MIRC Electronics Ltd Q3 FY26: ₹212 Cr Sales, ₹-13 Cr PAT, EPS Collapse & Capital Raise Drama – Turnaround or Slow-Motion TV Static?
1. At a Glance – The ONIDA Devil is Back… but is it Possessed?
Remember those iconic ONIDA ads? “Neighbour’s envy, owner’s pride.” Well… today it feels more like “Investor’s confusion, auditor’s anxiety.”
MIRC Electronics is that nostalgic uncle at family weddings — once rich, once respected, still talking about the good old days… but currently borrowing money from cousins and promising a comeback.
On paper, it’s a ₹1,020 crore market cap company. Sounds decent. But then you peek inside:
Revenue shrinking over years
Profit consistently negative
ROE sitting at -1.81%
Quarterly PAT: ₹-10.6 crore
EPS: ₹-0.35 (Q3 FY26)
And just when you think things can’t get more dramatic…
Rights issue ✔️
Preferential allotment ✔️
CEO resignations ✔️
New CEO appointment ✔️
ESOP bonanza ✔️
This is not a company. This is a Netflix series.
So the big question: Is this a turnaround story… or just another “electronic goods” company slowly becoming obsolete like your DVD player?
2. Introduction – The Ghost of ONIDA Past
Let’s set the scene.
MIRC Electronics is one of those OG Indian consumer durable companies that existed before Amazon reviews existed. Back when buying a TV meant trusting the dealer and praying it lasted more than one cricket season.
The brand ONIDA once had real swagger. It wasn’t just a product — it was an identity.
But then globalization happened.
Korean giants entered
Chinese players flooded the market
Indian startups went asset-light
And MIRC? Still assembling TVs and washing machines like it’s 2005.
Over the years, their revenue tells a sad story:
FY22: ₹1,192 crore
FY23: ₹1,110 crore
FY24: ₹968 crore
FY25: ₹747 crore
TTM: ₹717 crore
This is not a decline. This is a controlled demolition.
Meanwhile, profitability has been like Mumbai rains — unpredictable, messy, and mostly disappointing.
And yet… the stock has gone up 140% in 1 year.
So either:
Market knows something
Or market is drunk
Which one do you think it is?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
MIRC Electronics does three main things:
1. Consumer Durables (The OG Business)
TVs
ACs
Washing machines
Refrigerators
Basically, everything you buy during Diwali sales.
2. EMS (Electronic Manufacturing Services)
They manufacture products for other brands.
Sounds cool, right?
Except… Top 2 clients contribute ~60% revenue.
That’s not diversification. That’s dependency.
3. Rural Brand (IGO)
Trying to tap Bharat market.
Because when urban customers ignore you… You go rural and hope for redemption.
The Problem?
This business is:
Capital intensive
Inventory heavy
Highly competitive
Low margin
CARE Ratings literally said:
“Subdued operating performance”
“Weak debt protection metrics”
“Stretched liquidity”
Translation: “Beta, situation thoda tight hai.”
4. Financials Overview – Numbers Don’t Lie (But They Do Cry)
