NSE:MERCURYEV

MERCURY EV-TECH LIMITED

₹36.39
at close · 8 Oct 2026
▼ 1.41 (-3.73%)
ThemesElectric Vehicles· core

Latest filings

  1. RTA compliance certificate for Q2 FY27 dematerialisation · Compliance
  2. Non-Executive Director Lalit Waankhede Resigns · Management Changes
  3. Mercury EV-Tech appoints Shreyan Patel as Non-Executive Director · Management Changes
All filings ↓
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Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Makes and sells lithium-ion battery electric three-wheelers (E-Rickshaws), with 11 models approved by the Gujarat Energy Development Agency (GEDA) for distribution in Gujarat during 2026-27 and 2027-28. Distribution runs through showrooms, including a Signature Showroom on the Vadodara-Mumbai National Highway near Karjan Toll Plaza. Operations extend beyond three-wheelers through subsidiaries such as Traclaxx Tractors Private Limited, identified as a material subsidiary, alongside the recently merged BV Nest Private Limited. On the consolidated P&L, FY26 revenue was Rs 102.07 crore with a net profit of Rs 4.39 crore and an EBITDA margin of 10.8%; materials were the largest cost at 56.9% of revenue, followed by employee cost at 12.4%, while capex of Rs 23.71 crore was 23.2% of revenue.

Operating scale
GEDA-approved e-rickshaw models
11 models2026-27 and 2027-28
Low-speed variant price
Rs 3 lakh (ex-showroom, excluding GST)
High-speed variant price
Rs 5 lakh (ex-showroom, excluding GST)
GEDA subsidy per vehicle
Rs 48,000
Signature Showroom
Vadodara-Mumbai NH-48 near Karjan Toll Plaza, Gujarat
Who pays it
Retail buyers and dealers of electric three-wheelers in Gujarat, plus tractor customers via Traclaxx Tractors Private Limited
Biggest cost
Materials and components at 56.9% of revenue in FY26
Kind of business
Small-cap electric three-wheeler manufacturer with Gujarat distribution and a tractor subsidiary
Where it sits
11 GEDA-approved e-rickshaw models for Gujarat; listed on BSE (531357) and NSE (MERCURYEV) since June 2026
Market Cap
₹691 Cr
P / E (TTM)
279.9×
EV / EBITDA
59.0×
Div Yield
—
Growth
—·
Revenue 5y CAGR
PAT — · EBITDA —
Quality
2.4%·
ROCE (FY26)
ROE 1.6% · margin 10.8%
Leverage
0.09·
Debt / Equity · low
Net debt ₹19 Cr
Revenue FY23→FY26
6.3×▲
Margin −4.4 pts
₹16 Cr → ₹102 Cr
Cash conversion
-6.73×▼
Operating cash ÷ profit · 4 yrs
₹-104 Cr on ₹15 Cr
Moves on a normal day
1.82%·
Median daily move
Last 87 sessions · the yardstick for filing-day moves

Scorecard

Measured from the filed financials · as of FY26 — not investment advice

Strengths
Debt at 0.09× equity
Concerns
Returns on capital 2.4%
Over 4 years it reported ₹15 Cr of profit and an operating cash outflow of ₹104 Cr — -6.73×
Less than 60p of every ₹1 of profit arrived as cash
Heavy working capital — 365 days of cash tied up
Customers are taking longer to pay — 112 → 186 days of receivables
FY23 → FY26

Charts

How has the market priced it — with filings on the timeline?

MERCURYEV · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from MERCURY EV-TECH LIMITED's filed financials and exchange disclosures

What does MERCURY EV-TECH LIMITED do?

MERCURY EV-TECH LIMITED is listed on NSE and BSE, trading under the symbol MERCURYEV.

Is MERCURY EV-TECH LIMITED profitable?

Yes. Over the trailing twelve months MERCURY EV-TECH LIMITED reported a net profit of ₹4.32 Cr on revenue of ₹113 Cr.

Does MERCURY EV-TECH LIMITED pay a dividend?

Not in the latest reported year — MERCURY EV-TECH LIMITED's dividend payout for FY26 was nil.

Is MERCURY EV-TECH LIMITED debt-free?

No. It reported borrowings of ₹24 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹19 Cr after cash. Debt stands at 0.09× equity.

How much does the MERCURY EV-TECH LIMITED share price move in a day?

On a typical session MERCURY EV-TECH LIMITED moves 1.82% — that is the median absolute close-to-close move across its last 87 trading days. MarketPing measures each filing's price reaction against it.

Where can I track MERCURY EV-TECH LIMITED's announcements?

Every NSE and BSE filing by MERCURY EV-TECH LIMITED appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.