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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹167 Cr | NDF | +149.3% |
| EBITDA | ₹17 Cr | +88.9% | -5.6% |
| Operating margin | 10.0% | -300 bps | -400 bps |
| PAT | ₹11 Cr | NDF | +120.0% |
| PAT margin | 6.6% | -87 bps | -341 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Solution Type (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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)
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.
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.
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -5.0% / mo · MACD + · sector -3.3pp vs Nifty (3M)
Technical chart
MAXVOLTdaily · 1Y · AUTO+14.0%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.3% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 52% 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.
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 63.5%.
- Growth contributes 21/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-29 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 21st pctile, median 74 · SME: 41st pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 14.50
- P/B
- 3.40
- EV/EBITDA
- 11.86
- Market Cap
- 354.00Cr
Profitability
- ROE
- 23.40%
- ROCE
- —
- ROA
- 10.67%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 177.57%
- EPS 5Y
- 140.00%
- Revenue 3Y
- 177.57%
- EPS 3Y
- 140.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- 12.00×
- Altman Z
- 4.35
- Book Value
- 95.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -29.00 Cr
- EPS TTM
- 22.36
Shareholding
- Promoter Hold
- 39.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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