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Onida Electronics Ltd

ONIDA

NSE

₹27.07-4.31%19 Oct 2026

Reports

Consumer Electronics

Onida Electronics Ltd

ONIDA

NSE

₹27.07

-4.31%

19 Oct 2026

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Consumer Electronics

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Onida is a 44-year-old Indian consumer-electronics company built on a single idea - understanding what Indian homes and Indian climates actually need - and it has turned that into a brand that competes with global giants by designing products specifically for local conditions, from air conditioners that work at 58°C to washing machines with a world-first bristle-wash tub. It was founded by Gulu Mirchandani, a BITS Pilani engineer who later led the industry’s trade body, and the company has stayed independent, listed, and without subsidiaries for its entire life. The recurring approach is to own the brand, the R&D, and the factories - it runs three plants and an in-house design centre in Mumbai - so it can control both the product and the cost, whether it is selling under its own Onida name or building televisions for someone else’s label.

Business segments

Three engines at different stages - a branded consumer-durables platform built on Indian-specific design, a contract-manufacturing business that fills the same factories, and a small mobile-device operation - all fed by a shared manufacturing backbone.

1. Onida branded consumer electronics: the flagship that designs for Indian reality

Every product is engineered for the way Indians live - super-tropical heat, hard water, large families, and aspirational budgets - and sold through a network that reaches 19,000 pincodes.

Designed for Indian extremes - the air conditioners are built for super-tropical conditions up to 58°C and deliver 100% rated cooling even at 43°C, while washing machines include a first-in-class rotary brush with bristles inside the tub to scrub out tough stains from Indian fabrics.
A full kitchen-and-home catalogue - the portfolio spans seven categories: LED TVs, air conditioners, washing machines, refrigerators, microwaves, air coolers, and dishwashers, with the dishwasher range designed specifically for Indian kitchens at 12- and 14-place capacities.
A second brand for rural India - the IGO brand, launched in 2002-03, targets rural segments separately, so Onida can reach aspirational middle-class buyers in tier-3, tier-4, and tier-5 towns without diluting the main brand.
After-sales brought in-house - the company stopped outsourcing service and now runs its own pan-India network with a custom CRM called E-Serve, which helped push its customer-service Net Promoter Score to 80%.
Smart TVs as a platform play - Onida was the first in India to launch Fire TV-based 4K UHD televisions, and it has launched Android and Google TV platforms, with its Fire TV models rated highest on Amazon India.

2. Electronic Manufacturing Services: the factory-filling second engine

The same plants that build Onida-branded goods also manufacture televisions, monitors, and washing machines for other brands on contract - turning fixed factory costs into a shared resource.

OEM and private-label work - the EMS business makes products on a B2B basis for well-known brands and e-commerce players, including a large retailer and an open-cell maker, covering televisions, set-top boxes, audio devices, and washing machines.
Customer concentration is real - around 60% or more of EMS revenue has historically come from its top two clients, though by FY25 the top ten customers together accounted for about 39% of total company sales.
Lower margin, but fills capacity - the company has said outright that the branded business carries higher margins than the non-brand EMS business, and that a reduction in EMS work was a reason for inadequate profit in FY25.

3. Mobile communication devices: a small, legacy tail

A minor segment contributing roughly 4% of revenue, with no detailed product or strategy disclosure beyond its existence in the segment mix.

Manufacturing and supply chain: the shared backbone

Three plants with backward-integrated capabilities - TV and AC production at Wada, washing machines at Roorkee - sit close to the port and the Bhiwandi warehousing hub, feeding both the branded and contract-manufacturing engines.

Wada is the mother plant - it can produce 2.4 million TVs a year and houses plastic injection moulding, SMT lines, open-cell assembly, PCB assembly, a paint shop, an EPS plant for thermocol packaging, and an AC gas-charging line with 750,000-unit capacity.
Location lowers logistics cost - the Wada factory is less than 100 kilometres from the JNPT sea port and close to the Bhiwandi warehousing cluster, so imported materials and finished goods move cheaply.
Backward integration within a 50-kilometre radius - the supply chain for key inputs sits inside a tight ring around the facility, and the company has infrastructure ready to expand TV capacity to 3 million units.
Working-capital heavy by design - the business needs to hold a large basket of SKUs in warehouses across the country, and it runs on roughly 90 days of supplier credit while extending about two months of credit to its distributors.

Group structure and partners

A standalone, listed Indian company with no subsidiaries, run by the founding family alongside professional management and a recently appointed CEO.

Founding family still at the centre - Gulu Mirchandani, the founder, stepped down as Chairman and Managing Director in May 2025 and became Chairman Emeritus; his son Kaval Mirchandani serves as Whole-Time Director, and his brother-in-law Vijay Mansukhani is Managing Director.
Professional CEO layer - Vikram Surendran was appointed CEO in April 2023, and in March 2026 the board granted 29.5 million stock options to a new CEO, Gunjan Srivastava, under the employee stock option plan.
Listed, with negligible foreign ownership - the shares trade on BSE and NSE, and as of March 2025 foreign shareholders held just 0.96% of the equity, mostly NRIs.
Banking with four lenders - the company’s bankers are State Bank of India, HDFC Bank, IDBI Bank, and Canara Bank.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,000Cr

Close Price

₹27.07

Industry

Consumer Electronics

Price To Earnings

—

Price To Sales

1.43

Revenue

₹702Cr

Rev Gr TTM

Revenue Growth TTM

6.34%

PAT Gr TTM

PAT Growth TTM

-401.84%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	193	295	297	228	151	167	201	141	163	212	144	182
Growth YoY Revenue Growth YoY%	-28.1	8.5	31.9	24.2	-21.7	-43.4	-32.4	-38.2	7.9	27.1	-28.4	29.5
Expenses ExpensesCr	196	288	343	223	146	169	201	149	181	220	159	194
Operating Profit Operating ProfitCr	-3	7	-46	5	6	-2	0	-8	-17	-8	-15	-11
OPM OPM%	-1.6	2.3	-15.5	2.1	3.7	-1.1	-0.2	-5.7	-10.6	-3.9	-10.6	-6.3
Other Income Other IncomeCr	3	1	1	1	1	3	6	1	22	1	-27	2
Interest Expense Interest ExpenseCr	4	4	4	3	4	4	3	3	5	4	3	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	-6	2	-51	0	1	-5	1	-12	-2	-13	-47	-14
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-6	2	-51	0	1	-5	1	-12	-2	-13	-47	-14
Growth YoY PAT Growth YoY%	-112.9	160.6	-598.2	107.1	121.0	-440.0	102.3	-2,938.6	-231.8	-148.8	-4,113.6	-13.5
NPM NPM%	-3.3	0.5	-17.2	0.2	0.9	-3.2	0.6	-8.9	-1.1	-6.2	-32.9	-7.8
EPS EPS₹	-0.3	0.1	-2.0	0.0	0.1	-0.2	0.1	-0.5	-0.1	-0.3	-1.3	-0.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	193	295	297	228	151	167	201	141	163	212	144	182
Growth YoY Revenue Growth YoY%	-28.1	8.5	31.9	24.2	-21.7	-43.4	-32.4	-38.2	7.9	27.1	-28.4	29.5
Expenses ExpensesCr	196	288	343	223	146	169	201	149	181	220	159	194
Operating Profit Operating ProfitCr	-3	7	-46	5	6	-2	0	-8	-17	-8	-15	-11
OPM OPM%	-1.6	2.3	-15.5	2.1	3.7	-1.1	-0.2	-5.7	-10.6	-3.9	-10.6	-6.3
Other Income Other IncomeCr	3	1	1	1	1	3	6	1	22	1	-27	2
Interest Expense Interest ExpenseCr	4	4	4	3	4	4	3	3	5	4	3	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	-6	2	-51	0	1	-5	1	-12	-2	-13	-47	-14
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-6	2	-51	0	1	-5	1	-12	-2	-13	-47	-14
Growth YoY PAT Growth YoY%	-112.9	160.6	-598.2	107.1	121.0	-440.0	102.3	-2,938.6	-231.8	-148.8	-4,113.6	-13.5
NPM NPM%	-3.3	0.5	-17.2	0.2	0.9	-3.2	0.6	-8.9	-1.1	-6.2	-32.9	-7.8
EPS EPS₹	-0.3	0.1	-2.0	0.0	0.1	-0.2	0.1	-0.5	-0.1	-0.3	-1.3	-0.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	772	729	728	644	604	766	1,192	1,110	968	747	660	702
Growth Revenue Growth%	-27.9	-5.6	-0.1	-11.5	-6.2	26.7	55.7	-6.9	-12.8	-22.9	-11.6	6.3
Expenses ExpensesCr	773	695	686	628	600	752	1,179	1,105	1,014	739	709	754
Operating Profit Operating ProfitCr	-1	34	42	17	5	14	14	5	-46	8	-49	-52
OPM OPM%	-0.1	4.6	5.8	2.6	0.8	1.8	1.1	0.5	-4.7	1.1	-7.4	-7.5
Other Income Other IncomeCr	8	-22	5	2	3	10	-12	2	6	11	-3	-1
Interest Expense Interest ExpenseCr	29	21	14	15	12	15	14	11	15	15	16	16
Depreciation DepreciationCr	12	10	9	8	7	7	8	9	8	7	6	7
PBT PBTCr	-33	-19	23	-4	-11	2	-20	-12	-62	-2	-75	-76
Tax TaxCr	-6	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-27	-19	23	-4	-11	2	-20	-12	-62	-2	-75	-76
Growth PAT Growth%	-3,451.5	28.8	222.1	-118.7	-160.5	116.5	-1,164.0	37.9	-398.9	96.3	-3,147.4	-401.8
NPM NPM%	-3.5	-2.6	3.2	-0.7	-1.9	0.3	-1.7	-1.1	-6.4	-0.3	-11.3	-10.9
EPS EPS₹	-1.3	-0.9	1.0	-0.2	-0.5	0.1	-0.8	-0.5	-2.5	-0.1	-2.0	-2.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	772	729	728	644	604	766	1,192	1,110	968	747	660	702
Growth Revenue Growth%	-27.9	-5.6	-0.1	-11.5	-6.2	26.7	55.7	-6.9	-12.8	-22.9	-11.6	6.3
Expenses ExpensesCr	773	695	686	628	600	752	1,179	1,105	1,014	739	709	754
Operating Profit Operating ProfitCr	-1	34	42	17	5	14	14	5	-46	8	-49	-52
OPM OPM%	-0.1	4.6	5.8	2.6	0.8	1.8	1.1	0.5	-4.7	1.1	-7.4	-7.5
Other Income Other IncomeCr	8	-22	5	2	3	10	-12	2	6	11	-3	-1
Interest Expense Interest ExpenseCr	29	21	14	15	12	15	14	11	15	15	16	16
Depreciation DepreciationCr	12	10	9	8	7	7	8	9	8	7	6	7
PBT PBTCr	-33	-19	23	-4	-11	2	-20	-12	-62	-2	-75	-76
Tax TaxCr	-6	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-27	-19	23	-4	-11	2	-20	-12	-62	-2	-75	-76
Growth PAT Growth%	-3,451.5	28.8	222.1	-118.7	-160.5	116.5	-1,164.0	37.9	-398.9	96.3	-3,147.4	-401.8
NPM NPM%	-3.5	-2.6	3.2	-0.7	-1.9	0.3	-1.7	-1.1	-6.4	-0.3	-11.3	-10.9
EPS EPS₹	-1.3	-0.9	1.0	-0.2	-0.5	0.1	-0.8	-0.5	-2.5	-0.1	-2.0	-2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	20	21	23	23	23	23	23	23	23	23	37
Reserves ReservesCr	120	103	196	192	199	200	180	168	105	103	201
Current Liabilities Current LiabilitiesCr	436	384	297	256	337	423	478	318	418	379	238
Non Current Liabilities Non Current LiabilitiesCr	10	10	9	23	19	19	23	20	23	23	47
Total Liabilities Total LiabilitiesCr	592	517	543	513	577	665	704	529	570	528	524
Current Assets Current AssetsCr	410	369	397	362	429	543	572	387	436	416	425
Non Current Assets Non Current AssetsCr	182	148	145	151	148	123	133	142	134	113	99
Total Assets Total AssetsCr	592	517	543	513	577	665	704	529	570	528	524

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	20	21	23	23	23	23	23	23	23	23	37
Reserves ReservesCr	120	103	196	192	199	200	180	168	105	103	201
Current Liabilities Current LiabilitiesCr	436	384	297	256	337	423	478	318	418	379	238
Non Current Liabilities Non Current LiabilitiesCr	10	10	9	23	19	19	23	20	23	23	47
Total Liabilities Total LiabilitiesCr	592	517	543	513	577	665	704	529	570	528	524
Current Assets Current AssetsCr	410	369	397	362	429	543	572	387	436	416	425
Non Current Assets Non Current AssetsCr	182	148	145	151	148	123	133	142	134	113	99
Total Assets Total AssetsCr	592	517	543	513	577	665	704	529	570	528	524

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	22	50	47	-15	-4	15	24	-9	-5	23	-107
Investing Cash Flow Investing Cash FlowCr	13	-15	-2	2	0	-1	3	8	-2	-8	-26
Financing Cash Flow Financing Cash FlowCr	-38	-37	-43	2	-2	-7	-30	-1	8	-16	142
Net Cash Flow Net Cash FlowCr	-3	-2	3	-11	-6	7	-2	-2	1	-1	9
Free Cash Flow Free Cash FlowCr	35	61	46	-13	-5	30	17	-8	-4	23	-91
CFO To PAT CFO To PAT%	-80.7	-260.0	201.1	343.9	36.7	811.2	-122.0	70.3	7.3	-997.9	143.4
CFO To EBITDA CFO To EBITDA%	-2,973.2	149.3	111.6	-91.0	-92.1	113.4	180.5	-174.4	9.9	282.2	218.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	22	50	47	-15	-4	15	24	-9	-5	23	-107
Investing Cash Flow Investing Cash FlowCr	13	-15	-2	2	0	-1	3	8	-2	-8	-26
Financing Cash Flow Financing Cash FlowCr	-38	-37	-43	2	-2	-7	-30	-1	8	-16	142
Net Cash Flow Net Cash FlowCr	-3	-2	3	-11	-6	7	-2	-2	1	-1	9
Free Cash Flow Free Cash FlowCr	35	61	46	-13	-5	30	17	-8	-4	23	-91
CFO To PAT CFO To PAT%	-80.7	-260.0	201.1	343.9	36.7	811.2	-122.0	70.3	7.3	-997.9	143.4
CFO To EBITDA CFO To EBITDA%	-2,973.2	149.3	111.6	-91.0	-92.1	113.4	180.5	-174.4	9.9	282.2	218.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	200	297	1,067	507	92	317	438	272	439	256	953	1,000
Price To Earnings Price To Earnings			45.3			171.5
Price To Sales Price To Sales	0.3	0.4	1.5	0.8	0.1	0.4	0.4	0.2	0.5	0.3	1.4	1.4
Price To Book Price To Book	1.4	2.4	4.9	2.4	0.4	1.4	2.2	1.4	3.4	2.0	4.0	4.2
EV To EBITDA EV To EBITDA	-520.4	13.2	25.8	33.6	35.1	27.7	36.0	68.2	-11.6	41.1	-20.3	-20.7
Profitability Ratios Profitability Ratios
GPM GPM%	23.9	24.7	25.9	23.8	21.3	14.3	11.2	12.0	7.3	17.9	10.9	10.9
OPM OPM%	-0.1	4.6	5.8	2.6	0.8	1.8	1.1	0.5	-4.7	1.1	-7.4	-7.5
NPM NPM%	-3.5	-2.6	3.2	-0.7	-1.9	0.3	-1.7	-1.1	-6.4	-0.3	-11.3	-10.9
ROCE ROCE%	-1.3	0.5	14.1	3.7	0.2	5.5	-2.2	-0.6	-20.3	5.4	-18.5	-18.5
ROE ROE%	-19.3	-15.5	10.7	-2.0	-5.2	0.8	-9.9	-6.5	-48.4	-1.8	-31.4	-31.4
ROA ROA%	-4.6	-3.7	4.3	-0.9	-2.0	0.3	-2.9	-2.4	-10.9	-0.4	-14.3	-14.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	200	297	1,067	507	92	317	438	272	439	256	953	1,000
Price To Earnings Price To Earnings			45.3			171.5
Price To Sales Price To Sales	0.3	0.4	1.5	0.8	0.1	0.4	0.4	0.2	0.5	0.3	1.4	1.4
Price To Book Price To Book	1.4	2.4	4.9	2.4	0.4	1.4	2.2	1.4	3.4	2.0	4.0	4.2
EV To EBITDA EV To EBITDA	-520.4	13.2	25.8	33.6	35.1	27.7	36.0	68.2	-11.6	41.1	-20.3	-20.7
Profitability Ratios Profitability Ratios
GPM GPM%	23.9	24.7	25.9	23.8	21.3	14.3	11.2	12.0	7.3	17.9	10.9	10.9
OPM OPM%	-0.1	4.6	5.8	2.6	0.8	1.8	1.1	0.5	-4.7	1.1	-7.4	-7.5
NPM NPM%	-3.5	-2.6	3.2	-0.7	-1.9	0.3	-1.7	-1.1	-6.4	-0.3	-11.3	-10.9
ROCE ROCE%	-1.3	0.5	14.1	3.7	0.2	5.5	-2.2	-0.6	-20.3	5.4	-18.5	-18.5
ROE ROE%	-19.3	-15.5	10.7	-2.0	-5.2	0.8	-9.9	-6.5	-48.4	-1.8	-31.4	-31.4
ROA ROA%	-4.6	-3.7	4.3	-0.9	-2.0	0.3	-2.9	-2.4	-10.9	-0.4	-14.3	-14.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	EUREKAFORB	BOSCH-HCIL	ORIENTELEC	SYMPHONY	ONIDA	WEL	BPL
Market CapitalizationMkt CapCr	6,419	4,857	4,147	3,801	1,000	951	206
Close PriceClose₹	331.60	1,786.10	194.38	553.55	27.07	70.98	42.12
IndustryIndustry	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics
Price To EarningsPE	35.66	1,116.31	33.17			78.87
Price To SalesPS	2.29	1.65	1.13	3.42	1.43	1.30	2.58
RevenueRevenueCr	2,802	2,942	3,684	1,112	702	734	80
Revenue Growth TTMRev Gr TTM%	12.4%	12.6%	16.9%	-12.4%	6.3%	-10.3%	2.0%
PAT Growth TTMPAT Gr TTM%	5.8%	-87.7%	41.8%	-183.8%	-401.8%	-34.7%	-40.6%

	EUREKAFORB	BOSCH-HCIL	ORIENTELEC	SYMPHONY	ONIDA	WEL	BPL
Market CapitalizationMkt CapCr	6,419	4,857	4,147	3,801	1,000	951	206
Close PriceClose₹	331.60	1,786.10	194.38	553.55	27.07	70.98	42.12
IndustryIndustry	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics	Consumer Electronics
Price To EarningsPE	35.66	1,116.31	33.17			78.87
Price To SalesPS	2.29	1.65	1.13	3.42	1.43	1.30	2.58
RevenueRevenueCr	2,802	2,942	3,684	1,112	702	734	80
Revenue Growth TTMRev Gr TTM%	12.4%	12.6%	16.9%	-12.4%	6.3%	-10.3%	2.0%
PAT Growth TTMPAT Gr TTM%	5.8%	-87.7%	41.8%	-183.8%	-401.8%	-34.7%	-40.6%

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