Industrials stocks · Small cap · NSE
Onida Electronics Limited (formerly MIRC Electronics Limited) is a 45-year legacy Indian consumer durables company established in 1981, manufacturing and selling LED/QLED TVs, air conditioners, and washing machines under the iconic ONIDA brand.
full bear SMA stack · SMA20 -17.6% / mo · MACD +
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +21.9% · PAT NDF YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +22% YoY · +9% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹198.6 Cr | +21.9% | +8.9% |
| EBITDA | ₹-27.9 Cr | -64.2% | -144.3% |
| Operating margin | -14.1% | -306 bps | -779 bps |
| PAT | ₹-39.9 Cr | NDF | NDF |
| PAT margin | -20.1% | -1883 bps | -1229 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 4/11/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Onida reported Q2 FY27 brand revenue growth of 65% YoY to Rs. 150.4 crores and total income of Rs. 199.5 crores, alongside a widened net loss of Rs. 39.8 crores due to elevated input costs and operating expenses.
While Onida is executing well on its Onida Rewired transformation—evidenced by robust 65% brand revenue growth, a 239% surge in air conditioner sales, and e-commerce channel expansion—profitability remains under intense stress. Gross margin pressures from geopolitical component cost inflation and surging operating expenses drove a net loss of Rs. 39.8 crores in Q2 FY27, highlighting execution risk in scaling margins alongside top-line growth.
Latest issuer-disclosed distribution across 3 reported categories.
The air conditioner business registered a growth of 239% year-on-year for Q2 FY27 on account of a second summer across major parts of the country.
LED emerged as the key growth driver with 52% QoQ growth, supported by new product launches, promotional schemes, and the commercial launch of the 100-inch QD Mini-LED TV.
The e-commerce channel grew 169% year-on-year in H1 FY27, led by air conditioners and washing machines, with Onida ACs gaining market share in E-com for September 2026.
Newly added direct dealers (127) and distributors (57) contributed 12% of total revenue, supplemented by a new exclusive tie-up with a rural distribution partner.
Consumer preferences are clearly shifting towards larger screens, smarter features, and energy-efficient appliances.
As the company enters the second half, management notes it is well-positioned to capitalise on festive demand with a refreshed product portfolio.
Geopolitical situation resulted in increased component cost across product categories, acting as a near-term industry headwind.
Competitive intensity remains a near-term headwind for the industry, constraining aggressive pricing pass-throughs.
PAT widened significantly to a loss of Rs. 39.8 crores in Q2 FY27 compared to a loss of Rs. 1.8 crores in Q2 FY26 due to higher operating expenses.
Operating expenses jumped 72% YoY to Rs. 50.82 crores in Q2 FY27, outpacing gross margin expansion and driving negative EBITDA of Rs. 27.91 crores.
Trade payables rose to Rs. 23,165 lakhs as of H1 FY27 compared to Rs. 17,679 lakhs in H1 FY26.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Year-over-year comparisons are most appropriate to assess the brand revenue growth trajectory, seasonal segment performance (such as air conditioners), and structural turnaround progress under the Onida Rewired plan.
Branded business revenue stood at Rs. 150.4 crores in Q2 FY27, up 65% year-on-year, and Rs. 325.7 crores in H1 FY27, up 48% year-on-year.
Branded business margin stood at 17.7% in Q2 FY27 (setting aside one-offs), an increase of 470 bps over the previous year.
Total income reached Rs. 199.5 crores in Q2 FY27 vs Rs. 165.1 crores in Q2 FY26, but PAT widened to a loss of Rs. 39.8 crores from a loss of Rs. 1.8 crores.
Management is addressing input cost inflation and competition through calibrated pricing, a richer product mix, and tighter cost discipline.
Focus for the second half will be to scale the business while steadily improving operational efficiency, productivity, and customer service.
In coming quarters, the company plans to expand its SmartHub exclusive brand outlet footprint across Tier 2 and Tier 3 cities to improve product availability.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA and PAT Margins | EBITDA loss of Rs. 27.91 crores (-14.05% margin) in Q2 FY27 | Ability to control operating expenses and translate top-line brand growth into positive operational profitability. |
| Gross Margin Trajectory | Branded business margin at 17.7% (excluding one-offs) in Q2 FY27 | Sustained gross margin expansion amidst volatile geopolitical component costs and raw material inflation. |
| Working Capital & Cash Flow | Operating cash flow for H1 FY27 stood negative at Rs. 4,566 lakhs | Improvement in cash generation from operations and normalization of trade payables and inventory levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 4th percentile within Industrials. Main check: promoter alignment is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 4th pctile, median 68 · Small: 6th pctile, median 66
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse