Maxvolt Energy looks like that new kid in class who went from 0 marks in maths to topping the IIT JEE in just two years. Incorporated in 2019, IPO done in 2025, and already shouting “EV revolution ke battery main current hum daalenge!”. With ₹107 Cr sales in FY25, PAT of ₹10 Cr, and 95% profit growth, they’ve gone from charging scooters to charging investors’ expectations. Market cap ₹251 Cr – basically, Dalal Street’s favourite new power bank.
2. Introduction
Picture this: You’re on your e-scooter zipping through Delhi traffic, praying the battery doesn’t die before you reach home. Who’s behind that power? Chances are, it’s Maxvolt Energy. They’re not selling colas, not selling chips, but literally selling “juice” — in battery form.
Founded in 2019, Maxvolt is barely six years old but already flexing a nationwide network of 196 dealers. In India, where “battery khatam ho gaya” is a bigger fear than “arre petrol 110 pe chala gaya,” these guys saw the gap and jumped in faster than Ola discounts disappearing.
And oh, IPO in Feb 2025 – raised ₹54 Cr. Desi investors happily plugged in, because who doesn’t love a “EV + lithium + IPO = multi-bagger” cocktail?
3. Business Model (WTF Do They Even Do?)
Maxvolt makes lithium-ion batteries — the dabbas that power e-scooters, e-rickshaws, e-cycles, storage systems, and random gadgets like drones and medical gear.
Manufacturing (85% revenue): Their main gig. Custom packs, graphene experiments, and battery chargers.
Outsourcing (15% revenue): Lead batteries & chargers sourced outside but sold under Maxvolt branding. Basically, dropshipping with swag.
Product portfolio looks like a Flipkart battery section — scooter, rickshaw, gadgets, chargers. But sales mix says the truth: 91.5% revenue from e-scooter batteries. Everything else is “beta tester” level.
Distribution = 196 dealers, 5 service centers. Heavy Delhi-UP-Bihar focus. 74% of revenue comes from top 5 customers. If even one cancels the order, Maxvolt’s sales chart will look like your iPhone battery percentage at 1 a.m.
4. Financials Overview
Quarterly Results Snapshot (YoY & QoQ):
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
67.2
27.5
40.1
144%
67%
EBITDA (₹ Cr)
9.1
5.5
7.0
65%
30%
PAT (₹ Cr)
5.34
3.99
4.8
34%
11%
EPS (₹)
4.9
3.7
4.4
33%
11%
Annualised EPS = ₹19.6. At CMP ₹230, P/E = ~11.7. Looks cheaper than your cousin’s second-hand Ola scooter.
5. Valuation (Fair Value Range Only)
P/E Method: EPS ₹19.6 × Industry PE 20–30 = ₹392 – ₹588.
EV/EBITDA: EV ₹259 Cr / EBITDA ₹15.8 Cr ≈ 16.4. Sector range 15–25 → FV range ₹240 – ₹400.
DCF (simplified): Assume 30% CAGR next 5 years, discount at 12% → FV ₹360 – ₹450.
👉 Fair Value Range: ₹240 – ₹450 This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
IPO February 2025: ₹54 Cr raised, oversubscribed like India-Pakistan World Cup tickets.
Aligarh Land Deal (July 2025): Bought 23,524 sq.m. for 2 GWh recycling + storage plant. Recycling = sexy ESG narrative + cheaper raw materials.
Capacity Expansion: 1.5X bump planned. Basically, they’re preparing for Ola, Ather, and the uncles buying Chinese scooters in bulk.
