Mercury EV-Tech Ltd: 108 Cr Revenue, 93x PE — Riding the EV Hype at Full Throttle
1. At a Glance
Once a metals company, now reborn as an EV maker, Mercury EV-Tech has gone from steel to steel-on-wheels. With electric scooters, buses, golf carts, vintage cars, and now batteries certified by Reliance Jio labs, the company’s story reads like a startup pitch deck — except it’s been listed since 1986. FY25 revenue jumped to ₹108 Cr (up 454% YoY), profit surged 411%, but at a 93x PE, investors are basically paying for 2030 today.
2. Introduction
Mercury EV-Tech was once Mercury Metals — a name that screamed scrap dealers, not superchargers. In March 2023, the company swapped its name and its image, promising to ride India’s EV wave. Today, it makes every kind of electric vehicle you didn’t know you could buy:
E-scooters & e-bikes
Electric vintage cars (for the maharaja vibe)
Electric buses & golf carts
Custom EVs for hotels, clubs, and industrial use.
It’s also an auto-parts and battery supplier, with orders worth ₹110 Cr from a top 2W EV manufacturer and AIS-156 Phase-II battery certification via its subsidiary Powermetz Energy. Throw in a tractor company acquisition and special purpose EV approvals, and you’ve got a product portfolio as diverse as it is ambitious.
