MIRC Electronics Limited has informed the Exchange regarding Board meeting held on August 13, 2025.
MIRCELECTR · price
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Awaiting price reaction for this filing.
MIRC Electronics (the Onida brand) reported weak Q1 FY26 results, swinging to a net loss of Rs. 12.49 crore from a small profit of Rs. 44 lakh in Q1 FY25. Revenue from operations stood at Rs. 140.85 crore, while total expenses of Rs. 153.98 crore exceeded total income, indicating margin pressure. The Board approved a preferential issue of up to 8.89 crore equity shares at Rs. 16.81 per share to four investors, potentially raising around Rs. 150 crore. Authum Investment & Infrastructure Ltd is the largest proposed allottee with 7.83 crore shares, which would make it a 21.25% promoter-level holder. An EGM is scheduled for September 6, 2025 to seek shareholder approval. The company has also recently raised funds via a rights issue (allotted in August 2025) and NCD placements totalling Rs. 30 crore.
Existing shareholders face significant equity dilution since the proposed issue is roughly 38% of the current paid-up capital of 23.11 crore shares. The sharp swing to a quarterly loss points to operational stress, though the fresh capital may shore up the balance sheet. Watch the stock for volatility around the EGM outcome and Q1 performance commentary.