Maxvolt Ene. — Q2 FY26 earnings call

Call held 14 Nov 2025

Management summary

Maxvolt Energy Industries Limited reported a robust H1 FY26, with significant revenue and profit growth driven by strong demand and expanded manufacturing capacity. The company is aggressively pursuing capacity expansion, lithium battery recycling initiatives, and export market entry. While facing cash flow challenges due to rapid growth and lithium price volatility, Maxvolt is focused on building a fully circular lithium ecosystem and strengthening its service network.

Highlights

  • Revenue of INR 130.04 crores, up 222.9% YoY, driven by strong demand and capacity expansion.

  • EBITDA grew by 242.8% to INR 18.43 crores, reflecting improved efficiency.

  • PAT rose by 170.5% to INR 12.92 crores, with a PAT margin of 9.9%.

  • Dealer-distributor network expanded from 620 to over 800, and OEM partnerships grew from 22 to 26.

  • Commissioned a new 55,000 sq. ft. manufacturing facility, doubling production capacity to 12,500 battery packs per month.

Concerns

  • Cash flow is a challenge due to aggressive expansion plans requiring continuous infusion.

  • Lithium-ion material price volatility impacts financials and inventory management, requiring long-term supply agreements.

  • Supply chain stability and potential future global/political issues are identified as risks.

Key financials

  1. Revenue ₹130.04 Cr +222.9%YoY
  2. EBITDA ₹18.43 Cr +242.8%YoY
  3. EBITDA Margin 14.2%
  4. PAT ₹12.92 Cr +170.5%YoY
  5. PAT Margin 9.9%

What they filed

Q4 FY26: revenue up 496.4%, net profit up 175.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue28 40 67 130 167 +496%
EBITDA6 5 9 18 17 +183%
Net profit4 5 5 13 11 +175%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of Revenue
₹129.97 Cr Total
  • EV Segment ₹99.24 Cr 76.4%
  • Energy Storage System (ESS) ₹15.84 Cr 12.2%
  • Other Business Segment (Consumable/Repurposed Batteries) ₹8.99 Cr 6.9%
  • Battery Charger Business ₹5.9 Cr 4.5%

Capital allocation

high confidence
  • Capex Capex disclosed
    • New manufacturing facility in Ghaziabad (55,000 sq ft)
    • Aligarh recycling plant (Phase 1 crushing and black mass generation)
    • Advanced extraction unit for recycling plant (Phase 2)
    • Capacity expansion for 6,500 additional batteries ₹14 Cr
    • Capacity expansion to 25,000 batteries/month ₹55 Cr
    • 2 gigawatt ESS line project ₹140 Cr
    A key milestone in H1 FY '26 was the commissioning of a new 55,000 sq. ft. manufacturing facility in Ghaziabad, which doubled our production capacity from 6,000 to 12,500 battery packs per month. (Vishal Gupta, page 4) Under Phase-1, that is crushing and black mass generation, the land has been allotted by the UP MSME Department for our Aligarh recycling plant. With construction scheduled to begin by March 2026. (Vishal Gupta, page 4) For Phase-2, metal extraction and refining was being developed in parallel, with an advanced extraction unit targeted for FY '28-'29 (Vishal Gupta, page 4) And in the second phase, we will take it to 25,000. (Vishal Gupta, page 13) The overall CAPEX is approximately to be around INR 14 crores approximate. (Satendra Shukla, page 19) CAPEX would be around INR 55 crore to INR 60 crore on that point of time (Satendra Shukla, page 22) We have our own project. The project cost is about INR 140 crore approximately. (Satendra Shukla, page 11)
  • Debt Debt disclosed Cost 8.3%
    • New borrowing Currently using debt for funding, discussing with SBI and ICICI Bank for initial project deployment.
    Right now, we are getting that 8.25%, 8.4%. That's the standard ROI we are getting right now. And we are also using that supply chain financing where we have a short-term interest, so that overall impact is about less than, this is going to be a 0.45%, 0.6% approximate. (Vishal Gupta, page 23)

Guidance & targets

Market Share

  • Indian Lithium Recycling Market Share Market Share · by FY32 · High confidence 5%
    Within India, the recycling opportunity alone is estimated at $1.2 to $1.5 billion annually by 2030, and Maxvolt aims to capture around 5% of the market by FY32, contributing to over 12,000 tons of annual CO2 reduction through circular operations.

    — Vishal Gupta

  • EV Market Share (India) Market Share · by 2032 · High confidence 5%
    So, 5% by 2032, we are planning to have a 5% market share.

    — Vishal Gupta

Capacity

  • Recycling Plant (Phase 1) Operation Start Capacity · FY26-27 · High confidence Commence operation
    This plant will commence operation in FY '26-'27, with an initial capacity of 7,800 metric tons per annum.

    — Vishal Gupta

  • Recycling Plant (Phase 1) Initial Capacity Capacity · FY26-27 · High confidence 7,800 metric tons per annum

    — Vishal Gupta

  • Recycling Plant (Phase 2) Metal Extraction Unit Capacity · FY28-29 · High confidence Targeted
    For Phase-2, metal extraction and refining was being developed in parallel, with an advanced extraction unit targeted for FY '28-'29, focused on recovering metals like nickel, cobalt, manganese and lithium.

    — Vishal Gupta

  • New Facility Commissioning (6,500 batteries) Capacity · by December · High confidence 100% commissioned
    That facility already is on proceed. We have already proceeded the 100% commissioned by what I believe is the end of December. I believe, we are getting the 100% commissioned by December.

    — Satendra Shukla

  • Total Consolidated Capacity Capacity · Current · High confidence 12,500 batteries
    So, the overall consolidated capacity, which is mentioned in here is 12,500 batteries.

    — Vishal Gupta

  • Total Capacity Target Capacity · by August 2026 · High confidence 25,000 batteries a month
    So, we are targeting around like 25,000 batteries a month. So, if you have joined our previous call, I already mentioned that we are expanding our plant in 2 phases. The land which we have taken 55,000 square feet of land is for the capacity of 25,000 batteries. In the first phase, we are enhancing it to 12,500. And in the second phase, we will take it to 25,000. ... And in the second phase, which we are targeting is somewhere around August 2026, for which we will have the number of 25,000 batteries.

    — Vishal Gupta

Revenue

  • Top Line Revenue · FY26 · Medium confidence INR 170-180 crores
    Sir, basically you have given guidance for INR 170 crore to 180 crore of top line in FY '26, but already you have like 130 crore. So, I think you are going to outperform it totally. So, are you going to improve the guidance?

    — Shashank Jha (referencing prior guidance)

  • Revenue from 6,500 battery capacity Revenue · Future · Medium confidence INR 100-150 crores (initial), INR 200-225 crores (80-90% utilization)
    If you see that 6,500 battery what we are going to have, what is going to be the addition in the coming month? In terms of revenue, if you see like INR 100 and INR 150 crores. ... Then when we are using 80%-90% capacity, the revenue is going to be around INR 200 crores to INR 225 crores approximately, if we are able to achieve that.

    — Satendra Shukla

Capacity Utilization

  • 12,500 Battery Capacity Utilization Capacity Utilization · by Q4 FY27 · High confidence 100%
    Okay. So, we can expect 100% utilization by Q4 FY '27, if I could say that. We can say, we can say.

    — Maitri Shah, Vishal Gupta

Margin

  • EBITDA Margin (Recycling Plant) Margin · Future · Medium confidence 30-35%
    in terms of the margins, the margins will be sustainably good. That is the least I can say as of now. And in terms of just the roughly numbers, we will be doing around 30% to 35% of the margins in there.

    — Vishal Gupta

  • EBITDA Margin (Crushing Plant) Margin · Current · Medium confidence 22-25%
    But margins right now, the current situation is good. The EBITDA is like 22% to 25% approximate.

    — Satendra Shukla

  • EBITDA Margin (25,000 battery capacity) Margin · Future · Medium confidence 13-14%
    And EBITDA margin is right now like 13 to 14 in between our EBITDA is going on.

    — Satendra Shukla

Service

  • Service Turnaround Time Service · Coming years · High confidence 4 days

    Previously 6-7 days → 4 days

    And our service days right now, we are maintaining is 6 to 7 days apart of transit. And we are aiming and targeting for completing this within 4 days in the coming years.

    — Satendra Shukla

What to watch in Q3 FY26

New Facility Commissioning (6,500 battery capacity)

by December
Current Partially started
Target 100% commissioned

Why it matters

Verification of new capacity coming online is crucial for revenue growth and operational efficiency.

That facility already is on proceed. We have already proceeded the 100% commissioned by what I believe is the end of December. I believe, we are getting the 100% commissioned by December. That facility is partially started right now. (Satendra Shukla, page 7)

Risks & concerns

  • Cash flow challenges due to aggressive expansion

    medium

    Aggressive expansion plans require continuous cash infusion, making cash flow a challenge.

    Management acknowledged

  • Lithium-ion material price volatility

    medium

    Price changes in lithium-ion materials impact financials and inventory, requiring long-term supply agreements.

    Management acknowledged

  • Supply chain disruptions

    medium

    Supply chain is a major challenge, though the company has agreements with suppliers.

    Management acknowledged

  • Competition from unorganized and established players

    medium

    Competition exists from both unorganized players and large national brands, but Maxvolt differentiates through its ecosystem and service.

    Analyst downplayed

  • Global and political issues

    low

    Potential future risk from global and political issues, though not currently impacting.

    Management acknowledged

Q&A highlights

6 direct
Cash Flow from Operations and Expansion Funding Partial
I believe cash flow is a bit of a challenge, because every time we need an infusion for that because initially our target is bigger. So, I believe this is the normal phenomena for every growing industry. So, I think the challenge is going to be coming in few years, while we are on this project expansion mode.

Analyst questioned the sustainability of positive cash flow for a high-growth company, and management acknowledged it as a challenge during aggressive expansion, indicating a need for continuous funding.

Asked by Sanket Sadh

New Facility Commissioning Timeline Direct
That facility already is on proceed. We have already proceeded the 100% commissioned by what I believe is the end of December. I believe, we are getting the 100% commissioned by December. That facility is partially started right now.

Confirmed the new 6,500 battery capacity facility is on track for 100% commissioning by December, with partial operations already underway, providing clarity on capacity ramp-up.

Asked by Sanket Sadh

Export Market Strategy and Target Regions Direct
Now see actually when we are talking about that export market, we are targeting kind of countries where we have a heavy demand like Africa is having a very huge demand for that. People, like retail market as well as we are looking for the project to initially like, in Dubai, in Middle East, we are talking about one of the ESS projects, we are having a 25-megawatt project.

Management outlined specific target regions (Africa for retail, Middle East for projects) and initial strategies for entering export markets, indicating new growth avenues.

Asked by Sanket Sadh

Lithium-ion Price Volatility and Inventory Management Direct
Initially, we are just doing that kind of industry. This is the challenge for everyone. Actually, everyone is waiting for that. So, we are hatching for that price of materials for 6 to 8 months. And the coming years, what we are planning, we are talking to our leading suppliers who can just have a kind of supply agreement where we can stable the pricing at least for 12 months.

Addressed a key industry-wide challenge of raw material price volatility and outlined their strategy to mitigate it through long-term supply agreements.

Asked by Sanket Sadh

Revision of FY26 Revenue Guidance Partial
That is the target which we were targeting, but yes, we got some good potential from the market as well, and we expanded ourselves in that particular manner. And we have done the bigger capacity size, which helps us to have more revenues. So, that is how we are expanding.

Analyst highlighted that H1 results already surpassed half of the full-year guidance, implying a potential upward revision, which management acknowledged by citing market potential and capacity expansion without explicitly revising the target.

Asked by Shashank Jha

Recycling Plant Margins and Profitability Direct
in terms of the margins, the margins will be sustainably good. That is the least I can say as of now. And in terms of just the roughly numbers, we will be doing around 30% to 35% of the margins in there.

Provided specific margin expectations for the upcoming recycling business, indicating a significant potential for profitability from this new segment.

Asked by Maitri Shah

Competition and Sustainable Margins Direct
No, no, no, that's okay. Because every business, I believe they are facing similar kind of issues and problem. If we are talking about the battery industry, there is the Exide, Amaron, Tata, lots of company. ... But Maxvolt is the only company who is working for the entire process except the cell manufacturing.

Management articulated their competitive advantage, focusing on their unique integrated ecosystem (excluding cell manufacturing) and strong service network to sustain margins against both unorganized and established players.

Asked by Sandeep Bhandari

Funding Strategy for Long-Term Growth Direct
Sanket ji, this time, definitely, we were working on that way, and our plan is ambitious right now. It's not an issue. Definitely, we are working on that CAPEX part. If we need to infuse more money, and we, right now, we are not going for dilution. And right now, initially, we are just taking the path of that debt part. We are already discussing with the SBI and ICICI Bank for initial project deployment. And post 2 years, we are just going to be issuing some preferential in between. we are just planning to buy some own, to increase our own stakeholding with the Maxvolt.

Management clarified their capital allocation strategy for ambitious growth, indicating a current reliance on debt and a future plan for preferential share issuance to increase stakeholding and fund expansion.

Asked by Sanket Sadh

2 min read 6 chapters

Detailed narrative

Strong H1 FY26 Financial Performance

Maxvolt Energy Industries Limited delivered a phenomenal performance in H1 FY26, with revenue surging by 222.9% year-on-year to INR 130.04 crores. This growth was primarily driven by strong demand, capacity expansion, and operational excellence. EBITDA increased by 242.8% to INR 18.43 crores, resulting in an EBITDA margin of 14.2%. Profit After Tax (PAT) also saw a significant rise of 170.5% to INR 12.92 crores, with a PAT margin of 9.9%.

Aggressive Capacity Expansion and Utilization Targets

A key milestone in H1 FY26 was the commissioning of a new 55,000 sq. ft. manufacturing facility in Ghaziabad, which doubled the production capacity from 6,000 to 12,500 battery packs per month. The company aims for 100% utilization of this 12,500 battery capacity by Q4 FY27. Looking ahead, Maxvolt plans to further expand its capacity to 25,000 batteries per month by August 2026, with an estimated CAPEX of INR 55-60 crores for this second phase.

Strategic Entry into Lithium Battery Recycling

Maxvolt is making significant progress in establishing a fully circular lithium ecosystem through battery recycling. Land has been allotted for a Phase 1 crushing and black mass generation plant in Aligarh, with construction scheduled to begin by March 2026 and operations commencing in FY26-27, targeting an initial capacity of 7,800 metric tons per annum. A Phase 2 metal extraction and refining unit is targeted for FY28-29, with management expecting 30-35% margins from the overall recycling process.

Expanding Market Reach and Export Ambitions

The company's dealer-distributor network expanded from 620 to over 800, and OEM partnerships grew from 22 to 26, reflecting increased customer confidence. Maxvolt has established a strong presence across 1,200 pin codes in India and is now preparing to enter export markets. Plans include expanding across Southeast Asia, the Middle East (with a 25-megawatt ESS project), and Africa (for retail segmentation) in the coming year, starting with distributors and associate partners.

Funding Growth and Managing Lithium Price Volatility

To support its aggressive expansion plans, Maxvolt is currently relying on debt, with ongoing discussions with SBI and ICICI Bank for initial project deployment. The cost of debt is around 8.25-8.4%. The company also plans to issue preferential shares after two years to increase stakeholding and enhance liquidity. Maxvolt acknowledges the challenge of lithium-ion material price volatility and is working towards securing 12-month supply agreements with leading suppliers to stabilize pricing.

Differentiated Service Model and Competitive Strategy

Maxvolt emphasizes its robust service network as a key differentiator, operating 9 warehouses and service centers in major cities. Their smart BMS enables instant battery diagnosis, and they aim to reduce service turnaround time from the current 6-7 days to 4 days. The company positions itself as a unique player working across the entire battery ecosystem (excluding cell manufacturing), providing a competitive edge against both unorganized and established players by focusing on quality, service, and sustainability.

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