Is Mercury Ev-Tech Ltd (531357) a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Mercury Ev-Tech Ltd is a below average quality company .

Is Mercury Ev-Tech Ltd (531357) undervalued or overvalued?

The key valuation ratios of Mercury Ev-Tech Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone .

What is Mercury Ev-Tech Ltd (531357) share price return in the past 10 years?

Mercury Ev-Tech Ltd share price has appreciated 39.3% annually (CAGR) over the past ten years.

Is Mercury Ev-Tech Ltd (531357) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mercury Ev-Tech Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Mercury Ev-Tech Ltd (531357)?

Company share prices are keep on changing according to the market conditions. The current trading price of Mercury Ev-Tech Ltd (531357) on 17-Apr-2026 16:59:59 at 16:59 is 35.39.

What is the market cap of Mercury Ev-Tech Ltd (531357)?

Market capitalization is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Apr-2026 at 16:59, the market cap of Mercury Ev-Tech stood at Rs. 672.31 Cr.

What is the P/E ratio of Mercury Ev-Tech?

The latest standalone P/E ratio of Mercury Ev-Tech as of 17-Apr-2026 is 198.38.

What is the P/B ratio of Mercury Ev-Tech Ltd (531357)?

The latest standalone P/B ratio of Mercury Ev-Tech Ltd (531357) as of 17-Apr-2026 is 2.38.

What is the 52-week high and low of Mercury Ev-Tech Ltd (531357)?

The 52-week high of Mercury Ev-Tech Ltd (531357) is Rs. 76.93 and the 52-week low is Rs. 20.00.

What is the TTM revenue of Mercury Ev-Tech Ltd (531357)?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mercury Ev-Tech is Rs. 51.77 (Cr.).

Mercury Ev-Tech Ltd (531357) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: Mercury Ev-Tech Ltd (531357)
Brand: Mercury Ev-Tech

10 Year X-Ray :

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	-3.7%	-3.1%	-15.7%	-8.6%	-10.6%	-7.6%	25.6%	3%	3.7%	4.6%	-
Value Creation Index ⓘ	-1.3	-1.2	-2.1	-1.6	-1.8	-1.5	0.8	-0.8	-0.7	-0.7	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	0.4	0.2	0.7	0.8	0	1.2	1.2	12.9	19.2	67.6	52
Sales YoY Gr.	-	-63.4%	353.3%	22.1%	-100%	NA	2.6%	995.8%	48.3%	252.7%	-
Adj EPS ⓘ	-0.1	-0	-0.1	-0.1	-0.1	-0.1	0.1	0.1	0.1	0.3	0.2
YoY Gr.	-	NA	NA	NA	NA	NA	NA	-58.3%	140%	183.3%	-
BVPS (₹) ⓘ	1.5	1	0.8	0.7	0.6	0.6	0.7	3	4.6	10.3	14.9
Adj Net Profit ⓘ	-0.1	-0.1	-0.2	-0.1	-0.1	-0.1	0.2	0.9	2.2	6.4	3
Cash Flow from Ops. ⓘ	-0	0	-0.2	-0	-0	1	-0.4	-14.8	-14.5	-31.6	-
Debt/CF from Ops. ⓘ	0	0	0	0	0	0	0	-1.5	-1.7	-0.1	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	76.4%	NA	285.6%	252.7%
Adj EPS ⓘ	NA	NA	41.5%	183.3%
BVPSⓘ	24.2%	75.3%	144.8%	124.2%
Share Price	39.3%	118.5%	26.1%	-51.7%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	-3.7	-3.1	-12	-8.6	-10.1	-7.6	18.7	3.4	3.4	3.5	1.4
Op. Profit Mgn % ⓘ	-26.8	-48.3	-25.7	-14.6	0	-10.5	23.3	4.9	15.8	12	8.9
Net Profit Mgn % ⓘ	-26.5	-48.3	-29.5	-14.6	0	-7.7	19.5	6.7	11.4	9.4	6.6
Debt to Equity ⓘ	0	0	0	0	0	0	0	0.5	0.3	0	-
Working Cap Days ⓘ	2,316	4,951	875	673	0	197	121	799	1,167	654	600
Cash Conv. Cycle ⓘ	1,159	1,807	138	141	0	21	0	137	172	121	552

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 285.57%

Net Profit is growing at healthy rate in last 3 years 41.50%

Sales growth is good in last 4 quarters at 94.32%

Return on Equity has declined versus last 3 years average to 1.40%

	Standalone	Consolidated
TTM EPS (₹)	0.2	0.3
TTM Sales (₹ Cr.)	51.8	113
BVPS (₹) ⓘ	14.9	14.8
Reserves (₹ Cr.) ⓘ	263	262
P/BV ⓘ	2.38	2.39
PE ⓘ	198.38	134.38

From the Market
52 Week Low / High (₹)	20.00 / 76.93
All Time Low / High (₹)	0.33 / 143.80
Market Cap (₹ Cr.)	672
Equity (₹ Cr.)	19
Face Value (₹)	1
Industry PE ⓘ	27.2

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	0	0	1	1	0	1	1	13	19	68
Operating Expenses ⓘ +	1	0	1	1	0	1	1	12	16	60
Manufacturing Costs	0	0	0	0	0	0	0	0	0	1
Material Costs	0	0	1	1	0	1	1	10	14	53
Employee Cost	0	0	0	0	0	0	0	0	1	4
Other Costs ⓘ	0	0	0	0	0	0	0	2	1	2
Operating Profit ⓘ	-0	-0	-0	-0	-0	-0	0	1	3	8
Operating Profit Margin (%)	-26.8%	-48.2%	-38.6%	-14.6%	-	-10.5%	23.3%	4.9%	15.8%	12.0%
Other Income ⓘ +	0	0	0	0	0	0	0	1	1	1
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	0	0	0	0	0	0	0	0	0	1
Depreciation ⓘ	0	0	0	0	0	0	0	0	0	1
Profit Before Tax ⓘ	-0	-0	-0	-0	-0	-0	0	1	3	8
Tax ⓘ	0	0	0	0	-0	0	0	0	1	2
Profit After Tax	-0	-0	-0	-0	-0	-0	0	1	2	6
PAT Margin (%)	-26.5%	-48.3%	-38.6%	-14.6%	-	-7.7%	19.5%	6.8%	11.4%	9.4%
Adjusted EPS (₹)	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1	0.1	0.1	0.1	0.3
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	3	2	1	1	1	1	1	50	80	195
Share Capital ⓘ	1	1	1	1	1	1	1	17	18	19
Reserves ⓘ	2	1	1	1	1	0	1	33	63	176
Debt +	0	0	0	0	0	0	0	22	25	2
Long Term Debt	0	0	0	0	0	0	0	22	23	2
Short Term Debt	0	0	0	0	0	0	0	0	2	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	0	0	0	0	0	0	0	3	6	11
Others Liabilities ⓘ	0	0	0	0	0	0	0	1	5	89
Total Liabilities ⓘ	3	2	2	1	1	1	1	76	116	297
Fixed Assets
Net Fixed Assets ⓘ +	0	0	0	0	0	0	0	2	5	7
Gross Block	0	0	0	0	0	0	0	2	6	8
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	1
CWIP ⓘ	0	0	0	0	0	0	0	9	43	55
Investments ⓘ	0	0	0	0	0	0	0	0	0	3
Inventories	1	0	0	0	0	0	0	6	5	12
Trade Receivables	0	0	1	0	0	0	0	6	13	33
Cash Equivalents	0	0	0	0	0	1	1	9	1	56
Others Assets ⓘ	1	1	1	1	1	0	1	43	48	131
Total Assets ⓘ	3	2	2	1	1	1	1	76	116	297

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	-0	0	-0	-0	-0	1	-0	-15	-15	-32
PBT ⓘ	-0	-0	-0	-0	-0	-0	0	1	3	8
Adjustment ⓘ	0	0	0	0	0	0	-0	0	0	0
Changes in Working Capital ⓘ	0	0	-0	0	0	1	-1	-16	-18	-40
Tax Paid ⓘ	0	0	0	0	0	0	0	0	-0	-0
Cash Flow From Investing Activity ⓘ +	0	0	0	0	0	0	0	-46	-25	-133
Capex	0	0	0	0	0	0	0	-11	-23	-14
Net Investments	0	0	0	0	0	0	0	0	0	0
Others ⓘ	0	0	0	0	0	0	0	-36	-2	-120
Cash Flow From Financing Activity ⓘ +	0	0	0	0	0	0	0	69	31	170
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	47	29	193
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	22	0	-21
Interest Paid ⓘ	0	0	0	0	0	0	0	0	-0	-1
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	0
Others ⓘ	0	0	0	0	0	0	0	0	3	-2
Net Cash Flow ⓘ	-0	0	0	-0	-0	1	-0	8	-8	5

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	-4.1	-3.06	-15.72	-8.61	-10.14	-7.56	18.68	3.45	3.37	4.64
ROCE (%)	-3.74	-3.06	-15.72	-8.61	-10.55	-7.56	25.55	3.03	3.71	4.61
Asset Turnover Ratio	0.14	0.06	0.36	0.52	0	0.98	0.91	0.33	0.2	0.33
PAT to CFO Conversion(x)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-15	-7.5	-5.33
Working Capital Days
Receivable Days	0	268	212	206	0	0	0	183	189	125
Inventory Days	1,094	1,771	0	0	0	0	0	170	103	46
Payable Days	0	430	103	70	0	0	0	107	113	56

About Mercury Ev-Tech Ltd

The company was originally incorporated as a “Mercury Metals Private Limited” on July 4, 1986 under the provisions of Companies Act, 1956 with Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Subsequently on February 17, 1995 the name of the Company was changed from “Mercury Metals Private Limited” to “Mercury Capital Limited”. Further, on January 10, 1997, the name of the Company was changed from “Mercury Capital Limited” to “Mercury Metals Limited” and a fresh Certificate of Incorporation issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli

The company was engaged in the trading of Metal till the Financial Year 2021-22. During the FY 2021-22, the existing management of the Company took over the promoter, promoter group holding along with management control of the Company after due compliance of applicable regulations of the SEBI Takeover Code. The new management decided to commence the business of Electronic Vehicle and ancillary business and necessary enabling main object was carried out with alteration in Main Object Clause in Memorandum of Association of the Company with the approval of shareholders.

The company is now engaged in manufacturing of electronic vehicles. The company introduce range of EV (electric vehicles) with the view to save the environment and conserve natural resources. The company’s flagship brand Thunderbolt has a huge product range with different models. It is the listed entity with a core segment of EV manufacturing. Catering to the age group of 18 to 60 years.

The company started its Research and Development (R&D) Division for 3W, 4W and also for the 2W at Gujarat Industrial area at Vadodara, Gujarat. At this facility, the company started development of key component like Chassis of the 2 Wheeler and 3 Wheeler. The Company has received certificate from International Centre for Automotive Technology (ICAT) for 2W segment and also applied for World Manufacturer Identifier (WMI) which is likely to be confirmed by mid of July 2022 for all its upcoming vehicles.

Moreover, the Company has started manufacturing of Chassis for captive consumption as well as the Company has received inquiries for manufacturing of chassis for established companies like Hero, Lords Automotive Private Limited, Blix Electric Scooters, Joy Bikes etc. The company has planned to manufacture 5000 chassis per month. The company at advance stage to acquired 80% stake in one of the company which is having ICAT approval for manufacturing of Motor Controller. The Company will start the documentation and production very shortly.

Business area of the company

The company is pioneer in the manufacturing of Electric Scooter, Electric Car, Electric Bus, Electric Vintage car, Electric Golf Car and Electric Vehicles in India. The company develops custom electric vehicles for a wide range of applications for the hospitality, industry, golf courses, Club and Resorts etc.

Build a Stress-Tested Portfolio.

Our Sapphire Advisory uses the ABC Concept to ensure you never have to panic during a market correction.

Core Stocks

STABILITY

Booster Stocks

GROWTH

Amplifier Stocks

ASYMMETRY

● Conflict-Free ● SEBI Registered ● 15Y+ Track Record

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Mercury Ev-Tech Ltd (531357) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Mercury Metals Share Price