Maxvolt Ene.

Maxvolt Energy reported robust financial results for H2 FY25 and the full financial year. H2 FY25 revenue grew 144.2% YoY to INR 67.189 crores, with full FY25 revenue reaching INR 107.466 crores, a 122.2% YoY increase. Net profit for FY25 stood at INR 10.117 crores, up 94% YoY. This impressive growth is primarily driven by the rapid adoption of electric vehicles, government initiatives like FAME II and PLI schemes, and the expanding energy storage market, which is projected to reach $9.6 billion by 2033 with a CAGR of 12.3%.

The company's core strategy emphasizes a sustainable battery lifecycle through its four pillars: Repurpose, Recycle, Reuse, and Recharge, including a unique buyback model offering up to 20% cashback. Maxvolt is aggressively expanding its manufacturing capabilities, with current capacity increasing from 2,500-3,000 to 6,000 batteries per month. A significant development is the allocation of 23,500 sq meters of industrial land in Aligarh for a new giga factory and a dedicated lithium battery recycling facility, supported by the Uttar Pradesh government.

Maxvolt has successfully expanded its dealer and distributor network to over 620 partners across 1,100 pin codes, enhancing market access and brand presence. The company also strengthened its OEM relationships to 22, supplying customized battery solutions for various applications including e-scooters, e-rickshaws, and energy storage systems. While catering to the retail and unorganized market, Maxvolt is actively pursuing partnerships with larger OEMs like TCA and Godrej, aiming to land a significant OEM account this year.

Despite strong revenue growth, H2 FY25 saw some margin compression, with EBITDA margin at 12.7% and PAT margin at 7.9%, compared to 13% and 9.4% for the full year, respectively. Management attributed this to significant investments in expansion, including increased manpower and infrastructure. Receivables as a percentage of sales increased to 28% from 13.5% last year, and the company's cash balance was INR 1.3 crores. Maxvolt is addressing this through advanced payments, credit terms for established customers, and exploring supply chain financing with NBFCs.

Maxvolt is differentiating itself through superior service and product innovation. The company aims to reduce its Turnaround Time (TAT) for battery service from the current 8 days to 4 days this year, a significant improvement from the industry standard of 30-35 days. This is enabled by smart batteries with integrated BMS for instant diagnosis and onsite support. Maxvolt is also developing advanced solutions like fast-charging hybrid systems and introducing L3, L4, L5 category products for 3-wheelers, alongside working on ESS small pack and home solution batteries.

The company has outlined a capex plan of approximately INR 16 crores for current capacity expansion (Phase 1), which is 100% self-funded. Additionally, a larger project for the recycling and ESS factory is estimated at INR 80 crores. For this, Maxvolt is discussing funding with HDFC and utilizing funds received from NSG. The current capacity expansion is expected to be activated around Jan/Feb 2026, which will increase the capacity from 6,000 to approximately 15,500 batteries per month.