⚡ Maxvolt Energy Industries Ltd H1 FY26: ₹130 Cr Half-Year Revenue, 170% Profit Surge — Ghaziabad’s EV Dynamo Doubles Voltage ⚡

1. At a Glance

Frombarely charging scooterstocharging investor excitement,Maxvolt Energy Industries Ltd (NSE: MAXVOLT)has become the new spark in India’s EV battery ecosystem. Incorporated in 2019 and listed in Feb 2025, the company manufactures lithium-ion batteries for electric vehicles, energy storage, and gadgets under the “MaxVolt Energy” brand.

As ofH1 FY26, Maxvolt clocked₹130 crore in revenueand₹12.9 crore PAT, up223% and 170% YoY, respectively. The company’soperating profit margin (OPM)stabilized at ~14%, showing operational discipline even as scale exploded.

At a market cap of₹477 croreand CMP of ₹437, the stock has given an89.7% return in the last 3 months, proving that not all SME IPOs go flat after listing. WithROE at 25.2%,ROCE at 31.9%, andDebt/Equity at 0.5x, Maxvolt is running its financial engine on lithium, caffeine, and pure audacity.

2. Introduction

When India was still arguing about whether EVs are “future or fad,” one company from Ghaziabad quietly decided to build that future —one cell at a time.

Founded in 2019 byVishal Gupta and Bhuvneshwar Pal Singh, Maxvolt Energy manufactures lithium-ion batteries for electric scooters, e-rickshaws, e-cycles, and energy storage systems. What started as a modest 18,000 sq. ft. facility with 97.2 MWh capacity now hums at over12,500 units/month, thanks to a capacity expansion right after its₹54 crore IPO in Feb 2025.

They didn’t stop there — land inAligarhhas already been acquired for a2 GWh energy storage and recycling plant, giving Maxvolt a recycling spin (literally) in the lithium value chain.

Unlike other flashy “green energy” IPOs that run on buzzwords, Maxvolt’s numbers are electric enough:Sales up 191% YoY,PAT up 108%, and areturn on assets of 15.9%. In short — this is what happens when execution meets ambition, and both get a shock.

3. Business Model – WTF Do They Even Do?

Maxvolt is not making EVs — it’s making what EVs run on:batteries, chargers, and dreams of lower fuel bills.

Here’s the breakdown:

• Manufacturing (85% of revenue):Their mainstay — lithium-ion battery packs for e-scooters, e-rickshaws, e-cycles, ESS, and gadgets.
• Outsourcing (15% of revenue):Some components like lead batteries and chargers are sourced externally but sold under the MaxVolt brand — design control remains in-house.

Product mix (H1 FY25):

• E-Scooter Batteries – 91.5%
• E-Rickshaw Batteries – 0.5%
• Chargers – 4.5%
• Others – 3.5%

Distribution:They sell through196 dealers and distributorsacross 6 key states, with top markets beingDelhi (35.6%),Uttar Pradesh (22.7%), andMadhya Pradesh (12.8%).

Customer Stickiness:42% of customers are repeat buyers, while top 5 customers account for 74% of FY24 revenue. The dependency is high, but so is customer loyalty.

In short — Maxvolt’s business model is a clean mix of Make-in-Ghaziabad efficiency and EV evangelism.

4. Financials Overview (Half-Yearly Locked)

Commentary:When your revenue triples and profit almost doubles in six months, it’s not growth — it’s voltage overload.Operating margin held at ~14%, indicating scale benefits are already flowing through. The annualized EPS (₹11.85 × 2 = ₹23.7) gives aforward P/E of ~18.4x,