What MIC Electronics does

MIC Electronics Limited is a Hyderabad-based, publicly listed (BSE/NSE) electronics manufacturer founded in 1988-1990, specializing in LED video displays, telecommunications equipment, and railway passenger information systems. The company holds Railway Design and Standards Organisation (RDSO) approval and ISO 9001 certification, with over three decades of experience supplying Indian Railways divisions through competitive tendering. Its product portfolio centers on the Integrated Passenger Information System (IPIS) platform, encompassing Coach Information Boards (CIB), Train Information Boards (TIB), GPS-based Public Address and Passenger Information Systems (PAPIS), Electronic Location Units (ELUs), GPS-enabled platform clocks, and centralized backend telecom infrastructure conforming to RDSO specifications. The IPIS v2.0 next-generation platform is under development with dedicated hardware, firmware, and Network Management System (NMS) software teams.

MIC Electronics generates revenue primarily through project-based EPC-style contracts for design, supply, installation, testing, and commissioning of railway infrastructure, with multi-year post-warranty maintenance and AMC streams (typically 3-5 years) providing recurring service revenue. The go-to-market is exclusively sales-led B2G/B2B, responding to public tenders issued by Indian Railways divisions, state government bodies, and public sector entities such as TGGENCO and the Chhattisgarh Environment Conservation Board. Recent aggregate contract wins exceed ₹20 crore across railway zones, alongside a ₹114 crore state government Common Facility Centre project and a ₹3.78 crore environmental laboratory project. Beyond the core railway vertical, the company is pursuing diversification into defence electronics manufacturing, semiconductor chip design (via the proposed Neo Semi SG acquisition), circular/refurbished electronics (via the Refit Global partnership), industrial material handling (via GHS Technologies GmbH), and LED luminaires for power sector clients.

FY26 consolidated revenue reached ₹190.52 crore, more than double the ₹94.76 crore reported in FY25, with Q4 FY26 standalone revenue of ₹50.79 crore (up 80.98% YoY) and Q4 EBITDA of ₹13 crore (up 60.6% YoY). Despite this top-line momentum, the company reported a ₹12.63 crore net loss in FY26 due to a non-cash ₹29.31 crore reversal of deferred tax assets, though profit before tax improved to ₹16.68 crore from ₹13.06 crore. Market capitalisation stood at approximately ₹1,068 crore as of April 2026, and the company has approved a ₹250 crore capital raise through QIP and FCCBs to fund expansion. Headcount is in the 251-500 range and the company has no disclosed parent or significant institutional equity backing.

Name

MIC Electronics

Legal name

MIC Electronics Limited

Website

https://micelectronics.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

MIC Electronics is a Hyderabad-based public company that designs and manufactures railway passenger information systems, LED displays, and electronic equipment under RDSO approval, serving Indian Railways and government clients via competitive tendering and EPC contracts.

Ownership category

akta.pro rank

Product category

Railway Electronics and LED Display Systems

NAICS

Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (33451), Relay and Industrial Control Manufacturing (335314), Electric Lighting Equipment Manufacturing (33513)

SIC

Industrial Instruments For Measurement, Display, And Control (3823), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electrical Industrial Apparatus (3620)

akta.pro primary industry

Embedded & HMI Electronics Manufacturing (Industrial PCs, HMIs, Panel PCs) (IMAGAGAD)

akta.pro secondary industries

Industrial Electronics Manufacturing Services (EMS) (IMAGAGAA), Process Control & Automation Electronics Manufacturing Services (PLCs, I/O, DCS/SCADA hardware) (IMAGAGAK), Optoelectronic Components (LEDs, photodiodes, optocouplers, optical sensors) (IMAGAJAF)

Keywords

• LED video displays
• Railway electronics systems
• Passenger information systems
• Electronics manufacturing services
• Telecom infrastructure

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Railway Infrastructure Projects: Project-based revenue from design, supply, installation, testing, and commissioning of railway passenger information systems, telecom infrastructure, and electronic displays across Indian Railways zones. Revenue recognition occurs upon project execution and delivery. The company has secured multiple contracts totalling over ₹20 crore across various railway divisions including East Coast Railway, Central Railway, Southern Railway, Northern Railway, and Eastern Railway.
2. Government Infrastructure Projects: EPC-style project execution for government clients including a ₹114 crore Common Facility Centre in Nava Raipur and a ₹3.78 crore environmental laboratory project. These involve end-to-end delivery including civil construction, equipment procurement, installation, and commissioning, with post-warranty maintenance contracts providing recurring revenue streams.
3. Electronics Manufacturing Services (EMS): Contract manufacturing services for electronics components and assemblies serving railways, defence, and industrial sectors. The company leverages over three decades of experience, RDSO approval, and ISO certifications to serve as a domestic manufacturing partner for high-reliability electronic components.
4. Spare Parts and After-Sales Services: Revenue from spare parts supply and Annual Maintenance Contracts (AMC) associated with installed systems. Maintenance contracts typically run for 3–5 years post-warranty, providing recurring service revenue. The Chhattisgarh environmental laboratory project includes a 3-year AMC worth ₹60 lakh, and railway projects include multi-year maintenance provisions.
5. Strategic Diversification — Semiconductor and Circular Electronics: The company is pursuing entry into semiconductor chip design and circular/refurbished electronics through potential acquisitions (Neo Semi SG Pte. Ltd. and Refit Global Private Limited). These represent future growth verticals aligned with India's semiconductor mission and ESG objectives.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

MIC Electronics manufactures LED video displays and electronic equipment, specializing in railway passenger information systems, telecom infrastructure, and passenger communication hardware for Indian Railways. The company also provides electronics manufacturing services (EMS), LED luminaires, and is expanding into defence electronics, semiconductors, and material handling solutions. Its core offerings include Coach Information Boards, Train Information Boards, PAPIS, IPIS platforms, and Electronic Location Units compliant with RDSO specifications.

Product overview

MIC Electronics is an LED video display and electronic equipment manufacturer with over 30 years of industry experience, serving primarily the Indian Railways sector. The company operates a platform-based approach with its core Integrated Passenger Information System (IPIS) as the central technology framework, supplemented by specific product modules including Coach Information Boards (CIB), Train Information Boards (TIB), and Passenger Announcement and Passenger Information Systems (PAPIS). These products form an integrated passenger communication ecosystem for railway stations, combining display hardware with centralized backend telecom infrastructure, GPS-synchronized timing systems, and networked data control units. Beyond railway passenger information systems, the company offers laboratory furniture solutions, LED luminaires for infrastructure lighting, and has strategic initiatives in defence electronics manufacturing, semiconductor development, and material handling solutions through international partnerships. The product portfolio follows a modular architecture where the IPIS platform serves as the core system integrated across multiple railway zones and divisions.

Differentiator

Problem solved

Functional benefit

Products and services

• Passenger Information Display Systems (PIDS)
• Coach Information Boards (CIB)
• Train Information Boards (TIB)
• Passenger Announcement and Passenger Information System (PAPIS)
• IPIS (Integrated Passenger Information System)
• Electronic Location Units (ELUs)
• Common Facility Centre (CFC) Infrastructure
• Laboratory Furniture Systems
• LED Luminaires
• Material Handling Solutions
• Electronics Manufacturing Services (EMS)

Quantifiable outcome

• Revenue more than doubled to ₹190.52 crore in FY26 from ₹94.76 crore in FY25
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• Honeywell Automation India LimitedcoreStrategic or Co-development Partner · 1 May 2026MIC Electronics and Honeywell Automation India signed a strategic partnership agreement in May 2026 to explore collaborative opportunities in technology, automation, and industrial solutions. The agreement establishes a formal framework for strategic discussions and exchange of business information to identify potential projects leveraging combined expertise in industrial technology, smart solutions, electronics manufacturing, and automation. The partnership is designed to facilitate business growth by assessing complementary capabilities, though no financial commitment or project execution timeline has been indicated.
• Neo Semi SG Pte. Ltd.strategicStrategic or Co-development Partner · 26 March 2026MIC Electronics' board announced on 26 March 2026 that it will consider acquiring an 89.65% stake in Singapore-based Neo Semi SG Pte. Ltd., a deep-tech firm focused on semiconductors, AI logistics, and circular electronics. The proposed transaction is structured as a share swap. The company's financial position is noted as weak with FY2024-25 revenue of ₹94.8 crore but PAT declining 84% to ₹9.8 crore, raising questions about its capacity to manage the acquisitions. The board meeting to decide on the acquisition was scheduled for 30 March 2026.
• GHS Technologies GmbHcoreStrategic or Co-development Partner · 3 March 2026MIC Electronics signed a strategic partnership with Switzerland-based GHS Technologies GmbH in March 2026 to jointly design, manufacture, and supply advanced material handling solutions for the Indian market. Full engineering documentation has already been transferred for manufacturing assessment. The collaboration follows a structured sample-to-scale roadmap targeting automotive, manufacturing, warehousing, logistics, and energy applications, with the Indian material handling market projected to grow at over 10% CAGR through 2030. This alliance marks MIC Electronics' entry into the industrial material handling segment, leveraging European-standard engineering specifications converted into locally manufactured systems.
• Refit Global Private LimitedstrategicStrategic or Co-development Partner · 17 February 2026MIC Electronics signed an MoU with Refit Global Private Limited (Delhi) on 17 February 2026 to evaluate entry into the refurbished and circular electronics segment. The engagement has progressed to a signed term sheet with concluded valuation discussions and due diligence in final stages. The proposed transaction would combine MIC Electronics' manufacturing and testing infrastructure with Refit Global's sourcing, testing, grading, and multi-channel distribution capabilities to build an integrated refurbishment business model. This is viewed as an asset-light, platform-led growth opportunity aligned with ESG objectives, subject to completion of due diligence and regulatory approvals.

Scale indicators8 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• Delta Electronics India: Delta Electronics India manufactures power electronics, industrial automation, and display systems in India, serving industrial, infrastructure, and rail-adjacent customers. Comparable to MIC in industrial electronics manufacturing, electronic components, and systems-integration for infrastructure projects.
• HBL Power Systems: HBL Power Systems is an Indian industrial electronics manufacturer supplying batteries, railway signalling electronics, and defence-grade power systems to Indian Railways and defence customers. Highly comparable to MIC in target customer (Indian Railways), RDSO-approval-driven go-to-market, and product mix of specialised industrial electronic systems.
• Centum Electronics: Centum Electronics is an Indian EMS provider serving aerospace, defence, space, and industrial customers including railway electronics. Comparable to MIC as a domestic electronics manufacturing services company pursuing defence indigenisation and strategic electronics, with overlapping railway and high-reliability industrial customer base.
• Calcom Vision: Calcom Vision is an Indian LED display and lighting manufacturer serving commercial, industrial, and signage applications. Directly comparable to MIC's LED display and LED luminaire product lines and similar scale of operations in the Indian electronics manufacturing space.
• Kernex Microsystems: Kernex Microsystems (India) designs and supplies train collision avoidance systems and railway safety electronics to Indian Railways. Comparable to MIC as a smaller-cap RDSO-approved railway electronics vendor with a single-customer (Indian Railways) revenue profile and a project-based, tender-driven GTM.

Broad incumbents

• ABB India: ABB India supplies industrial automation, drives, motors, and signalling infrastructure to railways and industry. Comparable to MIC in the railway telecom, signalling, and station-automation space but operates at far greater scale and across a broader industrial portfolio.
• Bharat Electronics (BEL): BEL is a large Indian public-sector defence electronics major with selective railway and strategic electronics exposure. Comparable to MIC in defence electronics manufacturing and RDSO-aligned railway products, but at much greater scale and breadth across radar, communications, and electronic warfare.
• Siemens India: Siemens India delivers industrial automation, railway signalling, and smart-infrastructure solutions. Comparable to MIC in railway infrastructure electronics and industrial automation, with significantly larger scale and a broader multi-vertical portfolio.

Others

• Signify Innovations India (Philips Lighting): Signify India (formerly Philips Lighting) manufactures LED luminaires for road, street, commercial, and industrial lighting. Comparable to MIC's LED luminaire product line and TGGENCO vendor-registration activity, though it operates primarily in commercial lighting rather than railway PIDS and lacks MIC's systems-integration focus.

Emerging players

• Avalon Technologies: Avalon Technologies is an Indian EMS company providing electronics manufacturing services for industrial, defence, and clean-energy customers. Comparable to MIC's EMS/contract-manufacturing revenue stream and growing defence electronics focus, but at an earlier stage of railway market penetration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mic-electronics-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MIC Electronics