia (DIN: 10095690).
- Ordinary resolution introduced to appoint Statutory Auditors to fill a casual vacancy.
- Remote e-voting period was open from January 13, 2026, to January 15, 2026.
MIRC Electronics has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar, MUFG Intime India Private Ltd, confirmed that all dematerialization requests were processed and listed on stock exchanges within the prescribed timelines. The report verifies that physical certificates were mutilated and cancelled after verification, and the register of members was updated accordingly. No requests for rematerialization were received during this quarter.
- Compliance certificate submitted for the quarter ended December 31, 2025
- MUFG Intime India Private Ltd confirmed processing of all dematerialization requests
- Security certificates were mutilated and cancelled as per SEBI guidelines
- Zero requests for rematerialization were reported for the period
MIRC Electronics Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 and nine-month financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared and filed with the stock exchanges. The specific date for the Board Meeting to approve these results will be announced at a later time.
- Trading window closure begins on January 1, 2026, for all Directors and Designated Employees.
- Closure pertains to the un-audited financial results for the third quarter and nine months ended December 31, 2025.
- The window will reopen 48 hours after the results are filed with BSE and NSE.
- The Board Meeting date for result approval is yet to be determined and will be informed in due course.
MIRC Electronics has called for an Extraordinary General Meeting (EGM) on January 16, 2026, to seek shareholder approval for significant corporate actions. The primary agenda includes modifying the ESOP 2023 scheme to grant up to 4,10,43,596 equity shares, representing a potential dilution of the existing share capital. Additionally, the company is proposing a remuneration revision for Whole Time Director Shirish Suvagia and the appointment of M/s. M M Nissim & Co LLP as Statutory Auditors to fill a casual vacancy. The auditor change follows the resignation of the previous firm, ASA & Associates LLP.
- EGM scheduled for January 16, 2026, to approve ESOP modifications and auditor appointment.
- Proposed ESOP 2023 modification involves granting up to 4,10,43,596 equity shares of Re. 1 each.
- Appointment of M/s. M M Nissim & Co LLP as Statutory Auditors following the resignation of ASA & Associates LLP.
- Revision of remuneration for Whole Time Director Mr. Shirish Suvagia effective from January 1, 2026.
- Cut-off date for e-voting eligibility is January 9, 2026, with voting starting January 13, 2026.
MIRC Electronics' Audit Committee met on December 11, 2025, to discuss the resignation of M/s. ASA and Associates LLP, the company's previous statutory auditors. The committee reviewed the auditor's resignation letter dated November 14, 2025, and received clarifications from both the auditors and the management. The Audit Committee concluded that the resignation does not adversely affect the integrity of the Company’s financial statements. The committee also appreciated the services rendered by M/s. ASA & Associates LLP during their tenure.
- Auditor resignation letter dated November 14, 2025, was reviewed.
- M/s. ASA and Associates LLP (FRN : 009571N/N500006) resigned as Statutory Auditors.
- Audit Committee meeting held on December 11, 2025.
- The company confirmed compliance with all applicable regulatory requirements.
MIRC Electronics Limited has appointed M/s. M M Nissim & Co LLP as the new Statutory Auditors, effective December 11, 2025, following the resignation of M/s. ASA and Associates LLP. M/s. M M Nissim & Co LLP will hold office until the conclusion of the 45th Annual General Meeting, subject to shareholder approval as per Section 139 of the Companies Act, 2013. The appointment was approved based on the recommendation of the Audit Committee. An Extraordinary General Meeting (EGM) notice will be revised to include the agenda item for shareholder approval of the new auditors.
- M/s. M M Nissim & Co LLP appointed as Statutory Auditors effective December 11, 2025.
- M/s. M M Nissim & Co LLP to hold office until the conclusion of the 45th Annual General Meeting.
- M/s. ASA and Associates LLP resigned as Statutory Auditors.
- M/s. M M Nissim & Co LLP established in 1946.
MIRC Electronics Limited's board meeting on December 11, 2025, approved the appointment of M/s. M M Nissim & Co LLP as the new Statutory Auditors, effective immediately. This decision follows the resignation of M/s. ASA and Associates LLP. M/s. M M Nissim & Co LLP will serve until the conclusion of the 45th Annual General Meeting, pending shareholder approval as per Section 139 of the Companies Act, 2013. The board also revised the EGM notice to include the auditor appointment for shareholder approval.
- M/s. M M Nissim & Co LLP appointed as Statutory Auditors effective December 11, 2025.
- Auditor appointment to fill casual vacancy due to resignation of M/s. ASA and Associates LLP.
- M/s. M M Nissim & Co LLP to hold office until the conclusion of the 45th Annual General Meeting.
- M M Nissim & Co LLP established in 1946.
Financial Performance
Revenue Growth by Segment
Total operating income (TOI) for FY25 was INR 746.69 Cr, a 22.8% decline from INR 968.04 Cr in FY24, primarily due to a strategic shift away from low-margin OEM business. By segment, Air Conditioners grew 55% YoY, and LED/Panel segments grew 11% YoY. Branded sales contribution increased significantly to 79% of total revenue in FY25 compared to 51% in FY24.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a wide domestic distribution network supported by warehouses across India.
Profitability Margins
Gross and operating performance improved as the company focused on high-margin branded segments. Loss before tax and after exceptional items for FY25 was INR 2.30 Cr (0.30% of total income) compared to a loss of INR 62.21 Cr (6.38% of total income) in FY24. PAT margins remain negative but are narrowing.
EBITDA Margin
EBITDA margin turned positive to 1.09% in FY25 (absolute EBITDA of INR 8.14 Cr) from a negative margin in FY24. For 9MFY25, the PBILDT margin was 1.57% (INR 8.58 Cr) compared to 0.05% in 9MFY24.
Capital Expenditure
The company infused INR 199.50 Cr in 2025 through a rights issue (INR 50 Cr in August) and a preferential issue (INR 149.50 Cr in October). These funds were utilized to reduce creditors, working capital borrowings, and promoter loans of ~INR 19 Cr, rather than for new greenfield CAPEX.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE BB-; Stable (reaffirmed April 2025). Short-term facilities are rated CARE A4. Interest coverage remained weak at 0.74x during 9MFY25, though the capital structure improved following the INR 199.50 Cr equity infusion.
Operational Drivers
Raw Materials
Key raw materials include steel, aluminum, plastics, and electronic components. These are critical as commodity price volatility directly impacts the margins of AC and TV production.
Import Sources
Major raw materials and components are imported from China and Hong Kong, exposing the company to supply chain disruptions and forex volatility.
Capacity Expansion
Not disclosed in available documents; however, the company is shifting focus from OEM manufacturing to its own branded 'Onida' production to optimize existing capacity for higher margins.
Raw Material Costs
Raw material costs increased in Q3FY25, specifically for Air Conditioners, which contributed to an operating loss of INR 2 Cr in that quarter. Procurement is managed through a mix of imports and domestic sourcing.
Manufacturing Efficiency
Average fund-based working capital utilization was moderate at ~79% for the 12 months ended August 2025. Efficiency is challenged by the need to maintain a large basket of SKUs across the country.
Logistics & Distribution
Receivables cycle is approximately 45 days, with the company extending 1-2 months of credit to its distributors.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
The company aims to reach a revenue range of INR 1,000 - 1,200 Cr over the next 2-3 years. This will be achieved by increasing the branded business share to 75%+ of total sales, leveraging the 'Onida' brand equity, and expanding the product portfolio in the AC and Washing Machine segments.
Products & Services
Televisions (LED/Panel), Air Conditioners, and Washing Machines.
Brand Portfolio
Onida
New Products/Services
Focusing on 'budget-conscious to mid-range' consumers with updated features in ACs and Washing Machines to compete with global brands.
Market Expansion
The company is focusing on strengthening its domestic presence through its established dealer/distributor network and national warehouse footprint.
Market Share & Ranking
Not disclosed in available documents, but operates in a highly fragmented industry dominated by large MNCs.
External Factors
Industry Trends
The industry is shifting toward energy-efficient products due to stricter regulatory norms. MIRC is positioning itself by focusing on its branded segment which allows for better absorption of compliance costs.
Competitive Landscape
Highly competitive and fragmented, dominated by large MNCs with global presence and regional players using aggressive pricing.
Competitive Moat
The primary moat is the 'Onida' brand, which has over four decades of recognition in India. However, this is under constant threat from the superior financial flexibility and R&D of global MNCs.
Macro Economic Sensitivity
Discretionary spending is highly sensitive to economic slowdowns and high interest rates, which can lead consumers to defer purchases of TVs and ACs.
Consumer Behavior
Shift toward energy-efficient appliances and mid-range branded products over unbranded or OEM-manufactured goods.
Geopolitical Risks
Heavy reliance on China and Hong Kong for component sourcing makes the company vulnerable to changes in import duties or trade restrictions.
Regulatory & Governance
Industry Regulations
Stricter energy-efficiency norms and environmental regulations regarding refrigerants and electronic waste add to the cost of compliance and manufacturing standards.
Environmental Compliance
The company faced a retrospective E-waste compliance charge of INR 10 Cr in FY25, which significantly impacted quarterly profitability.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to sustain the turnaround in EBITDA margins while facing volatile raw material costs and intense MNC competition, with a potential impact of 5-10% on margins.
Geographic Concentration Risk
Revenue is primarily domestic, but sourcing is heavily concentrated in China and Hong Kong.
Third Party Dependencies
High dependency on a few large customers (top 5 representing 71.66% of FY23 revenue) and international component suppliers.
Technology Obsolescence Risk
High risk due to rapidly changing technology in the electronics sector; failure to innovate could lead to further inventory write-offs similar to the INR 17.34 Cr hit in FY24.
Credit & Counterparty Risk
Receivables cycle of 45 days indicates moderate credit risk from the distributor network.