MIRC Electronics Limited (MIRCELECTR)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, MIRC Electronics' revenue was ₹144 Cr (-28.4% year on year, -32.1% on the previous quarter), and net profit ₹-47.0 Cr (against a profit a year earlier); the operating margin was -10.4%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹144 | -28.4% | -32.1% |
| Operating profit | ₹-15.0 | — | loss widened |
| Net profit | ₹-47.0 | to loss | loss widened |
| EPS (₹) | -1.28 | to loss | loss widened |
| Operating margin | -10.4% | — | — |
📢 Recent Corporate Announcements
MIRC Electronics Limited has announced a formal change of its corporate name to Onida Electronics Limited. Along with the name change, the company's trading symbol on the National Stock Exchange will transition from MIRCELECTR to ONIDA. These changes are scheduled to become effective starting June 19, 2026. This rebranding aligns the corporate identity with its flagship consumer brand, Onida, potentially improving market recognition.
- Company name changes from MIRC Electronics Limited to Onida Electronics Limited effective June 19, 2026.
- NSE trading symbol will change from MIRCELECTR to ONIDA.
- The change is documented under NSE Circular Ref. No: 0964/2026 dated June 15, 2026.
- The move aims to leverage the high brand recall of the 'Onida' name in the consumer electronics segment.
Shareholders of MIRC Electronics (Onida) have overwhelmingly approved a special resolution for the issuance of convertible warrants on a preferential basis. During the Extra-Ordinary General Meeting (EGM) held on June 08, 2026, the proposal received 228,525,983 votes in favor, representing 99.99% of the total valid votes cast. Only 10 members, holding 2,106 votes, opposed the resolution. This strong mandate allows the company to proceed with its capital-raising plans through preferential allotment.
- Special Resolution for issuing convertible warrants on a preferential basis passed with 99.99% majority.
- A total of 228,525,983 votes were cast in favor of the fundraising proposal.
- Opposition was negligible, with only 0.01% of votes (2,106 shares) cast against the resolution.
- The voting process was conducted via remote e-voting and electronic voting during the EGM on June 08, 2026.
- The Scrutinizer's Report was issued by M/s. Nilesh Shah & Associates, confirming the requisite majority.
Onida Electronics Limited, formerly known as MIRC Electronics, conducted an Extraordinary General Meeting (EGM) on June 08, 2026. The primary agenda was a special resolution for the issuance of convertible warrants on a preferential basis. Shareholders participated via video conferencing, with the voting cut-off set at June 01, 2026. This fundraising initiative suggests a strategic move to bolster the company's capital base for future growth or debt management.
- EGM held on June 08, 2026, to approve preferential issue of convertible warrants.
- Voting eligibility was based on the cut-off date of June 01, 2026.
- Remote e-voting period spanned from June 05 to June 07, 2026.
- The company has officially transitioned its name to Onida Electronics Limited.
MIRC Electronics Limited has officially changed its name to Onida Electronics Limited following the receipt of a Fresh Certificate of Incorporation from the Ministry of Corporate Affairs. The change, effective from May 20, 2026, aligns the corporate identity with its flagship consumer brand 'Onida'. This is a branding exercise aimed at leveraging brand equity and does not impact the company's underlying financials or stakeholder liabilities. The company will now proceed with updating its name on the BSE and NSE stock exchanges.
- Company name changed from MIRC Electronics Limited to Onida Electronics Limited.
- Fresh Certificate of Incorporation issued by the Ministry of Corporate Affairs on May 22, 2026.
- The name change is legally effective from May 20, 2026.
- The company must display its old name alongside the new name for a period of two years per statutory requirements.
MIRC Electronics has issued a clarification regarding its May 20, 2026, announcement concerning the grant of 16,00,000 stock options under the 'Employee Stock Option Plan 2023'. The company corrected the reference date for the pricing formula from April 16, 2026, to April 01, 2026. The exercise price is established at a 30% discount to the closing share price on April 01, 2026, subject to a minimum floor price of Rs. 16.81 per share. These options are subject to a minimum vesting period of one year and performance-linked milestones.
- Clarified the pricing reference date to April 01, 2026, for the grant of 16,00,000 stock options.
- Exercise price set at a 30% discount to the April 01, 2026 closing price, with a minimum of Rs. 16.81.
- Each of the 16,00,000 options is convertible into one equity share of face value Re. 1.
- Options involve a minimum vesting period of 1 year and must be exercised within 2 years of vesting.
MIRC Electronics has approved the grant of 16,00,000 stock options to eligible employees under the 'MIRC Electronics Employee Stock Option Plan 2023'. Each option is convertible into one equity share of Re. 1 face value upon exercise. The exercise price is determined at a 30% discount to the closing share price of April 16, 2026, subject to a minimum floor price of Rs. 16.81 per share. The options will vest based on performance milestones with a minimum vesting period of one year.
- Grant of 16,00,000 stock options to eligible employees under the 2023 ESOP scheme.
- Exercise price set at a 30% discount to the April 16, 2026 closing price, with a minimum of Rs. 16.81.
- Options are convertible into equity shares on a 1:1 basis with a face value of Re. 1 each.
- Vesting is contingent on performance milestones and a minimum 1-year holding period.
- Exercise period is defined as 2 years from the date of vesting.
MIRC Electronics reported a significant widening of its net loss to ₹74.74 crore for FY26, compared to a loss of ₹2.30 crore in FY25. Annual revenue from operations declined by 11.6% to ₹660.01 crore, down from ₹746.69 crore in the previous fiscal. The financial performance was severely impacted by exceptional items, including a massive inventory write-down of ₹29.39 crore and restructuring costs of ₹2.40 crore. Despite a ₹20.56 crore gain from selling non-core assets, the company's operational health remains under pressure with a sharp 28.3% YoY drop in Q4 revenue.
- Annual revenue from operations fell 11.6% YoY to ₹660.01 crore in FY26.
- Net loss widened significantly to ₹74.74 crore in FY26 from a loss of ₹2.30 crore in FY25.
- Exceptional items included a ₹29.39 crore inventory write-down and ₹2.40 crore in restructuring costs.
- Q4 FY26 revenue dropped 28.3% YoY to ₹143.81 crore with a quarterly net loss of ₹47.36 crore.
- Company realized a gain of ₹20.56 crore from the sale of non-core assets during the financial year.
MIRC Electronics reported a significant net loss of ₹74.74 crore for FY26, a sharp increase from the ₹2.30 crore loss in FY25. Annual revenue from operations declined by 11.6% to ₹660.01 crore, reflecting challenging market conditions. The bottom line was further pressured by exceptional items, including a ₹29.39 crore inventory write-down and ₹2.40 crore in restructuring costs. The Board also approved the appointment of M/s. M M Nissim & Co LLP as statutory auditors for a five-year term.
- FY26 Revenue from operations decreased by 11.6% YoY to ₹66,001 Lakhs.
- Net loss for the full year widened significantly to ₹7,474 Lakhs from ₹230 Lakhs in FY25.
- Exceptional items for FY26 included a massive ₹2,939 Lakhs inventory write-down and ₹240 Lakhs in restructuring costs.
- Q4 FY26 revenue dropped to ₹14,381 Lakhs from ₹20,072 Lakhs in the year-ago quarter.
- M/s. M M Nissim & Co LLP appointed as statutory auditors for a 5-year term starting from the 45th AGM.
MIRC Electronics (Onida) faced a challenging FY26, reporting a net loss of ₹7,474 Lakhs compared to a loss of ₹230 Lakhs in FY25. Annual revenue from operations dropped to ₹66,001 Lakhs from ₹74,669 Lakhs in the previous year. The Q4 FY26 performance was particularly poor, with revenue falling 28% YoY and a net loss of ₹4,736 Lakhs. The results were significantly impacted by exceptional items, including a large inventory write-down and restructuring costs.
- FY26 Revenue from operations fell 11.6% YoY to ₹66,001 Lakhs from ₹74,669 Lakhs.
- Net loss for the full year widened significantly to ₹7,474 Lakhs from ₹230 Lakhs in FY25.
- Q4 FY26 revenue stood at ₹14,381 Lakhs, a 28.3% decline compared to ₹20,072 Lakhs in Q4 FY25.
- Exceptional items for the year included a ₹2,939 Lakhs inventory write-down and ₹240 Lakhs in restructuring costs.
- The company realized a gain of ₹2,056 Lakhs from the sale of non-core assets to offset some losses.
MIRC Electronics (Onida) has scheduled an Extra-Ordinary General Meeting (EGM) on June 8, 2026, to seek shareholder approval for a preferential issue of 1,87,49,993 convertible warrants. The warrants are priced at Rs. 35.20 per unit, aiming to raise a total of approximately Rs. 65.99 crores from 13 public category investors. Allottees are required to pay 25% of the issue price upfront, with the remaining 75% payable upon conversion into equity shares within an 18-month window. This capital infusion is likely intended to strengthen the company's balance sheet and fund future growth initiatives.
- Proposed issuance of 1,87,49,993 convertible warrants at a fixed price of Rs. 35.20 per warrant.
- Total fundraise amount aggregates to approximately Rs. 65.99 crores from 13 non-promoter investors.
- Major participants include Nexta Enterprises LLP (Rs. 15 crore) and Resonance Opportunities Fund (Rs. 10 crore).
- Warrant holders must pay 25% upfront, with the option to convert to equity within 18 months of allotment.
- The relevant date for floor price determination was set as May 08, 2026.
MIRC Electronics (Onida) has approved a proposal to raise up to Rs 65.99 crore by issuing 1,87,49,993 fully convertible warrants to 13 public investors. The warrants are priced at Rs 35.20 each, with 25% payable upfront and the balance within 18 months. This follows a previous successful fundraise of Rs 149.52 crore in late 2025, which the company confirmed was utilized as intended for working capital. An Extraordinary General Meeting (EGM) is scheduled for June 8, 2026, to obtain shareholder approval for this preferential allotment.
- Fundraise of Rs 65.99 crore through 1.87 crore warrants at an issue price of Rs 35.20
- Warrants to be issued to 13 public investors, including Resonance Opportunities Fund and Nexta Enterprises LLP
- Conversion period of 18 months with 25% upfront payment required at the time of allotment
- Public shareholding to rise to 61.44% from 59.49% upon full conversion of warrants
- Monitoring agency confirmed zero deviation in the utilization of the previous Rs 149.52 crore fundraise
MIRC Electronics Limited has issued a formal clarification to the National Stock Exchange regarding recent significant fluctuations in its share price. The company stated that the price movement is purely market-driven and not due to any undisclosed material information or corporate developments. Management confirmed they have no knowledge of specific reasons for the volatility and remain in full compliance with SEBI disclosure regulations. This response follows a surveillance inquiry from the exchange dated May 11, 2026.
- Response to NSE surveillance letter Ref: NSE/CM/Surveillance/16996 dated May 11, 2026
- Management attributes price volatility entirely to market conditions
- Company confirms no undisclosed material information exists under Regulation 30
- Reaffirms commitment to ongoing compliance with SEBI (LODR) Regulations
MIRC Electronics has received shareholder approval to change its name to 'Onida Electronics Limited' to better align with its well-known flagship brand. The company also approved the grant of 2.95 crore ESOPs to CEO Gunjan Srivastava, with a major portion tied to performance milestones. Specifically, 2.05 crore options are linked to achieving cumulative operating EBITDA targets of ₹100 crore by FY30 and ₹400 crore by FY32. This move strongly aligns leadership incentives with long-term financial growth and brand consolidation.
- Company name change to Onida Electronics Limited approved to enhance brand recall and eliminate market confusion.
- Grant of 2,95,00,000 ESOPs to CEO Gunjan Srivastava, consisting of time-based and performance-based tranches.
- Performance-based grant of 2.05 crore options is tied to a cumulative EBITDA target of ₹400 crore by FY32.
- Exercise prices set at ₹11.40 for time-based options and ₹16.81 for performance-based options.
- Time-based options (90 lakh) will vest at 20% annually over a five-year period starting March 2027.
MIRC Electronics Limited has submitted the Scrutinizer's Report for its Extraordinary General Meeting (EGM) held on April 29, 2026. The meeting was conducted via Video Conferencing, and voting was carried out through remote e-voting and e-voting during the session. The report confirms that all proposed resolutions were passed with the requisite majority by the shareholders. This filing ensures regulatory compliance regarding the disclosure of voting results for the company.
- EGM held on April 29, 2026, at 3:30 p.m. via Video Conferencing.
- Scrutinizer's Report issued by Mr. Mahesh M. Darji confirms consolidated voting results.
- All resolutions passed with the requisite majority by the company's members.
- Filing submitted to BSE and NSE on April 30, 2026, following the meeting.
MIRC Electronics Limited held an Extraordinary General Meeting (EGM) on April 29, 2026, to approve two major strategic resolutions. The company is rebranding itself from MIRC Electronics Limited to Onida Electronics Limited to better align with its flagship consumer brand. Additionally, a special resolution was proposed to grant Employee Stock Options (ESOPs) to CEO Gunjan Srivastava, which may equal or exceed 1% of the company's issued capital. These moves suggest a focus on brand consolidation and long-term leadership incentive alignment.
- Proposed name change from MIRC Electronics Limited to Onida Electronics Limited to leverage brand equity.
- Special resolution for ESOP grant to CEO Gunjan Srivastava exceeding 1% of issued capital.
- Remote e-voting conducted from April 26 to April 28, 2026, ahead of the EGM.
- Rebranding includes consequential alterations to the Memorandum and Articles of Association.
- Final voting results to be submitted to BSE and NSE within the stipulated regulatory timeframe.
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.
