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.