Earning Release of Q4 & FY 2024-2025 is enclosed
MERCURYEV · price
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Awaiting price reaction for this filing.
Mercury EV-Tech reported a strong FY25 with revenue surging 307% year-on-year to ₹896.36 Mn, up from ₹220.23 Mn in FY24. EBITDA grew 239% to ₹115.68 Mn, while profit after tax rose 286% to ₹76.97 Mn. However, profitability ratios slipped — EBITDA margin contracted to 12.43% from 15.17%, and PAT margin fell to 8.27% from 8.84%. Q4 FY25 revenue jumped 451% to ₹306.82 Mn with PAT up 470% to ₹13.35 Mn, though Q4 EBITDA margin dipped to 5.96% from 6.76%. The company highlighted its 3.2 GW lithium-ion battery facility in Vadodara with pilot production expected by mid-June 2025, and strong BESS sector opportunities. The balance sheet strengthened with equity rising to ₹27.82 Cr and long-term borrowings sharply reduced from ₹535.26 Mn to ₹38.10 Mn. Cash flow from operations worsened to -₹438 Mn, while financing activities brought in ₹1,390.91 Mn, suggesting fresh capital raise.
Strong top-line growth and reduced long-term debt are positives, but declining margins and rising operating cash burn may concern investors. The fresh capital raise signals expansion is funded externally, which could dilute existing shareholders.