In a striking display of resilience, shares of small-cap electric vehicle (EV) manufacturer Mercury Ev-Tech Ltd surged over 4% during intra-day trading on Tuesday, December 16, 2025. This rally occurred against a backdrop of severe weakness in the broader equity markets, where key indices witnessed a sharp sell-off.
Market Mayhem vs. Mercury's Momentum
The benchmark Sensex plummeted over 400 points to hit an intraday low of 84,795. Similarly, the Nifty 50 index breached the crucial 26,000 level, sinking to a low of 25,901. The selling pressure was not confined to large caps; the BSE Midcap and BSE Smallcap indices also fell, each declining more than 0.5%.
The early market crash wiped out nearly ₹2 lakh crore from investors' wealth within the first half-hour of trade. By 9:45 AM, the total market capitalisation of all BSE-listed companies stood at approximately ₹469 lakh crore, down from ₹471 lakh crore in the previous session.
Defying this negative trend, Mercury Ev-Tech's share price jumped 4.2% to reach the day's high of ₹40.45 per share.
A Multibagger's Turbulent Journey & Strong Fundamentals
The stock's current price remains significantly below its 52-week high of ₹99.26, recorded in January 2025, representing a gap of over 59%. It touched its 52-week low of ₹36 earlier in December 2025.
Recent performance has been challenging for shareholders. The stock has declined 55% in the last year, 34% in the past six months, 14% in the last three months, and 5% over the previous month. However, its long-term track record is phenomenal. Over a five-year horizon, the stock has delivered extraordinary multibagger returns, skyrocketing by 5,800%.
The company's robust financial performance provides fundamental support. For the second quarter of FY26 (Q2FY26), Mercury Ev-Tech reported a 51% quarter-on-quarter surge in net sales to ₹34.01 crore. Net profit for the quarter grew 35% to ₹1.72 crore compared to Q1FY26.
On a year-on-year basis, Q2FY26 net profit increased 15.7% to ₹1.84 crore from ₹1.59 crore in the same quarter last year. Revenue from operations saw a sharp rise of over 75% to ₹34 crore.
The first half of FY26 (H1FY26) has been particularly strong. Net sales soared 142% year-on-year to ₹56.58 crore, while net profit increased 43% to ₹2.99 crore, highlighting powerful revenue momentum and improving profitability.
Strategic Focus and Shareholder Approval at AGM
The company held its 39th Annual General Meeting (AGM) on December 15, 2025, in Vadodara. The meeting focused on obtaining shareholder approval for key business resolutions for FY25.
Shareholders voted on five major agenda items:
- Adoption of the audited financial statements for the financial year 2024-25.
- Re-appointment of Director Darshankumar Shah.
- Appointment of Riya Sharma as a Non-Executive Independent Director.
- Appointment of SJV & Associates as Secretarial Auditors.
- Authorization for the Board to provide loans or securities to entities where directors may have an interest.
Chairman and Managing Director Jayesh Raichandbhai Thakkar addressed the gathering, discussing the company's performance, audit observations, and the strategic roadmap. The floor was then opened for questions from shareholders. Voting was conducted via remote e-voting from December 12 to 14, with ballot voting available at the physical venue.
Founded in 1986, Mercury EV-Tech Limited specializes in the manufacturing and trading of electric vehicles and renewable energy-focused products. Its diverse portfolio includes electric scooters, cars, buses, and niche models like electric vintage cars and golf carts. The company also provides customized EV solutions for the hospitality and industrial sectors.
