MIRC Electronics reports net loss of ₹7,474 lakh for FY26

MIRC Electronics Limited has released its audited financial results for the fourth quarter and financial year ended March 31, 2026. The company reported a net loss of ₹7,474 lakh for the full year, compared to a net loss of ₹230 lakh in the previous year. Revenue from operations declined to ₹66,001 lakh for the year ended March 31, 2026, from ₹75,742 lakh in the corresponding period last year.

For the quarter ended March 31, 2026, the company recorded a net loss of ₹4,736 lakh. Revenue from operations for the quarter stood at ₹14,381 lakh, a decrease from ₹20,072 lakh in the same quarter of the previous year. The total income for the quarter was ₹14,871 lakh, while total expenses amounted to ₹16,428 lakh.

Financial Performance

The financial results include exceptional items totaling ₹1,372 lakh for the year. These items comprise restructuring costs of ₹240 lakh, an inventory write-down of ₹2,939 lakh, and a gain on the sale of non-core assets of ₹2,056 lakh. The company stated that these initiatives were part of its ongoing restructuring and business transformation exercise aimed at rationalizing operations and improving liquidity.

Metric Year Ended 31.03.2026 (₹ in Lakhs) Year Ended 31.03.2025 (₹ in Lakhs) Revenue from Operations 66,001 74,669 Total Income 67,083 75,742 Total Expenses 73,185 75,972 Profit/Loss before Tax (6,102) (230) Net Profit/Loss for the Year (7,474) (230)

Strategic Developments

During the year, the company undertook several fund-raising initiatives to strengthen its liquidity position. This included the issue of 12% Non-Convertible Debentures aggregating ₹6,000 lakh, a Rights Issue of equity shares aggregating ₹4,948 lakh, and a Preferential Allotment of equity shares aggregating ₹14,952 lakh. Consequently, the paid-up equity share capital increased to ₹3,696 lakh as of March 31, 2026, from ₹2,311 lakh in the previous year.

Board Decisions

The Board of Directors, at its meeting held on May 20, 2026, approved the audited financial statements. Additionally, the board approved the appointment of M/s. M M Nissim & Co LLP as statutory auditors for a first term of five consecutive years, subject to shareholder approval. The auditors have issued an unmodified opinion on the financial results.

MIRC Electronics Limited has published newspaper advertisements confirming the dispatch of the Notice of its Extra-Ordinary General Meeting (EGM), scheduled for Monday, June 8, 2026, at 3:30 p.m. (IST), to be conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM). In compliance with Regulation 30, Regulation 47, and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published the EGM notice on May 18, 2026 in the Financial Express (English) and Navshakti (Marathi). The advertisement was filed with stock exchanges by Vijay Mansukhani, Chairman & Managing Director, on May 18, 2026. The sole special business on the agenda is the approval of a preferential issue of convertible warrants to public category investors.

Preferential Issue of Convertible Warrants

The Board of Directors, at its meeting held on May 16, 2026, approved raising of funds up to Rs. 65,99,99,753.60 (Rupees Sixty-Five Crores Ninety Nine Lakhs Ninety Nine Thousand Seven Hundred Fifty Three and Paise Sixty only) through the issuance of up to 1,87,49,993 Convertible Warrants at an issue price of Rs. 35.20 per warrant (including a securities premium of Rs. 34.20 per warrant), subject to member and regulatory approvals. Each warrant entitles the holder to subscribe to one fully paid-up equity share of face value Re. 1/- each. The warrants may be exercised within 18 months from the date of allotment, and the allotment is proposed entirely to persons belonging to the Non-Promoter (Public) category.

The relevant date for determining the floor price under Chapter V of the SEBI ICDR Regulations is Friday, May 8, 2026, being 30 days prior to the EGM date. The floor price as per the SEBI ICDR Regulations pricing formula is Rs. 35.12, derived as the higher of the 90-trading-day VWAP of Rs. 31.55 and the 10-trading-day VWAP of Rs. 35.12, both preceding the relevant date. The Board has approved an issue price of Rs. 35.20 per warrant, which is not less than the computed floor price.

Proposed Allottees and Warrant Distribution

The following table details the 13 proposed allottees, all belonging to the Public (Non-Promoter) category, along with the maximum number of warrants proposed to be issued and the corresponding total amounts:

Allottee: Warrants Proposed Total Amount (Rs.) Shiv Sehgal 11,36,363 3,99,99,977.60 Avarjit Singh Birghi 17,04,545 5,99,99,984.00 Sarabpreet Kaur 17,04,545 5,99,99,984.00 Camouflage Ventures LLP 1,42,045 49,99,984.00 Ashok Kumar 11,36,363 3,99,99,977.60 Resonance Opportunities Fund 28,40,909 9,99,99,996.80 Alpesh F Agrawal (HUF) 7,10,227 2,49,99,990.40 Saumik Ketan Doshi (HUF) 14,20,454 4,99,99,980.80 NEXTA ENTERPRISES LLP 42,61,363 14,99,99,977.60 Roopali Uppal 22,72,727 7,99,99,990.40 Free India Assurance Services Limited 5,68,181 1,99,99,971.20 Abhishek Sharma 5,68,181 1,99,99,971.20 Aamara Capital Pvt. Ltd. 2,84,090 99,99,968.00 Total 1,87,49,993 65,99,99,753.60

All proposed allottees hold NIL pre-issue shareholding in the company. None of the Directors, Promoters, Key Managerial Personnel, or Senior Management of the company intend to subscribe to the warrants pursuant to this preferential issue.

Utilisation of Issue Proceeds

The company intends to deploy the proceeds from the preferential issue across three defined objects within 18 months from the date of allotment of equity shares/warrants, as outlined below:

Object: Estimated Amount (~Rs. In crore) Tentative Timeline Working Capital 38.00 18 months General Corporate Purposes 16.00 18 months Repayment of Debt 11.99 18 months Total 65.99

Not more than 25% of the consideration received shall be utilised for general corporate purposes. Pending full utilisation, the proceeds may be invested in money market instruments, liquid funds, deposits in scheduled commercial banks, or government securities, as permitted under applicable laws.

Shareholding Pattern: Pre and Post Preferential Issue

The indicative shareholding pattern before and after the preferential issue (assuming full conversion of warrants) is as follows:

Category: Pre-Issue Shares Pre-Issue (%) Post-Issue Shares Post-Issue (%) Promoters & Promoter Group (Indian – Individual) 3,36,14,073 9.10 3,36,14,073 8.66 Promoters & Promoter Group (Indian – Bodies Corporate) 11,60,37,696 31.41 11,60,37,696 29.90 Total Promoters & Promoter Group (A) 14,96,51,769 40.51 14,96,51,769 38.56 Non-Promoters – Others (incl. NRIs/HUF) 21,97,40,595 59.49 23,84,90,588 61.44 Total Public Shareholding (B) 21,97,40,595 59.49 23,84,90,588 61.44 Total (A)+(B) 36,93,92,364 100 38,81,42,357 100.00

There will be no change in the composition of the Board, nor any change in the control and management of the company, consequent to the proposed preferential issue.

E-Voting and EGM Participation Details

The company is providing remote e-voting facility through National Securities Depository Limited (NSDL) to members holding shares as on the cut-off date of Monday, June 1, 2026. Key dates and details are as follows:

Parameter: Details Remote e-voting start: Friday, June 5, 2026 at 9:00 a.m. Remote e-voting end: Sunday, June 7, 2026 at 5:00 p.m. EGM date and time: Monday, June 8, 2026 at 3:30 p.m. (IST) via VC/OAVM Cut-off date: Monday, June 1, 2026 Scrutinizer: CS Mahesh Darji, Practising Company Secretary (Membership No. F7175, CP No. 7809) Company website: www.onida.com Investor email: investors@onida.com Newspaper publication date: May 18, 2026 Newspapers: Financial Express (English) and Navshakti (Marathi)

Members who have already cast their vote through remote e-voting may attend the EGM but will not be eligible to vote again. The EGM notice has been dispatched electronically to members whose email IDs are registered with the company or depository participants, in compliance with applicable MCA and SEBI circulars. The public announcement was signed by Prasad Oak, Head – Legal, Corporate Affairs & Company Secretary, dated May 17, 2026.

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