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INVESTMENT INSIGHTS

Check Before You Invest : Mercury Ev-Tech Ltd

BSE: 531357 NSE: MERCURYEV ISIN: INE763M01028
  |   Sector:  Automobiles   |   Industry:  Automobiles - Passenger Cars

Snapshot

Q.1 Which industry/sub-sector does Mercury Ev-Tech Ltd belong to?
Mercury Ev-Tech Ltd belongs to the Automobiles sector, operating specifically within the Automobiles - Passenger Cars segment.
Q.2 Is Mercury Ev-Tech Ltd a good quality company?
Mercury Ev-Tech Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Mercury Ev-Tech Ltd undervalued or overvalued?
Mercury Ev-Tech Ltd appears Somewhat Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 168.56 337.00
Price to Book 2.02 5.51
Price to Sales 11.03 32.72
EV to EBITDA 86 272.83
Q.4 Is Mercury Ev-Tech Ltd a good buy now?
Mercury Ev-Tech Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd revenue growth is 252.7% for FY-2025, which is above its 5-year CAGR of NA%, indicating faster growth.

Q.2 Gross Profit margin of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Gross profit margin which is the profit after deduction of direct costs, is 13.1% for FY-2025, which is in line with its 5-year median of 13.1%, indicating stable margins.

Q.3 Operating Profit Margin of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 11.95% for FY-2025, which is in line with its 5-year median of 11.95% indicating stable margins.

Q.4 Net Profit Margin of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Net Profit Margin is 9.44% for FY-2025, is in line with its 5-year median of 9.44%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 13.1 13.1
Operating Profit Margin (%) 11.95 11.95
Net Profit Margin (%) 9.44 9.44

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Return on Asset is 3.1%, which is above its 5-year historical median of 2.29%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Return on capital employed is 4.61% for FY-2025, which is above its 5-year historical median of 3.71%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Return on equity is 4.64% for FY-2025, which is above its 5-year historical median of 3.45%, indicating the business is making better use of its shareholders capital.

C: How much debt does the business have and is it at a sustainable level?

Q.8 Debt to Equity ratio of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Debt-to-Equity ratio is 0.01, which is lower the industry average of 0.04, indicating lower debt levels in the industry.

Q.9 Debt to cash flow from operations of Mercury Ev-Tech Ltd?
Mercury Ev-Tech Ltd Debt to cash flow from operations is -0.08, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Mercury Ev-Tech Ltd?

Q.1 Promoter shareholding and pledge status of Mercury Ev-Tech Ltd?
Promoters hold 59.18% of the Mercury Ev-Tech Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Mercury Ev-Tech Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Mercury Ev-Tech Ltd vs industry peers?
Mercury Ev-Tech Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 30.35%, indicating slower growth and losing its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 252.7 30.4
Gross Profit Growth (%) 200 -
Operating Profit Growth (%) 166.7 -
Net Profit Growth (%) 200 -
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.33 0.19
ROE (%) 4.64 1.73
ROCE (%) 4.61 1.86
Cash Conversion Cycle (days) 120.88 -175

Valuation & price assessment

Q.1 Stock return of Mercury Ev-Tech Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 37.2% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 37.2% 112% 15.3% -51.9%
Q.2 Valuation ratios of Mercury Ev-Tech Ltd vs historical?
The current P/E ratio of 168.56 is lower than its historical median of 337.00, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 168.56 337.00 29.57
Price to Book 2.02 5.51 4.34
Price to Sales 11.03 32.72 2.57
EV to EBITDA 86 272.83 17.11

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