MIRC Electronics Limited (MIRCELECTR) AI Stock Analysis

• Market Cap: ₹8.41B
• Dividend Yield: N/A
• Average Volume (3M): 95.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: -30.79%
• EPS Growth: 59.95%
• Country: IN
• Employees: 484
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): -0.06
• Shares Outstanding: 280,442,470
• 10 Day Avg. Volume: 110,914
• 30 Day Avg. Volume: 95,291
• PEG Ratio: 1.22
• Price to Book (P/B): 2.14
• Price to Sales (P/S): 0.36
• P/FCF Ratio: 8.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹31.00 ▼(-11.48% Downside)

The score is driven primarily by weak financial performance due to ongoing losses and revenue pressure, partly offset by improved operating/free cash flow. Technicals are supportive with an uptrend, but overbought signals add near-term risk. Valuation is constrained by negative earnings and the absence of dividend yield data.

Positive Factors

Improved Cash Generation

Operating and free cash flow turning positive in 2025 is a durable improvement, reducing reliance on external funding and supporting working capital, inventory cycles, and modest capex. This strengthens liquidity and gives management scope to fund product refreshes or distribution support over months.

Prudent Leverage

A relatively stable debt-to-equity ratio signals conservative leverage, preserving borrowing capacity and lowering refinancing risk. This financial flexibility helps the firm absorb demand volatility in consumer durables and fund seasonal inventory needs without forcing distressed capital raises.

Established Brand & Distribution

Operating under the ONIDA brand with an established dealer/distributor network provides durable go-to-market advantages: brand recognition lowers customer acquisition costs, supports shelf space and channel relationships, and aids product rollouts versus new entrants.

Negative Factors

Revenue Decline and Losses

Sustained revenue decline and persistent net losses even after margin improvement indicate structural demand or competitiveness issues. Continued unprofitability erodes reserves, limits reinvestment capacity, and raises risk that operating deficits persist absent sustained revenue recovery.

Eroding Equity and Negative ROE

Declining equity and negative ROE reflect cumulative losses that shrink the capital buffer. This weakens the firm's ability to absorb shocks, constrains future equity funding options, and may increase cost of capital, limiting long-term strategic investments and growth initiatives.

Concentrated, Competitive Business Mix

Heavy dependence on TV and adjacent electronics sales exposes the company to cyclical demand, component cost swings and intense price competition. Limited revenue diversification makes margins vulnerable and reduces resilience to structural shifts in consumer preferences or channel dynamics.

MIRC Electronics Limited Business Overview & Revenue Model

Company Description

MIRC Electronics Limited manufactures and markets electronics and consumer durables in India. It offers LED and LCD televisions, air conditioners, washing machines, microwave ovens, DVD home theatre systems, mobile phones, projector systems, LED lights, refrigerators, healthcare, air cooler, dishwashers, and LED lights under the Onida and IGO brands. The company also exports its products. MIRC Electronics Limited was incorporated in 1981 and is based in Mumbai, India.

How the Company Makes Money

MIRC Electronics generates revenue primarily through the sale of its consumer electronics and home appliances. The company's revenue model is based on direct sales to consumers, as well as distribution through a network of dealers and retailers across India and abroad. Key revenue streams include the sale of televisions, which remains one of the flagship product categories, along with washing machines and air conditioning units. Additionally, MIRC benefits from strategic partnerships with distributors and retailers, enhancing its market presence and sales capabilities. The company may also explore avenues such as after-sales services and warranty extensions to supplement its income. Factors contributing to its earnings include brand recognition, a reputation for quality, and the ability to adapt to changing consumer preferences and technological advancements in the electronics space.

MIRC Electronics Limited Financial Statement Overview

Summary

Income statement remains weak due to declining revenue and persistent net losses, despite some margin improvement. Balance sheet is moderately stable with prudent leverage, but declining equity and negative ROE are concerns. Cash flow improved meaningfully in 2025 with positive operating and free cash flow, partially offsetting profitability risk.

Income Statement

MIRC Electronics Limited showed a decrease in total revenue over the last few years, with a sharp decline from 2024 to 2025. Gross profit margin improved in 2025, but net income remained negative, reflecting persistent profitability challenges. EBIT and EBITDA margins showed mixed results, with a notable improvement in 2025. Overall, the income statement reveals ongoing struggles with profitability despite some margin improvements.

Balance Sheet

The balance sheet indicates a relatively stable debt-to-equity ratio, suggesting prudent leverage management. However, the company's equity ratio has decreased over recent years, indicating a higher reliance on liabilities. Return on equity has been negative, reflecting consistent net losses. Overall, the balance sheet suggests moderate financial stability, but there are concerns regarding declining equity and profitability.

Cash Flow

The cash flow statement shows positive operating cash flow in 2025, a significant improvement from negative figures in previous years. Free cash flow turned positive in 2025, indicating better cash generation from operations and investments. However, the free cash flow to net income ratio remains concerning due to ongoing net losses. Overall, the cash flow statement reflects improved cash management, but profitability issues persist.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.60B	7.47B	9.67B	11.10B	11.91B	7.65B
Gross Profit	1.14B	760.66M	819.68M	1.51B	1.42B	1.21B
EBITDA	59.30M	172.46M	-405.24M	74.64M	17.82M	217.24M
Net Income	-152.30M	-23.00M	-622.08M	-124.70M	-200.71M	18.86M
Balance Sheet
Total Assets	0.00	5.28B	5.70B	5.29B	7.04B	6.65B
Cash, Cash Equivalents and Short-Term Investments	43.40M	232.10M	51.13M	124.60M	56.44M	81.32M
Total Debt	0.00	1.02B	1.04B	817.40M	683.33M	853.47M
Total Liabilities	-1.26B	4.02B	4.41B	3.38B	5.01B	4.42B
Stockholders Equity	1.26B	1.26B	1.28B	1.91B	2.03B	2.24B
Cash Flow
Free Cash Flow	0.00	299.90M	-69.64M	-92.40M	155.07M	95.01M
Operating Cash Flow	0.00	309.50M	-45.50M	-87.60M	244.83M	153.03M
Investing Cash Flow	0.00	-77.50M	-22.10M	75.00M	31.24M	-8.77M
Financing Cash Flow	0.00	-239.70M	80.01M	-5.10M	-300.95M	-71.90M

MIRC Electronics Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 35.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIRCELECTR, the sentiment is Neutral. The current price of 35.02 is above the 20-day moving average (MA) of 31.65, above the 50-day MA of 27.66, and above the 200-day MA of 22.05, indicating a neutral trend. The MACD of 0.63 indicates Positive momentum. The RSI at 49.67 is Neutral, neither overbought nor oversold. The STOCH value of 30.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MIRCELECTR.

MIRC Electronics Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCREDIBLE	68 Neutral	₹1.90B	13.53	―	―	10.59%	82.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MIRCELECTR	54 Neutral	₹8.41B	-39.03	―	―	-30.79%	59.95%
OSIAHYPER	54 Neutral	₹2.50B	8.83	―	―	7.37%	-2.12%
PRAXIS	45 Neutral	₹1.33B	5.78	―	―	-36.99%	―

MIRC Electronics Limited Corporate Events

MIRC Electronics Holds Extraordinary General Meeting via Video Conferencing

MIRC Electronics Limited informed the stock exchanges that it held an Extraordinary General Meeting on January 16, 2026 via video conferencing, in line with permissions granted by the Ministry of Corporate Affairs and SEBI. The meeting, chaired by Chairman and Managing Director Vijay Mansukhani, confirmed quorum, introduced board members, noted that the EGM notice and statutory registers were made available electronically, and activated an e-voting facility for shareholders, underscoring the company’s adherence to regulatory requirements and its continued reliance on digital channels to facilitate shareholder participation in corporate decision-making.

MIRC Electronics Revamps ESOP Scheme and Appoints New Statutory Auditor

MIRC Electronics Limited has approved key governance changes at an Extraordinary General Meeting held on 16 January 2026, including modifications to its 2023 Employee Stock Option Plan, signaling ongoing adjustments to its employee incentive structure. The company also appointed M M Nissim & Co LLP as its new statutory auditor to fill the vacancy created by the resignation of ASA & Associates LLP, with the new firm mandated to serve until the conclusion of the next Annual General Meeting and to conduct the statutory audit for the financial year ending 31 March 2026, a move that refreshes its audit oversight with a long-established, multi-city professional services firm.

MIRC Electronics Modifies ESOP 2023 Scheme and Appoints New Statutory Auditor

MIRC Electronics Limited has informed the exchanges that shareholders, at an extraordinary general meeting held on 16 January 2026, approved a modification to the MIRC Electronics Employee Stock Option Plan 2023, a move that is likely aimed at refining its employee incentivisation framework and potentially improving talent retention and alignment with long-term performance. At the same meeting, investors also cleared the appointment of M M Nissim & Co LLP as statutory auditors to fill the vacancy created by the resignation of ASA & Associates LLP, with the new firm mandated to serve until the conclusion of the next annual general meeting and to conduct the statutory audit for the financial year ending 31 March 2026, reinforcing the company’s financial oversight and regulatory compliance framework.

MIRC Electronics Sets January 16, 2026 Virtual EGM With Remote E-Voting

MIRC Electronics Limited has scheduled an Extraordinary General Meeting for January 16, 2026, to be conducted via video conferencing and other audio-visual means, in line with evolving regulatory norms that encourage virtual shareholder participation. The company will provide shareholders with remote e-voting and e-voting during the meeting, with a cut-off date of January 9, 2026, and a voting window from January 13 to 15, 2026, underscoring its compliance with SEBI listing requirements and Ministry of Corporate Affairs and SEBI circulars while facilitating broader and more convenient shareholder engagement in corporate decision-making.