Mercury EV-Tech Limited shareholders approved the appointment of M/S Tejas K. Soni, Chartered Accountants as Statutory Auditor for FY27-FY29 during the 40th Annual General Meeting held on September 30, 2026.

The meeting, conducted via video conferencing, also ratified the appointment of M/s Nisarg Sharma & Associates as Secretarial Auditor for a five-year term. Additionally, members approved the re-appointment of Mr. Lalit Vitthal Waankhede and authorized material related party transactions with five associated entities.

Voting results and attendance details

The company disclosed detailed voting results on October 3, 2026, confirming that all nine ordinary resolutions were passed with requisite majority. A total of 56 members attended the meeting via video conferencing, comprising three from the promoter group and 53 from the public category.

Voting was conducted exclusively through remote e-voting via NSDL, with no votes cast during the live meeting session. The scrutinizer's report dated October 2, 2026, confirmed that for most resolutions, including financial statement adoption and auditor appointments, 99.98% of the votes polled were in favor, while 0.02% were against.

Auditor appointments confirmed

M/S Tejas K. Soni, Chartered Accountants (FRN 135093W) will serve as the Statutory Auditor for three consecutive financial years, covering FY27 to FY29. The firm is based in Vadodara and is Peer Reviewed by the Peer Review Board of ICAI, New Delhi, vide certificate No. 018005 dated August 30, 2024.

Simultaneously, M/s Nisarg Sharma & Associates, Practicing Company Secretaries based in Ahmedabad, were appointed as Secretarial Auditor for up to five consecutive years, spanning FY27 to FY31. The firm holds Peer Review Certificate No. 3941/2023 issued by the Institute of Company Secretaries of India. Mr. Nisarg Sharma also served as the Scrutinizer for the e-voting process.

Related party transactions approved

Shareholders approved material related party transactions to be entered into by the company with five specific entities. These approvals cover dealings with:

• M/s Sunbuy Renewables Limited
• M/s DC2 Mercury Cars Private Limited
• M/s Powermetz Energy Private Limited
• M/s Traclaxx Tractors Private Limited
• M/s Go Evexia division of Evexia Lifecare Limited

These transactions were placed before the members for approval through remote e-voting as special business requiring ordinary resolutions.

Meeting proceedings and attendance

The 40th AGM commenced at 12:30 pm and concluded at 1:10 pm. The Chairman, Mr. Jayesh Thakkar, delivered opening remarks covering the global economy, the company's performance in the auto industry, financial results for FY26, and future growth plans.

Directors and Key Managerial Personnel present included Mr. Darshankumar Shah (Executive Director), Mr. Dinesh Kumar Sinha (Non-Executive Independent Director), Ms. Riya Sharma (Non-Executive Independent Director), Mr. Sachin Wagh (Non-Executive Independent Director), Mr. Lalit Waankhede (Non-Executive Non-Independent Director), Mr. Dhruv Yardi (CFO), and Ms. Krishna Naik (Company Secretary).

Mr. Lalit Vitthal Waankhede was re-appointed as a Director in place of himself, having retired by rotation and offered himself for re-appointment. The audited financial statements for the year ended March 31, 2026, were adopted without any qualifications or adverse remarks.

Mercury EV-Tech has appointed 100 new dealers across India over the last four months, strengthening its retail distribution and after-sales service network. The company plans to add another 200 dealers by March 2027 to enhance geographical reach and last-mile accessibility in urban and semi-urban markets.

Distribution Expansion

The appointment of 100 new dealers is part of a broader strategy to enhance accessibility for customers. By increasing the number of touchpoints, the company seeks to improve service delivery and customer engagement. The target of adding 200 more dealers within the next few years indicates a sustained focus on scaling operations.

This expansion aligns with the company's objective of scaling its distribution infrastructure in line with its growing manufacturing capabilities and increasing demand for electric mobility solutions.

Subsidy Eligibility in Gujarat

Mercury EV-Tech has received clearance from the Gujarat Energy Development Agency (GEDA). This regulatory approval makes customers in Gujarat eligible for specific subsidies under the prevailing scheme, which are expected to improve the affordability and adoption of electric vehicles in the region.

These subsidies directly reduce the upfront cost for buyers, potentially driving higher sales volumes in the state. The distinction between two-wheeler and three-wheeler incentives reflects the different price points and usage patterns of these vehicle categories.

What the Numbers Show

The combination of dealer expansion and subsidy eligibility suggests a dual-pronged approach to growth. While the dealer network expansion addresses supply-side constraints by improving availability, the GEDA clearance addresses demand-side barriers by lowering costs. This alignment between distribution reach and financial incentives could accelerate adoption rates in key markets like Gujarat.