Onida Q1FY27: revenue +30% YoY to ₹182 Cr, but standalone loss widens to ₹14.2 Cr

Onida Electronics (formerly MIRC Electronics) reported a Q1 FY27 standalone net loss of ₹14.18 Cr on revenue of ₹182.41 Cr, unaudited figures reviewed by M M Nissim & Co LLP. Revenue grew 29.5% YoY (₹140.85 Cr in Q1 FY26) and 26.9% QoQ (₹143.81 Cr in Q4 FY26) — the strongest topline print in this comparison set — but the loss itself widened 13.5% YoY from ₹12.49 Cr. YoY profit trailed YoY revenue growth, so the headline is a bigger loss on a bigger revenue base, not an improving bottom line. As a share of sales the loss did narrow marginally, to -7.8% of revenue from -8.8% a year ago, purely because revenue outran the loss increase.

The QoQ picture looks far better on the surface — loss down from ₹47.36 Cr — but that comparison is skewed: Q4 FY26 carried a ₹31.79 Cr exceptional charge that isn't present this quarter. Strip that out and Q4's core pre-tax loss was ₹15.57 Cr, close to this quarter's ₹14.18 Cr pre-tax loss, so most of the QoQ 'recovery' is the absence of a one-off rather than an operating turnaround. On the cost side, purchase of contract-manufactured goods more than doubled YoY to ₹197.07 Cr from ₹73.75 Cr, alongside a ₹70.48 Cr swing into inventory build (versus a ₹22.55 Cr inventory drawdown a year ago) — together these point to an outsourcing/contract-manufacturing-led sales mix this quarter, with raw-material consumption up only marginally (₹19.17 Cr vs ₹18.54 Cr YoY). No tax was recorded, consistent with continuing losses, and basic/diluted EPS came in at -₹0.38 versus -₹0.54 a year ago.

We found no analyst previews or consensus estimates for this stock — it carries no visible sell-side coverage — so the print can't be graded against street numbers. The company also has no formal quarterly guidance on record; the only forward marker on file is an April 2026 EGM-approved ESOP grant tied to cumulative EBITDA targets of ₹100 Cr for FY27-FY30 and ₹400 Cr for FY27-FY32 — a four-year target that one quarter of results can't yet be judged against, and the company remains EBITDA-negative today. Separately, the quarter carried several corporate-governance developments: the completed legal rename from MIRC Electronics to Onida Electronics, the appointment of Manish Desai as CFO (July 3, 2026) alongside the resignation of whole-time director Shirish Suvagia, and a fresh 3.11 Cr-option ESOP grant to employees — none of which map directly onto this quarter's P&L but set up leadership-continuity questions for coming quarters.