MIRC Electronics Ltd Q2 FY26: From CRT to CRTical Condition – When ONIDA’s Devil Went Broke (Again?)
1. At a Glance
Welcome to another episode of “Indian Companies: The Sequel Nobody Asked For.” Today’s feature presentation stars MIRC Electronics Ltd, the proud parent of ONIDA — the brand that once made every 90s kid jealous of their neighbour’s TV. Fast forward to 2025, and it’s the neighbours who are jealous of nothing, because MIRC’s profits have vanished faster than the devil mascot from their old ads.
The company’s market cap stands at ₹919 crore, and the current share price of ₹24.9 looks deceptively cheerful for a firm that just reported a quarterly loss of ₹22.3 crore on sales of ₹163 crore. While sales grew 7.89% QoQ, profits plunged a jaw-dropping -1,755%, making it one of the most dramatic slides this side of Dalal Street. The ROE is negative (-1.81%), the ROCE barely at 5.35%, and the stock trades at 4.45 times its book value — a premium only nostalgia could justify.
Meanwhile, promoters have been slowly backing away from the burning TV set: promoter holding dropped from 53.37% to 40.5%, and yes, 28.4% of that is pledged. Still, the stock is up 92% in six months, because the market apparently loves toxic relationships.
2. Introduction
Once upon a time, every middle-class living room in India had a sacred corner — the ONIDA TV altar, guarded by a devil with horns and a tagline that screamed, “Neighbour’s envy, owner’s pride.” Today, it’s “Promoter’s pledge, investor’s fright.”
MIRC Electronics, the home of ONIDA, is one of those rare legacy brands that managed to survive the transition from black-and-white to flat-screen — but only by the skin of its circuit boards. Established in 1981, the company has since expanded into air conditioners, washing machines, microwave ovens, and even the new-age “EMS for OEMs” business — a fancy way of saying we now make products for other brands that actually sell.
The company’s journey reads like an Indian soap opera: leadership changes, auditor resignations, rights issues, and the occasional miracle quarter where profits flicker briefly before disappearing again. In Q2 FY26, MIRC delivered its signature plot twist — revenue up, but profit down the drain, literally.
So what exactly is happening inside ONIDA’s world? Is this a genuine turnaround story in progress or just a rerun of corporate déjà vu? Grab your popcorn (and maybe an old ONIDA remote), because we’re going deep.
3. Business Model – WTF Do They Even Do?
MIRC Electronics manufactures and trades consumer electronic products — the stuff you buy, install, and regret when it breaks three days after the warranty ends. Its product line spans both brown goods (TVs, audio systems) and white goods (ACs, washing machines, microwaves, refrigerators).
The ONIDA brand remains the flagship, aimed at middle-class households nostalgic for the 90s, while IGO serves the rural and mass-market segments. Recently, the company entered two new categories — air coolers and dishwashers, because clearly, if you can’t beat Whirlpool, at least you can copy its catalogue.
But here’s where it gets spicy: MIRC has also ventured into Electronic Manufacturing Services (EMS) for OEMs — essentially contract manufacturing for other brands. This segment has been growing fast, contributing 60%+ of total revenue in FY23. But there’s a catch: 60% of EMS revenue comes from just two clients, making the business more concentrated than an espresso shot.
Production happens at Wada and Chiplun in Maharashtra and Roorkee, Uttarakhand, where factories probably hum the old ONIDA jingle just to stay motivated.
Capital intensity is high — inventories, SKUs, and receivables all stretch the working capital, though management claims receivables are improving. The only thing improving faster, however, seems to be their resignation rate (looking at you, ex-CEO Vikram Surendran).
4. Financials Overview
Let’s pull up the numbers for Q2 FY26 (Sep 2025) — the latest quarter.
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue (₹ Cr)
163.3
151.4
140.9
+7.9%
+15.9%
EBITDA (₹ Cr)
-17.3
5.7
-8.0
-404%
-116%
PAT (₹ Cr)
-1.8
1.3
-12.5
-238%
+85%
EPS (₹)
-0.06
0.05
-0.45
-220%
+86%
Source: Company filings (Standalone)
Interpretation: ONIDA’s revenue recovery looks decent — up 16% QoQ — but profitability’s on vacation in Dubai. The company has been swinging between tiny profits and massive losses faster than a cricket scoreboard. With negative EBITDA of ₹17.3 crore, it’s now officially losing money faster than it’s selling products.
Question for you, dear reader: if a company sells more but loses more, is that called growth or generosity?
