Mercury EV

Vadodara, India Founded: 2023 • Age: 3 yrs Listed
Provider of electric vehicle solutions
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About Mercury EV

Mercury EV is a publicly listed company based in Vadodara (India) founded in 2023 by Jayesh Thakkar. Provider of electric vehicle solutions. Its website mercuryevtech.com draws about 23 thousand monthly visits. Its Indian entity Mercury Ev-Tech Limited reported revenue of ₹108 Cr. Its focus areas include Energy Tech, Electric Vehicles, Automaker and Multi Category Vehicles. Its competitors include Motovolt, BNC Motors and Greaves Electric Mobility; 3 of its 3 listed competitors have raised funding.

Company details

Mercury EV was founded in 2023 and is based in Vadodara, India. Operations focus on the electric vehicle sector, where e-scooters, e-three-wheelers, e-buses, and related models are developed. Components such as batteries, battery management systems, chassis, and in-house CED are also supplied to support EV infrastructure and manufacturing needs.

  • Headquarters Vadodara, India
  • Founders Jayesh Thakkar
  • Stage Public
  • Sectors
    Transportation, Automotive & Logistics
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website mercuryevtech.com
  • Social LinkedIn Facebook Instagram
  • Legal Name Mercury Ev-Tech Limited
  • Date of Incorporation 04 Jul, 1986
  • Jurisdiction Karjan, Gujarat, India
Operational Areas
Transportation, Automotive & Logistics → Electric & Green Mobility
Key Metrics
  • Market Cap
    ₹639 Cr

    MERCURYEV · NSE

  • Share Price
    ₹31.59

    -6.15% today

  • Revenue
    ₹102 Cr

    FY 2025-26 · +13.9% YoY

  • EBITDA
    ₹5.27 Cr

    Margin 5.2%

  • Net Profit
    ₹4.18 Cr

    FY 2025-26 · -44.1% YoY

  • P/E (TTM)
    145.2x

    P/B 3.4x

Board of directors of Mercury Ev-Tech Limited (Mercury EV)

Mercury Ev-Tech Limited is the primary company behind Mercury EV. The board of Mercury Ev-Tech Limited currently have 9 directors; the longest-serving is Dhruv Deepak Yardi, appointed in 2022. 18 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Dhruv Deepak Yardi
DIN 06553099
CFO02 Mar 20224 yrs 7 moMercury Ev-Tech Limited
Manshi Jain
DIN 09533465
Director05 Apr 20224 yrs 6 moMercury Ev-Tech Limited
Darshankumar Jitendra Shah
DIN 08687729
Director03 Oct 20224 yrsMercury Ev-Tech Limited
Dinesh Kumar Sinha
DIN 10322097
Director26 Oct 20232 yrs 11 moMercury Ev-Tech Limited
Lalit Vitthal Waankhede
DIN 00556938
Director25 Jan 20242 yrs 8 moMercury Ev-Tech Limited
Sachin Shivaji Wagh
DIN 01056774
Director25 Jan 20242 yrs 8 moMercury Ev-Tech Limited
Ajay Ramkrishna Shukla
DIN 10714665
Director13 Aug 20242 yrs 2 moMercury Ev-Tech Limited
Jayesh Raichandbhai Thakkar
DIN 01631093
Managing Director07 Nov 20241 yr 11 moMercury Ev-Tech Limited
Riya Vinodbhai Sharma
DIN 11208483
Director24 Jul 20251 yr 3 moMercury Ev-Tech Limited

People of Mercury EV

1 people are tracked at Mercury EV (1 in leadership).

NameRoleGroup
Jayesh Thakkar
Founder & Managing DirectorLeadership
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IPO & Listings of Mercury EV

Mercury EV is a publicly listed company on the NSE with ticker symbol MERCURYEV in India. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date15 Jan 1996
  • Listed onBSE: 531357
  • Listed entityMercury Ev-Tech Limited

Financials of Mercury EV

Exchange-reported figures of Mercury Ev-Tech Limited, the listed company behind Mercury EV (NSE: MERCURYEV).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹102 Cr
+13.9% YoY
EBITDA
₹5.27 Cr
-35.1% YoY
Profit After Tax
₹4.18 Cr
-44.1% YoY
Net Worth
₹278 Cr
+0.3% YoY
Total Assets
₹327 Cr
+7.2% YoY
Total Debt
₹24.23 Cr
+338.9% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22
Income statement
Revenue10289.6422.0216.101.18
Revenue growth+13.9%+307.1%+36.8%+1264.4%-
EBITDA5.278.122.911.640.27
EBITDA margin+5.2%+9.1%+13.2%+10.2%+22.9%
Profit before tax6.599.942.881.610.31
Net profit4.187.481.991.390.22
Net profit margin+4.1%+8.3%+9.0%+8.6%+18.6%
EPS (₹)0.220.390.110.080.33
Balance sheet
Total assets32730513673.151.35
Net worth27827780.6950.001.36
Total debt24.235.5255.5422.930.00
Cash & bank5.9255.710.929.080.75
Net working capital19619954.8129.540.97
Cash flow
Cash from operations(31.65)(43.83)(14.61)(14.08)(0.36)
Cash from investing19.23(90.13)(54.64)(47.93)0.04
Cash from financing11.2813961.0870.340.00
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue33.3820.2125.2934.0122.5730.6835.6019.48
Revenue growth (YoY)+47.9%-34.1%-29.0%+74.6%+483.2%---
Other income0.364.710.020.640.502.870.180.40
EBITDA3.26(2.34)2.393.022.12(0.87)6.062.02
EBITDA margin+9.8%-11.6%+9.5%+8.9%+9.4%-2.8%+17.0%+10.4%
Depreciation0.941.131.001.220.300.220.160.21
Interest0.730.390.200.080.130.410.310.08
Profit before tax1.950.851.212.362.191.375.772.13
Tax0.390.680.450.510.560.041.500.53
Net profit1.560.170.761.851.631.334.271.60
EPS (₹)0.090.020.050.090.070.060.240.09
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue45.2767.6419.1812.931.181.150.00
Revenue growth-33.1%+252.7%+48.3%+995.8%+2.6%--
EBITDA2.418.083.020.640.27(0.12)(0.14)
EBITDA margin+5.3%+12.0%+15.8%+5.0%+22.9%-10.4%-
Profit before tax4.278.313.081.100.31(0.09)(0.13)
Net profit2.836.382.190.890.22(0.09)(0.12)
Net profit margin+6.3%+9.4%+11.4%+6.9%+18.6%-7.8%-
EPS (₹)0.150.340.120.050.33(0.13)(0.19)
Balance sheet
Total assets30328310671.941.351.121.21
Net worth28328080.4349.641.361.121.21
Total debt20.302.4525.0922.300.000.000.00
Cash & bank4.9555.530.878.980.751.070.04
Net working capital19821655.3659.550.971.111.20
Cash flow
Cash from operations(23.40)(31.62)(14.53)(14.81)(0.36)1.03(0.02)
Cash from investing3.38(133)(24.85)(46.38)0.040.000.00
Cash from financing18.0917031.2769.420.000.000.00
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue20.6713.6711.2115.494.9120.1730.9813.91
Revenue growth (YoY)+321.0%-32.2%-63.8%+11.4%+90.3%---
Other income0.013.990.000.650.390.960.090.37
Total expenses17.5815.319.3113.644.5919.6025.3012.81
EBITDA3.09(1.64)1.901.850.320.575.681.10
EBITDA margin+14.9%-12.0%+16.9%+11.9%+6.5%+2.8%+18.3%+7.9%
Depreciation0.820.930.860.850.210.100.140.18
Interest0.570.240.000.070.010.230.250.08
Profit before tax1.711.181.041.580.491.205.381.21
Tax0.260.620.270.430.130.081.400.31

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 24 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue33.3820.2125.2934.0122.5730.6835.6019.48
Revenue growth (YoY)+47.9%-34.1%-29.0%+74.6%+483.2%---
Other income0.364.710.020.640.502.870.180.40
EBITDA3.26(2.34)2.393.022.12(0.87)6.062.02
EBITDA margin+9.8%-11.6%+9.5%+8.9%+9.4%-2.8%+17.0%+10.4%
Depreciation0.941.131.001.220.300.220.160.21
Interest0.730.390.200.080.130.410.310.08
Profit before tax1.950.851.212.362.191.375.772.13
Tax0.390.680.450.510.560.041.500.53
Net profit1.560.170.761.851.631.334.271.60
EPS (₹)0.090.020.050.090.070.060.240.09
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22
Revenue10289.6422.0216.101.18
Revenue growth+13.9%+307.1%+36.8%+1264.4%-
Other income5.863.450.500.050.04
Total expenses96.8181.5219.1114.460.91
Employee cost0.006.291.270.450.02
EBITDA5.278.122.911.640.27
EBITDA margin+5.2%+9.1%+13.2%+10.2%+22.9%
Depreciation3.640.750.320.060.00
Interest0.900.880.210.020.00
Profit before tax6.599.942.881.610.31
Tax2.212.240.890.210.09
Net profit4.187.481.991.390.22
Net profit margin+4.1%+8.3%+9.0%+8.6%+18.6%
EPS (₹)0.220.390.110.080.33
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22
Equity & liabilities
Share capital19.0019.0017.5516.690.70
Reserves & surplus17417363.1433.310.66
Shareholders' funds (net worth)27827780.6950.001.36
Minority interest1.511.360.000.110.00
Secured loans1.521.527.473.990.00
Unsecured loans22.714.0048.0718.940.00
Total debt24.235.5255.5422.930.00
Total liabilities32730513673.151.35
Assets
Gross block95.1745.4036.9333.400.00
Net block94.9644.2636.5433.340.00
Capital work in progress31.6458.6343.228.720.00
Investments0.000.000.000.000.00
Inventories71.5043.526.667.380.00
Sundry debtors52.0538.5313.744.960.00
Cash & bank balances5.9255.710.929.080.75
Loans & advances96.2491.7547.7011.880.35
Total current assets22623069.0233.301.10
Total current liabilities29.2630.1714.213.760.13
Net working capital19619954.8129.540.97
Total assets32730513673.151.35
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22
Opening cash6.050.929.080.751.07
Net cash from operating activities(31.65)(43.83)(14.61)(14.08)(0.36)
Net cash from investing activities19.23(90.13)(54.64)(47.93)0.04
Net cash from financing activities11.2813961.0870.340.00
Net change in cash(1.14)5.13(8.16)8.33(0.32)
Closing cash5.9255.710.929.080.75
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22
Growth
Sales growth+13.9%+307.1%+36.8%+1264.4%-
EBITDA growth-35.1%+179.0%+77.4%+507.4%-
PBT growth-33.7%+245.1%+78.9%+419.4%+9997.0%
Net income growth-44.1%+275.9%+43.2%+531.8%-
Revenue CAGR (3Y)+85.1%+323.5%---
EBITDA CAGR (3Y)+47.6%+211.0%---
Profitability & leverage
Net income margin+4.3%+8.6%+9.0%+8.7%+18.6%
Return on capital employed-+4.7%+2.7%+3.2%+2.0%
Return on net worth-+4.1%+2.6%+3.5%+1.5%
Debt / equity-0.170.600.450.00
Long-term debt / equity-0.020.070.080.00
Interest cover55.2111.948.111.270.00
Efficiency & per share
Fixed asset turnover-2.180.630.960.00
Inventory turnover-3.573.144.360.00
Debtors turnover-3.432.366.490.00
EPS (₹)0.220.390.110.080.33
Dividend per share (₹)0.000.000.000.000.00
Book value per share (₹)0.0010.104.603.001.95
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue20.6713.6711.2115.494.9120.1730.9813.91
Revenue growth (YoY)+321.0%-32.2%-63.8%+11.4%+90.3%---
Other income0.013.990.000.650.390.960.090.37
Total expenses17.5815.319.3113.644.5919.6025.3012.81
EBITDA3.09(1.64)1.901.850.320.575.681.10
EBITDA margin+14.9%-12.0%+16.9%+11.9%+6.5%+2.8%+18.3%+7.9%
Depreciation0.820.930.860.850.210.100.140.18
Interest0.570.240.000.070.010.230.250.08
Profit before tax1.711.181.041.580.491.205.381.21
Tax0.260.620.270.430.130.081.400.31
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue45.2767.6419.1812.931.181.150.00
Revenue growth-33.1%+252.7%+48.3%+995.8%+2.6%--
Other income5.031.420.500.530.040.030.01
Total expenses42.8659.5616.1612.290.911.270.14
Employee cost0.004.130.630.190.020.070.06
EBITDA2.418.083.020.640.27(0.12)(0.14)
EBITDA margin+5.3%+12.0%+15.8%+5.0%+22.9%-10.4%-
Depreciation2.850.560.240.050.000.000.00
Interest0.320.630.200.020.000.000.00
Profit before tax4.278.313.081.100.31(0.09)(0.13)
Tax1.441.930.890.210.090.00(0.01)
Net profit2.836.382.190.890.22(0.09)(0.12)
Net profit margin+6.3%+9.4%+11.4%+6.9%+18.6%-7.8%-
EPS (₹)0.150.340.120.050.33(0.13)(0.19)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital19.0019.0017.5516.690.700.700.70
Reserves & surplus17917662.8832.950.660.420.51
Shareholders' funds (net worth)28328080.4349.641.361.121.21
Secured loans17.850.007.473.990.000.000.00
Unsecured loans2.452.4517.6218.310.000.000.00
Total debt20.302.4525.0922.300.000.000.00
Total liabilities30328310671.941.351.121.21
Assets
Gross block85.827.875.512.160.000.000.00
Net block85.767.035.222.110.000.000.00
Capital work in progress14.4955.0543.228.720.000.000.00
Investments3.033.040.020.020.000.000.00
Inventories30.4012.294.846.010.000.000.00
Sundry debtors43.1032.8513.426.480.000.000.13
Cash & bank balances4.9555.530.878.980.751.070.04
Loans & advances13812946.6341.800.350.051.05
Total current assets21723065.7663.271.101.121.22
Total current liabilities18.2113.7310.403.720.130.010.02
Net working capital19821655.3659.550.971.111.20
Total assets30328310671.941.351.121.21
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash5.870.878.980.751.070.040.06
Net cash from operating activities(23.40)(31.62)(14.53)(14.81)(0.36)1.03(0.02)
Net cash from investing activities3.38(133)(24.85)(46.38)0.040.000.00
Net cash from financing activities18.0917031.2769.420.000.000.00
Net change in cash(1.93)5.00(8.11)8.22(0.32)1.03(0.02)
Closing cash4.9555.530.878.980.751.070.04
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-33.1%+252.7%+48.3%+995.8%+2.6%--
EBITDA growth-70.2%+167.6%+371.9%+137.0%+325.0%+14.3%-
PBT growth-48.6%+169.8%+180.0%+254.8%+9998.0%+30.8%-8.3%
Net income growth-55.6%+191.3%+146.1%+304.6%+344.4%+25.0%-
Revenue CAGR (3Y)+51.9%+285.6%+155.5%-+12.4%+19.1%-100.0%
EBITDA CAGR (3Y)+55.6%+210.5%----22.7%+20.5%
Profitability & leverage
Net income margin+6.3%+9.4%+11.4%+6.9%+18.6%-7.8%-
Return on capital employed-+4.4%+3.3%+2.2%+3.8%0.0%0.0%
Return on net worth-+3.4%+2.8%+2.2%+2.7%0.0%0.0%
Debt / equity-0.080.360.440.000.000.00
Long-term debt / equity-0.020.070.080.000.000.00
Interest cover-72.738.387.193.390.000.000.00
Efficiency & per share
Fixed asset turnover-10.115.0011.970.000.000.00
Inventory turnover-7.903.544.300.000.000.00
Debtors turnover-2.921.933.990.0017.690.00
EPS (₹)0.150.340.120.050.33(0.13)(0.19)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0010.274.582.971.951.611.74

Competitors of Mercury EV

Mercury EV has 3 listed competitors in our database, 3 of them funded. They include Motovolt, BNC Motors and Greaves Electric Mobility.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Motovolt
motovolt.co2019Kolkata, India$1.92M315
Electric bicycles with advanced features are developed by Motovolt.
BNC Motors
bncmotors.in2020Coimbatore, India$8.66M
Electric two-wheelers with removable batteries and hub motors are manufactured.
Greaves Electric Mobility
greaveselectricmobility.com2008Bengaluru, India$226.32M1,551
Manufacturer of electric two and three-wheelers for personal and commercial use
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Detailed competitors of Mercury EV

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Web traffic of Mercury EV

The website of Mercury EV (mercuryevtech.com) receives about 23.4K visits a month.

  • Monthly visits
    23.4K

    ▲ 578% vs previous month

Top companies in Electric & Green Mobility

3 companies that operate in the same segment as Mercury EV (Electric & Green Mobility) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
BluSmart
Electric ride-hailing and cab services are provided via mobile app.
2019Mumbai, Maharashtra, IndiaUSD 168.52 M
Yulu
Shared electric two-wheelers are rented via an online platform.
2017Bengaluru, Karnataka, IndiaUSD 187.54 MUSD 2.14 M251
Ather Energy
Manufacturer of electric scooters, charging infrastructure, smart helmets, and accessories
2013Bengaluru, Karnataka, IndiaUSD 502.02 MUSD 391.37 M1,917
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Related news about Mercury Ev

Multibagger Mercury EV-Tech stock to be in focus on Friday after June quarter results | Stock Market News
mint • 2 months ago
Small-cap EV stock Mercury Ev-Tech jumps over 14% despite sideways markets | Stock Market News
mint • 9 months ago
Mercury Ev-Tech Ltd - Company Receives Roc Approval For Fy25 AGM Extension
Reuters • 1 year ago
NCLT Approves Merger Of Ev Nest And Mercury Ev-Tech
Reuters • 1 year ago
Mercury EV-Tech consolidated net profit rises 573.91% in the March 2025 quarter | Capital Market News - Business Standard
Business Standard • 1 year ago
Mercury Ev-Tech Consolidated December 2024 Net Sales at Rs 35.60 crore, up 678.11% Y-o-Y
Moneycontrol • 1 year ago
Shares of this electronic vehicles company hit 52-week high as board approves preferential shares, warrants rights issue
India • 2 years ago
Mercury Ev-Tech Approves Preferential Issue Of Shares Worth Up To 1.18 Billion Rupees
Reuters • 2 years ago
Mercury Ev-Tech To Consider Raising Of Funds
Reuters • 2 years ago
Mercury Ev-Tech Limited Enters into Memorandum of Understanding with Hydrogen Horizons Ltd and Hydrogen Horizons Israel Ltd to Incorporate New Entity
Fuelcellsworks • 2 years ago
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Frequently Asked Questions about Mercury EV

Mercury EV was founded in 2023.

Mercury EV is headquartered in Vadodara, India. It is registered at Vadodara, Gujarat, India.

The primary company behind Mercury EV, Mercury Ev-Tech Limited, reported revenue of ₹108 Cr for FY 2026, up 14% year on year.

Mercury EV was founded in 2023 and is based in Vadodara, India. Operations focus on the electric vehicle sector, where e-scooters, e-three-wheelers, e-buses, and related models are developed. Components such as batteries, battery management systems, chassis, and in-house CED are also supplied to support EV infrastructure and manufacturing needs.

Mercury EV's top competitors include Greaves Electric Mobility, Motovolt and BNC Motors.

Yes, Mercury EV is publicly traded on NSE under the ticker symbol MERCURYEV.

Mercury EV operates through Mercury Ev-Tech Limited.

The legal entities of Mercury EV currently have 10 directors, including Lalit Vitthal Waankhede, Dinesh Kumar Sinha, Jayesh Raichandbhai Thakkar and others.

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