MIC Electronics Limited (IN:MICEL)
:MICEL
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MIC Electronics Limited
(MICEL)
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Rating:56Neutral
Price Target:
₹46.00
▲(2.68% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by improving but still higher-risk fundamentals: strong revenue growth and a better balance sheet are offset by volatile earnings and historically weak cash flow. Technicals add support due to positive momentum, while the very high P/E meaningfully drags the overall score.
Positive Factors
Revenue Growth
Sharp top-line acceleration (100%+ revenue growth) indicates meaningful demand expansion for MICEL’s LED display and project services. Durable revenue growth supports scale economics, improves pricing leverage over time, and provides a stronger base for reinvestment and margin expansion if execution and collections remain consistent.
Negative Factors
Weak Cash Generation
Multi-year negative operating and free cash flow erodes internal funding capacity despite recent improvement. Even with a small FY2026 uptick, prolonged cash conversion weakness raises the likelihood of reliance on external capital for working capital, warranty/AMC obligations and project ramp, increasing financing and execution risk over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sharp top-line acceleration (100%+ revenue growth) indicates meaningful demand expansion for MICEL’s LED display and project services. Durable revenue growth supports scale economics, improves pricing leverage over time, and provides a stronger base for reinvestment and margin expansion if execution and collections remain consistent.
Read all positive factors
MIC Electronics Limited (MICEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.41B
Dividend YieldN/A
Average Volume (3M)2.79M
Price to Earnings (P/E)―
Beta (1Y)2.51
Revenue Growth101.05%
EPS Growth-228.22%
CountryIN
Employees82
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)N/A
Shares Outstanding241,011,570
10 Day Avg. Volume495,336
30 Day Avg. Volume2,788,896
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)3.34
Price to Sales (P/S)3.79
P/FCF Ratio1.10K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
MIC Electronics Limited Business Overview & Revenue Model
Company Description
MIC Electronics Limited designs, develops, manufactures, and sells LED video displays, and electronic and telecommunication equipment worldwide. The company offers indoor lighting products comprising area lights, down lights, tube lights, and bulb...
How the Company Makes Money
MICEL makes money mainly by selling and executing LED display and electronic signage projects. Key revenue streams generally include: (1) product/system sales of LED display boards and associated hardware (such as controllers, power systems, and c...
MIC Electronics Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 944.82M | 1.91B | 947.64M | 545.75M | 58.92M | 449.47M |
| Gross Profit | 159.26M | 386.04M | 229.65M | 155.36M | 78.70M | 85.57M |
| EBITDA | 169.44M | 252.42M | 192.85M | 209.15M | 26.93M | 76.79M |
| Net Income | 79.08M | -126.34M | 96.94M | 618.39M | 2.44M | 29.63M |
Balance Sheet | ||||||
| Total Assets | 3.50B | 3.54B | 3.14B | 1.41B | 874.00M | 750.75M |
| Cash, Cash Equivalents and Short-Term Investments | 92.50M | 109.55M | 142.41M | 8.92M | 8.00M | 1.43M |
| Total Debt | 458.52M | 441.91M | 435.70M | 116.54M | 161.60M | 78.84M |
| Total Liabilities | 1.22B | 1.37B | 914.00M | 187.97M | 233.80M | 113.01M |
| Stockholders Equity | 2.28B | 2.16B | 2.23B | 1.22B | 601.20M | 627.74M |
Cash Flow | ||||||
| Free Cash Flow | -5.59M | 6.58M | -730.18M | -97.42M | -87.10M | -658.60M |
| Operating Cash Flow | 3.24M | 32.73M | -486.65M | -97.42M | -47.60M | -575.79M |
| Investing Cash Flow | -28.64M | -25.80M | -671.93M | 155.28M | -49.70M | -86.07M |
| Financing Cash Flow | -31.66M | -70.50M | 1.22B | -52.27M | 98.10M | 662.25M |
MIC Electronics Limited Technical Analysis
Positive
44.80
Price Trends
37.37
Positive
39.98
Positive
47.45
Negative
Market Momentum
1.43
Negative
68.61
Neutral
95.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MICEL, the sentiment is Positive. The current price of 44.8 is above the 20-day moving average (MA) of 35.13, above the 50-day MA of 37.37, and below the 200-day MA of 47.45, indicating a neutral trend. The MACD of 1.43 indicates Negative momentum. The RSI at 68.61 is Neutral, neither overbought nor oversold. The STOCH value of 95.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MICEL.
MIC Electronics Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹185.07B | 34.37 | ― | 0.20% | 7.07% | 94.48% | |
64 Neutral | ₹41.99B | -13.94 | ― | 0.25% | 16.63% | 19.00% | |
64 Neutral | ₹152.44B | 65.71 | ― | 0.08% | 35.80% | 20.71% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ₹70.73B | 44.93 | ― | ― | 50.81% | 106.22% | |
57 Neutral | ₹31.19B | 29.50 | ― | ― | -16.99% | 7.60% | |
56 Neutral | ₹10.41B | -57.21 | ― | ― | 101.05% | -228.22% |
* Technology Sector Average
IN:MICEL
MIC Electronics Limited
43.19
-14.69
-25.38%
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MIC Electronics Limited Corporate Events
MIC Electronics Issues Corrigendum on EGM Notice for Neo Semi Share-Swap Deal
Apr 16, 2026
MIC Electronics Limited has issued a corrigendum to its earlier notice convening an Extra-Ordinary General Meeting on April 29, 2026, after receiving observations from the National Stock Exchange of India. The update, dispatched electronically to ...
MIC Electronics Wins New Indian Railways Orders Worth Over Rs 2.2 Crore
Apr 16, 2026
MIC Electronics Limited has secured a Letter of Acceptance from the Signal and Telecommunication department of the Nagpur Division in the Central Railway zone to supply, install, test, and commission telecom assets and passenger amenities IPIS at ...
MIC Electronics Publishes EGM Notice Ahead of April 29 Meeting
Apr 9, 2026
MIC Electronics Limited has announced that it published newspaper advertisements in Business Standard and Telugu Prabha giving notice of an Extra Ordinary General Meeting to be held on April 29, 2026, at its registered office at 11:45 a.m. The dis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.