Key Financial Figures (Consolidated)

Brand Revenue Performance:

  • Q2 FY27: ₹150.4 Cr (vs. ₹91.4 Cr in Q2 FY26) - 65% YoY growth
  • H1 FY27: ₹325.7 Cr (vs. ₹220.5 Cr in H1 FY26) - 48% YoY growth

Profitability Metrics:

  • Q2 FY27 PAT: (₹39.8 Cr) (vs. (₹1.8 Cr) in Q2 FY26)
  • H1 FY27 PAT: (₹54.0 Cr) (vs. (₹14.3 Cr) in H1 FY26)
  • Gross Margin*: Q2 FY27: 26.5% (vs. 11.5% in Q2 FY26); H1 FY27: 57.9% (vs. 33.5% in H1 FY26)
  • Brand Margin*: 17.7% in Q2 FY27 (470 bps increase YoY)

*Setting aside one-off items

Total Income:

  • Q2 FY27: ₹199.5 Cr (vs. ₹165.1 Cr in Q2 FY26)
  • H1 FY27: ₹384.4 Cr (vs. ₹306.6 Cr in H1 FY26)

Operational Highlights

Product Category Performance:

  • Air Conditioner business: 239% YoY growth in Q2 FY27
  • LED TV business: 52% YoY growth in Q2 FY27
  • Washing Machine: Growth lower compared to AC and LED (specific percentage not quantified)

Channel Performance:

  • E-commerce channel: 169% YoY growth in H1 FY27, led by air conditioners and washing machines
  • Onida gained market share in e-com channel for air conditioners in September 2026 based on sell-out data

Distribution Expansion:

  • 127 new direct dealers and 57 new distributors added, contributing 12% of total revenue
  • Onida SmartHub exclusive brand outlets now operational
  • Exclusive tie-up with rural distribution partner established

Product Development:

  • Flagship 100-inch QD Mini-LED television launched
  • Washing machine portfolio being revamped
  • Air conditioner range for upcoming season finalized

Management Commentary

Mr. Gunjan Srivastava, Managing Director & CEO, stated:

  • Q2 FY27 showed strong momentum with robust growth in ACs and LED TVs
  • Company positioned to capitalize on festive demand in second half
  • Consumer preferences shifting toward larger screens, smarter features, and energy-efficient appliances
  • Near-term headwinds: input cost inflation and competitive intensity
  • Mitigation strategies: calibrated pricing, richer product mix, tighter cost discipline
  • Focus for second half: scale business while improving operational efficiency and productivity
  • Expansion plans: SmartHub footprint across Tier 2 and Tier 3 cities, improved product availability and service quality

Balance Sheet Position (H1 FY27 vs H1 FY26 vs Mar-26)

Assets (₹ Lakhs):

  • Total Assets: 54,921 (vs. 48,353 in H1 FY26; 52,362 in Mar-26)
  • Current Assets: 45,086 (vs. 37,597 in H1 FY26; 42,506 in Mar-26)
  • Inventories: 21,304 (vs. 18,461 in H1 FY26; 14,117 in Mar-26)
  • Trade Receivables: 13,756 (vs. 9,988 in H1 FY26; 13,732 in Mar-26)
  • Cash & Bank Balances: 2,867 (vs. 1,442 in H1 FY26; 3,727 in Mar-26)

Liabilities & Equity (₹ Lakhs):

  • Equity: 19,658 (vs. 15,669 in H1 FY26; 23,778 in Mar-26)
  • Current Liabilities: 31,842 (vs. 25,434 in H1 FY26; 23,837 in Mar-26)
  • Trade Payables: 23,165 (vs. 17,679 in H1 FY26; 16,191 in Mar-26)
  • Borrowings (Current + Non-current): 6,720 (vs. 4,542 in H1 FY26; 7,389 in Mar-26)

Cash Flow Statement (H1 FY27 vs H1 FY26 vs Mar-26)

  • Cash Flow from Operating Activities: (₹4,566 lakhs) (vs. (₹6,054 lakhs) in H1 FY26; (₹10,718 lakhs) in Mar-26)
  • Cash Flow from Investing Activities: ₹4,291 lakhs (vs. ₹2,699 lakhs in H1 FY26; (₹2,619 lakhs) in Mar-26)
  • Cash Flow from Financing Activities: (₹644 lakhs) (vs. ₹3,128 lakhs in H1 FY26; ₹14,250 lakhs in Mar-26)
  • Net Change in Cash: (₹919 lakhs) (vs. (₹227 lakhs) in H1 FY26; ₹913 lakhs in Mar-26)

Areas of Concern Identified

  • Geo-political situation resulted in increased component costs across product categories
  • Gross margin expansion not in line with expectations
  • Growth in washing machines lower compared to AC and LED categories
  • Customer service improvement at slower pace

Company Background

Onida Electronics Limited (formerly MIRC Electronics Limited) is a 45-year-old Indian consumer electronics and home appliances company headquartered in Mumbai, established in 1981. The company is listed on NSE (Symbol: ONIDA) and BSE (Scrip Code: 500279). Current transformation phase: "Onida Rewired" focusing on affordable premiumisation, innovation-led product development, and sustainable growth.