Mercury Ev-Tech Limited
31.59
INR
-2.07
(-6.15%)
Mercury Ev-Tech Limited
NSE:MERCURYEV
(National Stock Exchange of India)
Recent
price
31.59
P/E
ratio
143.85
div
yld
- -
ROIC.AI
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- Business
- Mercury Ev-Tech Limited manufactures and trades electric vehicles, related components, and renewable energy products in India. The company offers a comprehensive range of electric vehicles including electric scooters, electric cars such as Mercury EZ low-speed passenger vehicles, electric buses, electric vintage cars, electric golf cars, electric three-wheelers including e-rickshaws, electric loaders such as Voltus E-Loader and Mushak Mini Truck, and custom electric vehicles for applications in hospitality, industry, golf courses, clubs, resorts, and commercial fleets; it also produces core EV components encompassing batteries and lithium-ion battery systems through subsidiary Powermetz Energy Private Limited, battery management systems, chassis via in-house manufacturing, and motor controllers, alongside operating a state-of-the-art cationic electro deposition (CED) coating plant, Gujarat's first and India's fourth largest, for precision coating and corrosion resistance. Mercury Ev-Tech Limited serves consumer, commercial, and industrial markets with an emphasis on sustainable mobility solutions supporting India's Atmanirbhar Bharat initiative. Incorporated in 1986 and headquartered in Vadodara, Gujarat, the company, formerly known as Mercury Metals Limited, changed its name to Mercury Ev-Tech Limited in March 2023 to reflect its strategic pivot to the electric vehicle sector. Its subsidiaries include EV Nest Private Limited, Powermetz Energy Private Limited, and recently acquired entities such as 70% of Haitek Automotive Private Limited in October 2024 for Rs 3.5 million to expand three-wheeler manufacturing and distribution in West Bengal, and 69.84% of DC2 Mercury Cars Private Limited in early 2025 for Rs 2.5 crore to bolster automotive operations. Recent developments include securing Gujarat Energy Development Agency (GEDA) approval in 2024 for lithium-ion battery-powered e-rickshaws in Gujarat, commissioning a 3.2 GW multi-chemistry battery plant in Vadodara in April 2025 through its subsidiary, signing a memorandum of understanding with Hydrogen Horizons UK and Israel for a 60:40 joint venture to commercialize hydrogen storage technology in Hydra Pak vessels, awaiting National Company Law Tribunal final order on merger with EV Nest Private Limited, and expanding retail footprint with three new showrooms in South India's Tamil Nadu districts of Tiruvannamalai, Cuddalore, and Chengalpattu in November 2025. These initiatives underscore the company's aggressive growth in EV production, clean energy technologies, and regional market penetration.