MIC Electronics: consol PAT +28% YoY to ₹2.13 Cr, OPM slumps to 9.8% on trading mix
PAT +27.9% YoY · revenue +276.47% · margins compressing
₹43.72 Cr
+276.47% YoY
₹2.13 Cr
+27.9% YoY
4.85%
-9.3pp YoY
₹0.09
MIC Electronics posted consolidated revenue of ₹43.72 Cr for Q1 FY27, up 276% YoY from ₹11.61 Cr and down 13.9% QoQ from ₹50.79 Cr, with consolidated PAT of ₹2.13 Cr, up 27.9% YoY (₹1.67 Cr) and a sequential turnaround from Q4 FY26's ₹18.35 Cr consolidated loss — that prior loss was entirely a one-off ₹29.31 Cr deferred-tax charge on an otherwise profitable ₹10.97 Cr PBT quarter, so the QoQ 'recovery' is not a genuine operating swing. On a standalone basis, which strips out the new trading subsidiary, revenue rose just 5.8% YoY to ₹12.29 Cr and PAT rose 5.2% YoY to ₹1.75 Cr — a materially slower underlying growth rate than the consolidated headline, and the >3% divergence is entirely attributable to segment mix rather than the core LED business accelerating.
Q1 FY-2027 vs prior quarters
The headline consolidated growth is a function of the 'Electrical & Electronics, Spare parts trading' segment, which recorded ₹31.43 Cr of revenue this quarter versus zero in the year-ago quarter and zero in the immediately preceding Q4 FY26 — it is lumpy and appeared for the first time in over a year. That segment carries a razor-thin gross spread: purchase of stock-in-trade of ₹30.88 Cr against ₹31.43 Cr of segment revenue implies roughly a 1.75% gross margin, and its segment EBIT was just ₹0.38 Cr (1.2% margin) versus the LED segment's ₹2.94 Cr EBIT on ₹12.29 Cr revenue (23.9% margin). The mix shift toward this low-margin trading line pulled consolidated OPM (EBITDA margin) down to 9.77% from 35.40% a year ago and 26.29% last quarter, and NPM to 4.85% from 14.19% YoY — a sharp margin compression despite the profit and revenue both rising in headline terms.
The stock went into the print at ₹36.8, down 13.1% over the past month of trading.
We hold no prior formal guidance or concall commentary for MIC Electronics in our records, and a web search for Q1 FY27 analyst previews turned up no numerical consensus estimates for the company (it is thinly covered), so vs-guidance and vs-street are both unknown here; management's press release accompanying this filing contains no additional commentary beyond the standard board-outcome intimation. Corporate developments this quarter were modest relative to the trading-segment swing: a ₹3.78 Cr Chhattisgarh Board order (5 May) and development of IPIS v2.0 for Indian Railways (8 May) both sit within the LED/display products franchise, while RRK Enterprise's 2.28% stake sale (8 May) is a shareholding change unrelated to operating performance. Zero current and deferred tax was charged in both the standalone and consolidated results this quarter, consistent with the year-ago quarter.
W1
Whether the Electrical & Electronics/spare-parts trading segment (₹31.43 Cr this quarter, nil in 3 of the last 4 quarters) recurs in Q2 FY27 or reverses to zero, given its history of lumpy, non-recurring appearance.
W2
Consolidated OPM recovery path from 9.77% back toward the 26-35% range seen when LED products dominated the revenue mix.
W3
Standalone (core LED) revenue and PAT growth, which ran at ~5-6% YoY this quarter — the cleaner read on organic performance independent of trading-segment noise.