⚡ Maxvolt Energy Industries Ltd H1 FY26: ₹130 Cr Half-Year Revenue, 170% Profit Surge — Ghaziabad’s EV Dynamo Doubles Voltage ⚡
1. At a Glance
From barely charging scooters to charging 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 of H1 FY26, Maxvolt clocked ₹130 crore in revenue and ₹12.9 crore PAT, up 223% and 170% YoY, respectively. The company’s operating profit margin (OPM) stabilized at ~14%, showing operational discipline even as scale exploded.
At a market cap of ₹477 crore and CMP of ₹437, the stock has given an 89.7% return in the last 3 months, proving that not all SME IPOs go flat after listing. With ROE at 25.2%, ROCE at 31.9%, and Debt/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 by Vishal 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 over 12,500 units/month, thanks to a capacity expansion right after its ₹54 crore IPO in Feb 2025.
They didn’t stop there — land in Aligarh has already been acquired for a 2 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 a return 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 through 196 dealers and distributors across 6 key states, with top markets being Delhi (35.6%), Uttar Pradesh (22.7%), and Madhya 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)
Metric (₹ Cr)
H1 FY26 (Sep 2025)
H1 FY25 (Sep 2024)
YoY %
Revenue
130
40
+223%
EBITDA
18
5
+260%
PAT
12.9
5
+170%
EPS (₹)**
11.85
5.62
+111%
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 a forward P/E of ~18.4x, far lower than peers, leaving room for further “charge-up.”
5. Valuation Discussion – Fair Value Range Only
Let’s connect the terminals:
(a) P/E Method:
EPS (TTM): ₹16.75
Peer range (25–30x) → Fair Value Range = ₹420 – ₹503
(b) EV/EBITDA Method:
EV = ₹497 Cr
EBITDA (TTM) = ₹27 Cr
Fair multiple 15–20x → Range = ₹405 – ₹540
(c) DCF (Simplified) Assuming profit CAGR 30% for 3 years and terminal 6%, discount rate 12% → ₹410 – ₹550
✅ Educational Fair Value Range: ₹410 – ₹550 per share
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
The last few months for Maxvolt read like a thriller.
November 2025: H1 FY26 results announced — ₹130.04 crore revenue, ₹12.92 crore PAT. CEO Satendra Shukla and CS Amisha Swain appointed post-listing. Aligarh land acquisition: 23,524 sq.m for a recycling + 2 GWh ESS facility — a big leap in vertical integration. Capacity doubled to 12,500 battery units per month in FY26. IPO utilization: ₹43 crore fresh issue used for working capital and debt repayment — no shady “investments in subsidiaries” nonsense.
Institutions like Aarth AIF, Nexus Growth Fund, and Steptrade Fund have quietly built small stakes. Not bad for a 6-year-old SME that started with ₹6 crore in revenue.
7. Balance Sheet (Half-Yearly Consolidated)
Metric (₹ Cr)
Mar 2023
Mar 2024
Sep 2025 (H1 FY26)
Total Assets
10
32
153
Net Worth
0.3
12
82
Borrowings
3
6
41
Other Liabilities
7
14
31
Total Liabilities
10
32
153
Audit Notes (Witty but True):
Asset base jumped 15× in 2 years. That’s not growth; that’s industrial caffeine.
Borrowings grew to ₹41 crore, but D/E at 0.5x is still fine — for now.
“Other Assets” = ₹109 crore. Translation: half of it is likely receivables from those 105 debtor days. Keep an eye there, auditors are watching.
