Maxvolt Energy IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹445 cr
- Stock P/E
- 18.2peers 16.8
- Book value
- ₹95.6
- Price to book
- 4.27
- EV / operating profit
- 14.1
- Market cap to sales
- 1.50
- ROCE · FY26
- 38.3%
- ROE · FY26
- 46.8%
- ROE, 3-year average
- 98.2%
- Operating margin · FY26
- 12.0%peers 12.2%
- Sales growth, 3 years
- 176.8%
- Profit growth, 3 years
- +143.8%
- Debt to equity
- 0.82peers 0.58
- Borrowings
- ₹85.3 cr
- Interest cover
- 10.5×
- Cash from business / op. profit
- -81%
- Debtor days
- 48
- Pledged
- 0.00%
- Promoter holding
- 39.20%
- Change in promoter holding
- +0.01 pts
- Shareholders
- 1,953
- 52-week high / low
- ₹509 / ₹243
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Maxvolt Energy Industries share price chart
Close on 6 Nov 2026 · +2.22% on the day · Vol 56,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -7.9%
- 3 months
- +17.8%
- 6 months
- -8.1%
- 1 year
- +16.6%
- Since IPO
- +126.5%
- Traded a day, 20 days
- ₹1.50 cr
- Taken for delivery
- 70%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +177% | +144% |
| 3 years, a year | +177% | - |
| Latest half, H2 FY26 | +148% | +115% |
About Maxvolt Energy Industries: business, products and customers
Maxvolt Energy Industries puts together lithium battery packs for electric scooters, e-rickshaws and home solar storage, and sells them under its own brand through dealers and to vehicle makers. Its shares trade on NSE Emerge.
Maxvolt builds lithium-ion battery packs at two plants in Ghaziabad from cells bought from global suppliers, adding its own battery management, casing and testing. E-scooter packs gave 73.1% of FY26 sales, followed by e-rickshaw packs, energy storage packs, chargers and other items such as inverters and second life batteries.
Most packs reach riders through 875+ dealers and distributors across about 16 states, with a three year warranty, a 48 hour service promise and cash back for old batteries; it also supplies more than 30 vehicle makers. A new 55,000 sq. ft. plant took output from about 6,500 packs a month in December 2025 to about 14,000 from January 2026.
Read more about the business
The company is adding a second phase to the new plant and has set up a subsidiary, Maxvolt ReEarth, to recycle used lithium batteries at a plant planned on land allotted at Aligarh. It says the first phase of that plant will cost about ₹75 cr to ₹80 cr and the whole project about ₹282 cr.
From the offer document, the May 2026 investor presentation, the November 2025 and May 2026 earnings calls, the February 2026 credit rating, the FY26 results filing and the subject lines of the company's exchange announcements of 12 October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 177% a year over three years.
- It earns a high return on the money it uses: ROCE 38% in FY26.
To watch
- Start of the second phase of the new plant, which the Chairman put at October to November 2026.
- Construction of the Aligarh recycling plant, which waits on map and land approvals.
- The 50% to 70% sales growth the company said it expects in FY27.
- Use of the ₹24.3 cr of listing money meant for plant and machinery, none of it spent by March 2026.
- Customers take longer to pay than before: 48 days in FY26, against 25 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Maxvolt Energy Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Maxvolt Energy Industries half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 28 | 40 | 67.19 | 130.04 | 166.72 |
| Expenses | 22 | 35 | 58.63 | 111.61 | 149.54 |
| Operating profit | 6 | 5 | 8.56 | 18.43 | 17.18 |
| OPM | 20.0% | 13.0% | 12.7% | 14.2% | 10.3% |
| Interest | 0 | 0 | 0.90 | 0.83 | 2.64 |
| Depreciation | 0 | 0 | 0.38 | 0.45 | 0.66 |
| Profit before tax | 6 | 6 | 8.29 | 17.91 | 14.92 |
| Net profit | 4 | 5 | 5.34 | 12.92 | 11.46 |
Maxvolt Energy Industries profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 6 | 14 | 48 | 107 | 296.76 |
| Expenses | 6 | 13 | 42 | 94 | 261.16 |
| Operating profit | 0 | 1 | 7 | 14 | 35.60 |
| OPM | 2.6% | 4.0% | 14.0% | 13.0% | 12.0% |
| Other income | 0 | 0 | 0 | 2 | 1.80 |
| Interest | 0 | 0 | 1 | 1 | 3.47 |
| Depreciation | 0 | 0 | 0 | 1 | 1.11 |
| Exceptional and other items | · | -1 | · | · | · |
| Profit before tax | 0 | 0 | 6 | 14 | 32.82 |
| Tax rate | 67.0% | 10.0% | 16.7% | 28.6% | 25.7% |
| Net profit | 0 | 0 | 5 | 10 | 24.38 |
| EPS ₹ | 0.31 | 8.75 | 6.71 | 9.28 | 22.36 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Maxvolt Energy Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.6% | 4.0% | 14.0% | 13.0% | 12.0% |
| Tax rate | 67.0% | 10.0% | 16.7% | 28.6% | 25.7% |
| ROCE | · | 0.0% | 65.7% | 166.7% | 38.3% |
| ROE | · | 0.0% | 81.2% | 166.7% | 46.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Maxvolt Energy Industries debt and cash flow
Balance sheet · Cash flow · Working capitalIts loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY23, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Maxvolt Energy Industries balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.32 | 0.32 | 8 | · | 10.90 |
| Reserves | 0 | 0 | 4 | · | 93.39 |
| Net worth | 0.32 | 0.32 | 12 | · | 104.29 |
| Borrowings | 2 | 3 | 6 | · | 85.25 |
| Other liabilities | 1.68 | 6.68 | 14 | · | 35.18 |
| Total liabilities | 4 | 10 | 32 | · | 224.72 |
| Fixed assets | 1 | 1 | 1 | · | 19.35 |
| Capital work in progress | 0 | 0 | 0 | · | 13.26 |
| Investments | 0 | 0 | 1 | · | 22.43 |
| Other assets | 3 | 9 | 30 | · | 169.68 |
| Receivables | · | · | · | · | 39.13 |
| Inventory | · | · | · | · | 62.23 |
| Cash | · | · | · | · | 26.37 |
| Trade payables | · | · | · | · | 12.09 |
Maxvolt Energy Industries cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -2 | 0 | -8 | -45 | -28.99 |
| Cash from investing | -1 | 0 | -1 | -3 | -29.67 |
| Cash from financing | 2 | 0 | 8 | 49 | 83.70 |
| Net cash flow | -1 | 0 | -1 | 1 | 25.04 |
| Capital spending | · | · | · | · | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 25 | 21 | 50 | · | 48 |
| Inventory days | 169 | 132 | 129 | · | 94 |
| Days payable | 46 | 209 | 99 | · | 18 |
| Cash conversion cycle | 147 | -56 | 80 | · | 124 |
| Working capital days | 14 | 19 | 82 | · | 71 |
Maxvolt Energy Industries peers and competitors
Listed SME companies in the same industryBy sales, Maxvolt Energy Industries is number 3 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| CLN Energy | 526 | 25.0 | 347 | 21 | 11.0% | 0.81 |
| Maxvolt Energy Industries | 445 | 18.2 | 297 | 24.4 | 12.0% | 0.82 |
| Poojaa Precision Engg. | 1,696 | 54.7 | 293 | 31 | 18.0% | 0.31 |
| Forge Auto International | 109 | 8.9 | 270 | 12.3 | 10.2% | 1.03 |
| OBSC Perfection | 2,263 | 83.8 | 220 | 27 | 18.0% | 0.40 |
| Shigan Quantum Technologies | 127 | 18.8 | 218 | 6.8 | 8.6% | 0.67 |
| Emerald Tyre Manufacturers | 140 | 13.6 | 218 | 10.3 | 12.6% | 1.18 |
| Sellowrap Industries | 85 | 8.4 | 201 | 10.1 | 12.4% | 0.50 |
| New Swan Multitech | 76 | 7.6 | 177 | 10 | 12.0% | 0.42 |
| Pritika Engineering Components | 210 | 28.8 | 162 | 7.3 | 13.3% | 1.85 |
| Sumax Engineering | 192 | 14.8 | 147 | 13 | 12.0% | 0.21 |
| Median of the 10 others | 166 | 16.8 | 218 | 11.3 | 12.2% | 0.58 |
Maxvolt Energy Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Maxvolt Energy Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 25 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 39.14% | 39.14% | 39.14% | 39.14% | 39.14% | 39.19% | 39.20% |
| Foreign investors (FIIs) | 2.19% | 1.54% | 0.88% | 0.87% | 0.35% | 0.43% | 0.44% |
| Indian institutions (DIIs) | 6.64% | 6.51% | 3.21% | 1.40% | 0.70% | 0.76% | 0.95% |
| HNIs (over ₹2 lakh each) | 0.00% | 0.00% | - | 37.99% | 37.93% | 29.62% | 29.51% |
| Small holders (up to ₹2 lakh) | 45.44% | 46.30% | 50.23% | 14.15% | 15.50% | 23.38% | 23.72% |
| Companies and others | 6.59% | 6.51% | - | 6.45% | 6.38% | 6.62% | 6.18% |
| Number of shareholders | 1,009 | 862 | 852 | 1,118 | 1,107 | 1,550 | 1,953 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Maxvolt Energy Industries study: the business from its own documents
Read from 10 of the company's own documentsMaxvolt Energy Industries so far
From the company's own record
- 19 Feb 2025Listed on NSE Emerge at ₹180
- 30 June 2026Promoters at 39.20%
- 29 Sept 2026Highest close since listing, ₹447.25
Maxvolt Energy Industries key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹296.8 cr
- Up 176% on the year before, with profit of ₹24.4 cr.Investor presentation, May 2026, p.38
- E-scooter packs
- 73.1%
- Share of FY26 sales from e-scooter batteries, ₹217 cr; e-rickshaw and storage packs were about 7% each.Earnings call transcript, May 2026, p.5
- Packs made a month
- About 14,000
- From January 2026, up from 6,300 to 6,500 in December 2025 after the new plant opened.Earnings call transcript, May 2026, p.13
- Planned plant capacity
- 35,000 packs a month
- After the second phase adds 21,000 packs, with 60% set aside for e-rickshaw and storage packs.Earnings call transcript, May 2026, p.18
- Dealers and distributors
- 875+
- Up from 620 in FY25 and 239 in FY24; more than 30 vehicle makers are also customers.Investor presentation, May 2026, p.6 and p.15
Show 5 more facts
- Stock at March 2026
- ₹62.2 cr
- Up from ₹20.0 cr a year earlier; the company now holds four to five months of materials.Investor presentation, May 2026, p.39; Earnings call transcript, May 2026, p.10
- Borrowings
- ₹85.3 cr
- At March 2026, up from ₹9.5 cr a year earlier, mostly short term loans for working capital.Investor presentation, May 2026, p.39
- Cash from operations, FY26
- ₹29.0 cr outflow
- Stock and short term advances took up more cash than the year's profit brought in.Investor presentation, May 2026, p.40
- Listing money for machinery
- ₹0 of ₹24.3 cr
- None spent on plant and machinery by March 2026; ₹8.2 cr of it was moved to buying shares in the recycling subsidiary.Audited results, FY26, May 2026, p.14 and p.15
- Credit rating
- Crisil BBB-/Stable
- Assigned in February 2026 on ₹65 cr of bank loans, with A3 for short term loans.Credit rating, Crisil, February 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On 12 October 2026 the company told the exchange, after a board meeting that day, of the resignation of its internal auditor and the appointment of a Deputy CFO as a key managerial person; only the subject lines of those filings were available here, so names and reasons are not given. On the May 2026 call the Chairman said the second phase of the new plant should be running by October to November 2026, taking capacity to about 35,000 packs a month, and that FY27 sales could grow 50% to 70% at least, with margins the company called sustainable. The company said the first phase of the Aligarh recycling plant would cost about ₹75 cr to ₹80 cr, with construction to begin once map and land approvals come through.
| What management said | When | What happened |
|---|---|---|
| Output of 12,500 packs a month once the new plant runs | Nov 2025 call | About 14,000 a month from January 2026 |
| ₹24.3 cr of listing money for plant and machinery | Offer document | Nil spent by March 2026; ₹8.2 cr moved to the recycling subsidiary |
| Construction of the Aligarh recycling plant from March 2026 | Nov 2025 presentation | Moved to August 2026, awaiting approvals |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Maxvolt earns by assembling imported battery cells into packs and selling them through a wide dealer and service network, keeping a modest margin on each pack.
Its weak spots are dependence on cells from abroad, one main product line, and fast growth that has needed a lot of borrowed working capital.
WatchCan it set its own prices?Pack prices follow cell prices and the rupee, and the latest half year saw a thinner margin. Sales to large vehicle makers earn less.
AverageHow strong is it against rivals?Its edge is service, warranty and reach, not its own cells, in a market the rating agency says faces cheap imports.
AverageWho are its customers?Many dealers and some vehicle makers; before listing, a few buyers took most of the sales, and no later figure has been given.
WatchDoes it need a lot of money?Yes. It now holds months of imported materials and has borrowed heavily to do so, while also funding new plants.
StrongCan it keep finding new work?Demand has run ahead of output; the company says orders exceed what it can make and it is adding dealers and vehicle makers as capacity grows.
WatchDo good and bad years swing a lot?Most sales depend on electric two wheelers, which the rating agency calls a cyclical market, and on imported cell prices.
Who runs Maxvolt Energy Industries?
Promoters, directors and officers; tap a name for the background
BPBhuvneshwar Pal SinghPromoter, Co-founder, Managing Director and Chief Financial Officer · holds 14.85%
A B.Com from Chhatrapati Shahu Ji Maharaj University, Kanpur (2008), with the company since 2020. Oversees day to day work, accounts, finance and administration.
Offer document, p.207; Investor presentation, May 2026, p.21VGVishal GuptaPromoter, Co-founder, Chairman and Whole-time Director · holds 14.63%
A Bachelor of Mechanical Technology from Manav Bharti University, Solan (2016), with an advanced programme in E-Vehicle Technology from IIT Delhi (2023). With the company since it was formed, first as Chief Technical Officer and as a director since 2021; leads operations and R&D.
Offer document, p.207; Investor presentation, May 2026, p.21SGSachin GuptaPromoter and Chief Operating Officer · holds 9.63%
An MBA from Sikkim Manipal University (2008); worked in the finance department of Mohan Clothing Company from 2012. Named Chief Operating Officer in the May 2026 presentation.
Offer document, p.220; Investor presentation, May 2026, p.21SSSatendra ShuklaCo-founder and Chief Executive Officer
An MBA in Finance with over 12 years in finance, analytics and business development, as the company states.
Investor presentation, May 2026, p.21KDKavita DixitIndependent Director
A B.Com from Gorakhpur University and a fellow chartered accountant in practice since 2017, with BMSA and Associates since April 2020.
Offer document, p.207AKAjay KumarIndependent Director
A chartered accountant with B.Com and M.Com degrees from the University of Delhi, in practice since 2018 with A S C & Associates.
Offer document, p.207Maxvolt Energy Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹167 cr (+148%), net profit ₹11.5 cr (+115%) on H2 FY25.
- Shareholding, 30 June 2026: promoters 39.19% to 39.20%.
Maxvolt Energy Industries announcements
128 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enMaxvolt Energy Industries Limited has informed regarding non applicability of the Compliance Report on Corporate Governance for the Qtr ended September 30, 2026PDF ↗
- Change in Managementchange in ManagementPDF ↗
- Outcome of Board MeetingHeld on October 12, 2026PDF ↗
- Change in Managementresignation of Internal Auditor and appointment of Deputy CFO & KMPPDF ↗
- Outcome of Board MeetingHeld on October 12, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- General UpdatesRecognition received at the ET Business Excellence & Leadership Summit 2026-Innovation in Lithium Battery ManufacturingPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
Maxvolt Energy Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 30 June 2025 ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 30 June 2025 ↗read
- 16 Feb 2026 ↗read
- Credit ratings ↗read
Maxvolt Energy Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Maxvolt Energy Industries' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,09,03,928 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Maxvolt Energy Industries
What does Maxvolt Energy Industries do?
Maxvolt Energy Industries puts together lithium battery packs for electric scooters, e-rickshaws and home solar storage, and sells them under its own brand through dealers and to vehicle makers. Its shares trade on NSE Emerge.
What is the share price of Maxvolt Energy Industries?
₹408 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Maxvolt Energy Industries?
₹445 cr at the close on 6 Nov 2026, on 1,09,03,928 shares.
What is the P/E of Maxvolt Energy Industries?
18.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Maxvolt Energy Industries' revenue and profit?
Revenue ₹297 cr and profit after tax ₹24 cr in FY26.
Who are the promoters of Maxvolt Energy Industries?
Bhuvneshwar Pal Singh, Vishal Gupta, Sachin Gupta; promoters held 39.20% at 30 June 2026.
What was the IPO price of Maxvolt Energy Industries?
₹180 a share; it listed on 19 Feb 2025.
What is Maxvolt Energy Industries' website?
www.maxvoltenergy.com
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Built from 3 earnings call transcripts, 3 investor presentations, 2 credit rating notes, 1 offer document, 1 result filing, 128 exchange announcements, 7 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.