Mercury Ev-Tech Ltd (531357)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mercury Ev-Tech's revenue was ₹33.4 Cr (+47.9% year on year, +65.2% on the previous quarter), and net profit ₹1.6 Cr (+22.7% year on year); the operating margin was 9.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹33.4 | +47.9% | +65.2% |
| Operating profit | ₹3.3 | +53.8% | from loss |
| Net profit | ₹1.6 | +22.7% | +419.4% |
| EPS (₹) | 0.09 | +24.3% | +335.0% |
| Operating margin | 9.8% | — | — |
📢 Recent Corporate Announcements
Mercury Ev-Tech Ltd announced the resignation of Mr. Lalit Vitthal Waankhede (DIN: 00556938) from his position as Non-Executive Director, effective October 05, 2026. The Board accepted his resignation during its meeting held on the same day. According to the disclosure, Mr. Waankhede held zero shares (NIL shareholding) in the company prior to his departure.
- Resignation of Non-Executive Director Mr. Lalit Vitthal Waankhede effective October 05, 2026
- Board of Directors accepted the resignation in its meeting on October 05, 2026
- Director's shareholding in the company was NIL
Mercury Ev-Tech announced the reconstitution of its Board of Directors effective October 05, 2026. Mr. Shreyan Jigneshkumar Patel has been appointed as an Additional Director (Non-Executive Non-Independent), subject to shareholder approval, bringing over 3 years of experience in manufacturing, EV chargers, and AI/ML technologies. Concurrently, Mr. Lalit Vitthal Waankhede resigned from his role as a Non-Executive Director. Both outgoing and incoming directors hold zero shares in the company, leaving the corporate capital structure and day-to-day operations unaffected.
- Appointment of Mr. Shreyan Jigneshkumar Patel as Non-Executive Non-Independent Director effective October 05, 2026
- Resignation of Non-Executive Director Mr. Lalit Vitthal Waankhede effective October 05, 2026
- Incoming director brings 3+ years of experience across EV chargers and natural manufacturing
- Both incoming and outgoing directors hold nil equity shares in the company
Mercury Ev-Tech Ltd has scheduled its 40th Annual General Meeting (AGM) for Monday, September 28, 2026, at 2:00 PM IST via Video Conferencing. The company announced September 4, 2026, as the record date for determining eligibility to receive the AGM notice. The cut-off date to determine e-voting eligibility for shareholders has been fixed as September 18, 2026. This is a routine administrative compliance filing with no operational or financial impact.
- 40th Annual General Meeting scheduled for September 28, 2026, at 2:00 PM IST via VC/OAVM
- Record date for receiving the AGM notice set for September 4, 2026
- Cut-off date for e-voting eligibility fixed as September 18, 2026
Mercury Ev-Tech Limited has announced that its 40th Annual General Meeting (AGM) will be held on Monday, September 28, 2026, at 02:00 PM IST via Video Conferencing / Other Audio-Visual Means. The company has fixed September 04, 2026, as the record date for determining shareholders entitled to receive the AGM notice. Additionally, September 18, 2026, has been designated as the cut-off record date for eligibility to participate in e-voting.
- 40th Annual General Meeting scheduled for September 28, 2026, at 02:00 PM
- Record date for receiving AGM Notice set as September 04, 2026
- Cut-off record date for e-voting participation fixed as September 18, 2026
- Meeting to be conducted virtually through Video Conferencing / OAVM
Mercury Ev-Tech Limited's Board of Directors approved the Directors' Report for the year ended March 31, 2026, and scheduled its 40th Annual General Meeting (AGM) for September 28, 2026, via video conferencing. The register of members and share transfer books will remain closed from September 19, 2026, to September 26, 2026. The company also appointed M/s. Nisarg Sharma & Associates as the scrutinizer for e-voting. This is a routine secretarial and governance update with no direct impact on financial operations.
- 40th Annual General Meeting scheduled for September 28, 2026 at 02:00 p.m. IST via VC/OVAM
- Book closure fixed from September 19, 2026 to September 26, 2026 (both days inclusive)
- Approved Board's Report along with annexures for FY ended March 31, 2026
- Appointed M/s. Nisarg Sharma & Associates as Scrutinizer for e-voting processes
Mercury Ev-Tech Ltd has appointed M/s. Nisarg Sharma & Associates as its Secretarial Auditor effective August 13, 2026. This appointment fills a casual vacancy created by the resignation of the previous auditor, M/s. SJV & Associates. The new auditor will conduct the secretarial audit for the Financial Year 2025-26 and hold office until the next Annual General Meeting. The company, which has a TTM revenue of ₹102 Cr and a high P/E of 151.8, is maintaining its regulatory compliance framework through this transition.
- Appointment of M/s. Nisarg Sharma & Associates effective August 13, 2026
- Fills casual vacancy caused by the resignation of previous auditor M/s. SJV & Associates
- Audit scope specifically covers the Financial Year 2025-26
- The appointed firm holds Peer Review Certificate No. 3941/2023
- Company maintains a promoter holding of 59.18% as of June 2026
Mercury Ev-Tech reported a strong start to FY27 with consolidated revenue growing 47.9% YoY to ₹33.38 Cr. Net profit attributable to owners increased 29.3% YoY to ₹1.65 Cr, up from ₹1.27 Cr. A significant non-operational boost occurred as the company forfeited 4.53 crore convertible warrants, transferring ₹85.07 Cr of upfront payments to Capital Reserves. This forfeiture strengthens the balance sheet significantly without equity dilution, as the warrant holders failed to pay the remaining 75% of the ₹75 issue price.
- Consolidated revenue from operations rose 47.9% YoY to ₹33.38 Cr from ₹22.57 Cr.
- Net profit attributable to owners grew to ₹1.65 Cr from ₹1.27 Cr in the year-ago quarter.
- ₹85.07 Cr transferred to Capital Reserve following the forfeiture of 4.53 Cr warrants, representing ~30% of the company's net worth.
- Standalone revenue witnessed a massive 321% jump to ₹20.67 Cr from ₹4.91 Cr YoY.
- Consolidated EPS improved to ₹0.087 for the quarter compared to ₹0.067 in Q1 FY26.
Mercury Ev-Tech reported a strong 47.9% YoY growth in consolidated revenue to Rs 33.38 Cr for Q1 FY27. However, consolidated net profit remained nearly flat at Rs 1.56 Cr compared to Rs 1.63 Cr in the previous year, impacted by higher finance costs. A major balance sheet event occurred with the forfeiture of 4.53 crore convertible warrants, as holders failed to pay the remaining 75% of the Rs 75 exercise price (which is significantly above the current market price of ~Rs 35). This resulted in Rs 85.07 Cr being transferred to Capital Reserves, strengthening the net worth but confirming that expected capital infusion of ~Rs 255 Cr will not materialize.
- Consolidated Revenue from operations increased 47.9% YoY to Rs 33.38 Cr.
- Net Profit (Consolidated) stood at Rs 1.56 Cr, down slightly from Rs 1.63 Cr in Q1 FY26.
- Forfeiture of 4.53 crore warrants added Rs 85.07 Cr to Capital Reserves, representing ~30% of the company's previous net worth.
- Finance costs surged to Rs 0.73 Cr from Rs 0.13 Cr in the year-ago period.
- Standalone revenue saw a massive jump to Rs 20.67 Cr from Rs 4.91 Cr YoY.
Mercury Ev-Tech Ltd has scheduled a board meeting on August 13, 2026, to approve its un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved Rs 102 Cr in revenue but saw net profit decline to Rs 4 Cr from Rs 8 Cr in FY25. Investors will be monitoring for a recovery in operating margins, which fell to 5.1% TTM. The trading window for company securities has been closed since July 1, 2026.
- Board meeting set for August 13, 2026, to review Q1 FY27 performance.
- Trading window remains closed from July 1, 2026, until 48 hours post-announcement.
- Company reported a TTM revenue of Rs 102 Cr with a low OPM of 5.1%.
- Previous quarter (March 2026) saw an operating loss of Rs 2.34 Cr despite Rs 20.21 Cr in revenue.
Mercury Ev-Tech has received official approval from the Gujarat Energy Development Agency (GEDA) to market and distribute its battery-operated three-wheelers in Gujarat for FY 2026-27 and 2027-28. A total of 11 models, including 6 low-speed and 5 high-speed variants, have been cleared for sale. Crucially, each vehicle sold under this approval is eligible for a government subsidy of ₹48,000, which significantly enhances the product's price competitiveness for end-users. This regulatory milestone provides a clear two-year roadmap for the company's expansion in the Gujarat EV market.
- Approval received for 11 distinct E-Rickshaw models including the Tejashvi and Kala Ghoda series.
- Buyers are eligible for a substantial subsidy of ₹48,000 per vehicle from GEDA.
- The marketing and distribution approval is valid for a two-year period (2026-27 and 2027-28).
- Product range covers both Low Speed (6 models) and High Speed (5 models) categories.
- Approval specifically targets Lithium-ion battery-equipped vehicles in the state of Gujarat.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (EV and renewable energy products). While absolute revenue is not disclosed, the Inventory Turnover Ratio increased by 100.33% (from 3.06 to 6.13), indicating a significant acceleration in sales velocity and stock-to-revenue conversion.
Profitability Margins
Operating Profit Margin decreased from 16.98% to 12.80% (a 24.64% reduction) due to higher production and overhead costs from the commencement of manufacturing. Net Profit Margin decreased from 11.43% to 9.44% (a 17.41% reduction).
EBITDA Margin
Not explicitly disclosed, but Operating Profit Margin stands at 12.80% for FY 2024-25, down from 16.98% YoY.
Capital Expenditure
Not disclosed in absolute INR, but the company reported the commencement of manufacturing operations, which involved setup-related expenses and initial input costs.
Credit Rating & Borrowing
Not disclosed, but the Interest Coverage Ratio improved by 33.81% (from 19.24 to 25.75), indicating a stronger capability to service debt due to reduced finance costs.
Operational Drivers
Raw Materials
Battery cells, raw materials for battery production, and electronic components for EV drivetrains.
Capacity Expansion
The company is in the initial stages of manufacturing operations with current 'under-utilisation of capacity' reported; specific MT/unit capacity figures are not disclosed.
Raw Material Costs
Raw material costs are cited as 'higher input costs' during the initial manufacturing phase, contributing to a 24.64% drop in operating margins.
Manufacturing Efficiency
Inventory Turnover Ratio improved 100.33% to 6.13, reflecting faster conversion of stock into revenue.
Strategic Growth
Expected Growth Rate
22%
Growth Strategy
The company aims to capitalize on the 22% YoY growth in the E2W segment by scaling its manufacturing operations, leveraging the PM E-DRIVE subsidy program (extended to March 2028), and utilizing PLI incentives for EV and battery manufacturing to boost domestic production.
Products & Services
Electric two-wheelers (E2W), electric three-wheelers (E3W), and other related renewable energy products.
Brand Portfolio
Mercury EV-Tech.
New Products/Services
Diversified vehicle platforms ranging from two-wheelers to commercial vehicles are planned to target multiple customer segments.
Market Expansion
Targeting both urban and rural markets where consumer interest in sustainability is rising.
Market Share & Ranking
Industry-wide EV penetration in the 2W segment is 6.1% (up from 5.4% YoY); company-specific market share is not disclosed.
External Factors
Industry Trends
The E2W segment expanded by 22% YoY with penetration reaching 6.1%. The industry is shifting toward sustainable mobility supported by the PM E-DRIVE program and PLI schemes.
Competitive Landscape
Faces intense competition from established ICE vehicle manufacturers and emerging EV players.
Competitive Moat
Moat is built on early-stage manufacturing localization and alignment with government subsidy frameworks (GST at 5%, road tax exemptions), though sustainability is challenged by rapid technological shifts in battery chemistry.
Macro Economic Sensitivity
Sensitive to rural recovery (which supported 7.5% YoY 2W industry growth) and environmental awareness trends.
Consumer Behavior
Shift toward green transportation due to air pollution concerns, though 'range anxiety' and high upfront costs remain behavioral barriers.
Geopolitical Risks
Risks related to the global supply chain for battery raw materials and international mining regulations.
Regulatory & Governance
Industry Regulations
Adheres to PM E-DRIVE (subsidy program), FAME India Phase II (incentive cuts), and PLI for EV/Battery manufacturing.
Environmental Compliance
Not disclosed in absolute INR, but the company is committed to sustainable sourcing and reducing urban air pollution.
Taxation Policy Impact
Benefits from lower GST, road tax, and registration fees for EVs; interest deductions are available for EV loans.
Risk Analysis
Key Uncertainties
Regulatory uncertainty regarding fluctuating government policies and potential subsidy rollbacks could impact long-term planning.
Geographic Concentration Risk
Not disclosed, but infrastructure gaps in Tier-2 and rural areas are identified as a major barrier.
Third Party Dependencies
High dependency on raw material suppliers for battery production.
Technology Obsolescence Risk
Rapid advancements in battery technology (energy density/charging speed) pose a risk of product obsolescence if R&D does not keep pace.
Credit & Counterparty Risk
Trade receivables increased, contributing to a higher Current Ratio of 16.71, indicating potential credit exposure to dealers/distributors.
