Mercury EV-Tech Ltd Q2 FY26 Results – When EVs, Batteries, and Drama Collide (with ₹34 Cr in Sales and a P/E That’s Doing Parkour at 88x)

1. At a Glance

Welcome to the circus that is Mercury EV-Tech Ltd, where the batteries are charging faster than the boardroom exits. Once a modest metals company, Mercury now wants to be the Tesla of Thakkarwadi. The script reads like a Bollywood remake of “Fast & Furious” — full of acquisitions, resignations, mergers, and mysterious “superbike battery approvals.”

As of November 2025, the company flaunts a market cap of ₹776 crore, trades at a P/E of 88x, and has zero dividend yield (because clearly, reinvestment in chaos is more thrilling). Its ROE of 4.18% and ROCE of 5.15% whisper softly that returns are a concept, not a reality. The current price of ₹40.9 is far from its 52-week high of ₹101 — the stock has fallen 58% in a year, which means some retail investors are now practising deep breathing as a long-term strategy.

The latest quarter (Q2 FY26) shows Sales of ₹34.01 crore and PAT of ₹1.72 crore, with YoY sales growth of 74.6% and profit growth of 7.5%. Good top line, but bottom line still a bit “two-wheeler without battery pack” — moves, but not for long.

2. Introduction

If reincarnation were corporate strategy, Mercury EV-Tech would be the poster child. Born in 1986 as Mercury Metals, it spent decades playing in the scrap business before transforming into an EV crusader. In 2023, it renamed itself Mercury EV-Tech Ltd — because apparently, adding “EV” in your name is the new MBA.

Today, it’s an aspiring electric vehicle manufacturer dabbling in scooters, cars, golf carts, and buses. Add in a few side quests like renewable energy materials, battery R&D, and a battery certification from Reliance Jio — and you’ve got a company that’s trying to play IPL, World Cup, and Chess Olympiad all at once.

But behind the fancy headlines lies a cocktail of high valuations, stretched receivables (debtors of 157 days, that’s half a fiscal year!), and the small issue of borrowings rising from ₹23 crore in FY23 to ₹54 crore in FY24 — which, hilariously, was almost double its sales that year.

Still, credit where it’s due — Mercury’s growth numbers are spicy: Sales up 267% YoY, Profits up 209%, and a full-blown merger with EV Nest and acquisitions of Traclaxx Tractors and DC2 Mercury Cars to spice up the garage. If diversification were a sport, these guys are Olympic-level.

3. Business Model – WTF Do They Even Do?

Let’s simplify this circus:

Mercury EV-Tech manufactures and trades electric vehicles and related auto parts, batteries, and renewable energy products. The lineup includes electric scooters, cars, buses, vintage models, golf carts, and industrial EVs — basically everything short of an e-helicopter (give them time).

They also own Powermetz Energy Pvt. Ltd. (80%), which develops batteries and received India’s first AIS-156 Phase-II certification for ultra-high-speed two-wheeler battery packs — the kind you might someday see in a Kabira Mobility bike or some other “fast but affordable” EV.

There’s also Traclaxx Tractors Pvt. Ltd. (65% stake), because why stop at EVs when you can electrify agriculture?

Then there’s EV Nest, their wholly owned subsidiary, which merged into Mercury in FY25 — an “in-house merger” so efficient even HR might have been confused who reports to whom.

So in essence: Mercury makes, trades, merges, and acquires anything remotely related to electric energy — a buffet model of capitalism where diversification replaces profitability.

4. Financials Overview

Commentary:
The numbers are better than chai at a dhaba — strong aroma, questionable consistency. Revenue’s flying, profit’s crawling, and EPS is clinging to single digits like a scooter on half