Manganite (Mn1.5Co1Ni0.5O4) based thermistors in bulk form are well known. We have earlier reported that the electronic properties [sheet resistivityRsand temperature coefficient of resistance (TCR)] of Ag‐loaded, manganite‐based thick‐film thermistor pastes show a sudden reduction in sheet resistivity (from M&OHgr;/sq to &OHgr;/sq) and a reversal of TCR [from negative temperature coefficient (NTC) to positive temperature coefficient (PTC)], above a critical percentage of Ag loading (50% by weight) and that this behavior follows a modified percolation theory. Here the above pastes are characterized by x‐ray diffraction analysis. Our x‐ray diffraction results do indicate the formation of a Ag complex upon Ag loading (30%–60% by weight) as postulated in the earlier paper. However, the system seems to be still more complex, as the channel formation required for percolation theory may not be of a single material but of two materials, i.e., Ag and an Ag complex.