NSE: MERCURYEV · BSE: 531357
MERCURY EV-TECH LIMITED
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Electric three-wheelers (E-Rickshaws), Tractor business. Small-cap electric three-wheeler manufacturer with Gujarat distribution and a tractor subsidiary
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 16 | 22 | 90 | 102 |
| EBITDA (ex other income) | 2 | 3 | 8 | 5 |
| margin % | 10.2 | 13.2 | 9.1 | 5.1 |
| Owners' profit | 0 | 0 | 7 | 4 |
| EPS, as reported (₹) | 0.08 | 0.11 | 0.40 | 0.22 |
| ROE % · ROCE % | 2.8 · 2.2 | 2.5 · 2.3 | 2.8 · 3.6 | 1.6 · 2.4 |
| Debt / equity (x) | 0.46 | 0.69 | 0.02 | 0.09 |
| Cash from operations | (14) | (15) | (44) | (32) |
| Capex | (42) | (23) | (23) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 36 | 31 | 23 | 34 | 25 | 20 | 33 |
| Profit before tax | 2 | 6 | 1 | 2 | 2 | 1 | 1 | 2 |
| Net profit | 2 | 4 | 1 | 2 | 2 | 1 | 0 | 2 |
| EPS (₹) | 0.09 | 0.23 | 0.06 | 0.07 | 0.09 | 0.04 | 0.00 | 0.00 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · Non-Executive Director Lalit Waankhede Resigns | management changes | medium | — | — |
| 5 Oct 2026 · Mercury EV-Tech appoints Shreyan Patel as Non-Executive Director | management changes | medium | — | — |
| 5 Oct 2026 · Board appoints new director, accepts resignation of another | management changes | medium | — | — |
| 3 Oct 2026 · 40th AGM voting results: all 9 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Statutory Auditor appointed for 3-year term from FY 2026-27 | management changes | medium | — | — |
| 30 Sept 2026 · Shareholders approve appointment of Secretarial Auditor | management changes | medium | — | — |
| 30 Sept 2026 · 40th AGM of Mercury EV-Tech held on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 | compliance | minimal | — | — |
| 12 Sept 2026 · Newspaper publication of 40th AGM notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.