In a remarkable display of resilience, multibagger small-cap stock Mercury Ev-Tech witnessed a significant surge in its share price on Friday, January 23, capturing strong investor attention even as the broader equity markets faced considerable pressure. The rally was notably supported by a substantial increase in trading volumes, allowing the stock to shine during an otherwise subdued market session.
Sharp Price Movement and Trading Activity
The multibagger stock experienced an impressive climb, rising as much as 15.5% to reach ₹36.51 intraday. This sharp upward move occurred despite the stock still trading approximately 58% below its 52-week high of ₹87, which was achieved in January 2025. Earlier in the week, Mercury Ev-Tech had touched its 52-week low of ₹29.95, underscoring the extreme volatility that has characterized its performance in recent months.
On the volume front, investor participation was exceptionally active. As of January 23, 2026, trading volumes on the Bombay Stock Exchange (BSE) were reported to be in the range of 2.19 lakh to 2.27 lakh shares. This figure represents a significant jump compared to recent averages, indicating heightened interest and liquidity in the stock.
Long-Term and Short-Term Performance Analysis
Despite the recent volatility, Mercury Ev-Tech continues to stand out as one of the top long-term performers within the small-cap segment. Currently priced below ₹50, this electric vehicle (EV) stock has delivered extraordinary multibagger returns exceeding 5000% over the past five years.
However, the shorter-term performance has been less impressive. Over the past year, the small-cap stock has declined by 58%. It has also fallen 30% in the last six months, dropped 21% over the past three months, and decreased by 8.5% in the last month. This pattern reflects sustained selling pressure prior to the recent rebound, highlighting the stock's cyclical nature.
Recent Corporate Developments
Mercury EV-Tech Limited conducted its 39th Annual General Meeting (AGM) on December 15, 2025, in Vadodara. During this meeting, shareholders concentrated on crucial business decisions for the fiscal year 2025. Investors approved five major resolutions, which included the adoption of the audited financial statements for FY25, the reappointment of Director Darshankumar Shah, and the appointment of Riya Sharma as a non-executive independent director.
Additionally, shareholders gave their approval for the appointment of SJV & Associates as secretarial auditors. They also authorized the board to provide loans or securities to entities where directors might have an interest. Chairman and Managing Director Jayesh Raichandbhai Thakkar addressed the shareholders, discussing the company's performance, audit observations, and strategic outlook before opening the floor for questions. The AGM featured remote e-voting conducted between December 12 and December 14, followed by ballot voting at the venue.
Strong Q2 Financial Results for FY26
The company reported robust financial performance during the current fiscal year. In the second quarter of FY26, net sales increased by 51% to ₹34.01 crore, while net profit rose 35% to ₹1.72 crore compared to the first quarter of FY26. For the first half of FY26, net sales surged 142% to ₹56.58 crore, and net profit climbed 43% to ₹2.99 crore, indicating significant improvements in both scale and profitability.
On a year-on-year basis, net profit for Q2FY26 grew by 15.7% to ₹1.84 crore, up from ₹1.59 crore in the same quarter of the previous year. Revenue from operations also saw a sharp increase, soaring over 75% to ₹34 crore during the September quarter.
Company Background and Operations
Founded in 1986, Mercury EV-Tech operates within the electric mobility and renewable energy sectors. The company is actively engaged in the manufacturing and trading of electric scooters, electric cars, electric buses, and specialized offerings such as electric vintage cars and golf carts. It also provides customized EV solutions tailored to the hospitality and industrial segments, showcasing its diverse portfolio and adaptability in the evolving EV market.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
