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Mercury EV-Tech Ltd

MERCURYEV

NSE

₹36.11-1.28%19 Oct 2026

Reports

Diversified Auto Components

Mercury EV-Tech Ltd

MERCURYEV

NSE

₹36.11

-1.28%

19 Oct 2026

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Diversified Auto Components

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Mercury EV-Tech is an electric-vehicle company that was, until recently, a metals trader. In 2022, new promoters took control of a four-decade-old shell and pivoted it entirely into EVs, renaming it and rewriting its purpose in a single stroke. The approach that explains everything that followed is vertical integration - the company brings battery systems, chassis, motor controllers, and vehicle assembly under one roof, then enters adjacent segments through acquisitions and joint ventures, each time aiming to own more of the chain.

Business segments

A single integrated EV manufacturing engine, built through acquisitions and stretched across two-wheelers, three-wheelers, four-wheelers, buses, and the battery systems that power them - with early-stage bets on tractors, hydrogen storage, and cargo containers bolted on.

1. Electric vehicles: the integrated factory that builds everything from scooters to sports cars

Mercury designs, certifies, and assembles a multi-category EV portfolio in its own 18-acre Vadodara plant, then sells through a growing chain of company-owned showrooms and a pan-India dealer network.

Certified to sell nationwide - the company holds regulatory approvals from ICAT, NATRAX, and SAE International, plus perpetual state-level road-use permits from Delhi, Gujarat, and Uttarakhand, which means its vehicles are legally cleared to operate across India.
Acquisitions fill the portfolio gaps - a 70% stake in Haitek Automotive brought electric three-wheelers and an eastern-India sales network; a 69.84% stake in DC2 Mercury Cars added design-led premium EVs like the e-TANQ off-roader (650 BHP, 180 kWh battery); and a 65% stake in Altius EV Tech added electric motorcycles, so the product range expanded without building each category from scratch.
Showrooms as a sales moat - the company has opened its own showrooms in Dahod, Bhavnagar, Rajkot, Halol, Porbandar, and on the Vadodara-Mumbai highway, supplementing a dealer network that stood at over 160 dealers, which gives it direct control over the customer experience and a vehicle exchange program in select locations.
Chassis for others, too - the Por-Ramangamdi facility makes chassis for captive use and has fielded inquiries from Hero, Lords Automotive, Blix Electric Scooters, and Joy Bikes, with a planned capacity of 5,000 chassis per month, turning a cost centre into a potential revenue stream.

2. Advanced battery systems: the power source that feeds its own vehicles and competitors’

Through its wholly owned subsidiary Powermetz Energy, Mercury manufactures certified lithium-ion battery packs with proprietary battery management systems - for its own EVs and for other OEMs - from a 3.2 GW robotic factory.

India’s first AIS-156 Phase-II certification - Powermetz received the country’s first such certification for an ultra-high-speed two-wheeler battery pack (54 Ah LiFePO4) from ARAI, and a second from NATRAX for a three-wheeler pack (200 Ah), which makes its batteries eligible for use in the fastest-growing EV categories and signals quality to OEM buyers.
Captive and commercial, both - the battery packs are used in Mercury’s own vehicles and supplied to other manufacturers, including an open order worth Rs. 1,100 million from a leading Indian two-wheeler EV maker, so the subsidiary earns revenue from competitors even as it lowers the parent’s battery cost.
The factory is the bet - a 3.2 GW lithium-ion manufacturing line, fully robotic and capable of producing LFP, NMC, and sodium-ion cells plus supercapacitor modules, sits on the Vadodara campus, giving the group control over the most expensive component in any EV.
Recurring revenue baked in - Powermetz’s business scope includes annual maintenance contracts for batteries and UPS systems, so every pack sold can generate service income long after the initial sale.

3. Tractors, hydrogen, and containers: three early-stage bets on adjacent industries

Mercury has acquired a tractor-parts manufacturer, signed a joint venture for patented hydrogen storage tanks, and begun setting up a container factory - each a small, deliberate step into a neighbouring market.

Tractor parts with a forging backbone - the 65% stake in Traclaxx Tractors brings precision forging, machining, and assembly of tractor components, creating a bridge between Mercury’s EV technology and agricultural machinery.
Patented hydrogen tanks, pre-sold - a 60:40 joint venture with Hydrogen Horizons Ltd will manufacture the ‘Hydra Pak’ hydrogen storage tank based on a US patent, with the venture formed to develop and manufacture the product under a Memorandum of Understanding, so the venture has a first customer before production begins.
Containers from a shared R&D facility - an MOU with SRBH Motors gives Mercury access to an R&D centre in Madhya Pradesh where over Rs. 20 Crore has been invested, and a Vadodara facility is expected to produce 700-800 cargo containers per year in its first phase, with a new subsidiary (Global Mercury Container) incorporated to house the business.

Group structure and partners

Mercury EV-Tech is the holding company atop six operating subsidiaries and one joint venture, each acquired or incorporated to add a specific capability - batteries, tractors, design-led cars, motorcycles, containers, or hydrogen storage - without diluting the listed entity’s capital.

Wholly owned battery arm - Powermetz Energy Private Limited (100%) houses the entire energy storage business, from cell manufacturing to battery management systems and after-sales service.
Majority-owned vehicle subsidiaries - DC2 Mercury Cars (70.11%) covers design-led premium EVs; Haitek Automotive (70%) handles electric three-wheelers in eastern India; Altius EV Tech (65%) makes electric motorcycles; and Traclaxx Tractors (65%) covers tractor components.
Container and infrastructure entities - Global Mercury Container (60%) was incorporated for container manufacturing, while EV Nest Private Limited (100%), originally an infrastructure company acquired from the promoter group, is being merged into the parent through an NCLT-approved scheme with no new equity issued.
Hydrogen joint venture, not yet incorporated - the MOU with Hydrogen Horizons Ltd (UK) and Hydrogen Horizons Israel Ltd (Israel) structures a 60:40 entity to manufacture Hydra Pak tanks, with no consideration paid as of the announcement date.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹686Cr

Close Price

₹36.11

Industry

Diversified Auto Components

Price To Earnings

144.44

Price To Sales

6.08

Revenue

₹113Cr

Rev Gr TTM

Revenue Growth TTM

4.21%

PAT Gr TTM

PAT Growth TTM

-51.13%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	5	6	4	19	36	31	23	34	25	20	33
Growth YoY Revenue Growth YoY%	77.5	6.5	-20.3	-46.6	252.9	677.3	450.8	483.2	74.6	-29.0	-34.1	47.9
Expenses ExpensesCr	5	4	5	3	17	30	32	20	31	23	23	30
Operating Profit Operating ProfitCr	1	1	0	1	2	6	-1	2	3	2	-2	3
OPM OPM%	11.1	21.2	6.6	23.0	10.4	17.1	-2.8	9.4	8.9	9.4	-11.6	9.7
Other Income Other IncomeCr	1	0	0	0	0	0	3	1	1	0	5	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	1	1	1	1
PBT PBTCr	1	1	0	1	2	6	1	2	2	1	1	2
Tax TaxCr	0	0	0	0	1	2	0	1	1	0	1	0
PAT PATCr	1	1	0	0	2	4	1	2	2	1	0	2
Growth YoY PAT Growth YoY%	742.9	-48.0	-23.3	-34.7	171.2	707.5	478.3	232.7	15.0	-82.5	-87.2	-4.3
NPM NPM%	10.7	11.6	4.1	12.7	8.2	12.0	4.3	7.2	5.4	3.0	0.8	4.7
EPS EPS₹	0.0	0.3	0.0	0.0	0.1	0.2	0.1	0.1	0.1	0.1	0.0	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	5	6	4	19	36	31	23	34	25	20	33
Growth YoY Revenue Growth YoY%	77.5	6.5	-20.3	-46.6	252.9	677.3	450.8	483.2	74.6	-29.0	-34.1	47.9
Expenses ExpensesCr	5	4	5	3	17	30	32	20	31	23	23	30
Operating Profit Operating ProfitCr	1	1	0	1	2	6	-1	2	3	2	-2	3
OPM OPM%	11.1	21.2	6.6	23.0	10.4	17.1	-2.8	9.4	8.9	9.4	-11.6	9.7
Other Income Other IncomeCr	1	0	0	0	0	0	3	1	1	0	5	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	1	1	1	1
PBT PBTCr	1	1	0	1	2	6	1	2	2	1	1	2
Tax TaxCr	0	0	0	0	1	2	0	1	1	0	1	0
PAT PATCr	1	1	0	0	2	4	1	2	2	1	0	2
Growth YoY PAT Growth YoY%	742.9	-48.0	-23.3	-34.7	171.2	707.5	478.3	232.7	15.0	-82.5	-87.2	-4.3
NPM NPM%	10.7	11.6	4.1	12.7	8.2	12.0	4.3	7.2	5.4	3.0	0.8	4.7
EPS EPS₹	0.0	0.3	0.0	0.0	0.1	0.2	0.1	0.1	0.1	0.1	0.0	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	16	22	90	102	113
Growth Revenue Growth%		1,262.2	36.8	307.0	13.9	4.2
Expenses ExpensesCr	1	14	19	82	97	107
Operating Profit Operating ProfitCr	0	2	3	8	5	6
OPM OPM%	23.3	10.2	13.2	9.1	5.1	5.6
Other Income Other IncomeCr	0	0	1	3	6	6
Interest Expense Interest ExpenseCr	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	0	1	4	4
PBT PBTCr	0	2	3	10	7	6
Tax TaxCr	0	0	1	2	2	2
PAT PATCr	0	1	2	8	4	4
Growth PAT Growth%		503.8	42.9	286.4	-43.0	-51.1
NPM NPM%	19.5	8.7	9.1	8.6	4.3	3.8
EPS EPS₹	0.1	0.1	0.1	0.4	0.2	0.3

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	16	22	90	102	113
Growth Revenue Growth%		1,262.2	36.8	307.0	13.9	4.2
Expenses ExpensesCr	1	14	19	82	97	107
Operating Profit Operating ProfitCr	0	2	3	8	5	6
OPM OPM%	23.3	10.2	13.2	9.1	5.1	5.6
Other Income Other IncomeCr	0	0	1	3	6	6
Interest Expense Interest ExpenseCr	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	0	1	4	4
PBT PBTCr	0	2	3	10	7	6
Tax TaxCr	0	0	1	2	2	2
PAT PATCr	0	1	2	8	4	4
Growth PAT Growth%		503.8	42.9	286.4	-43.0	-51.1
NPM NPM%	19.5	8.7	9.1	8.6	4.3	3.8
EPS EPS₹	0.1	0.1	0.1	0.4	0.2	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	17	18	19	19
Reserves ReservesCr	1	33	63	173	174
Current Liabilities Current LiabilitiesCr	0	4	16	32	50
Non Current Liabilities Non Current LiabilitiesCr	0	23	54	25	28
Total Liabilities Total LiabilitiesCr	1	77	151	336	357
Current Assets Current AssetsCr	1	33	69	230	226
Non Current Assets Non Current AssetsCr	0	44	82	106	131
Total Assets Total AssetsCr	1	77	151	336	357

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	17	18	19	19
Reserves ReservesCr	1	33	63	173	174
Current Liabilities Current LiabilitiesCr	0	4	16	32	50
Non Current Liabilities Non Current LiabilitiesCr	0	23	54	25	28
Total Liabilities Total LiabilitiesCr	1	77	151	336	357
Current Assets Current AssetsCr	1	33	69	230	226
Non Current Assets Non Current AssetsCr	0	44	82	106	131
Total Assets Total AssetsCr	1	77	151	336	357

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-14	-15	-44	-32
Investing Cash Flow Investing Cash FlowCr	0	-48	-55	-90	19
Financing Cash Flow Financing Cash FlowCr	0	70	61	139	11
Net Cash Flow Net Cash FlowCr	0	8	-8	5	-1
Free Cash Flow Free Cash FlowCr	0	-56	-38	-67	-55
CFO To PAT CFO To PAT%	-155.7	-1,010.4	-733.2	-569.4	-721.4
CFO To EBITDA CFO To EBITDA%	-130.3	-855.8	-501.3	-540.1	-611.5

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-14	-15	-44	-32
Investing Cash Flow Investing Cash FlowCr	0	-48	-55	-90	19
Financing Cash Flow Financing Cash FlowCr	0	70	61	139	11
Net Cash Flow Net Cash FlowCr	0	8	-8	5	-1
Free Cash Flow Free Cash FlowCr	0	-56	-38	-67	-55
CFO To PAT CFO To PAT%	-155.7	-1,010.4	-733.2	-569.4	-721.4
CFO To EBITDA CFO To EBITDA%	-130.3	-855.8	-501.3	-540.1	-611.5

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2	225	1,404	1,126	386	686
Price To Earnings Price To Earnings	7.5	168.9	727.1	144.6	88.4	144.4
Price To Sales Price To Sales	1.5	14.0	63.8	12.6	3.8	6.1
Price To Book Price To Book	1.3	4.5	17.4	5.9	2.0	3.6
EV To EBITDA EV To EBITDA	3.5	145.4	500.6	132.6	78.2	112.8
Profitability Ratios Profitability Ratios
GPM GPM%	30.9	24.0	26.7	21.3	26.1	26.1
OPM OPM%	23.3	10.2	13.2	9.1	5.1	5.6
NPM NPM%	19.5	8.7	9.1	8.6	4.3	3.8
ROCE ROCE%	23.4	2.2	2.3	5.5	3.4	3.4
ROE ROE%	17.1	2.8	2.5	4.0	2.3	2.3
ROA ROA%	15.6	1.8	1.3	2.3	1.2	1.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2	225	1,404	1,126	386	686
Price To Earnings Price To Earnings	7.5	168.9	727.1	144.6	88.4	144.4
Price To Sales Price To Sales	1.5	14.0	63.8	12.6	3.8	6.1
Price To Book Price To Book	1.3	4.5	17.4	5.9	2.0	3.6
EV To EBITDA EV To EBITDA	3.5	145.4	500.6	132.6	78.2	112.8
Profitability Ratios Profitability Ratios
GPM GPM%	30.9	24.0	26.7	21.3	26.1	26.1
OPM OPM%	23.3	10.2	13.2	9.1	5.1	5.6
NPM NPM%	19.5	8.7	9.1	8.6	4.3	3.8
ROCE ROCE%	23.4	2.2	2.3	5.5	3.4	3.4
ROE ROE%	17.1	2.8	2.5	4.0	2.3	2.3
ROA ROA%	15.6	1.8	1.3	2.3	1.2	1.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NDRAUTO	JAYBARMARU	ACGL	PRECAM	MUNJALAU	MERCURYEV	PAVNAIND
Market CapitalizationMkt CapCr	1,639	1,403	1,082	1,042	1,015	686	208
Close PriceClose₹	688.95	129.58	1,776.50	109.69	101.47	36.11	14.94
IndustryIndustry	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components
Price To EarningsPE	25.25	10.15	18.64	25.45	20.21	144.44	7.90
Price To SalesPS	1.91	0.54	1.17	1.36	0.41	6.08	0.63
RevenueRevenueCr	859	2,621	926	766	2,503	113	329
Revenue Growth TTMRev Gr TTM%	18.2%	13.3%	29.8%	-4.9%	22.3%	4.2%	13.4%
PAT Growth TTMPAT Gr TTM%	17.3%	172.0%	12.1%	-33.3%	15.6%	-51.1%	91.0%

	NDRAUTO	JAYBARMARU	ACGL	PRECAM	MUNJALAU	MERCURYEV	PAVNAIND
Market CapitalizationMkt CapCr	1,639	1,403	1,082	1,042	1,015	686	208
Close PriceClose₹	688.95	129.58	1,776.50	109.69	101.47	36.11	14.94
IndustryIndustry	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components	Diversified Auto Components
Price To EarningsPE	25.25	10.15	18.64	25.45	20.21	144.44	7.90
Price To SalesPS	1.91	0.54	1.17	1.36	0.41	6.08	0.63
RevenueRevenueCr	859	2,621	926	766	2,503	113	329
Revenue Growth TTMRev Gr TTM%	18.2%	13.3%	29.8%	-4.9%	22.3%	4.2%	13.4%
PAT Growth TTMPAT Gr TTM%	17.3%	172.0%	12.1%	-33.3%	15.6%	-51.1%	91.0%

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