Mumbai (Maharashtra) [India], December 16: Mercury EV-Tech Limited successfully convened its 39th Annual General Meeting (AGM) today at its registered office, marking a significant moment for shareholders and leadership to align on the company’s strategic direction and recent achievements. The meeting, presided over by Chairman & Managing Director Mr. Jayesh Thakkar, saw robust participation from directors, senior management, auditors, and shareholders, who actively engaged in discussions and provided valuable feedback.
The AGM provided a platform for shareholders to approve crucial resolutions, including the adoption of the audited standalone and consolidated financial statements for the fiscal year ending March 31, 2025. Key appointments were also confirmed, with Mr. Darshankumar Jitendra Shah re-appointed as Executive Director and Ms. Riya Vinodbhai Sharma welcomed as a Non-Executive Independent Director. M/s SJV & Associates were appointed as Secretarial Auditors, and the Board received authorization to grant loans and advances as per the Companies Act, 2013.
In his address, Mr. Thakkar provided an insightful overview of the company’s performance in FY25, navigating the dynamic global economic landscape, and highlighting Mercury EV-Tech’s ambitious growth trajectory within the burgeoning electric vehicle sector. He elaborated on the company’s strategic imperatives aimed at consolidating its market position and securing sustained long-term growth. Shareholders also participated via remote e-voting prior to the meeting, with in-person ballot voting conducted during the AGM, ensuring comprehensive shareholder engagement. The consolidated voting results are slated for announcement within the regulatory timelines.
Complementing the AGM discussions, Mercury EV-Tech recently announced a significant expansion of its dealership network into South India, reinforcing its market presence with the establishment of three new showrooms in Tamil Nadu. This strategic move, aimed at enhancing market outreach and consumer accessibility, includes new outlets in Devikapuram, Vridhachalam, and Chengalpattu. These developments align with the company’s broader objective to expand its footprint across India.
The company’s recent financial performance further underscores its robust growth. For the second quarter of FY26, Mercury EV-Tech reported a substantial increase in net sales by 51% to Rs 34.01 crore and a 35% rise in net profit to Rs 1.72 crore compared to the previous quarter. The first half of FY26 demonstrated even stronger momentum, with net sales surging by 142% to Rs 56.58 crore and net profit growing by 43% to Rs 2.99 crore compared to the corresponding period in the prior year.
Established in 1986, Mercury EV-Tech Limited is a pioneer in the manufacturing and trading of Electric Vehicles and renewable energy products, offering a diverse range of electric scooters, cars, buses, and specialized vehicles. The company’s commitment to innovation and growth is further evidenced by its recent NCLT approval for a merger with EV Nest and ICAT clearance for the “MUSHAK EV” goods carrier. With aggressive plans for vertical integration, including a large lithium-ion battery facility and continued showroom expansion, Mercury EV-Tech is solidifying its position as a homegrown leader, embodying the ‘Aatma Nirbhar Bharat’ vision through a fully localized production ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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