1. At a Glance – The EV Dream That Runs on… Financing Cash Flows?
Picture this: a company that grew revenue 323% in 3 years, launched a 3.2 GW battery plant, acquired multiple subsidiaries, entered EV cars, bikes, rickshaws, tractors… basically everything except rockets — and yet delivers a ROE of just 4.18% and trades at a spicy P/E of 94x.
Welcome to Mercury EV-Tech — where ambition is Tesla-level, but profitability feels like a roadside chai stall on a rainy day.
On paper, this looks like India’s next EV disruptor. In reality? Cash flows are screaming for help, promoters are slowly reducing stake, auditors and CEOs are resigning like it’s a group exit from a bad movie, and debt suddenly jumps like your heart rate after checking your portfolio.
And here’s the real masala:
Borrowings went from ₹23 Cr to ₹54 Cr — almost 2x of sales.
So the big question is —
Is this a genuine EV infra play in early innings… or just another “PowerPoint growth story funded by shareholder dilution”?
Let’s investigate.
2. Introduction – EV, Energy, or Endless Announcements?
Mercury EV-Tech didn’t start as an EV company.
It was originally Mercury Metals Ltd — which already sounds like a scrap dealer from Gujarat who suddenly discovered lithium-ion batteries during COVID.
Then in 2023, boom — rebranding happens.
Now it’s Mercury EV-Tech.
Classic Indian smallcap glow-up.
Suddenly:
- EV scooters
- EV buses
- EV golf carts
- EV vintage cars (because why not?)
- Battery manufacturing
- Custom EV solutions
Basically, if it runs on electricity, Mercury wants to build it.
But here’s the twist —
Scale ≠ Profitability
Despite all this expansion:
- Sales: ₹113 Cr
- PAT: ₹5.43 Cr
That’s a profit margin of ~4.8%.
And they’re trading at ₹513 Cr market cap.
So you’re paying premium valuation for… potential.
