Mercury Ev-Tech shares attracted strong investor interest on Friday, January 23, with the stock price rising sharply even as broader equity markets remained under pressure. The rally was backed by a noticeable jump in trading volumes, helping the stock stand out in an otherwise subdued session.

Sharp Intraday Rally Despite Market Pressure

The multibagger stock climbed as much as 15.5% to ₹36.51 during the trading session. Despite this sharp move, Mercury Ev-Tech is still trading around 58% below its 52-week high of ₹87.00, which was recorded in January 2025. Earlier this week, the stock had slipped to its 52-week low of ₹29.95, highlighting the significant volatility experienced in recent months.

Volume Surge Indicates Strong Interest

On the volume front, Mercury Ev-Tech witnessed active participation from investors. As of January 23, 2026, trading volumes on the BSE were reported in the range of 2.19 lakh to 2.27 lakh shares, significantly higher than recent averages. This surge in volumes suggests renewed investor interest in the electric vehicle stock.

Long-Term Performance Remains Strong

Despite recent volatility, Mercury Ev-Tech remains one of the standout long-term performers in the small-cap space. The EV stock, currently priced below ₹50.00, has delivered multibagger returns of over 5000% in the last five years. However, performance in the shorter term has been challenging.

Strong Q2FY26 Financial Performance

The company reported robust financial results for Q2FY26. Net sales rose 51% to ₹34.01 crore compared with Q1FY26, while net profit increased 35% to ₹1.72 crore during the same period. For the first half of FY26, net sales jumped 142% to ₹56.58 crore, and net profit climbed 43% to ₹2.99 crore, indicating improving scale and profitability.

On a year-on-year basis, net profit for Q2FY26 increased 15.7% to ₹1.84 crore, compared with ₹1.59 crore in the same quarter last year.

Recent Corporate Developments

Mercury EV-Tech Limited held its 39th Annual General Meeting on December 15, 2025, in Vadodara, where shareholders focused on key business decisions for FY25. During the meeting, investors approved five major resolutions:

• Adoption of audited financial statements for FY25
• Reappointment of Director Darshankumar Shah
• Appointment of Riya Sharma as non-executive independent director
• Appointment of SJV & Associates as secretarial auditors
• Authorization for the board to provide loans or securities to entities with director interest

Chairman and Managing Director Jayesh Raichandbhai Thakkar addressed shareholders on the company's performance, audit observations and strategic outlook. Remote e-voting was conducted between December 12 and December 14, followed by ballot voting at the AGM venue.

Company Overview

Founded in 1986, Mercury EV-Tech operates in the electric mobility and renewable energy space. The company is engaged in 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 catering to the hospitality and industrial segments.

Mercury EV-Tech Limited has announced the sudden demise of its Independent Director Mr. Ajay Ramkrishna Shukla on December 23, 2025. The company informed BSE Limited about this significant board change through a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Board Composition Change

Mr. Ajay Ramkrishna Shukla, who held Director Identification Number (DIN) 10714665, served as an Independent Director of the company until his unexpected passing. The company has stated that his sudden demise represents an irreparable loss to the organization.

Company Response

The management of Mercury EV-Tech Limited expressed profound grief over the loss. All directors and employees have conveyed their deep sympathy, sorrow, and condolences to Mr. Shukla's family during this difficult time. The company acknowledged the significant contribution he made during his tenure as an Independent Director.

Regulatory Compliance

The notification was signed by Mr. Jayesh Raichandbhai Thakkar, Chairman and Managing Director of the company, bearing DIN 01631093. As per the regulatory disclosure, Mr. Shukla did not hold directorships in any other listed entities at the time of his demise.

Impact on Board Structure

With Mr. Shukla's passing, Mercury EV-Tech Limited will need to address the vacancy in its independent director position to maintain compliance with corporate governance requirements. The company has fulfilled its immediate obligation by promptly notifying the stock exchange about this change in board composition within the prescribed timeframe.