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Maxvolt Energy Industries Limited (MAXVOLT)

📊 NSE: MAXVOLT 🏢 Auto Components & Equipments 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Maxvolt Energy's revenue was ₹167 Cr (+148.8% year on year, +28.2% on the previous half-year), and net profit ₹11.5 Cr (+129.2% year on year); the operating margin was 10.3%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹167	+148.8%	+28.2%
Operating profit	₹17.2	+90.9%	-6.8%
Net profit	₹11.5	+129.2%	-11.3%
EPS (₹)	10.51	+114.5%	-11.3%
Operating margin	10.3%	—	—

Full quarterly financials → Results calendar →

MAXVOLT delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 71.14% of the MAXVOLT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.78%. That is close to its usual level. It closed at a price band (circuit) on 8 sessions in about the last 20.

71.14%Delivery, 16 Oct

71.78%Own 20-session average

1.0×Volume vs its average

₹392.05NSE close · -2.71%

Delivery in the last 5 sessions: 69.1% · 50.3% · 70.7% · 66.2% · 71.1%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Maxvolt Appoints Shrikant Yadav as Deputy CFO; S. Yadav & Co Resigns as Internal Auditor

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Oct 2026, 03:13 PM

Maxvolt Energy Industries Limited announced the appointment of Mr. Shrikant Yadav, Chartered Accountant, as its Deputy Chief Financial Officer (Deputy CFO) and Key Managerial Personnel (KMP) effective October 12, 2026. Concurrently, M/s S. Yadav & Co resigned as the internal auditor of the company as Mr. Yadav surrendered his Certificate of Practice (CoP) after 13+ years of consulting experience to enter full-time employment. The company's board approved these changes during a 50-minute meeting concluded at 14:20 IST on October 12, 2026.

Appointment of Mr. Shrikant Yadav as Deputy CFO and KMP effective October 12, 2026
Resignation of internal auditor M/s S. Yadav & Co (FRN: 019841C) effective October 12, 2026
Mr. Shrikant Yadav brings over 13+ years of experience running his audit firm prior to joining full-time
Board meeting concluded within 50 minutes (13:30 IST to 14:20 IST) on October 12, 2026

💡 Track the appointment of a new independent internal auditor to replace S. Yadav & Co and observe financial reporting oversight during upcoming quarterly results.

Maxvolt Appoints Shrikant Yadav as Deputy CFO; S. Yadav & Co Resigns as Internal Auditor

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Oct 2026, 03:12 PM

Appointment of Mr. Shrikant Yadav as Deputy CFO and KMP effective October 12, 2026
Resignation of internal auditor M/s S. Yadav & Co (FRN: 019841C) effective October 12, 2026
Mr. Shrikant Yadav brings over 13+ years of experience running his audit firm prior to joining full-time
Board meeting concluded within 50 minutes (13:30 IST to 14:20 IST) on October 12, 2026

💡 Track the appointment of a new independent internal auditor to replace S. Yadav & Co and observe financial reporting oversight during upcoming quarterly results.

Maxvolt Appoints Shrikant Yadav as Deputy CFO; S. Yadav & Co Resigns as Internal Auditor

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Oct 2026, 02:37 PM

Maxvolt Energy Industries Limited announced leadership changes approved at its Board meeting on October 12, 2026. M/s S. Yadav & Co resigned from its role as Internal Auditor effective October 12, 2026, as its authorized signatory surrendered his Certificate of Practice. Concurrently, Mr. Shrikant Yadav (holding 13+ years of experience) has been appointed as Deputy Chief Financial Officer and Key Managerial Personnel (KMP) in full-time employment.

Resignation of internal audit firm M/s S. Yadav & Co took effect on October 12, 2026
Appointment of Mr. Shrikant Yadav as Deputy CFO and KMP effective October 12, 2026
Mr. Shrikant Yadav brings over 13+ years of experience in auditing, accounting, and compliance
Board meeting approving the changes concluded in 50 minutes (13:30 to 14:20 IST on October 12, 2026)

💡 Track the appointment of a new independent internal auditor to evaluate ongoing governance and compliance frameworks.

Maxvolt Appoints Shrikant Yadav as Deputy CFO; S. Yadav & Co Resigns as Internal Auditor

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Oct 2026, 02:35 PM

Resignation of internal audit firm M/s S. Yadav & Co took effect on October 12, 2026
Appointment of Mr. Shrikant Yadav as Deputy CFO and KMP effective October 12, 2026
Mr. Shrikant Yadav brings over 13+ years of experience in auditing, accounting, and compliance
Board meeting approving the changes concluded in 50 minutes (13:30 to 14:20 IST on October 12, 2026)

💡 Track the appointment of a new independent internal auditor to evaluate ongoing governance and compliance frameworks.

Maxvolt Energy to Extend Rs 20 Lakh Unsecured Loan to Subsidiary Maxvolt Reearth

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 05:54 PM

Maxvolt Energy Industries Limited has entered into a loan agreement on September 30, 2026, to provide an unsecured loan not exceeding Rs. 20 Lakhs to its 75%-owned subsidiary, Maxvolt Reearth Private Limited. The facility carries a maximum tenor of up to 10 years at an interest rate capped at 12% per annum. The funds are earmarked for the subsidiary's general corporate purposes and business needs. Given the company's quarterly revenue base exceeding Rs 166 crore (as of March 2026), the transaction size is financially immaterial.

Loan amount capped at an aggregate of not exceeding Rs. 20 Lakhs
Facility extended to 75%-owned subsidiary Maxvolt Reearth Private Limited
Maximum loan tenor established at up to 10 years from the Effective Date
Interest rate fixed at not more than 12% per annum on an unsecured basis

💡 Track subsequent quarterly financial disclosures to monitor operational developments or capital needs at the subsidiary level.

Maxvolt Begins Bhoomi Pujan for ₹700 Cr, 10 GWh Battery Pack Facility in Aligarh

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 23 Sep 2026, 11:26 PM

Maxvolt Energy has broken ground on an INR 700-crore, 10 GWh lithium battery pack manufacturing campus in Aligarh, Uttar Pradesh. The expansion is massive compared to its FY26 revenue of INR 296.8 crore (capex is ~2.36x annual revenue). Planned in two 5 GWh phases, Phase I is targeted for commissioning within 24 to 30 months, and Phase II within a further 18 months. Upon completion, total company capacity will rise to 12.5 GWh per year, unlocking an estimated turnover potential of over INR 6,800 crore annually at full utilization.

INR 700 crore investment to establish a 10 GWh lithium battery pack assembly campus in Aligarh, UP
Expands total company capacity to 12.5 GWh per year, adding to the operational 2.5 GWh facility at Duhai
Phase I (5 GWh) commissioning targeted in 24 to 30 months; Phase II (5 GWh) within another 18 months
Turnover potential estimated at over INR 6,800 crore per year at full capacity utilization across both phases
Funded via internal accruals, debt, and planned capital raises; eligible for up to 30% capital subsidy under UP EV Policy

💡 Track disclosures regarding the financing mix (equity dilution vs. debt) and the construction milestones for Phase I over the next 24 to 30 months.

Maxvolt Energy Holds Bhoomi Pujan for Rs 700 Cr, 10 GWh Battery Pack Facility in Aligarh

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 23 Sep 2026, 10:06 AM

Maxvolt Energy Industries has initiated the ground-breaking (Bhoomi Pujan) for a proposed 10 GWh Lithium Battery Pack facility in Aligarh, Uttar Pradesh. The project represents a capital investment of approximately INR 700 crore, which is massive compared to the company's FY26 revenue of INR 296.8 crore (capex is ~2.36x annual revenue). The facility aims to cater to electric mobility, energy storage systems, and industrial applications while generating 1,500 to 2,000 jobs. Maxvolt reported a 176% revenue growth in FY26, and this expansion is set to substantially scale up its packaging operations from its existing Ghaziabad footprint.

Proposed capacity of 10 GWh lithium battery pack manufacturing facility at Aligarh, UP
Estimated project outlay of INR 700 crore (approx. 2.36x FY26 annual revenue)
Facility projected to generate 1,500 to 2,000 jobs
Company reported FY26 revenue growth of 176% to INR 296.8 crore, distributed via 950+ dealers
Bhoomi Pujan ceremony scheduled on September 23, 2026, marking commencement of project activities

💡 Track the project's financing plan (debt vs. equity dilution to fund the Rs 700 cr capex) and commissioning timeline across execution phases.

Maxvolt Energy to Extend Up to ₹30 Lakh Unsecured Loan to Subsidiary Maxvolt Reearth

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:24 PM

Maxvolt Energy Industries Limited has entered into a loan agreement on September 7, 2026, to provide an unsecured loan facility not exceeding ₹30 Lakhs to its 65%-owned subsidiary, Maxvolt Reearth Private Limited. The loan carries an interest rate of not more than 12% per annum with a maximum tenor of up to 10 years. The subsidiary plans to utilize the borrowed funds for general corporate purposes and business needs. The transaction is at arm's length and constitutes a related party transaction under SEBI Listing Regulations.

Loan facility amount capped at not exceeding ₹30 Lakhs
Maximum tenor of up to 10 (Ten) years from the Effective Date
Interest rate fixed at not more than 12% per annum
Maxvolt Energy holds a 65% equity stake in borrower Maxvolt Reearth Private Limited
Agreement executed on September 7, 2026 as an unsecured facility

💡 Track subsequent quarterly filings to verify interest income recognition and monitoring of subsidiary operations.

Maxvolt Energy Grants 12,000 ESOPs at ₹15 Exercise Price Under MEIL ESOP 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 08:04 PM

Maxvolt Energy Industries Limited's Nomination, Remuneration and Compensation Committee approved the grant of 12,000 ESOPs to 1 employee on September 4, 2026. The options are granted under the 'MEIL ESOP 2025' scheme at an exercise price of ₹15 per share. Vesting is staggered across four years: 25% on the 2nd anniversary, 25% on the 3rd anniversary, and 50% on the 4th anniversary. The exercise period extends for 3 years from the respective vesting date.

Grant of 12,000 ESOPs approved for 1 employee
Grant/exercise price fixed at ₹15 per share
Vesting schedule: 25% on 2nd year, 25% on 3rd year, and 50% on 4th year from grant date
Exercise window is 3 years from the date of each respective vesting

💡 Track total share capital changes upon eventual exercise in future years; no immediate operational or financial impact.

Maxvolt Schedules Physical Analyst and Institutional Investor Meeting for September 9, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:56 PM

Maxvolt Energy Industries Limited has informed the exchange regarding an upcoming physical interaction with analysts and institutional investors scheduled for September 9, 2026. The discussions will be confined to publicly available information, with no unpublished price-sensitive information (UPSI) being shared. Such meetings are routine corporate access interactions for market participants.

Physical meeting with analysts and institutional investors scheduled for September 9, 2026
Filing submitted to the exchange on September 4, 2026 under Regulation 30
Company confirmed discussions will be restricted to publicly available information without UPSI sharing

💡 Watch for any post-meet presentation or transcript filings uploaded to the exchange following the September 9, 2026 interaction.

Maxvolt Energy: Chairman Vishal Gupta Up for Reappointment by Rotation at AGM

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 04 Sep 2026, 10:49 AM

Maxvolt Energy Industries Limited announced that Mr. Vishal Gupta (DIN: 07842571), Whole Time Director and Chairman, is due to retire by rotation at the upcoming Annual General Meeting (AGM) on September 30, 2026. Being eligible, Mr. Gupta has offered himself for reappointment subject to shareholder approval. He was originally appointed as Chairman and Whole Time Director on February 9, 2021, for a period of 5 years.

Retirement by rotation and proposed reappointment of Whole Time Director and Chairman Mr. Vishal Gupta
Shareholder approval scheduled for the Annual General Meeting on September 30, 2026
Director was previously appointed as Chairman & WTD effective February 9, 2021, for a 5-year tenure
Candidate is 31 years old with a B.Tech in Mechanical Engineering and advanced training in E-Vehicle Technology from IIT Delhi

💡 Track shareholder voting results from the AGM on September 30, 2026, for the formal confirmation of the reappointment.

Maxvolt Energy: Re-appointment of Chairman Vishal Gupta Liable to Retire by Rotation at AGM

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 03 Sep 2026, 06:43 PM

Maxvolt Energy Industries Limited has announced the re-appointment of Mr. Vishal Gupta, Whole Time Director and Chairman, who is retiring by rotation. The re-appointment is subject to shareholder approval at the upcoming Annual General Meeting scheduled for September 30, 2026. Mr. Gupta, aged 31, has served as Chairman and Whole Time Director since February 9, 2021. This filing represents standard governance compliance under the Companies Act and SEBI Listing Regulations.

Retirement by rotation and proposed re-appointment of Whole Time Director and Chairman Vishal Gupta (DIN: 07842571)
Re-appointment subject to shareholder approval at the AGM scheduled for September 30, 2026
Vishal Gupta, aged 31, holds a B.Tech in Mechanical Engineering and has been Chairman/WTD since February 9, 2021

💡 Track the outcome of shareholder voting on the re-appointment resolution at the AGM on September 30, 2026.

Maxvolt Designates 2 Sales Heads as Senior Management, Appoints Cost Auditor for FY27

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Sep 2026, 05:46 PM

Maxvolt Energy Industries Limited approved the designation of Mr. Narendra Shukla (Head Business Development-Sales) and Mr. Pawan Jha (Chief National Head-Sales) as Senior Management Personnel effective September 3, 2026. In addition, the Board approved the appointment of M/s. PK & Associates, Cost Accountants, as the company's cost auditor for FY 2026-2027. These internal designations formalize leadership roles under SEBI LODR governance guidelines as the company expands its retail and distribution reach.

Designation of Narendra Shukla (Head BD-Sales) as Senior Management Personnel effective September 3, 2026
Designation of Pawan Jha (Chief National Head-Sales) as Senior Management Personnel effective September 3, 2026
Appointment of M/s. PK & Associates (FRN: 001452) as Cost Auditor for FY 2026-2027

💡 Track execution in national sales expansion and distribution network growth in upcoming quarterly financial results.

Maxvolt Energy Schedules FY26 AGM on Sept 30, 2026; Cut-off Date Set for Sept 23

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 05:31 PM

Maxvolt Energy Industries Limited has announced its Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 12:00 PM IST via Video Conferencing. The cut-off date to determine voting eligibility is Wednesday, September 23, 2026. Remote e-voting begins on September 27, 2026 (9:00 AM IST) and concludes on September 29, 2026 (5:00 PM IST). The filing also presents the Integrated Annual Report for FY2025-26.

AGM scheduled for September 30, 2026, at 12:00 PM IST via Video Conferencing
Voting cut-off date fixed as September 23, 2026
Remote e-voting window active from September 27 (9:00 AM IST) to September 29, 2026 (5:00 PM IST)
Published FY26 Integrated Annual Report outlining operational performance and solvency disclosures

💡 Eligible shareholders as of the September 23, 2026 cut-off date can review the enclosed Annual Report resolutions and participate in the remote e-voting process before September 29, 2026.

Maxvolt Energy Schedules 7th AGM for Sept 30, 2026; Designates Senior Sales Management

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 03 Sep 2026, 05:23 PM

Maxvolt Energy Industries Limited held a Board Meeting on September 3, 2026, approving several routine governance items. The 7th Annual General Meeting (AGM) has been scheduled for September 30, 2026, where shareholder approval will be sought for director remuneration exceeding Section 197 limits. Additionally, the company appointed M/s PK & Associates as Cost Auditor for FY 2026-27 and designated Narendra Shukla and Pawan Jha as Senior Management Personnel (SMP) overseeing sales expansion.

Convenes the 7th Annual General Meeting on Wednesday, September 30, 2026 at 12:00 PM IST
Appointed M/s PK & Associates, Cost Accountants (FRN: 001452), as Cost Auditor for FY 2026-27
Designated Mr. Narendra Shukla (Head Business Development-Sales) and Mr. Pawan Jha (National Head-Sales) as SMP effective September 3, 2026
Proposed director remuneration exceeding Section 197 limits, subject to shareholder approval at the AGM

💡 Track shareholder voting outcomes at the upcoming AGM on September 30, 2026, particularly regarding the approval of director remuneration limits.

View All MAXVOLT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the EV segment contributed INR 9,924 Lakhs (76% of total revenue), Energy Storage Systems (ESS) contributed INR 1,584 Lakhs (12%), Battery Chargers contributed INR 598 Lakhs (5%), and Other Consumable/Second-life batteries contributed INR 899 Lakhs (7%). Total revenue for H1 FY26 grew 222.9% YoY to INR 13,004 Lakhs.

Geographic Revenue Split

The company currently has a strong domestic presence across 1,200 pin codes in India. It is preparing to enter export markets in Southeast Asia, the Middle East, and Africa in the coming year to diversify its revenue base.

Profitability Margins

Gross Profit Margin was 19.5% in H1 FY26. EBITDA Margin improved to 14.2% in H1 FY26 from 13.4% in H1 FY25. PAT Margin was 9.9% in H1 FY26, compared to 11.9% in H1 FY25, reflecting higher tax outlays and expansion-related costs.

EBITDA Margin

EBITDA Margin stood at 14.2% in H1 FY26, with absolute EBITDA growing 242.8% YoY to INR 1,843.2 Lakhs from INR 537.7 Lakhs, driven by capacity expansion and operational excellence.

Capital Expenditure

The company raised INR 2.40 Cr through an IPO in February 2025 (24,00,000 shares at a premium of INR 170) to fund expansion. In H1 FY26, it commissioned a new 55,000 sq. ft. manufacturing facility to support surging demand.

Credit Rating & Borrowing

The company is currently negotiating project funding with SBI and ICICI Bank with standard interest rates ranging between 8.25% and 8.4%. The Debt-Equity ratio improved from 0.11 in FY24 to 0.09 in FY25.

⚙️ Operational Drivers

Raw Materials

Lithium battery cells and related components (implied by product line); cost of materials consumed reached INR 10,468.1 Lakhs in H1 FY26, representing 80.5% of total revenue.

Capacity Expansion

Current capacity is approximately 6,000 batteries per month. The company commissioned a new 55,000 sq. ft. plant in H1 FY26 to drastically increase output and meet the 222.9% revenue growth.

Raw Material Costs

Raw material costs were INR 10,468.1 Lakhs in H1 FY26 (80.5% of revenue). The company focuses on high-demand models and reliable designs to optimize procurement and inventory efficiency.

Manufacturing Efficiency

The company is transitioning from a small startup setup to a large-scale manufacturing operation with the new 55,000 sq. ft. facility, aiming for nationwide coverage and export readiness.

Logistics & Distribution

Distribution is managed through an expanded network of 800+ dealers and distributors (up from 620) and 26 OEM partnerships (up from 22) across India.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by expanding the dealer-distributor network (currently 800+), increasing OEM partnerships (currently 26), entering export markets in Southeast Asia and the Middle East, and leveraging the newly commissioned 55,000 sq. ft. manufacturing facility.

Products & Services

Lithium-ion batteries for Electric Vehicles (EV), Energy Storage Systems (ESS) including household and commercial inverters, battery chargers, and second-life usable batteries.

Brand Portfolio

Maxvolt Energy

New Products/Services

Focusing on high-performance battery solutions engineered in India and expanding into second-life usable batteries and consumable batteries (7% of H1 FY26 revenue).

Market Expansion

Targeting full national coverage in India and entering export markets in Southeast Asia, the Middle East, and Africa within the next year.

Strategic Alliances

The company has 26 OEM partnerships as of H1 FY26, up from 22, providing a stable B2B revenue stream and market validation.

🌍 External Factors

Industry Trends

The industry is shifting toward lithium-ion solutions driven by the clean energy transition. Maxvolt is positioning itself as a domestic manufacturer with 'engineered in India' solutions to capture this growth.

Competitive Landscape

Competes in the energy storage and EV battery market against both domestic players and importers, focusing on reliability and nationwide service coverage.

Competitive Moat

Moat is built on domestic engineering capabilities, a wide distribution reach across 1,200 pin codes, and a growing network of 800+ dealers, which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to India's clean energy transition policies and EV adoption rates, which drive 76% of current revenue.

Consumer Behavior

Increasing consumer preference for clean energy and high-performance lithium batteries over traditional lead-acid batteries is driving the 222.9% YoY revenue surge.

Geopolitical Risks

Potential trade barriers or supply chain disruptions for lithium cells, which are critical for the company's 80.5% material cost base, pose a significant risk.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards and pollution norms for battery production; the company maintains an Audit Committee to ensure compliance with relevant laws and regulations.

Environmental Compliance

The company focuses on sustainable business practices and CSR initiatives in healthcare and environment; specific ESG compliance costs are not disclosed.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 27.8% (INR 498.9 Lakhs tax on INR 1,791.2 Lakhs PBT).

Legal Contingencies

The company reports no pending litigations that would impact its financial position as of the March 31, 2025 audit report.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material costs (80.5% of revenue) and potential liquidity strains from dealer collection challenges during festive seasons are the primary business risks.