MIRC Electronics Limited (MIRCELECTR) AI Stock Analysis

• Market Cap: ₹8.85B
• Dividend Yield: N/A
• Average Volume (3M): 95.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.60
• Revenue Growth: -30.79%
• EPS Growth: 59.95%
• Country: IN
• Employees: 484
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): -0.36
• Shares Outstanding: 369,392,360
• 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: 48 Neutral
• Price Target: ₹23.50 ▼(-32.90% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by weak technicals (below major moving averages with negative MACD) and ongoing profitability issues (continued net losses and negative ROE). Offsetting factors include improved 2025 operating/free cash flow and some margin improvement, but the negative P/E and lack of dividend data limit valuation support.

Positive Factors

Improved cash generation

The company’s move to positive operating and free cash flow in 2025 signals materially improved cash conversion from core operations. Sustained positive cash generation reduces reliance on external financing, funds working capital and reinvestment, and improves resilience through consumer cycles over months.

Margin recovery signs

Improving gross and operating margins in 2025 suggest better cost management or a favorable product mix. If sustained, higher margins enhance operating leverage, support cash flow, and provide buffer versus pricing competition, strengthening long-term profitability prospects beyond transitory quarters.

Established brand and distribution model

A recognized consumer electronics brand and an existing dealer/distributor network are durable competitive assets in India. Strong channels lower customer acquisition costs, enable faster product rollout, and support volume recovery over months if product positioning and channel incentives remain aligned.

Negative Factors

Persistent net losses

Ongoing net losses and negative return on equity indicate the business has yet to return to sustainable profitability. Continued losses erode shareholder equity, constrain reinvestment capacity, and can limit strategic options unless operating profitability is restored over the medium term.

Declining revenue trend

A multiyear decline in revenue, including a sharp drop into 2025, signals weakened demand, market share loss, or product mix contraction. Without revenue stabilization, margin gains may be insufficient to offset scale losses, pressuring long-term cash generation and growth prospects.

Declining equity / reliance on liabilities

A falling equity base and greater reliance on liabilities reduce balance sheet flexibility and raise financial risk if profits remain elusive. Even with stable leverage metrics, shrinking equity limits headroom for downturns and could constrain investments or negotiating power with suppliers and lenders.

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

Financial statements show persistent net losses and declining equity (negative ROE), offset by some improvement in margins and a clear rebound in 2025 operating and free cash flow. Leverage appears relatively stable, but sustained profitability remains the key gap.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Negative
• Last Price: 35.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIRCELECTR, the sentiment is Negative. The current price of 35.02 is above the 20-day moving average (MA) of 29.63, above the 50-day MA of 30.51, and above the 200-day MA of 24.10, indicating a bearish trend. The MACD of -1.38 indicates Positive momentum. The RSI at 27.38 is Positive, neither overbought nor oversold. The STOCH value of 15.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	66 Neutral	₹1.46B	26.50	―	―	10.59%	82.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
OSIAHYPER	51 Neutral	₹1.38B	15.87	―	―	7.37%	-2.12%
MIRCELECTR	48 Neutral	₹8.85B	-19.72	―	―	-30.79%	59.95%
PRAXIS	45 Neutral	₹1.27B	-2.67	―	―	-36.99%	―

MIRC Electronics Limited Corporate Events

MIRC Electronics Opens Special Window for Legacy Physical Share Demat and Transfers

MIRC Electronics has notified exchanges and shareholders about the opening of a special window to facilitate the transfer and dematerialisation of physical securities that were sold or purchased before April 1, 2019. The company has published statutory advertisements in English and Marathi newspapers to inform members of this limited-period compliance opportunity, aligning with updated SEBI regulations and potentially easing legacy issues for investors holding older physical share certificates.

The move underscores efforts to further migrate remaining physical holdings into electronic form, which can improve liquidity, reduce operational risk around paper certificates, and enhance transparency in line with broader market reforms. For shareholders, especially long-time investors, the special window offers a regulatory-backed route to regularise and update their holdings, ensuring continued ease of trading and settlement in demat format.

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.