1. At a Glance – ONIDA’s Devil Is Back… But Still in Red
Market Cap: ₹1,130 Cr
Current Price: ₹30.6
3-Month Return: 15.9%
1-Year Return: 95.7%
ROCE: 5.35%
ROE: -1.81%
Debt: ₹48.7 Cr
Pledged Promoter Holding: 28.4%
MIRC Electronics — the company behind the iconic ONIDA brand — just reported Q3 FY26 numbers with ₹212 Cr in sales and a ₹13 Cr net loss. Yes, revenue is up 27% YoY, but profitability? Still auditioning for a comeback role.
The stock has doubled in a year. The business? Still negotiating with gravity.
They’ve raised ₹149.52 Cr through preferential allotment. Rights issue done. CEO changed. Chairman changed. NCDs issued. Auditors reviewed. If corporate activity were revenue, this company would be minting cash.
So the big question:
Is this a revival story… or just another “Devil Returns” sequel?
Let’s investigate.
2. Introduction – The Brand You Grew Up With
If you grew up in the 90s, you remember ONIDA’s iconic line: “Neighbour’s Envy, Owner’s Pride.”
Today? Investors are the neighbours. Watching. Judging. Wondering.
Incorporated in 1981, MIRC Electronics manufactures and trades consumer electronic products — TVs, washing machines, air conditioners, microwave ovens, refrigerators, healthcare appliances, air coolers, and dishwashers.
They operate under two brands:
- ONIDA (urban positioning)
- IGO (rural targeting)
Manufacturing units are located in:
- Wada, Maharashtra
- Chiplun, Maharashtra
- Roorkee, Uttarakhand
The company has also ventured into Electronic Manufacturing Services (EMS) for OEM clients. Sounds diversified. But there’s a catch.
Over 60% revenue contribution comes from the top two EMS clients. That’s not diversification. That’s emotional dependence.
Also, West and Central India contribute 60%+ of total revenue.
So, geographically concentrated. Customer concentrated. Brand legacy heavy.
This is not a boring company. It’s a reality show.
But let’s break it down calmly. With data.
3. Business Model – WTF Do They Even Do?
MIRC does three main things:
1) Consumer Electronics (Brown + White Goods)
- Televisions
- Air Conditioners
- Washing Machines
- Refrigerators
- Microwave Ovens
- Health Care Appliances
- Air Coolers
