Onida, the once-iconic consumer electronics brand, is betting on fresh capital, new management, an expanded product portfolio and a wider retail footprint to regain lost market share. The company, which has struggled with losses and a shrinking market presence, is now shifting its focus from electronic components and contract manufacturing to its own consumer brand.
The turnaround has begun with a change in the company’s equity structure. Onida Electronics Ltd, formerly MICR Electronics, has issued preference shares to marquee investors, including Mumbai-based Authum Investment & Infrastructure Ltd. Authum’s stake has risen to 21.25% from 0.7%, following an investment of nearly Rs 121 crore.
The management believes the fresh capital will improve efficiency and speed up decision-making.
“Our first task is to make profits consistently in the next couple of years. The company has made profits in some quarters, but it has not been consistent. Our aim is to grow five times the market in the next five years,” CEO Gunjan Srivastava said.
A key part of the strategy is a renewed focus on the consumer business. Onida has launched products across the white and brown goods segments, including a 100-inch QD Mini LED television.
It is also expanding its retail network. From around 4,500 stores currently, the company plans to reach about 8,000 multi-product retail outlets across India over the next six to eight months. It also plans to open 100 exclusive Onida stores.
“Our target is to be in the top two or three OEMs in India. Our aim is to regain our market share and make premium products available at affordable prices. We expect to rebuild our brand and not restrict ourselves to being a component manufacturer,” Srivastava said.
The company received PLI approval in January 2025 to manufacture television components at its Wada plant in Maharashtra’s Palghar district. Its Roorkee facility makes washing machines, with the two plants together having capacity to produce around 2.5 lakh units annually.
However, Onida does not plan to make contract manufacturing its core business. It wants to use its manufacturing capabilities to support its own brand.
Localisation and profitability
The company has built a domestic supplier network for mechanical, plastic and metal components, packaging, audio parts and wiring assemblies. It is also working to increase localisation, although semiconductors and display technologies continue to be imported.
Onida’s turnaround efforts come amid financial stress. It reported a loss of Rs 74.74 crore in FY26, with debt of around Rs 70 crore and total liabilities exceeding Rs 400 crore. Operational revenue fell from Rs 200.72 crore in Q4 FY24 to Rs 143.81 crore in Q4 FY26.
The company has also cleaned up obsolete inventory, disposing of and writing down stock worth Rs 29.39 crore. It sold its Andheri property for a profit of Rs 20.56 crore.
“This was necessary because we had taken the decision to grow our brand and some of these inventories were outdated,” Srivastava said.
The company is also bringing back its most recognisable brand asset — the Devil mascot — ahead of the festival season.
“After talking to several of our customers and dealers, we have realised that Devil is inseparable. We will bring back our Devil in our marketing campaigns. We are not sure whether it will be a male or female Devil,” Srivastava said.