Electronics End Markets

MIC Electronics

MICELBSESmall Cap

LED, electronics and signage manufacturer with semiconductor ecosystem optionality.

Market Cap

₹1.3k cr

Price

1Y 32%

Direct exposure

35/100

0–100 directness

Sell / Avoid

Fundamental

24/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

29/ 100

Trend, momentum, volume and relative strength composite

Valuation

35/ 100

Higher = cheaper vs peers and own history

Final composite

32/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

MIC Electronics · MICEL

₹52.51+61.82% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

24/ 100D

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 38

Red flags -14

Growth quality/ 20

20.0

Rev 1Y 40.3% · 3Y CAGR 124.6%

Margin & profitability/ 15

2.1

EBITDA 21.7% · PAT -14.8%

Return on capital/ 20

0.8

ROCE 7% · ROE -6%

Cash flow quality/ 15

1.5

OCF/EBITDA 13% · FCF yield -9.2%

Leverage discipline/ 10

8.3

Net Debt/EBITDA 0.50x

Reinvestment runway/ 8

1.9

ROCE × retention proxy

Accounting quality/ 7

1.1

OCF conversion proxy

Governance/ 5

2.5

Pledge 0.0% · Risk 50/100

Red flags (3)

− Sub-threshold ROCEROCE 7% below 12% threshold-4
− Weak cash conversionOCF/EBITDA 13% < 50%-4
− Governance risk elevatedRisk score 50/100-6

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

29/ 100D

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 47

Red flags -18

Trend structure/ 20

5.1

Below 200DMA · -37% from 52W high

Momentum velocity/ 15

5.3

RSI(14) 42 · 1M -4.0%

Volume dynamics/ 15

8.3

Bucket: Small Cap

Relative strength/ 15

9.5

RS vs Nifty 8%

MA cluster/ 10

4.5

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

5.7

RSI(14) 42; ideal 50-60

Volatility profile/ 8

4.8

Bucket: Small Cap

Pattern integrity/ 7

4.2

Trend continuation proxy

Red flags (2)

− Below 200 DMALong-term trend broken-10
− Deep drawdown-37% from 52W high-8

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Electronics End Markets · 35/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 50/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Speculative narrative play with weak balance sheet history; avoid until governance and execution credibility improve.

Bull case

+Narrative beneficiary
+Small base

Bear case

−Governance history
−Balance sheet quality
−Liquidity

Key monitorables

Auditor reportsPromoter changesCash generation

Semiconductor exposure

How direct, how visible

Primary segment

Electronics End Markets

All segments

Design / Fabless / IP, Electronics End Markets

Exposure type

Ancillary

Policy beneficiary

Possible

Import substitution

Medium / Low

Governance risk score

50/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

40.3%

Rev CAGR (3Y)

124.6%

EBITDA margin

21.7%

PAT margin

-14.8%

ROCE

ROE

-6%

OCF / EBITDA

13%

Net Debt / EBITDA

0.5x

Promoter holding

22.4%

Promoter pledge

0.0%

Valuation

P/E (TTM)

70.0

Forward P/E

45.0

EV/EBITDA

65.9

EV/Sales

14.3

P/B

5.7

FCF Yield

-9.2%

Dividend Yield

0.00%

Hist. percentile

65%

Peer percentile

70%

Technicals

RSI(14)

1M return

-4.0%

1Y return

32%

From 52W high

-37%

RS vs Nifty

>200 DMA

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹88 cr	₹88 cr	₹63 cr	₹57 cr	₹8 cr	₹32 cr	₹4 cr
↳ YoY growth	+0.0%	+40.3%	+11.3%	+625.6%	-75.9%	+669.0%	—
EBITDA	₹26 cr	₹19 cr	₹14 cr	₹3 cr	₹7 cr	₹2 cr	₹-16 cr
↳ EBITDA margin	29.3%	21.7%	22.7%	4.8%	84.6%	4.6%	-385.7%
PAT	₹-13 cr	₹-13 cr	₹10 cr	₹62 cr	₹0 cr	₹3 cr	₹-5 cr
↳ PAT margin	-14.8%	-14.8%	15.6%	109.2%	2.6%	8.7%	-128.6%
OCF	₹2 cr	₹3 cr	₹-10 cr	₹-7 cr	₹-58 cr	₹-146 cr	₹0 cr
↳ OCF / EBITDA	7.3%	13.0%	-67.8%	-240.7%	-884.8%	-9746.7%	0.0%
FCF (= OCF − capex)	₹1 cr	₹-116 cr	₹-10 cr	₹-10 cr	₹-59 cr	₹-146 cr	₹-0 cr
Total Equity	₹208 cr	₹222 cr	₹122 cr	₹60 cr	₹60 cr	₹-2 cr	₹-135 cr
Total Assets	₹311 cr	₹280 cr	₹141 cr	₹73 cr	₹63 cr	₹57 cr	₹152 cr
↳ ROE	-6.3%	-5.9%	8.0%	102.8%	0.3%	-127.3%	4.0%
↳ ROA	-4.2%	-4.7%	7.0%	84.3%	0.3%	4.9%	-3.6%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 2.2%

Promoter

51.7%

Mutual Funds

0.0%

FII

1.8%

Public

46.5%

Promoter holding trend

67.5

Mar

67.5

Jun

66.5

Sep

66.5

Dec

66.5

Mar

62.1

Jun

58.0

Sep

55.5

Dec

51.7

Mar

Δ:-15.8% over 9 quartersWatch — meaningful dilution

Commentary

·Major dilution: promoter dropped from 67.5% to 51.7% (16pp over 9 quarters)
·Pledge re-emerged at 2.2% in Mar 2026 — flag

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sub-threshold ROCE; capital allocation needs scrutiny.

ROCE 7%, div yield 0.0%

Promoter holding

Low promoter holding — alignment risk.

22.4%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Comfortable leverage band.

Net Debt/EBITDA 0.50x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA 13%

Governance composite

Material governance overhang; high bar before owning.

50/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

The market is correctly cautious. Variant perception works against you here — wait for governance signals to clear.

Thesis killers

×Working capital blowout disclosed in next quarterly result
×Auditor change, CFO exit, or RPT disclosure that requires explanation

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation