Shares of Mercury Ev-Tech on Tuesday surged by more than 14%, even as the general market sentiment remained weak and domestic benchmark indices moved sideways. The small-cap EV manufacturer shares opened at ₹39.89 per share on the BSE, Mercury Ev-Tech share price today touched an intraday high of ₹40.99 per piece.
A factor contributing to this optimistic perspective is the India-European Union Free Trade Agreement, which, as per reports, will allow battery electric vehicles to be free from any cuts in import duties for the first five years to protect the investments of local businesses.
While major auto stocks on Tuesday were under pressure due to concerns over heightened competition stemming from the India-EU Free Trade Agreement, where the import duty on vehicles from the European Union is expected to drop to between 30% and 35%, a significant decrease from the current levels of 66% to 110%.
Mercury EV-Tech is a manufacturer that deals in electric vehicles such as scooters, cars, buses, loaders, and golf carts, as well as renewable energy products.
Mercury EV-Tech shares surged nearly 15% on Friday, January 23, closing at ₹36.28 after hitting an intraday high of ₹36.55, amid high trading volumes over 11 lakh shares.
Recent developments
Mercury EV-Tech Limited conducted its 39th Annual General Meeting (AGM) on December 15, 2025, in Vadodara, where shareholders concentrated on important business decisions for FY25. At the meeting, investors granted approval for five significant resolutions, which included endorsing the audited financial statements for FY25, reappointing Director Darshankumar Shah, and appointing Riya Sharma as a non-executive independent director, according to reports.
Shareholders also approved the appointment of SJV & Associates as secretarial auditors and authorized the board to extend loans or securities to entities in which directors might have an interest. Chairman and Managing Director Jayesh Raichandbhai Thakkar spoke to shareholders regarding the company’s performance, audit findings, and strategic direction before inviting questions. Remote e-voting took place from December 12 to December 14, followed by in-person ballot voting at the AGM venue, according to reports.
Mercury Ev-Tech Q2 results
The company has announced a robust financial performance for the current fiscal year. In Q2FY26, net sales surged by 51% to reach ₹34.01 crore, while net profit experienced a 35% increase, totaling ₹1.72 crore compared to Q1FY26. During the first half of FY26, net sales soared by 142% to ₹56.58 crore, and net profit rose by 43% to ₹2.99 crore, indicating improved scale and profitability, as per reports.
On a year-over-year comparison, net profit for Q2FY26 grew by 15.7% to ₹1.84 crore, up from ₹1.59 crore in the corresponding quarter last year. Revenue from operations also exhibited significant growth, advancing over 75% to ₹34 crore during the September quarter, according to reports.
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