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Last Updated on: 05 October, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

MIRC Electronics Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: October 5, 2024, 12:22 am

Market Cap 531 Cr.
Current Price 23.0
High / Low33.0/15.5
Stock P/E
Book Value 5.56
Dividend Yield0.00 %
ROCE19.9 %
ROE40.9 %
Face Value 1.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for MIRC Electronics Ltd

Competitors of MIRC Electronics Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Elin Electronics Ltd 1,128 Cr. 227282/12970.4 1010.00 %5.08 %2.75 % 5.00
CWD Ltd 312 Cr. 8641,144/532271 79.10.00 %7.92 %4.56 % 10.0
Calcom Vision Ltd 160 Cr. 119205/112 55.40.00 %6.43 %1.83 % 10.0
Whirlpool of India Ltd 29,974 Cr. 2,3632,379/1,186100 2910.21 %9.07 %6.36 % 10.0
Voltas Ltd 59,877 Cr. 1,8101,946/807132 1760.30 %8.51 %4.40 % 1.00
Industry Average25,867.58N/A84.68N/AN/A15.9113.79N/A

All Competitor Stocks of MIRC Electronics Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales301.42228.83174.22392.51379.07246.37345.19268.58271.47224.98183.47193.23294.51
Expenses292.85222.01175.94385.26371.03246.37341.47267.14271.21225.37186.70196.38287.80
Operating Profit8.576.82-1.727.258.04-0.003.721.440.26-0.39-3.23-3.156.71
OPM %2.84%2.98%-0.99%1.85%2.12%-0.00%1.08%0.54%0.10%-0.17%-1.76%-1.63%2.28%
Other Income9.00-0.140.594.050.34-16.770.560.261.450.172.492.810.51
Interest4.573.893.943.703.662.781.812.652.254.193.314.053.76
Depreciation1.991.301.741.982.071.982.042.072.022.912.172.041.91
Profit before tax11.011.49-6.815.622.65-21.530.43-3.02-2.56-7.32-6.22-6.431.55
Tax %-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
Net Profit11.011.49-6.815.622.65-21.530.43-3.02-2.56-7.32-6.22-6.431.55
EPS in Rs0.480.06-0.290.240.11-0.930.02-0.13-0.11-0.32-0.27-0.280.07

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales1,6511,2961,2841,0587597297286446047661,1921,110873
Expenses1,6331,2901,2931,0177606956866286007521,1791,105880
Operating Profit186-940-1344217514145-7
OPM %1%0%-1%4%-0%5%6%3%1%2%1%0%-1%
Other Income-222108-2252310-1227
Interest36393833292114151215141114
Depreciation2216141412109877899
Profit before tax-42-47-603-33-1923-4-112-20-12-23
Tax %6%39%-0%77%19%-0%-0%-0%-0%-0%-0%-0%
Net Profit-39-29-601-27-1923-4-112-20-12-23
EPS in Rs-1.98-1.46-3.060.04-1.38-0.911.02-0.19-0.500.08-0.87-0.54-0.98
Dividend Payout %-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)25.64%-106.90%101.67%-2800.00%29.63%221.05%-117.39%-175.00%118.18%-1100.00%40.00%
Change in YoY Net Profit Growth (%)0.00%-132.54%208.56%-2901.67%2829.63%191.42%-338.44%-57.61%293.18%-1218.18%1140.00%

MIRC Electronics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:-3%
5 Years:8%
3 Years:8%
TTM:7%
Compounded Profit Growth
10 Years:-1%
5 Years:%
3 Years:%
TTM:-179%
Stock Price CAGR
10 Years:12%
5 Years:28%
3 Years:1%
1 Year:27%
Return on Equity
10 Years:-6%
5 Years:-10%
3 Years:-15%
Last Year:-41%

Last Updated: Unknown

Balance Sheet

Last Updated: September 15, 2024, 3:11 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital141420202123232323232323
Reserves185125147120103196192199200180168105
Borrowings288268212199167507080856882104
Other Liabilities238263296253226273228276357433257338
Total Liabilities725669674592517543513577665704529570
Fixed Assets1541521271151141061019687928778
CWIP800001005000
Investments2626262623441112
Other Assets537491521451401433408477573611440490
Total Assets725669674592517543513577665704529570

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity 235544225047-15-41524-9-5
Cash from Investing Activity -101613-15-220-138-2
Cash from Financing Activity -13-59-57-38-37-432-2-7-30-18
Net Cash Flow1-4-7-3-23-11-67-2-21

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow18.00-282.00-277.00-172.00-200.00-133.00-8.00-53.00-75.00-71.00-54.00-77.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days373543636367684855312961
Inventory Days868113115214115716626320214810498
Days Payable677311712911815113819818413482123
Cash Conversion Cycle5743578785739511272465236
Working Capital Days604760716361808980394234
ROCE %-2%-5%7%-3%8%13%4%0%3%3%-1%-19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters53.36%53.36%53.36%53.36%53.36%53.36%53.36%53.36%53.36%53.36%53.37%53.37%
FIIs1.40%1.22%1.36%1.43%1.13%1.02%1.06%1.06%0.99%0.99%0.01%0.00%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.00%0.00%
Public45.24%45.41%45.28%45.20%45.52%45.62%45.58%45.58%45.66%45.64%46.62%46.63%
No. of Shareholders65,45969,73471,46372,33872,44474,30872,91971,95666,62066,19375,71377,210

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 16Mar 15Mar 14Mar 13Mar 12
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)-0.99-0.27-4.38-2.20-2.73
Diluted EPS (Rs.)-0.99-0.27-4.38-2.20-2.73
Cash EPS (Rs.)-0.350.54-3.26-0.97-1.11
Book Value[Excl.RevalReserv]/Share (Rs.)7.007.719.0813.4615.63
Book Value[Incl.RevalReserv]/Share (Rs.)7.007.719.0813.4615.63
Revenue From Operations / Share (Rs.)39.3154.6691.8391.99118.02
PBDIT / Share (Rs.)0.012.41-0.550.471.56
PBIT / Share (Rs.)-0.621.63-1.67-0.74-0.05
PBT / Share (Rs.)-1.18-0.09-4.38-3.48-2.91
Net Profit / Share (Rs.)-0.99-0.23-4.38-2.20-2.73
NP After MI And SOA / Share (Rs.)-0.99-0.23-4.38-2.20-2.73
PBDIT Margin (%)0.034.40-0.600.511.32
PBIT Margin (%)-1.582.97-1.81-0.80-0.04
PBT Margin (%)-2.99-0.18-4.76-3.78-2.46
Net Profit Margin (%)-2.51-0.42-4.76-2.38-2.31
NP After MI And SOA Margin (%)-2.51-0.42-4.76-2.38-2.31
Return on Networth / Equity (%)-14.14-3.01-48.20-16.32-17.45
Return on Capital Employeed (%)-8.2620.70-18.00-5.43-0.32
Return On Assets (%)-3.30-0.68-9.27-4.30-4.98
Long Term Debt / Equity (X)0.050.010.020.000.06
Total Debt / Equity (X)1.441.432.110.610.62
Asset Turnover Ratio (%)1.231.591.861.721.98
Current Ratio (X)0.950.950.860.961.08
Quick Ratio (X)0.410.400.420.480.48
Inventory Turnover Ratio (X)1.061.432.041.681.95
Interest Coverage Ratio (X)0.011.40-0.200.170.62
Interest Coverage Ratio (Post Tax) (X)-0.280.86-0.610.190.05
Enterprise Value (Cr.)379.47385.24313.52176.59310.79
EV / Net Operating Revenue (X)0.490.350.240.130.18
EV / EBITDA (X)1562.278.14-39.8126.1014.00
MarketCap / Net Operating Revenue (X)0.250.170.050.070.12
Price / BV (X)1.451.240.530.480.91
Price / Net Operating Revenue (X)0.250.170.050.070.12
EarningsYield-0.09-0.02-0.90-0.33-0.19

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of MIRC Electronics Ltd as of October 5, 2024 is: ₹34.79

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of October 5, 2024, MIRC Electronics Ltd is Undervalued by 51.26% compared to the current share price ₹23.00

Default values used*: Default value of 15 for Stock P/E is used

Intrinsic Value of MIRC Electronics Ltd as of October 5, 2024 is: ₹32.17

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of October 5, 2024, MIRC Electronics Ltd is Undervalued by 39.87% compared to the current share price ₹23.00

Default values used*: Default value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -7.54%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (160.00 cr) compared to borrowings (139.42 cr), indicating strong financial stability.
  1. The stock has a low average ROCE of 0.67%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 60.50, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 67.92, which may not be favorable.
  4. The company has not shown consistent growth in sales (393.00) and profit (-18.69).

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in MIRC Electronics Ltd:
    1. Net Profit Margin: -2.51%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: -8.26% (Industry Average ROCE: 15.91%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: -14.14% (Industry Average ROE: 13.79%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): -0.28
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.41
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 0 (Industry average Stock P/E: 84.68)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 1.44
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

MIRC Electronics Ltd. is a Public Limited Listed company incorporated on 01/01/1981 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L32300MH1981PLC023637 and registration number is 023637. Currently Company is involved in the business activities of Manufacture of consumer electronics. Company’s Total Operating Revenue is Rs. 1192.17 Cr. and Equity Capital is Rs. 23.11 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Consumer ElectronicsOnida House, G-1, MIDC, Mahakali Caves Road, Mumbai Maharashtra 400093investors@onida.com
http://www.onida.com
Management
NamePosition Held
Mr. Gulu L MirchandaniChairman & Managing Director
Mr. Vijay J MansukhaniManaging Director
Mr. Kaval MirchandaniWhole Time Director
Mr. Shirish SuvagiaWholeTime Director & CFO
Ms. Nandini MansinghkaIndependent Director
Mr. Carlton PereiraIndependent Director
Mr. Arvind SharmaIndependent Director
Ms. Mohita AroraIndependent Director

FAQ

What is the latest fair value of MIRC Electronics Ltd?

The latest fair value of MIRC Electronics Ltd is ₹34.79.

What is the Market Cap of MIRC Electronics Ltd?

The Market Cap of MIRC Electronics Ltd is 531 Cr..

What is the current Stock Price of MIRC Electronics Ltd as on 05 October 2024?

The current stock price of MIRC Electronics Ltd as on 05 October 2024 is ₹23.0.

What is the High / Low of MIRC Electronics Ltd stocks in FY 2024?

In FY 2024, the High / Low of MIRC Electronics Ltd stocks is 33.0/15.5.

What is the Stock P/E of MIRC Electronics Ltd?

The Stock P/E of MIRC Electronics Ltd is .

What is the Book Value of MIRC Electronics Ltd?

The Book Value of MIRC Electronics Ltd is 5.56.

What is the Dividend Yield of MIRC Electronics Ltd?

The Dividend Yield of MIRC Electronics Ltd is 0.00 %.

What is the ROCE of MIRC Electronics Ltd?

The ROCE of MIRC Electronics Ltd is 19.9 %.

What is the ROE of MIRC Electronics Ltd?

The ROE of MIRC Electronics Ltd is 40.9 %.

What is the Face Value of MIRC Electronics Ltd?

The Face Value of MIRC Electronics Ltd is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in MIRC Electronics Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE