MIRC ELECTRONICS LTD.

Onida Electronics Limited (formerly MIRC Electronics Limited) announced its unaudited financial results for Q1 FY27, reporting a healthy top-line growth of 29.5% year-on-year to ₹182.4 crore. This growth was primarily driven by strong performance in LED Televisions and Air Conditioners, which saw 56.8% and 39.2% year-on-year growth respectively. The company also reported an improvement in overall gross margin to 17.3% from 16.3% in Q1 FY26, attributed to a favorable product mix. Total income increased by 30.6% to ₹184.8 crore. The company also completed its corporate name change to Onida Electronics Limited. The net loss for the quarter was ₹14.2 crore, compared to ₹12.5 crore in the prior year.

Onida Electronics Ltd announced its unaudited financial results for the first quarter ended June 30, 2026. The Board of Directors approved these results along with the Limited Review Report from M/s. M M Nissim & Co LLP. Additionally, the company approved the allotment of 1,35,480 equity shares pursuant to the exercise of employee stock options under the Onida Electronics Employee Stock Option Plan, 2023. This allotment increases the company's paid-up equity share capital to ₹36,95,27,844.

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.

Onida Electronics Ltd has announced a Board of Directors meeting scheduled for August 7, 2026. The primary agenda is to consider and approve the unaudited financial results for the first quarter ended June 30, 2026, along with the limited review report. Additionally, the board will discuss the allotment of equity shares under the MIRC Electronics Employee Stock Option Plan, 2023. The trading window for designated persons will remain closed until 48 hours after the results are declared.

Onida Electronics Limited (formerly MIRC Electronics Limited) has voluntarily obtained a valuation report dated May 16, 2026, from Mr. Bhavesh M. Rathod to determine the fair value of equity shares proposed to be allotted upon conversion of convertible equity share warrants. Additionally, the company has revised its post-issue shareholding pattern on a fully diluted basis. This revision corrects an inadvertent omission of the impact of previously granted Employee Stock Options (ESOPs) when calculating the fully diluted shareholding for the Extraordinary General Meeting (EGM) notice. The revised disclosures, reflecting the ESOP impact, are enclosed as Annexures A, B, and C.

Onida Electronics Ltd announced the appointment of Mr. Manish Desai as the new Chief Financial Officer (CFO) and Key Managerial Personnel, effective July 04, 2026. This change follows the resignation of Mr. Shirish Suvagia from the CFO position. Mr. Desai's appointment is part of a broader board meeting that also approved the appointment of Mr. Jayesh Gandhi as an Additional Director (Independent Director), a change in designation for Mr. Kaval Mirchandani, and the appointment of Mr. Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director. The company also approved the grant of 12,50,000 Employee Stock Options.

Onida Electronics Ltd announced significant changes in its directorate following a Board Meeting on July 3, 2026. Key appointments include Mr. Jayesh Gandhi as Additional Director (Independent), Mr. Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director, and Mr. Manish Desai as Chief Financial Officer and Whole-time Director. Mr. Kaval Mirchandani's designation changed from Managing Director to Whole-time Director. The company also noted the resignation of Mr. Shirish Suvagia as Whole Time Director and Chief Financial Officer. Additionally, the Board approved the grant of 12,50,000 Employee Stock Options under the MIRC Electronics Employee Stock Option Plan, 2023. These changes are subject to necessary member and regulatory approvals.

Onida Electronics Ltd announced the resignation of Mr. Shirish Suvagia from his positions as Whole Time Director and Chief Financial Officer, effective July 3, 2026. The Board of Directors acknowledged his contributions. Concurrently, the company approved several key appointments and changes, including Mr. Jayesh Gandhi as Additional Independent Director, Mr. Kaval Mirchandani's designation change, and Mr. Gunjan Srivastava's appointment as Additional & Managing Director and CEO. Mr. Manish Desai has been appointed as the new Chief Financial Officer and Whole-time Director. The company also approved the grant of Employee Stock Options.

Onida Electronics Ltd announced outcomes from its Board Meeting held on July 3, 2026. Key decisions include the appointment of Mr. Jayesh Gandhi as Additional Independent Director for five years, and Mr. Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director. The company also approved the change in designation of Mr. Kaval Mirchandani from Managing Director to Whole-time Director. Mr. Manish Desai was appointed as Chief Financial Officer and Whole-time Director. The Board noted the resignation of Mr. Shirish Suvagia as Whole Time Director and CFO. Additionally, 12,50,000 Employee Stock Options were approved under the MIRC Electronics Employee Stock Option Plan, 2023. All appointments are subject to member approval.

Onida Electronics Ltd has announced the closure of its trading window for dealing in the company's securities. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's internal code. The trading window will be shut from July 1, 2026, until 48 hours after the declaration of the un-audited financial results for the quarter ended June 30, 2026. Directors, designated employees, and other covered individuals are prohibited from trading during this period. The exact date for the Board of Directors' meeting to approve these financial results will be communicated later.