🟢 At a Glance
Maxvolt Energy Industries Ltd, a lithium-ion battery startup listed on the NSE SME platform in Feb 2025, is scaling fast with FY25 revenue hitting ₹107 Cr (up 122% YoY). With an audacious 2 GWh ESS factory and lithium recycling plant in the works, it claims a vertically integrated circular battery model. But low promoter holding (39%) and cash flow crunches beg the question—can it power its own ambitions?
1. 🚀 Introduction with Hook
You know how every startup in India either wants to be the “Zomato of groceries” or the “Tesla of batteries”? Well, Maxvolt might just be the first SME stock trying to be both.
📢 Listed in Feb 2025, they’ve already hosted their first earnings call, dropped a ₹170–180 Cr FY26 revenue target 🎯, announced a giga factory, and started preaching about battery “repurpose-reuse-recycle-recharge” like it’s a sermon.
Are they the next Exide? Or the next Insta-candle IPO? Let’s plug in 🔌 and find out.
2. 🏭 WTF Do They Even Do? (Business Model)
Maxvolt Energy is a lithium-ion battery manufacturer… and about 7 other things if you ask them:
🔋 Core Products
- Li-ion batteries for:
- 🛵 E-Scooters (₹87.6 Cr revenue in FY25, up 187%)
- 🛺 E-Rickshaws (₹0.39 Cr, up 650%)
- 🚲 E-Cycles
- ⚡ Energy Storage Systems (₹3.35 Cr, up 50x YoY)
- 🔌 Battery Chargers (₹8.44 Cr, up 533%)
- 🔁 Inverters and other components (₹7.63 Cr)
🧪 Innovation Angles
- Developing graphene battery tech
- Fast-charging hybrid packs (battery + supercapacitor, in R&D)
- BMS-enabled “smart batteries” with real-time diagnostics
♻️ Circular Economy Strategy (4 R’s)
- Repurpose – Used EV batteries → solar/inverter reuse
- Recycle – Upcoming Aligarh plant to extract lithium & cobalt
- Reuse – Functional cells reused in low-power devices
- Recharge – Up to 20% cashback on old batteries (industry-first)
📦 Maxvolt’s model isn’t just selling batteries. It’s owning the entire lifecycle—and building service, recycling, and tech on top of it.
3. 💰 Financials – Profit, Margins, ROE, Growth
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 6 | 14 | 48 | 107 |
| Net Profit (₹ Cr) | 0 | 0 | 5 | 10.11 |
| EBITDA Margin | 3% | 4% | 14% | 13% |
| PAT Margin | — | — | 10.4% | 9.4% |
| ROE | — | — | 33% | 25.2% |
| EPS (₹) | 0.31 | 8.75 | 6.71 | 9.28 |
🧨 Growth, anyone?
- 3-Yr Revenue CAGR: 160%
- 3-Yr PAT CAGR: 904% 🤯
- FY25 EBITDA: ₹13.9 Cr
- FY25 PAT: ₹10.1 Cr
4. 📊 Valuation – Is It Cheap, Meh, or Crack?
- CMP: ₹244
- Market Cap: ₹266 Cr
- P/E (TTM): 26.3x
- P/B: 3.88x
- ROCE: 31.8%
🧮 FV Range Estimate (Based on FY26E PAT of ₹14–18 Cr):
- Conservative: 20x EPS → ₹254
- Bullish: 30x EPS → ₹381
Fair Value Range: ₹254 – ₹381
So, CMP is near the lower bound, leaving room for juice if FY26 plays out.
5. 🍿 What’s Cooking – News, Triggers, Drama
🔥 Latest Developments
- 🏭 Land acquired in Aligarh (23,500 sqm) for:
- 🔄 Lithium Recycling Plant
- ⚡ 2 GWh ESS Giga Factory
- 🏗️ Future plant expansion
- 🤝 Tied up with 620+ distributors across 1,100 pin codes
- 🛠️ 6 service centers; plan to expand to 14
- 💸 20–25% revenue targeted from ESS + recycling by FY26
- 💰 No dividends; every rupee is going into capex & capacity
📢 Guidance FY26:
- Revenue Target: ₹170–180 Cr
- Capacity Expansion: 6,000 → 15,500 batteries/month
- ESS to grow from 5% → 10–12% of revenue
- Recycling to hit 10–12% of revenue
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY24 | FY25 |
|---|---|---|
| Equity Capital | ₹8 Cr | ₹11 Cr |
| Reserves | ₹4 Cr | ₹58 Cr |
| Total Debt | ₹6 Cr | ₹10 Cr |
| Total Liabilities | ₹32 Cr | ₹96 Cr |
| Net Worth | ₹12 Cr | ₹69 Cr |
🟢 Debt/Equity: 0.14x
✅ IPO proceeds used to retire old debt (confirmed in concall)
🔄 ₹80 Cr additional capex planned (mostly debt-funded via HDFC Bank)
7. 💸 Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | -₹8 Cr | -₹1 Cr | ₹8 Cr | ₹0 Cr |
| FY25 | -₹45 Cr | -₹3 Cr | ₹49 Cr | ₹1 Cr |
🚨 Working capital hell:
- Receivables doubled (Debtor Days: 105)
- Cash from ops = -₹45 Cr 😨
- But why?
🗣️ Management: “We gave 30–35 day credit lines to some old OEMs. Now switching to NBFC-backed supply chain financing to fix this.”
So they’re trying to plug the leak.
8. 🧮 Ratios – Sexy or Stressy?
| Metric | FY24 | FY25 |
|---|---|---|
| Debtor Days | 50 | 105 🔴 |
| Inventory Days | 129 | 85 🟢 |
| Payable Days | 99 | 35 🔴 |
| CCC | 80 | 154 🔻 |
| ROCE | 65% | 31.8% 🟢 |
The working capital cycle is ballooning—but the ROCE remains excellent. If they manage collections via NBFC channels, this will ease.
9. 📈 P&L Breakdown – Show Me the Money
- E-scooters = 81.5% of revenue
- ESS = 3.1%
- Chargers = 7.9%
- Inverters + Others = 7.1%
🛵 Replacement batteries + new vehicle kits form bulk of revenue.
📦 80–85% of dealer sales go to new vehicle installations, not just replacement!
🗣️ Management: “Unlike Ola & Ather, which have battery lock-in, we allow open compatibility—dealers can buy batteries independently. Game-changer.”
10. 🥊 Peer Comparison – Who Else in the Game?
| Name | CMP | P/E | ROCE | OPM | PAT | Sales (Qtr) |
|---|---|---|---|---|---|---|
| Maxvolt | ₹244 | 26x | 32% | 13% | ₹5.34 Cr | ₹67 Cr |
| Uno Minda | ₹1,098 | 67x | 19% | 11% | ₹266 Cr | ₹4,528 Cr |
| Endurance | ₹2,797 | 47x | 18% | 13% | ₹235 Cr | ₹2,963 Cr |
| Bharat Forge | ₹1,314 | 62x | 13% | 18% | ₹285 Cr | ₹3,852 Cr |
👶 Maxvolt is tiny, but its margin profile is comparable, and ROCE is higher. Just needs to fix liquidity and scale.
11. 🧠 Misc – Shareholding, Promoters, AIS Disruption
- 🧑💼 Promoters: 39.1%
- 🧑🤝🧑 Public: 52.8%
- 📢 862 shareholders (Mar’25)
- 🧠 Management: Vishal Gupta (Chairman), Satendra Shukla (CEO)
- 🛠️ ISO 9001 certified, AIS-156 compliant (battery safety norms)
🗣️ Vishal: “AIS-156 testing killed 90% of the backroom assemblers. ₹15L certification cost, thermal tests, IP ratings—we passed all.”
That’s a legit moat.
12. 🧑⚖️ EduInvesting Verdict™
Maxvolt isn’t just throwing buzzwords—it’s putting up numbers.
🚀 122% revenue growth
📦 Dominates unorganized e-scooter battery segment
♻️ Circular model with actual capex plans for ESS + recycling
😵 But also: negative operating cash flow, rising receivables, low float liquidity
They’re running at full capacity, doubling production, and targeting ₹180 Cr in FY26. If they hit it, P/E will drop, and rerating becomes inevitable.
📉 Risk? Cash crunch and execution slip-ups
📈 Opportunity? Monopoly in slow-speed EV batteries + circular loop dominance
Fair Value Range: ₹254 – ₹381
EduVerdict™: Plugged in, powered up—but needs charging stations (cash).
✍️ Written by Prashant | 📅 July 4, 2025
🏷️ Tags: Maxvolt Energy, Lithium-ion, EV Battery, SME IPO, ESS, Recycling, Circular Economy, NSE SME, Battery Manufacturing, EduInvesting
