MAXVOLT
Maxvolt Ene. financials
- Market cap
- ₹363 Cr
- Calls analysed
- 3
Maxvolt Ene. Q4 FY26
What went well
- Revenue for FY26 grew by 176% year-on-year to INR296.7 crores, demonstrating strong top-line performance.
- EBITDA for FY26 increased by 155% to INR35.6 crores, and PAT rose by 141% to INR24.4 crores, reflecting improved profitability.
- Monthly battery production capacity expanded from 6,300-6,500 units to 14,000 units from January onwards, a 100% jump.
What to watch
- H2 FY26 EBITDA and PAT experienced a slight de-growth compared to H1 FY26, attributed to geopolitical conflicts, exchange rate fluctuations, and raw material supply chain stretch.
- The construction start for the Aligarh lithium battery recycling plant has been delayed from an initial March target to August 2026 due to ongoing approval processes.
What Maxvolt Ene. does
MaxVolt Energy Industries designs and manufactures customized lithium-ion battery packs (not cells) under its flagship "MaxVolt Energy" brand for electric two- and three-wheelers, e-cycles, energy storage systems, and telecom, medical, industrial and defence applications, and also makes battery chargers and inverters. It sells through a nationwide network of authorized dealers, distributors and OEM partnerships, backed by dedicated service centres offering rapid battery replacement. Through its wholly-owned subsidiary MaxVolt ReEarth, the company is building an integrated circular-lithium ecosystem, developing a battery-recycling and black-mass recovery plant at Aligarh alongside battery repurposing/second-life and buyback programmes.
Segments
- E-Scooter / E-Bike batteries
- E-Rickshaw batteries
- E-Cycle batteries
- Energy Storage Systems (ESS)
- Battery chargers & inverters
- Battery recycling (MaxVolt ReEarth)
- Manufacturing facilities
- 2 (Ghaziabad — 25,000 sq.ft. existing + 55,000 sq.ft. new plant)
- Installed production capacity
- 600-750 MWh (depending on product)
- Monthly battery production
- 14,000+ units (up from 6,300-6,500 in Dec FY26)
- Dealer/distributor network
- 875+
- OEM partners
- 31+
- Warehouses
- 12
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 2 delivered 3 missed 6 open- Revenue delivered said Q4 FY25 Promised: INR 170 to 180 crores for FY26 Q4 FY26: FY26 revenue reported at INR 296.7 crores, significantly exceeding the original target of INR 170-180 crores.
- PAT Margin missed said Q4 FY25 Promised: 9% to 10% profitability margin Q4 FY26: Full year FY26 PAT margin was 8.22%, falling short of the 9-10% target. H2 margin compression to 6.9% was attributed to external factors.
- Capacity delayed said Q4 FY25 Promised: 15-18 months for recycling plant (approx mid-late FY26) Q4 FY26: Construction start delayed from March 2026 to a new target of August 2026 due to approval processes.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 496.4%, net profit up 175.0% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 40 | 67 | 130 | 167 +496% |
| EBITDA | 6 | 5 | 9 | 18 | 17 +183% |
| Net profit | 4 | 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.
Performance +50.9% 1Y
1Y: ₹231.4 on 10 Sept 2025 → ₹349.2. High ₹493.75 (31 Dec 2025), low ₹217.05 (18 Sept 2025).
How the price took the results
close before → close after
- Q4 FY26
- −5.0%
- 13 May
- Q2 FY26
- +2.0%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹71 Cr | ₹93 Cr |
| Borrowings | ₹2 Cr | ₹3 Cr | ₹6 Cr | ₹41 Cr | ₹85 Cr |
| Other liabilities | ₹1 Cr | ₹7 Cr | ₹14 Cr | ₹31 Cr | ₹35 Cr |
| Total liabilities | ₹4 Cr | ₹10 Cr | ₹32 Cr | ₹153 Cr | ₹225 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹19 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr | ₹13 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹29 Cr | ₹22 Cr |
| Other assets | ₹3 Cr | ₹10 Cr | ₹30 Cr | ₹109 Cr | ₹170 Cr |
| Total assets | ₹4 Cr | ₹10 Cr | ₹32 Cr | ₹153 Cr | ₹225 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +2.70 pp while DIIs trimmed −2.26 pp. The shareholder count grew 129% to 1,953.
- Promoters
- 39.1%
- FIIs
- 0.4%
- DIIs
- 0.9%
- Public
- 59.5%
Since Jun 2025
- Public +2.70 pp
- DIIs −2.26 pp
- FIIs −0.44 pp
How it drifted, 6 quarters
Over this window the public went from 52.8% to 59.5% — +6.7 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 39.1%, FIIs 1.5%, DIIs 6.5%, Public 52.8%.Jun '25: Promoters 39.1%, FIIs 0.9%, DIIs 3.2%, Public 56.8%.Sep '25: Promoters 39.1%, FIIs 0.9%, DIIs 1.4%, Public 58.6%.Dec '25: Promoters 39.1%, FIIs 0.3%, DIIs 0.7%, Public 59.8%.Mar '26: Promoters 39.1%, FIIs 0.4%, DIIs 0.8%, Public 59.7%.Jun '26: Promoters 39.1%, FIIs 0.4%, DIIs 0.9%, Public 59.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Yashvi Hitesh Patel newly disclosed 1.42% held
- Manoj Sharma +0.82 pp 2.17% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Maxvolt Ene. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bhuvneshwar Pal Singh | 14.85% | unchanged |
| Vishal Gupta | 14.63% | unchanged |
| Sachin Gupta | 9.63% | unchanged |
| Sheelu Tiwari | 7.02% | unchanged |
| Dimple Jain | 4.13% | unchanged |
| Bhudev Shukla | 4.12% | unchanged |
| Manoj Sharma | 2.17% | +0.82 pp |
| Online Potato Consultancy Private Limited | 1.70% | −0.06 pp |
| Yashvi Hitesh Patel | 1.42% | newly disclosed |
| Satya Vibhu Muppana | 1.01% | unchanged |
| Preeti Gupta | 0.02% | unchanged |
| Yogendra Kumar Gupta | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 2.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Maxvolt Ene.
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