Mercury EV-Tech Stock Rally: Q2 FY26 & Expansion Highlights
- Price Bounce: Shares up 1.14% to ₹38.96 on Nov 19, 2025, amid Dalal Street rebound—after -40% in 6 months, -62% in 1 year.
- Long-Term Winner: 5,884.62% returns over 5 years – true multibagger despite recent pressure.
- Q2 Surge: Net sales +51% QoQ to ₹34.01 crore; net profit +35% to ₹1.72 crore (vs. Q1 FY26).
- H1 FY26 Boom: Sales +142% to ₹56.58 crore; profit +43% to ₹2.99 crore YoY.
- YoY Q2 Gains: Revenue +75% to ₹34 crore; net profit +15.7% to ₹1.84 crore (some reports vary on exact profit figure).
- Expansion News: New showroom in Porbandar, Gujarat (Nov 18 filing)—bolsters outreach in EV heartland.
- Business Snapshot: Founded in 1986; makes EVs (scooters, cars, buses, golf carts, vintage EVs) and renewables; vertically integrated with Vadodara battery plant & EV Nest merger approved.
Mercury EV-Tech: From Multibagger Glory to Recent Woes—Now Rallying on Expansion & Earnings Fire
India’s electric vehicle sector just got a spark of optimism with Mercury EV-Tech Ltd. (NSE: MERCURYEV), the small-cap EV maker that’s long been a darling of multibagger hunters. On November 19, 2025, shares popped 1.14% to close at ₹38.96 amid a broader market relief rally on Dalal Street, as reported by LiveMint. This modest uptick comes after a brutal stretch: The stock cratered over 40% in the last six months and 62% over the past year, trading well off its 52-week high of ₹139.20 (hit earlier in 2025). Yet, zoom out, and it’s a wealth creator extraordinaire—delivering a staggering 5,884.62% return over five years, turning modest stakes into fortunes for early bulls.
The Catalyst: Gujarat Showroom Splash & Q2 Earnings Blitz
What flipped the script? A fresh exchange filing on November 18, 2025, announced the inauguration of a new showroom in Porbandar, Gujarat—a strategic foothold in the state’s EV-friendly ecosystem, home to giants like Tata and Adani. “The inauguration of these showrooms is in line with the company’s business expansion strategy and is expected to strengthen our market presence and outreach,” Mercury stated, signaling an aggressive retail push amid India’s EV sales hitting 2 million units in FY25.
Timing couldn’t be sweeter: This news landed hot on the heels of blockbuster Q2 FY26 results (ended Sep 30, 2025), unveiled November 14. Revenue from operations rocketed 75% YoY to ₹34 crore, while net profit climbed 15.7% to ₹1.84 crore (up from ₹1.59 crore last year). Quarter-over-quarter? Even brighter: Sales +51% to ₹34.01 crore, and profit +35% to ₹1.72 crore vs. Q1 FY26.
Half-year H1 FY26 paints an even rosier picture: Net sales exploded 142% YoY to ₹56.58 crore, with net profit up 43% to ₹2.99 crore—underscoring robust demand for Mercury’s EV lineup amid FAME-III subsidies and state incentives. EBITDA margins hovered around 15.5% in Q2, with net margins at 7.1%, per analyst breakdowns. Total expenses rose to ₹14.56 crore (from ₹13.07 crore YoY), but revenue growth outpaced it handily.
Mercury’s EV Arsenal: From Scooters to Customized Rides
Founded in 1986 as a metals trader, Mercury EV-Tech has morphed into a vertically integrated EV player, manufacturing and selling a diverse portfolio: electric scooters, compact cars, and buses, plus niche gems like electric vintage cars and golf carts for hospitality/resorts. Customized solutions for industrial/hotel use round out the mix, all powered by renewable tie-ins.
Recent moves amplify growth:
- The EV Nest merger was greenlit by NCLT Ahmedabad—bolstering assembly capacity.
- Vadodara lithium-ion battery plant under construction—key for localization and cost cuts.
- The Bhavnagar showroom opened recently, complementing Porbandar—targeting Gujarat’s 10%+ EV adoption rate.
With India’s EV market eyeing 15% penetration by 2030 (up from 2% now), Mercury’s “Make in India” focus positions it as a small-cap contender against Ola, Ather, and TVS. The promoter is holding steady at 59.18% (Sep 2025 quarter), signaling confidence.
Bulls Sniff Opportunity: Is the Bottom In?
Post-results, the stock dipped 8–9% intraday on Nov 17 (closing at ₹38.44 on BSE), per Business Today—perhaps profit-taking after the Q2 beat. But Wednesday’s 1% nudge higher, alongside Nifty’s 0.5% gain, hints at renewed bull interest. At ₹38.96, it’s trading at a PE of ~115x trailing earnings (high for small-caps, but justified by growth?), with a PB of 0.30x—screaming value if expansion delivers.
Analysts eye FY26 revenue at ₹150–200 crore if showrooms scale to 50+ outlets. Risks? Execution in the competitive EV space, raw material volatility, and subsidy shifts. But for multibagger chasers, Mercury’s 5x+ run in 3 years (530% per some trackers) makes this dip a potential reload. As LiveMint quips, “Attracts bulls’ attention following relief rally”—and with more Gujarat green lights, the charge is on.
Source: www.livemint.com
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“Mercury EV-Tech Ignites: Q2 Profit +35%, New Gujarat Showroom – Multibagger at ₹39!”
