MIC Electronics Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Auto mobiles: 82.9% • LED products: 13.2% • Medical appliances: 3.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 60.7%
- Company has delivered good sales growth of 180.9% CAGR over last 5 years
- Latest quarter profit grew 27.9% YoY, showing strong momentum
- Working capital cycle has improved - days down from 368 to 223
- Company generates healthy free cash flow
- Institutional investors have been accumulating - FII+DII up 2.5pp
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 216.1% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -15.9pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.99x)
- Company has a low return on capital employed of 12.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| MICEL | 35.48 | 0.00 | 1056.90 | 0.00 | 2.13 | 27.89 | 43.72 | 276.57 | 8.68 | 9.77 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 10 | 17 | 23 | 11 | 27 | 12 | 45 | 12 | 38 | 90 | 51 | 44 | |
| 6 | 7 | 15 | 18 | 8 | 24 | 8 | 36 | 8 | 34 | 86 | 37 | 42 | |
| Operating Profit | 2 | 3 | 3 | 5 | 3 | 4 | 3 | 8 | 4 | 4 | 4 | 13 | 2 |
| OPM % | 25.42% | 29.00% | 14.87% | 23.56% | 24.25% | 13.26% | 29.36% | 18.66% | 35.40% | 10.06% | 4.40% | 26.30% | 4.38% |
| 0 | 7 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |
| Interest | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 1 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 1 | 9 | 3 | 5 | 2 | 2 | 2 | 7 | 2 | 2 | 2 | 11 | 2 |
| Tax % | -0.81% | 1.23% | 0.00% | -803.46% | 0.00% | 0.00% | 0.00% | 47.58% | 0.00% | 0.00% | 0.00% | 267.18% | 0.00% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 4 | 2 | 2 | 2 | -18 | 2 |
| 0.06 | 0.40 | 0.12 | 2.24 | 0.08 | 0.09 | 0.09 | 0.14 | 0.07 | 0.09 | 0.08 | -0.76 | 0.09 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 231 | 159 | 5 | 2 | 1 | 45 | 23 | 55 | 95 | 191 | 223 | |
| 229 | 163 | 25 | 19 | 3 | 38 | 21 | 42 | 77 | 165 | 200 | |
| Operating Profit | 2 | -4 | -20 | -17 | -2 | 7 | 1 | 12 | 18 | 26 | 23 |
| OPM % | 0.94% | -2.72% | -407.45% | -919.55% | -151.08% | 14.88% | 6.52% | 22.88% | 19.27% | 13.41% | 10.36% |
| 2 | -95 | 0 | 1 | 3 | 1 | 2 | 9 | 1 | 1 | 1 | |
| Interest | 29 | 24 | 0 | 0 | 0 | 2 | 1 | 2 | 5 | 6 | 6 |
| Depreciation | 8 | 8 | 8 | 8 | 7 | 3 | 2 | 2 | 2 | 4 | 4 |
| Profit before Tax | -32 | -132 | -27 | -24 | -5 | 3 | 0 | 18 | 13 | 17 | 17 |
| Tax % | -9.05% | -45.52% | -0.00% | -0.00% | -0.00% | 2.29% | 7.16% | -248.71% | 24.77% | 175.74% | 170.88% |
| Net Profit | -35 | -191 | -27 | -24 | -5 | 3 | 0 | 62 | 10 | -13 | -12 |
| EPS | 0.00 | 0.00 | 0.00 | -1.09 | -0.25 | 0.13 | 0.01 | 2.79 | 0.40 | -0.53 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -1%
- 5 Years:
- 181%
- 3 Years:
- 103%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 94%
- 3 Years:
- 6%
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 38%
- 3 Years:
- 61%
- Last Year:
- -8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 48 | 48 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 |
| 49 | -140 | -167 | -172 | -97 | -40 | -40 | 19 | 116 | 110 | |
| 48 | 15 | 106 | 105 | 33 | 8 | 17 | 12 | 44 | 39 | |
| Trade Payables | 40 | 57 | 59 | 60 | 2 | 1 | 1 | 3 | 39 | 66 |
| 102 | 225 | 137 | 123 | 84 | 61 | 65 | 18 | 26 | 79 | |
| Total Liabilities | 282 | 200 | 178 | 161 | 65 | 75 | 87 | 97 | 273 | 343 |
| 93 | 90 | 82 | 75 | 46 | 47 | 43 | 26 | 47 | 46 | |
| Capital Work in Progress | 7 | 2 | 2 | 2 | 0 | 5 | 7 | 0 | 0 | 0 |
| 7 | 7 | 7 | 8 | 8 | 0 | 0 | 0 | 0 | 0 | |
| 114 | 51 | 50 | 50 | 2 | 8 | 16 | 8 | 16 | 29 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 84 | 196 | |
| Cash & Bank | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 8 | 14 | 11 |
| 61 | 50 | 35 | 26 | 8 | 15 | 20 | 30 | 112 | 61 | |
| Total Assets | 282 | 200 | 178 | 161 | 65 | 75 | 87 | 97 | 273 | 343 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 117 | 0 | 1 | -146 | -57 | -6 | -11 | -44 | 9 | |
| Cash from Investing | -1 | -0 | -0 | -1 | 20 | -8 | -3 | 19 | -67 | -3 |
| Cash from Financing | 22 | -33 | -0 | 0 | 126 | 66 | 10 | -5 | 122 | -7 |
| -1 | -0 | -0 | -0 | 0 | 0 | 0 | 1 | 6 | -6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - MIC Electronics Limited has informed the Exchange about the allotment of equity shares on a preferential basis
2026-09-02 - MIC Electronics Limited has informed the Exchange regarding "Incorporation of subsidiary," "MIC Defence Systems Private Limited."
2026-08-26 - MIC Electronics Limited has informed the Exchange about the receipt of in-principle approval from the stock exchanges for the issue of Equity Shares on a preferential basis towards the acquisition of M/s. NEO Semi SG Pte Ltd, Singapore.
2026-08-24 - MIC Electronics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-22 - MIC Electronics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026
2026-08-14 - MIC Electronics Limited has informed the Exchange about Credit Rating- Revision
2026-08-03 - MIC Electronics Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - Mic Electronics Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-07-31 - MIC Electronics Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for MICEL
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