Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Maxvolt Energy Industries Ltd. (MAXVOLT)
SME CapAuto stocks · SME cap · NSE
Incorporated in 2019, Maxvolt Energy Industries Ltd. specializes in manufacturing lithium-ion battery packs under 'MaxVolt Energy' brand for E-Scooters, E-Rickshaws, E-Cycles, and Energy Storage Systems. It focuses on battery pack manufacturing, offering customized solutions for EVs, ESS, solar, telecom, and industrial applications, alongside chargers and inverters.
₹364.65
-16.90 · -4.43%
Market cap ₹416 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result14 May, 04:34 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 +20.5% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 45
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MAXVOLTD candles · FIT view-12.1%Latest close ₹364.65 on 2026-10-21
Bar
-2.6%
RSI
37
MACD hist
-9.25
52W pos
46%
2026-10-21O ₹374.20H ₹375.05L ₹362.50C ₹364.65Vol 38,400 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAXVOLTNifty AutoNifty 500
- MAXVOLT
- +0.5%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- +7.0 pp
Chart stats
21 Oct 2026- From 52W high
- -28.4%
- 52W range position
- 46%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.59x
- Avg traded value
- ₹2.7 Cr
- 20D price channel
- ₹362.5 - ₹464.6
₹509
₹243 - ₹509
₹21.2
Latest completed session
20-session average
48.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+63.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹167 Cr | NDF | +149.3% |
| EBITDA | ₹17 Cr | NDF | -5.6% |
| Operating margin | 10.0% | NDF | -400 bps |
| PAT | ₹11 Cr | NDF | +120.0% |
| PAT margin | 6.6% | NDF | -341 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.80
- P/B
- 3.86
- EV/EBITDA
- 13.54
- Market Cap
- 416.00Cr
Profitability
- ROE
- 31.80%
- ROCE
- 27.10%
- ROA
- 12.28%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 177.57%
- EPS 5Y
- 180.00%
- Revenue 3Y
- 177.57%
- EPS 3Y
- 180.00%
Balance Sheet
- Debt/Equity
- 0.79
- Interest Coverage
- 9.00×
- Altman Z
- 4.67
- Book Value
- 99.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -29.00 Cr
- EPS TTM
- 25.76
Shareholding
- Promoter Hold
- 39.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 167+28.5% vs prev
Net Profit
₹ CrLatest: 11.0-15.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 37. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~17.0% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
68
RS percentile
Stage 1 Base / Transition
1M return
-7.2%
3M return
+0.5%
6M return
-12.9%
1Y return
+10.3%
RS 1D
-6
RS 20D
-12
Sector rank
#5
Industry rank
#30
Stage evidence
- Price is within 3.0% of the 30-week proxy.
- The 30-week proxy changed +5.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 139.52-3.53%
RS vs Nifty 500140
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation14/30
Growth22/25
Quality18/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 63.3%.
- Quality contributes 18/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
14.8
PB
3.9
EV/EBITDA
13.5
ROE
31.8%
ROCE
27.1%
FCF Yield
—
Debt/Equity
0.8
MoS
+63.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+63.3%
Previous: +61.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹239.54
-52.2% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹993.05
+63.3% MoS
PEG
0.08
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ARE&M
Small
Amara Raja Energy & Mobility Limited
Auto Components
match 146
38
18.6
7.2%
-148%
WATCHLIST
EXIDEIND
Mid
Exide Industries Limited
Auto Components
match 141
29
33.9
6.0%
-308%
OVERVALUED
MUNISH
SME
Munish Forge Ltd.
Auto Components
match 133
40
20.6
10.4%
+47%
WATCHLIST
TUNWAL
SME
Tunwal E-Motors Ltd.
Auto Components
match 133
52
12.4
10.7%
+48%
FAIR VALUE
MAJESAUT
Small
Majestic Auto Limited
Auto Components
match 133
56
13.1
3.5%
+56%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-20T07:20:15.481Z
Management commentary snapshot
Maxvolt Energy reported robust FY26 performance with Revenue up 176.1% YoY to INR 29,676.5 Lacs, EBITDA up 155.4% YoY to INR 3,560.2 Lacs, and PAT up 140.9% YoY to INR 2,437.5 Lacs. H2 FY26 also showed strong YoY growth in revenue and profit.
The company delivered strong financial growth in FY26, driven by expanding production capacity and a growing dealer/OEM network. Strategic focus on a circular lithium ecosystem, including recycling, positions it for future sustainability and market share gains in India's rapidly growing EV and ESS battery market.
Current business mix
Revenue by Solution Type (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
E-Scooters73.1%
E-Rickshaws7.4%
Energy Storage Systems7.2%
Battery Chargers6.8%
Others5.4%
E-Cycles0.1%
Growth engines
Expanding EV Battery Demand
Rapid adoption across EVs, energy storage, and next-gen mobility solutions, especially 2W/3W.
Circular Economy Model
Developing a fully integrated circular ecosystem in lithium energy sector, including recycling and repurposing.
Increased Manufacturing Capacity
Commissioned a new 55,000 sq. ft. facility, doubling capacity to 14,000+ batteries/month.
Nationwide Distribution & OEM Network
Strengthened distribution to 875+ dealers/distributors and 30+ OEM partnerships.
Capacity and execution
New Ghaziabad Manufacturing Facility
55,000 sq. ft. new facility commissioned, doubling production capacity to 14,000+ batteries/month.
Aligarh Lithium Recycling Plant
Land allotted, construction expected by August 2026, initial capacity 7,800 MT/annum by FY27.
Tailwinds
Government Policy Support
Align with India’s clean energy goals and leverage national incentives and infrastructure support.
Growing Lithium-Ion Market
India's lithium-ion battery market to grow from USD 2.34 Bn (2022) to USD 5.75 Bn (2028) at 17.23% CAGR.
Demand for Circular Solutions
Monetization through carbon credit trading and ESG-linked partnerships from recycling and reuse.
Headwinds
Import Dependence for Raw Materials
India lacks domestic lithium, cobalt, nickel reserves, leading to import-driven costs.
Manufacturing Infrastructure Gaps
India has <1% of global battery cell production and faces capital, talent, and recycling infrastructure gaps.
Risk radar
Supply Chain Vulnerability
Reliance on global cell suppliers and lack of domestic raw material reserves poses supply chain risks.
Competition in EV Battery Market
Rapid growth attracts competition, requiring continuous innovation and cost efficiency.
Execution Risk for Recycling Plant
Aligarh plant construction and scaling to 7,800 MT/annum by FY27 carries execution and ramp-up risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights the significant annual growth in a rapidly expanding market, while QoQ (H2 vs H1) shows sequential momentum and execution in capacity ramp-up and market penetration.
Sector KPIs management disclosed
Batteries Manufactured Per Month
14,000+ as of FY26
Revenue Growth (FY26 YoY)
176.1% (INR 29,676.5 Lacs)
EBITDA Growth (FY26 YoY)
155.4% (INR 3,560.2 Lacs)
PAT Growth (FY26 YoY)
140.9% (INR 2,437.5 Lacs)
Management forward view
Targeting 5% Market Share
Aiming for 5% market share in India's lithium recycling and battery pack manufacturing by FY2032.
Strategic Entry into Battery Recycling
Launch a battery recycling line to reduce costs, enable reuse of materials, and enhance delivery timelines and margins.
Strengthen R&D and Drive Innovation
Enhance R&D capabilities to develop high-efficiency, eco-friendly products and meet evolving customer expectations.
Expand Reach & Product Mix
Focus on increasing sales through volume-driven growth and expanding product offerings for new market segments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Aligarh Recycling Plant Commissioning | Construction expected by August 2026, initial capacity 7,800 MT/annum by FY27. | Timely commissioning and ramp-up of recycling capacity. |
| Dealer/Distributor Network Expansion | Currently 875+ dealers/distributors. | Continued expansion and penetration into new pin codes and regions. |
| OEM Partnerships Growth | Currently 30+ OEM partners. | New OEM tie-ups and increased content per vehicle with existing partners. |
| R&D Collaboration Outcomes | MOU signed with IIT Delhi, IIT Roorkee for AI-enabled BMS and other innovations. | Successful development and commercialization of advanced battery technologies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 21st percentile within Auto. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Auto: 21st pctile, median 74 · SME: 41st pctile, median 64
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-29 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Maxvolt Energy Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.