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Mercury Ev-Tech Q2 FY27 results: net profit down 33.7% to ₹1.22 crore, revenue down 11.5%
Mercury Ev-Tech Ltd reported consolidated Q2 FY27 revenue of ₹30.09 crore, down 11.5% from Q2 FY26, while EBITDA rose to ₹6.38 crore and the margin widened to 21.2%. Net profit fell to ₹1.22 crore from ₹1.84 crore and basic EPS declined to ₹0.08 from ₹0.09.
Key points
- Q2 FY27 consolidated revenue was ₹30.09 crore, down ₹3.92 crore or 11.5% from Q2 FY26 and ₹3.29 crore or 9.9% from Q1 FY27.
- EBITDA was ₹6.38 crore, up ₹3.36 crore or 111.3% year on year, while the margin rose to 21.2% from 8.9%.
- Net profit was ₹1.22 crore, down ₹0.62 crore or 33.7% from Q2 FY26 and ₹0.34 crore or 21.8% from Q1 FY27.
- Basic EPS was ₹0.08, compared with ₹0.09 in Q2 FY26 and ₹0.00 in Q1 FY27.
- H1 FY27 revenue rose 12.2% to ₹63.48 crore, but PAT fell 20.2% to ₹2.77 crore and basic EPS remained ₹0.16.
How did Mercury Ev-Tech perform in Q2 FY27?
Mercury Ev-Tech reported consolidated revenue of ₹30.09 crore in Q2 FY27, down 11.5% from ₹34.01 crore in Q2 FY26 and 9.9% from ₹33.38 crore in Q1 FY27. Other income was ₹0.18 crore, taking total income to ₹30.28 crore, down ₹4.36 crore or 12.6% from the year-ago quarter.
EBITDA rose to ₹6.38 crore from ₹3.02 crore in Q2 FY26 and ₹3.26 crore in Q1 FY27. The EBITDA margin increased to 21.2% from 8.9% and 9.8%, respectively. Profit before tax was ₹2.29 crore, compared with ₹2.35 crore a year earlier and ₹1.95 crore in the previous quarter.
Net profit was ₹1.22 crore, down 33.7% from ₹1.84 crore in Q2 FY26 and 21.8% from ₹1.56 crore in Q1 FY27. Basic EPS was ₹0.08, compared with ₹0.09 in Q2 FY26 and ₹0.00 in Q1 FY27. On the standalone basis, revenue was ₹24.13 crore and PAT was ₹1.66 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 30.09 | 33.38 | 34.01 | −11.5% | −9.9% |
| Other income | 0.18 | 0.36 | 0.64 | −71.9% | −50.0% |
| Total expenses | 27.99 | 31.79 | 32.29 | −13.3% | −12.0% |
| EBITDA | 6.38 | 3.26 | 3.02 | +111.3% | +95.7% |
| EBITDA margin | 21.2% | 9.8% | 8.9% | +12.3 pp | +11.4 pp |
| Profit before tax | 2.29 | 1.95 | 2.35 | −2.6% | +17.4% |
| Tax | 1.07 | 0.39 | 0.51 | +109.8% | +174.4% |
| Net profit | 1.22 | 1.56 | 1.84 | −33.7% | −21.8% |
| EPS (₹) | 0.08 | 0.00 | 0.09 | −11.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mercury Ev-Tech's costs and profit?
Total expenses fell by ₹4.30 crore, or 13.3%, to ₹27.99 crore in Q2 FY27 from ₹32.29 crore in Q2 FY26. Cost of materials decreased by ₹10.15 crore to ₹13.45 crore, employee cost declined by ₹0.54 crore to ₹2.57 crore and other expenses fell by ₹1.13 crore to ₹1.97 crore. Finance costs rose by ₹0.86 crore to ₹0.94 crore and depreciation increased by ₹2.11 crore to ₹3.33 crore.
Other income fell by ₹0.46 crore to ₹0.18 crore from ₹0.64 crore in Q2 FY26. There was no exceptional item. Profit before tax declined by ₹0.06 crore to ₹2.29 crore, while tax expense increased by ₹0.56 crore to ₹1.07 crore. PAT consequently fell by ₹0.62 crore to ₹1.22 crore.
Against Q1 FY27, total expenses fell by ₹3.80 crore to ₹27.99 crore and other income declined by ₹0.18 crore to ₹0.18 crore. Finance costs rose by ₹0.21 crore to ₹0.94 crore, depreciation increased by ₹2.39 crore to ₹3.33 crore and tax expense was ₹0.68 crore higher at ₹1.07 crore. The filing did not state reasons for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 13.45 | 23.60 | −10.15 | −43.0% |
| Employee cost | 2.57 | 3.11 | −0.54 | −17.4% |
| Finance costs | 0.94 | 0.08 | +0.86 | +1075.0% |
| Depreciation | 3.33 | 1.22 | +2.11 | +173.0% |
| Other expenses | 1.97 | 3.10 | −1.13 | −36.5% |
| Total expenses | 27.99 | 32.29 | −4.30 | −13.3% |
| Other income | 0.18 | 0.64 | −0.46 | −71.9% |
| Tax | 1.07 | 0.51 | +0.56 | +109.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Mercury Ev-Tech reported consolidated revenue of ₹63.48 crore, up ₹6.91 crore or 12.2% from ₹56.57 crore in H1 FY26. Total income rose by ₹6.31 crore or 10.9% to ₹64.02 crore from ₹57.71 crore.
Profit before tax fell by ₹0.30 crore, or 6.6%, to ₹4.24 crore from ₹4.54 crore. PAT declined by ₹0.70 crore, or 20.2%, to ₹2.77 crore from ₹3.47 crore, while basic EPS remained ₹0.16 in both periods.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 63.48 | 56.57 | +12.2% |
| Profit before tax | 4.24 | 4.54 | −6.6% |
| Net profit | 2.77 | 3.47 | −20.2% |
| EPS (₹) | 0.16 | 0.16 | +0.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹373.47 crore, compared with ₹357.0 crore at 31 March 2026. Total equity was ₹278.12 crore against ₹279.13 crore, while borrowings rose to ₹43.56 crore from ₹24.22 crore. Cash fell to ₹1.84 crore from ₹4.91 crore.
Inventories increased to ₹88.56 crore from ₹71.5 crore, while trade receivables declined to ₹43.65 crore from ₹52.05 crore and trade payables fell to ₹10.07 crore from ₹21.37 crore. In H1 FY27, operating cash flow was negative ₹13.76 crore, against negative ₹14.59 crore in H1 FY26.
Investing cash flow was negative ₹6.97 crore in H1 FY27, compared with positive ₹16.82 crore in H1 FY26. Financing cash flow was positive ₹17.67 crore against negative ₹4.76 crore, while capital expenditure was ₹9.23 crore, compared with ₹16.7 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 373.47 | 357 |
| Total equity | 278.12 | 279.13 |
| Borrowings | 43.56 | 24.22 |
| Cash and equivalents | 1.84 | 4.91 |
| Inventories | 88.56 | 71.50 |
| Trade receivables | 43.65 | 52.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −13.76 | −14.59 |
| Cash from investing | −6.97 | 16.82 |
| Cash from financing | 17.67 | −4.76 |
| Capital expenditure | 9.23 | 16.70 |
Source: Company's results filing (XBRL).
How has Mercury Ev-Tech done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹35.6 crore in Q3 FY25 and fell to ₹20.21 crore in Q4 FY26. It then rose to ₹33.38 crore in Q1 FY27 before declining to ₹30.09 crore in Q2 FY27. PAT peaked at ₹4.28 crore in Q3 FY25 and bottomed at ₹0.17 crore in Q4 FY26.
The EBITDA margin reached 21.2% in Q2 FY27, compared with 17.0% at its earlier peak in Q3 FY25 and negative 11.6% at its low in Q4 FY26. PAT was ₹1.22 crore in the latest quarter, above ₹0.75 crore in Q3 FY26 and ₹0.17 crore in Q4 FY26 but below ₹1.56 crore in Q1 FY27.
What did the auditors point out?
The limited review report stated that the review was conducted under SRE 2410 and provided moderate assurance, less than an audit; the reviewers did not perform an audit and did not express an audit opinion. For the standalone statement, nothing came to their attention that caused them to believe that required disclosures were missing or that the statement contained a material misstatement.
The consolidated review included an emphasis of matter stating that the results of the named subsidiaries were consolidated using non-audited financial statements provided to the reviewers. It also noted that the unaudited consolidated results included unaudited interim financial information of three subsidiaries that had not been reviewed by their auditors.
How did Mercury Ev-Tech shares react?
The filing appeared after market hours from a pre-results close of ₹31.95. The stock was down 1.3% after five minutes, up 1.8% after 15 minutes and up 1.0% after 30 minutes. It closed the first trading session on the results up 1.9%, and by the next day’s close it was also up 1.9% from the pre-results close.
The Nifty Microcap 250 rose 1.4% on the reaction day, while no industry median or excess-industry comparison was available. At the previous results on 13 August 2026, Mercury Ev-Tech’s reaction-day move was 5.1%.
| After the filing | Stock |
|---|---|
| 5 minutes | −1.3% |
| 15 minutes | +1.8% |
| 30 minutes | +1.0% |
| Reaction day | +1.9% |
| Next day | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
Quick answers
What was Mercury Ev-Tech's revenue in Q2 FY27?
Revenue from operations was ₹30.09 crore, down 11.5% from ₹34.01 crore in Q2 FY26 (consolidated).
Did Mercury Ev-Tech make a profit in Q2 FY27?
Yes. Net profit was ₹1.22 crore, against a net profit of ₹1.84 crore in Q2 FY26.
What was Mercury Ev-Tech's EPS in Q2 FY27?
Basic earnings per share were ₹0.08, against ₹0.09 in Q2 FY26.
How did Mercury Ev-Tech shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.9% from the previous close.
When did Mercury Ev-Tech announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Standalone And Consolidated Financial Results For The Quarter And Six Months Ended On 30Th September, 2026. (BSE, 19 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On Saturday, October 31, 2026 (BSE, 31 October 2026) · PDF
- Results For Quarter And Half-Year Ended September 30, 2026 (BSE, 31 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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