Mercury Ev-Tech Limited (MERCURYEV)

About

Mercury EV-Tech manufactures passenger cars and utility vehicles, with quarterly revenue scaling from ₹2.58 Cr (Jun 2024) to ₹33.38 Cr (Jun 2026). Operating margins volatile (2.83–28.66% range), valuation stretched at PE 344x. Market cap ₹685 Cr, promoters hold 59%.

Face value: ₹1

Market cap

₹704 Cr

P/E

353.8×

P/B

2.5×

Dividend yield

0%

ROE

3%

ROCE

3%

Debt / equity

0.01

OPM

13.2%

EPS (TTM)

₹0.1

Book value

₹14.6

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

PE 344.48 leaves no margin for disappointment; 28% stock decline over 12 months suggests repricing already underway
OPM compressed from 28.66% (Jun 2024) to 9.77–14.9% (Jun 2026), dipped to 2.83% (Mar 2025); verify root cause—micro-scale operations, product mix, or other structural factors
ROE 3.05% on growing revenue signals poor capital efficiency; audit balance-sheet quality and working-capital management
EPS zero in recent quarters despite positive net profit (e.g., ₹1.56 Cr Jun 2026); reconcile earnings distribution and P&L structure

Generated analysis · source review pending

Growth drivers

Revenue scaled 13-fold from ₹2.58 Cr (Jun 2024) to ₹33.38 Cr (Jun 2026); verify if unit growth, pricing, or product mix drives expansion, and whether momentum sustains at scale
OPM reached 18.33% (Dec 2024), returned to 14.9% (Jun 2026) from 2.83% trough (Mar 2025); verify if trend reflects operational improvement or remains tied to quarterly volume volatility
Minimal debt (D/E 0.01) funds capacity investment without leverage constraints; confirm capex plans and order-book signals
Indian EV adoption growing; verify Mercury's product positioning, competitive advantages, and addressable market relative to ₹685 Cr market cap

Generated analysis · source review pending

1,090 historical price candles were omitted because the exchange source has not been verified.

₹37.1-4.2%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 14.8×

Cons

−Low return on equity of 2.9% (3-yr avg)
−Expensive at 353.8× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 45
Valuation: 21

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Maruti Suzuki IndiaMARUTIMARUTI	₹3,57,976 Cr	₹3,57,976 Cr	₹1,97,181 Cr	₹21,131 Cr	11.7%	₹14,334 Cr	8%	17.8%	14.4%	-19
Mahindra & MahindraM&MM&M	₹3,54,640 Cr	₹4,84,255 Cr	₹2,11,375 Cr	₹39,317 Cr	18.6%	₹18,470 Cr	9.4%	17%	20.1%	-30
Hyundai Motor India LimitedHYUNDAIHYUNDAI	₹1,64,450 Cr	₹1,65,447 Cr	₹70,685 Cr	₹7,925 Cr	12.2%	₹4,951 Cr	7.7%	35.5%	29.9%	-15
Tata Motors Passenger VehiclesTMPVTMPV	₹1,02,886 Cr	₹1,72,839 Cr	₹3,43,703 Cr	₹16,910 Cr	5.6%	₹79,242 Cr	24.6%	2.3%	72.2%	-59
Force Motors LtdFORCEMOTFORCEMOT	₹22,176 Cr	₹22,176 Cr	₹9,200 Cr	₹1,479 Cr	16.4%	₹1,252 Cr	13.4%	33.1%	33.5%	20
Olectra Greentech LimitedOLECTRAOLECTRA	₹9,000 Cr	₹9,380 Cr	₹2,540 Cr	₹350 Cr	14.3%	₹180 Cr	7.8%	22.1%	15.8%	54
Mercury Ev-Tech LimitedMERCURYEVMERCURYEV	₹704 Cr	₹708 Cr	₹22 Cr	₹3 Cr	13.2%	₹2 Cr	9%	3%	3%	205
Hindustan Motors LtdHINDMOTORSHINDMOTORS	₹309 Cr	₹309 Cr	₹1 Cr	₹-4 Cr	—	₹12 Cr	—	25.1%	-0.1%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024
	16	22
COGS	12	16
Gross profit	4	6
	3	3
Operating profit (EBITDA)	2	3
OPM %	10.2%	13.2%
Depreciation	0	0
Interest	0	0
	0	1
Profit before tax	2	3
Tax	0	1
Tax %	13.1%	31.1%
	1	2
PAT margin %	8.6%	9%
EPS (₹)	0.1	0.1
EPS adjusted (₹)	0.1	0.1
Annual report	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	1	17	18	19
Reserves	—	33	63	258
Minority interest	—	0	—	1
	—	23	56	4
	—	4	14	54
Total equity & liabilities	—	77	151	336
	0	33	37	44
CWIP	—	9	28	59
Investments	—	0	0	0
	—	35	86	233
Total assets	—	77	151	336

₹ Cr	Mar 2023	Mar 2024	Mar 2025
	-14	-15	-44
	-48	-55	-90
	70	61	139
Net cash flow	8	-8	5
Free cash flow	-56	-38	-67
CFO / Operating profit %	-858.5%	-502.1%	—

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 37%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 43%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 3%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024
Margins
Gross margin %	26.4%	28.1%
EBITDA margin %	10.2%	13.2%
EBIT margin %	9.8%	11.8%
PAT margin %	8.6%	9%
Working capital
Receivable days	112	228
Inventory days	227	154
Payable days	91	176
NWC days	249	205
Leverage
Current ratio	8.52	4.25
Debt to EBITDA	13.98	19.09
Debt to equity	0.46	0.69
Interest coverage	81	14.8
Asset turnover	0.21	0.15
Return ratios
Return on assets %	1.8%	1.3%
Return on capital employed %	2.2%	3%
Return on equity %	2.8%	2.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.56%	62.56%	62.1%	62.1%	62.1%	59.18%	59.18%	59.18%	59.18%	59.18%	59.18%	59.18%
	0%	0%	0%	0%	0.16%	1.69%	1.92%	1.9%	1.9%	2.68%	2.44%	1.7%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	37.44%	37.44%	37.9%	37.9%	37.74%	39.13%	38.9%	38.92%	38.91%	38.13%	38.37%	39.11%
No. of shareholders	—	—	—	—	—	—	—	—	75,707	75,914	76,425	75,062

Promoter holding down 3.38 percentage points since Sep 2023.

27 deals · 14 Sept 2022 – 10 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Sept 2026	SETU SECURITIES PVT LTD	Bulk	NSE	Buy	20,00,000	₹40.19	₹8.04 Cr
10 Sept 2026	SHREE SAIBABA EXIM PRIVATE LIMITED	Bulk	NSE	Sell	20,00,000	₹40.10	₹8.02 Cr
7 Sept 2026	SHREE SAIBABA EXIM PRIVATE LIMITED	Bulk	NSE	Sell	40,00,000	₹36.73	₹14.69 Cr
13 Sept 2024	WEALTH 4 U HOSPITALITY CONSULTANCY PRIVATE LIMITED	Bulk	BSE	Sell	35,00,000	₹96.97	₹33.94 Cr
13 Sept 2024	EPITOME TRADING AND INVESTMENTS	Bulk	BSE	Buy	9,25,293	₹96.97	₹8.97 Cr
13 Sept 2024	EPITOME TRADING AND INVESTMENTS	Bulk	BSE	Sell	9,25,293	₹96.95	₹8.97 Cr
15 Dec 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	12,04,003	₹117.44	₹14.14 Cr
15 Dec 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	3	₹129.80	₹0.00 Cr
12 Oct 2022	JAYA PAUL	Bulk	BSE	Sell	10,00,005	₹4.86	₹0.49 Cr
12 Oct 2022	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	8,44,609	₹4.86	₹0.41 Cr

1–10 of 27

1 / 3

Mr. JAYESH RAICHANDBHAI THAKKARExecutive Director-Chairperson-MD
Mr. DARSHANKUMAR JITENDRA SHAHExecutive Director
Mr. DINESH KUMAR SINHANon-Executive - Independent Director
Mr. SACHIN SHIVAJI WAGHNon-Executive - Independent Director
Mr. LALIT VITTHAL WAANKHEDENon-Executive - Non Independent Director
Mr. Dhruv Deepak YardiChief Financial Officer
Mrs. RIYA VINODBHAI SHARMANon-Executive - Independent Director
Ms. Krishna Tejashkumar NaikCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Mercury Ev-Tech Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

20

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

76 announcementsExport CSV

30 Sept 2026, 5:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

30 Sept 2026, 5:17 pmCompany Update

Disclosure Under Reg. 30Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Appointment Of Secretarial Auditor

General PDF

30 Sept 2026, 5:14 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

12 Sept 2026, 12:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

11 Sept 2026, 11:18 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

11 Sept 2026, 10:55 amCompany Update

Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Business Update

General PDF

10 Sept 2026, 6:07 pmCompany Update

Disclosure Under Regulation 7(2)(A) Of SEBI (Prohibition Of Insider Trading) Regulations, 2015 And Regulation 29(2) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011

General PDF

9 Sept 2026, 11:43 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

Date	Category	Subject	Filing
30 Sept 2026, 5:18 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
30 Sept 2026, 5:17 pm	Company Update General	Disclosure Under Reg. 30Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Appointment Of Secretarial Auditor

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Mercury Ev-Tech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Announcements

Ratio timeline

No fund holdings on record

Not in the F&O segment

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1