MAXVOLT - Maxvolt Energy

📊 NSE: MAXVOLT 🏢 Auto Components & Equipments 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the EV segment contributed INR 9,924 Lakhs (76% of total revenue), Energy Storage Systems (ESS) contributed INR 1,584 Lakhs (12%), Battery Chargers contributed INR 598 Lakhs (5%), and Other Consumable/Second-life batteries contributed INR 899 Lakhs (7%). Total revenue for H1 FY26 grew 222.9% YoY to INR 13,004 Lakhs.

Geographic Revenue Split

The company currently has a strong domestic presence across 1,200 pin codes in India. It is preparing to enter export markets in Southeast Asia, the Middle East, and Africa in the coming year to diversify its revenue base.

Profitability Margins

Gross Profit Margin was 19.5% in H1 FY26. EBITDA Margin improved to 14.2% in H1 FY26 from 13.4% in H1 FY25. PAT Margin was 9.9% in H1 FY26, compared to 11.9% in H1 FY25, reflecting higher tax outlays and expansion-related costs.

EBITDA Margin

EBITDA Margin stood at 14.2% in H1 FY26, with absolute EBITDA growing 242.8% YoY to INR 1,843.2 Lakhs from INR 537.7 Lakhs, driven by capacity expansion and operational excellence.

Capital Expenditure

The company raised INR 2.40 Cr through an IPO in February 2025 (24,00,000 shares at a premium of INR 170) to fund expansion. In H1 FY26, it commissioned a new 55,000 sq. ft. manufacturing facility to support surging demand.

Credit Rating & Borrowing

The company is currently negotiating project funding with SBI and ICICI Bank with standard interest rates ranging between 8.25% and 8.4%. The Debt-Equity ratio improved from 0.11 in FY24 to 0.09 in FY25.

⚙️ Operational Drivers

Raw Materials

Lithium battery cells and related components (implied by product line); cost of materials consumed reached INR 10,468.1 Lakhs in H1 FY26, representing 80.5% of total revenue.

Capacity Expansion

Current capacity is approximately 6,000 batteries per month. The company commissioned a new 55,000 sq. ft. plant in H1 FY26 to drastically increase output and meet the 222.9% revenue growth.

Raw Material Costs

Raw material costs were INR 10,468.1 Lakhs in H1 FY26 (80.5% of revenue). The company focuses on high-demand models and reliable designs to optimize procurement and inventory efficiency.

Manufacturing Efficiency

The company is transitioning from a small startup setup to a large-scale manufacturing operation with the new 55,000 sq. ft. facility, aiming for nationwide coverage and export readiness.

Logistics & Distribution

Distribution is managed through an expanded network of 800+ dealers and distributors (up from 620) and 26 OEM partnerships (up from 22) across India.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved by expanding the dealer-distributor network (currently 800+), increasing OEM partnerships (currently 26), entering export markets in Southeast Asia and the Middle East, and leveraging the newly commissioned 55,000 sq. ft. manufacturing facility.

Products & Services

Lithium-ion batteries for Electric Vehicles (EV), Energy Storage Systems (ESS) including household and commercial inverters, battery chargers, and second-life usable batteries.

Brand Portfolio

Maxvolt Energy

New Products/Services

Focusing on high-performance battery solutions engineered in India and expanding into second-life usable batteries and consumable batteries (7% of H1 FY26 revenue).

Market Expansion

Targeting full national coverage in India and entering export markets in Southeast Asia, the Middle East, and Africa within the next year.

Strategic Alliances

The company has 26 OEM partnerships as of H1 FY26, up from 22, providing a stable B2B revenue stream and market validation.

🌍 External Factors

Industry Trends

The industry is shifting toward lithium-ion solutions driven by the clean energy transition. Maxvolt is positioning itself as a domestic manufacturer with 'engineered in India' solutions to capture this growth.

Competitive Landscape

Competes in the energy storage and EV battery market against both domestic players and importers, focusing on reliability and nationwide service coverage.

Competitive Moat

Moat is built on domestic engineering capabilities, a wide distribution reach across 1,200 pin codes, and a growing network of 800+ dealers, which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to India's clean energy transition policies and EV adoption rates, which drive 76% of current revenue.

Consumer Behavior

Increasing consumer preference for clean energy and high-performance lithium batteries over traditional lead-acid batteries is driving the 222.9% YoY revenue surge.

Geopolitical Risks

Potential trade barriers or supply chain disruptions for lithium cells, which are critical for the company's 80.5% material cost base, pose a significant risk.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards and pollution norms for battery production; the company maintains an Audit Committee to ensure compliance with relevant laws and regulations.

Environmental Compliance

The company focuses on sustainable business practices and CSR initiatives in healthcare and environment; specific ESG compliance costs are not disclosed.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 27.8% (INR 498.9 Lakhs tax on INR 1,791.2 Lakhs PBT).

Legal Contingencies

The company reports no pending litigations that would impact its financial position as of the March 31, 2025 audit report.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material costs (80.5% of revenue) and potential liquidity strains from dealer collection challenges during festive seasons are the primary business risks.