- **Mega Nirman & Industries Ltd. is an Indian company that has reinvented itself twice in a decade - first from construction materials to precious-stone trading, and now to building an electric-vehicle charging network under the brand Megacharge. Incorporated in 1983 as a mining and construction-era entity, it pivoted to trading during the pandemic, which crushed its original sector, and that trading phase is now giving way to a full-scale EV charging infrastructure play. The recurring pattern is a willingness to walk away from a legacy business and place a bet on a new one where government policy and infrastructure gaps create an opening - a pattern that has taken the company from bricks to bullion to battery charging.** # Business segments A single engine at two stages of life - a legacy trading business that is winding down, and an EV charging platform that is being built from scratch on a national highway backbone. ## 1. EV charging solutions: the infrastructure bet the company is building **Megacharge is stitching together a network of highway and public charging points, backed by a landmark partnership to electrify 5,500 kilometres of India’s national highways.** - **The highway partnership is the anchor** - in April 2026, Megacharge signed a deal with National Highways for Electric Vehicles (NHEV) to deploy and maintain 660 charging points across 26 national highways and expressways in 14 states, giving it a footprint on corridors that already carry heavy traffic. - **Hardware plus the app that runs it** - the company sells AC and DC chargers for homes and businesses, but the real glue is an app-based platform (available on the Play Store) that lets drivers find stations, book slots and pay, using IoT and cloud computing to manage the load. - **A 5,000-point ambition** - the company aims to build 5,000 charging points across India by 2030, a target that signals it is playing for a national network rather than a city-level experiment. ## 2. Trading: the legacy cash engine that is shifting shape **The company buys and sells precious stones, metals and jewellery - a pure trading operation with no factories - but its inventory is now tilting toward electric-vehicle components.** - **No manufacturing, no processing** - the company has never owned a plant; it earns its keep by purchasing goods and reselling them to trade buyers and retail customers, recognising revenue only when the goods and their risks have passed to the buyer. - **Precious goods were the first pivot** - when the pandemic hollowed out construction demand, the company moved into trading precious and semi-precious stones, metals, jewellery and articles of virtue, dealing wholesale and retail. - **The inventory is changing** - by FY25, the company described its primary business as trading in “small passenger Electronic Vehicle and their components,” so the trading desk is increasingly a feeder for the EV ecosystem rather than a standalone gemstone business. - **A clean-up in progress** - during FY25, the company wrote off trade payables of Rs. 560.14 lakhs that it judged no longer payable and provided for Rs. 582.95 lakhs of trade receivables, suggesting a deliberate effort to clear the legacy balance sheet as the EV business takes over. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures - with a single strategic partner for its EV build-out and a promoter who is stepping back.** - **One strategic partner** - the NHEV partnership is the company’s defining external relationship, giving Megacharge the right to deploy and maintain chargers on a 5,500 km e-highway network. - **Promoter in transition** - promoter Yogesh Kumar Goyal held just 2.24% of the equity as of March 2022 and applied to be reclassified as a public shareholder after a SEBI order in May 2022 barred him from the securities market for two years. - **Warrant-driven capital** - in February 2024, the company raised money by allotting 2.30 crore fully convertible warrants to seven corporate bodies and six individuals at Rs. 15 per warrant, and those warrants were converted into 2.23 crore equity shares by mid-2025.