MIRC Electronics Limited has concluded its board meeting held on March 31, 2026, approving significant employee stock option grants and corporate governance matters. The meeting addressed key strategic decisions including substantial ESOP grants, employee vesting approvals, and shareholder engagement initiatives.

Major ESOP Grant Approval

The board approved a substantial grant of 2,95,00,000 stock options to Mr. Gunjan Kumar Srivastava, Chief Executive Officer of the company, under the MIRC Electronics Employee Stock Option Plan 2023. This grant, based on recommendations from the Nomination and Remuneration Committee, is subject to member approval.

Vesting Structure and Performance Targets

The time-based grant of 90,00,000 options will vest over five years with 20% vesting annually from March 31, 2027, to March 31, 2031, contingent on continuous employment. Each vesting date will see 18,00,000 options becoming exercisable.

The performance-based grant of 2,05,00,000 options is linked to cumulative operating EBITDA targets across two tranches:

Employee ESOP Vesting

The board also approved the vesting of 4,58,222 ESOPs at an exercise price of ₹14.10 per option for eligible employees. These options were originally granted on April 16, 2024, covering a total of 38,00,846 stock options under the same employee stock option plan.

Corporate Restructuring and EGM

The board considered a proposed change in the company's name, contingent upon approval from the Central Registration Centre (CRC), Ministry of Corporate Affairs, and other relevant authorities. This change requires subsequent member approval through a General Meeting and amendments to the company's constitutional documents.

The board approved the notice for an Extra-ordinary General Meeting scheduled for Wednesday, April 29, 2026, to seek member approval for the proposed resolutions.

Meeting Details and Compliance

The board meeting commenced at 3:35 PM IST and concluded at 5:51 PM IST, with Chairman and Managing Director Vijay Mansukhani presiding over the proceedings. The company has notified both BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Vested options can be exercised within two years from the vesting date, providing flexibility for option holders while maintaining employment with the company.

MIRC Electronics Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, revealing mixed performance with revenue growth offset by increased losses. The consumer durables company reported a net loss of ₹1,311 lakhs for Q3 FY26 compared to ₹527 lakhs in the corresponding quarter of the previous year.

Financial Performance Overview

The company's quarterly performance showed significant revenue growth despite operational challenges. Total income for Q3 FY26 reached ₹21,549 lakhs, representing an increase from ₹16,939 lakhs in Q3 FY25.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, MIRC Electronics reported a net loss of ₹2,738 lakhs compared to ₹348 lakhs in the corresponding period of the previous year. Total income for the nine-month period stood at ₹52,212 lakhs against ₹55,285 lakhs in the previous year.

Expense Structure and Operational Metrics

The company's expense structure revealed significant changes in operational components. Purchases of traded goods increased substantially to ₹16,009 lakhs in Q3 FY26 from ₹9,497 lakhs in Q3 FY25. Project bought outs and other direct costs amounted to ₹5,963 lakhs in the current quarter compared to nil in the previous year quarter.

Employee benefits expense for Q3 FY26 was ₹1,466 lakhs compared to ₹1,593 lakhs in Q3 FY25. Finance costs stood at ₹420 lakhs versus ₹448 lakhs in the corresponding previous quarter.

Exceptional Items and Capital Structure

The company reported exceptional items of ₹249 lakhs in Q3 FY26, which was netted against an exceptional gain of ₹2,056 lakhs recognized in Q2 FY26 from property sale. The net exceptional gain for the nine-month period was ₹1,807 lakhs.

The paid-up equity share capital increased significantly to ₹3,696 lakhs as of December 31, 2025, from ₹2,311 lakhs in the previous year, reflecting the capital raising activities undertaken during the year.

Fund Raising and Utilization

MIRC Electronics successfully completed a preferential issue of 8,89,49,900 equity shares at ₹16.81 per share, raising ₹14,952 lakhs. The monitoring agency Acuité Ratings & Research Limited confirmed no deviation in fund utilization.

The unutilized amount of ₹4,500 lakhs has been parked in liquid mutual funds, earning an annualized return of 5.95%. The company also issued non-convertible debentures worth ₹6,000 lakhs in the previous quarter for working capital purposes.

Earnings Per Share and Outlook

The basic and diluted earnings per share after exceptional items stood at ₹0.36 loss per share for Q3 FY26 compared to ₹0.23 loss per share in Q3 FY25. For the nine-month period, the loss per share was ₹0.93 compared to ₹0.15 in the previous year.

The company operates in the consumer durables segment and has structured its operations into one reportable segment. The financial results were reviewed by the audit committee and approved by the board of directors on February 11, 2026.