Mercury EV-Tech shares have gained 12 percent in the past month, significantly outperforming the benchmark Nifty, which rose just 1.5 percent in the same period. However, short-term returns have been weak. The stock has shed more than 50 percent of its investor wealth over the last year and declined 17 percent in the past six months.
Despite this correction, Mercury EV-Tech has been a multibagger in the long run, skyrocketing 8,536 percent in the last five years. Currently, the scrip trades more than 63 percent below its 52-week high of ₹139.20, touched in October 2024, and is only slightly above its 52-week low of ₹45 hit in September 2025.
Fundamental View on Mercury EV-Tech
Firstcall Research has an ‘overweight’ rating on Mercury EV-Tech, citing its strong positioning in India’s electric mobility and energy storage market. The brokerage noted that the company is a fast-growing Indian EV manufacturer with in-house production capabilities for both vehicles and components, while also expanding into energy storage through a 3.2 GWh lithium-ion battery facility.
It added that Mercury EV-Tech’s vertically integrated and asset-heavy business model covers lithium-ion battery production (via Powermetz Energy), chassis assembly, battery management systems, forging, and CED coating. This integration ensures cost efficiency, quality control, and supply chain resilience, while generating multiple revenue streams, including exports. Importantly, the model aligns with the government’s Atmanirbhar Bharat initiative, positioning Mercury as more than just an EV assembler.
The brokerage highlighted Mercury EV-Tech’s strong financial growth trajectory. In FY2025, net sales surged 307 percent year-on-year to ₹896.36 million, while net profit rose 276 percent to ₹74.80 million. This momentum extended into Q1 FY2026, with revenue jumping 482 percent YoY to ₹225.67 million and net profit coming in at ₹12.73 million. Assets expanded to ₹3,355.74 million, with equity at ₹2,782.36 million, and EBITDA margins stabilizing near 9 percent.
Looking ahead, revenue is projected to grow 109 percent in FY26 and 72 percent in FY27, driving significant PAT expansion. The company’s growth is supported by a strong capex pipeline and product roadmap. After investing ₹270 million in FY25, Mercury EV-Tech is expected to deploy ₹1,500–2,000 million over FY26–27 on initiatives such as a new R&D centre, the lithium-ion battery facility, a rooftop solar project, and expanded EV lines.
Product launches will remain a key focus area, with upcoming models including the TANQ off-road 4W, a luxury 3W, a 7-seater car, a 42-seater bus, and 15 new EVs. The company has also secured approval for its MUSHAK EV goods carrier and is targeting entry into the bus, tipper, and prime mover markets, according to Firstcall Research.
Technical View for Mercury EV-Tech
“The EV stock is facing a hurdle at the ₹56 apiece level. The auto stock has strong support at ₹45, which is expected to remain sacrosanct. On breaking above ₹56, we may soon see the stock at ₹62 apiece. So, Mercury EV Tech shareholders are advised to maintain a strict stop loss at ₹45. After the breakout, fresh investors can enter for the short-term target of ₹62, keeping a stop loss at ₹52. Once the EV stock gives a breakout above ₹56 apiece on a closing basis, existing shareholders should also upgrade their stop loss to ₹52 apiece,” said Sumeet Bagadia, Executive Director at Choice Broking.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
