NSE: MICEL · BSE: 532850
MIC ELECTRONICS LTD
Designs, manufactures and supplies LED-based display systems — including coach indicator boards, GPS clocks and passenger information displays — for Indian Railways, alongside related electronic products. In FY26, the LED Products segment contributed ₹87.48 cr (99.6% of reported segment revenue), with segment EBIT of ₹21.85 cr; medical appliances and automobiles segments were nominal at ₹0.32 cr and nil respectively. A new Electrical & Electronics spares trading line, run through subsidiary MICK Digital India, contributed ₹103.25 cr per segment trend data. Recent order activity includes a ₹3.78 cr Letter of Acceptance from the Chhattisgarh Environment Conservation Board for lab furniture at a Nava Raipur environmental laboratory, completed installations of coach indicator boards at 6 platforms across 4 stations in the Rajkot and Jabalpur divisions of West Central Railway, and a parcel management system at 10 stations in Jabalpur. The company is also developing IPIS v2.0 (Intelligent Passenger Information System) for Indian Railways, has approved a wholly-owned defence subsidiary, and is acquiring a stake in Singapore-based Neo Semi SG Pte. Ltd. Cost structure is led by materials at 26.6% of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. LED Products (100%), Medical and other appliances (0%), Automobiles (0%), Electrical & Electronics Spare parts trading. Electronics manufacturing with a new spares trading arm; FY26 net loss of ₹12.63 cr
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 45 | 23 | 95 | 191 |
| EBITDA (ex other income) | (2) | 6 | 1 | 18 | 25 |
| margin % | (150.5) | 14.2 | 6.5 | 19.0 | 13.2 |
| Owners' profit | (5) | 3 | 0 | 10 | (13) |
| EPS, as reported (₹) | (0.25) | 0.13 | 0.01 | 0.40 | (0.53) |
| ROE % · ROCE % | (108.0) · (17.1) | 4.6 · 7.2 | 0.4 · 1.6 | 4.4 · 7.5 | (5.8) · 10.0 |
| Debt / equity (x) | 5.54 | 0.11 | 0.25 | 0.20 | 0.20 |
| Cash from operations | (152) | (58) | (5) | (92) | 1 |
| Capex | 0 | 0 | (2) | (23) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27 | 12 | 45 | 12 | 38 | 90 | 51 | 44 |
| Profit before tax | 2 | 2 | 7 | 2 | 2 | 2 | 11 | 2 |
| Net profit | 2 | 2 | 4 | 2 | 2 | 2 | (18) | 2 |
| EPS (₹) | 0.09 | 0.09 | 0.14 | 0.07 | 0.09 | 0.08 | (0.76) | 0.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| LED Products | 75 | 39.2 |
| Medical and other appliances | 0 | 0.2 |
| a) LED Products | 13 | 6.6 |
| d) Electrical & Electronics Spare parts trading | 78 | 40.6 |
| Electricals & Electronics, Spare parts trading | 26 | 13.4 |
| Total, before eliminations | 191 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 23,354 | 25.3 | 10.55 | 20.6 | 36.8 | 45.3 | 29.4 | 23.0 |
| INOX INDIA LIMITED | 17,002 | 65.2 | 13.85 | 49.8 | 10.2 | 13.0 | — | 19.5 |
| ESAB INDIA LTD | 7,727 | 40.3 | 15.55 | — | 21.1 | 27.6 | — | 16.4 |
| HARSHA ENGINEERS INT LTD | 4,155 | 26.9 | 2.96 | 18.8 | 11.1 | 13.2 | — | 14.7 |
| SUBROS LIMITED | 3,944 | 23.2 | 3.01 | 12.2 | 6.6 | 7.9 | 15.9 | 7.0 |
| W P I L LTD. | 3,600 | 22.8 | 1.83 | 11.9 | 10.2 | 13.1 | 13.3 | 14.9 |
| ADOR WELDING LTD | 2,450 | 21.2 | 4.30 | 19.9 | 9.6 | 12.4 | 20.6 | 10.9 |
| DIFFUSION ENGINEERS LTD | 1,575 | 28.7 | 3.88 | 26.4 | 12.4 | 15.2 | — | 12.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 4.2 | 3.0 | 16 of 22 | 29% |
| ROCE | 7.3 | 7.9 | 13 of 23 | 46% |
| ROE | (5.8) | 8.0 | 19 of 20 | 5% |
| Debt / Equity | 0.2 | 0.2 | 12 of 22 | 48% |
| EBITDA margin | 9.8 | 9.3 | 15 of 30 | 52% |
| Revenue growth | 276.5 | 7.1 | 1 of 24 | 100% |
| Profit growth | 27.9 | (7.2) | 7 of 22 | 71% |
| Market cap | 919 | 105 | 9 of 31 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · Mauritius FII acquires 7.93% stake in MIC Electronics, holding rises to 8.10% | ownership changes | medium | — | — |
| 9 Oct 2026 · Ebisu Global Fund acquires 7.93 percent stake in MIC Electronics | ownership changes | high | — | — |
| 8 Oct 2026 · MIC Electronics files Reg 74(5) demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · MIC Electronics gets trading approval for 5.68cr preferential shares via Singapore share swap | capital market events | medium | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 16 Sept 2026 · 38th AGM: All 7 resolutions passed, 4 related party deals approved | board shareholder meetings | low | — | — |
| 16 Sept 2026 · MIC Electronics 38th AGM held; 7 resolutions put to vote, voting results pending | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · MIC Electronics allots shares for 59% Neo Semi acquisition | fund raising | high | — | — |
| 2 Sept 2026 · MIC Electronics incorporates defence subsidiary MIC Defence Systems | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.