Maxvolt Energy Industries Ltd(MAXVOLT)

NSE: MAXVOLT

₹ 348.1-3.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 380 crUpdated: 24 Oct 2026

About

Maxvolt Energy Industries, founded in 2019, makes lithium battery packs for electric vehicles, energy storage systems and medical devices. It also sells lithium batteries for e-scooters, e-rickshaws, e-cycles and solar applications. In FY26 its revenue from operations was Rs 296.76 Cr. The company is moving into lithium battery recycling through a subsidiary, MaxVolt ReEarth.^[1][2]

Business segments

E-scooter batteries made up 73.1% of revenue in FY26, with 147.6% YoY growth.^[3]
E-rickshaw batteries brought in INR22 crores in FY26, or 7.4% of revenue, up 5,564.3% YoY.^[3]
Energy storage systems (ESS) brought in about INR21.4 crores in FY26, or 7.2% of revenue, up 537.4%. ESS was 5% of revenue in FY25.^[3]
In H1 FY26, EV batteries made up 76% of revenue, ESS 12%, battery chargers 5% and other/second-life products 7%.^[4]
In its FY25 accounts, the company reports a single segment: manufacturing and trading of lithium-ion batteries.^[1]

Products and technology

Makes lithium battery packs for EVs, ESS and medical devices, including batteries for e-scooters/bikes, e-rickshaws, e-cycles and solar applications (FY25).^[1]
From the new Ghaziabad plant it supplies customised MW-scale ESS for industrial, renewable and grid uses (FY26).^[5]
Filed patents for a split-casing IP67 2W battery and a 3W commercial fleet battery design (Q1 FY27).^[5]
Signed R&D MoUs with IIT Delhi and IIT Roorkee on AI-enabled battery management systems, and with ARCI on a lithium recycling research lab (Q1 FY27).^[5]
Buyback model offers up to 20% cashback on returned batteries; used batteries are repurposed for ESS and inverters (FY25).^[6]

Manufacturing capacity

A new 55,000 sq ft Ghaziabad plant was commissioned alongside the existing 25,000 sq ft plant, doubling installed capacity to 600-750 MWh (FY26).^[5]
Monthly output rose from about 6,300-6,500 batteries in December 2025 to 14,000 batteries from January 2026.^[3]
Utilisation was above 100% in FY26 before the expansion; the order book was above 150% of current capacity in Q4 FY26.^[3]
Manufacturing capacity was 72,000 units per annum, per the FY25 annual report.^[1]

Key operating numbers

FY26 gross margins by channel: retail EV (2W/3W) 20-23%, OEM EV 15-18%, ESS retail 25-26%.^[3]
In FY25, 60-65% of revenue came from retail and 35-40% from OEMs; sales for new vehicles made up 80-85% of the mix.^[6]
Service turnaround time was 6-7 days in H1 FY26, down from 8 days in Q4 FY25, against an industry standard of 30-35 days.^[4]

Customers and distribution

Dealers and distributors numbered 875+ in FY26, up from 620 in FY25 and 239 in FY24, reaching 1,300+ pin codes.^[5]
As of H2 FY26 the company was present in 16 states, with 12 warehouses and 31+ OEM clients, versus 26 OEM partners in H1 FY26.^[3]
The FY25 annual report cites more than 1,80,000 satisfied clients.^[1]
Plans to enter South India in FY27 and is preparing exports to Southeast Asia, the Middle East and Africa.^[3]

Expansion and capex

Phase 2 battery pack capacity of 21,000 batteries/month, for a total of 35,000/month, expected by October-November FY27; Phase 1 and 2 capex about INR75 crore.^[3]
Total battery plant capacity planned to reach 2.2-2.5 GWh once Phase 1, Phase 2 and an automatic line are commissioned.^[3]
Phase 1 of the Aligarh recycling plant (crushing, 7,800 MT/year) has land allotted by UP MSME/UPSIDA, with operations targeted in FY26-27.^[5]
Recycling Phase 1 capex guided at INR75-80 crore; full Aligarh recycling project estimated at INR282 crore over 36-42 months (Q4 FY26).^[3]
Phase 2 metal extraction unit (nickel, cobalt, manganese, lithium) targeted by FY2028-29; recycling capacity to scale to 25,000 MT/year by 2035.^[5]

Recent developments

12 Oct 2026: Shrikant Yadav, Chartered Accountant, appointed Deputy CFO and key managerial personnel.^[7][8]
12 Oct 2026: internal auditor S. Yadav & Co ceased, after its authorised signatory surrendered his Certificate of Practice.^[7]
23 Sep 2026: bhoomi pujan held for a proposed 10 GWh lithium battery pack facility at Aligarh, Uttar Pradesh, with an investment value of INR 700 crore.^[9]
MaxVolt ReEarth was set up during FY26 as a dedicated recycling subsidiary.^[3]
The deadline for e-rickshaws to move from lead-acid to lithium batteries was pushed from April 2027 to April 2028.^[3]

Market Cap

₹380 Cr

High / Low

₹509 / 243

Stock P/E

17.9

Price / Book

4.2

EPS

₹22.4

No. of Shares

1.09 Cr

OPM

12.2%

Sales

₹297 Cr

Net Profit

₹24 Cr

Promoter holding

39.2%

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