Maxvolt Energy Industries
Book Building issueSMENSE₹54 Cr issue
0.00%
Listing gain over issue price
Issue size
₹54 Cr
1 lot at cut-off
₹1,44,000
Lot size
800shares
Open
12 Feb 2025
Close
14 Feb 2025
Allotment
17 Feb 2025
Listing
19 Feb 2025
Listing performance
Issue price
₹180
Listed at
₹180
Listing-day close
₹180.90
Latest price
₹347.95
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
+93.31%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Feb 2025 – 14 Feb 2025
- Listing date
- 19 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹54 Cr
- Market cap at offer price
- ₹196 Cr
- Promoter holding
- 57.25% → 39.14% pre-issue → post-issue
- ISIN
- INE10A501018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- F-108, Plot No.1 F/F United Plaza, Community Centre, Karkardooma, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,51,200 | — | — |
| Market maker | 1,52,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,51,200
Anchor portion
₹15.32 Cr
at ₹180 per share
Valuation and performance
Valuation at offer price
₹180 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.12 | 8.75 |
| P/E (×) | 29.41 | 20.57 |
| Price to book (×) | 11.48 | — |
| Market cap | — | ₹196 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 45.09%
- ROCE
- 39.46%
- Debt / equity
- 0.51
- PAT margin
- 10.77%
- NAV per share
- ₹15.68
- Price to book
- 11.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Maxvolt Energy Industries
Established in 2019 and converted to a public limited company in 2024, Maxvolt Energy Industries Limited is primarily engaged in the manufacturing of lithium-ion batteries supplied through authorized dealers, distributors, and OEMs under the 'MaxVolt Energy' brand. The company manufactures customized battery packs, graphene battery packs, and battery chargers designed in-house. As of September 30, 2024, the company operates an ISO 9001:2015 certified manufacturing facility spanning 18,000 square feet in Ghaziabad, Uttar Pradesh, with service centers across Uttar Pradesh, Delhi, Bihar, Madhya Pradesh, and Gujarat. The company generates revenue from battery sales to various end-use segments including electric two-wheelers, e-rickshaws, energy storage systems, and electronics gadgets, with e-scooter batteries accounting for 91.56% of revenue in the period ended September 30, 2024.
Company Analysis
from RHPMaxvolt Energy Industries manufactures lithium-ion batteries and battery chargers for electric vehicles (e-scooters, e-rickshaws, e-cycles), energy storage, and electronics gadgets, operating across the EV and energy storage industries.
Established in 2019 and converted to a public limited company in 2024, Maxvolt Energy Industries Limited is primarily engaged in the manufacturing of lithium-ion batteries supplied through authorized dealers, distributors, and OEMs under the 'MaxVolt Energy' brand. The company manufactures customized battery packs, graphene battery packs, and battery chargers designed in-house. As of September 30, 2024, the company operates an ISO 9001:2015 certified manufacturing facility spanning 18,000 square feet in Ghaziabad, Uttar Pradesh, with service centers across Uttar Pradesh, Delhi, Bihar, Madhya Pradesh, and Gujarat. The company generates revenue from battery sales to various end-use segments including electric two-wheelers, e-rickshaws, energy storage systems, and electronics gadgets, with e-scooter batteries accounting for 91.56% of revenue in the period ended September 30, 2024.
Electric Vehicles ManufacturingBattery TechnologyEnergy Storage SolutionsElectronics
Objects of the Issue
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks, financial institutions and non-banking financial companies ₹889.96 Lakhs p.30
- Funding of capital expenditure requirements of our Company towards purchase of Plant and Machineries ₹2,427.04 Lakhs p.30
- General corporate purposes p.30
- Repayment of borrowings p.56
- Funding capital expenditure for expansion of manufacturing facilities and setting up new plant p.58
- General corporate purposes p.72
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks, financial institutions and non-banking financial companies ₹889.96 Lakhs p.109
- Funding of capital expenditure requirements of our Company towards purchase of Plant and Machineries ₹2,427.04 Lakhs p.109
- General corporate purposes p.109
- Repayment of borrowings p.164
- Funding capex for establishing a new battery line facility and expansion at the manufacturing unit situated at E-82, Industrial Area, Bulandshar Road, Ghaziabad, Uttar Pradesh, along with additional machineries for expansion p.283
- General corporate purposes p.308
- Not stated in this excerpt
Issue Structure
- Total Issue
- Up to 30,00,000 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 24,00,000 Equity Shares of face value of ₹10/- each fully paid for cash at a price of ₹ [●] /- per Equity Share aggregating ₹ [●] Lakhs
- Offer for Sale
- Up to 6,00,000 Equity Shares of face value of ₹10/- each fully paid for cash at a price of ₹ [●] /- per Equity Share aggregating ₹ [●] Lakhs by Ms. Preeti Gupta
- Price Band
- [●] per Equity Share (Floor Price) and [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
Maxvolt earns revenue through the manufacture and sale of lithium-ion battery packs and related products (chargers, graphene batteries) via a diversified distribution network comprising authorized dealers and distributors, and direct sales to original equipment manufacturers (OEMs). The company also generates service revenue through designated service centers that provide warranty repairs and maintenance. Revenue is generated by selling batteries across multiple applications including electric two-wheelers, e-rickshaws, e-cycles, energy storage solutions, and consumer electronics.
Business Segments
Manufactures lithium-ion battery packs for electric scooters and bikes in various models
Manufactures lithium-ion batteries for electric auto-rickshaws
Manufactures battery packs for energy storage applications
Manufactures batteries for consumer electronics applications
Manufactures and supplies graphene battery packs designed and developed by the company
Manufactures and supplies battery chargers designed and developed by the company
Manufactures lithium-ion battery packs for electric vehicles and energy storage applications, including faster-charging battery packs
Manufacturing of lithium-ion batteries for electric vehicles including e-scooters, e-rickshaws, and e-cycles
Manufacturing of batteries for energy storage applications
Manufacturing of batteries for other applications including consumables, agriculture, and telecommunications (Wi-Fi)
Lithium-ion batteries for electric scooters in various voltage and capacity configurations (48V-74V, 26AH-40AH)
LFP batteries for electric rickshaws (51.2V, 86-100AH capacity)
Lithium-ion batteries for electric cycles (36V, 7.5-15AH capacity)
Lithium and LFP batteries for energy storage systems, solar/inverter/UPS/power backup systems (12V-480V customizable, 86AH-500AH)
Lithium battery chargers and lead battery chargers for various applications and voltage ratings
Battery for agricultural pressure pumps, home lights, torch lights, mask lights, weighing machines, Wi-Fi modem, CCTV, power banks, toys, connectors and other consumables
Lithium-ion batteries for electric scooters
Battery chargers designed and developed by the company
SWOT Analysis
Strengths
- • Established brand presence in EV battery market with ISO certification(p.29)
- • Diversified sales distribution model with authorized dealers and OEMs(p.29)
- • Established service network across multiple states(p.29)
- • In-house technology development and R&D capabilities(p.44)
- • Advanced lithium-ion battery technology with in-house R&D(p.60)
- • Strong financial performance with growing profitability(p.75)
- • Growing revenue trajectory in emerging EV battery market(p.75)
- • ISO 9001:2015 certified manufacturing with rigorous quality control at multiple production levels(p.159)
- • Widespread dealer and distributor network across multiple states supporting market penetration(p.159)
- • Strong repeat customer base with 94.07% of sales from repeat customers in 9M FY25(p.160)
- • Strategically located manufacturing facility in Ghaziabad with 18,000 sq ft capacity and access to infrastructure(p.162)
- • Experienced promoter and management team with industry knowledge driving strategic operations(p.161)
- • Diversified product portfolio across e-vehicles, energy storage systems, and medical device batteries(p.162)
- • Scalable business model enabling efficient capacity expansion(p.164)
- • Long-standing supplier relationships supporting reliability(p.164)
- • Diverse product portfolio across EV and energy storage segments(p.200)
- • Quality management systems and ISO 9001:2015 certification(p.200)
- • Hybrid manufacturing model with in-house capability and third-party partnerships(p.169)
- • ISO 9001:2015 certified manufacturing with quality control systems(p.283)
- • Established brand 'MaxVolt Energy' with diversified distribution across authorized dealers, distributors, and OEMs(p.283)
- • Strategic manufacturing location with multi-modal transportation access and proximity to customers(p.283)
- • Substantial battery manufacturing capacity of 97.2 MWh as of September 2024(p.283)
- • In-house integrated manufacturing with quality testing facilities covering raw material to finished product(p.284)
- • Strong revenue growth of 253.61% from FY2023 to FY2024 and profit margin improvement to 10.77%(p.287)
- • Positive net worth of ₹2,394.35 Lakhs as of September 30, 2024(p.307)
Weaknesses
- • Heavy concentration of revenue in top customers (72.32% from top 5 customers)(p.38)
- • High dependency on single supplier for raw materials (18.75% from top supplier)(p.39)
- • Significant geographical concentration (80.32% from four states)(p.40)
- • Single person responsible for marketing department(p.44)
- • Non-compliance with Section 42 of Companies Act regarding preferential allotment(p.43)
- • Limited operating history since 2019(p.38)
- • Sole reliance on imported lithium-ion cells from China(p.45)
- • Persistent negative operating cash flows(p.54)
- • High debt-to-equity ratio requiring significant cash flows to service obligations(p.55)
- • Unsecured loans that may be recalled on demand by lenders(p.56)
- • Dependency on promoter personal guarantees for loan facilities(p.56)
- • Multiple instances of statutory compliance delays and defaults(p.53)
- • Significant contingent liabilities that may materialize adversely(p.53)
- • R&D efforts concentrated with single individual(p.60)
- • Rented manufacturing facilities without ownership security(p.58)
- • High debt-to-equity ratio of 4.52x in FY23, indicating significant leverage dependence(p.158)
- • Heavy reliance on imported lithium cells from China as principal raw material(p.162)
- • Quotations for plant and machinery not yet finalized; no definitive agreements with vendors established(p.120)
- • Substantial exposure to working capital loans at high interest rates (16-19.25%)(p.111)
- • Significant customer concentration with top 5 customers at 72.32% of revenue(p.173)
- • High supplier concentration with top 5 suppliers at 62.92% of purchases(p.181)
- • Low capacity utilization at 52% as of November 2024(p.179)
- • Import dependence for key raw materials (33.58% of purchases from China)(p.180)
- • Debt-to-equity ratio of 0.21 as of September 30, 2024(p.165)
- • Heavy dependence on limited supplier base with top 5 suppliers accounting for 62.92% of purchases (Sept 2024)(p.294)
- • Significant customer concentration with top 5 customers representing 72.32% of revenue (Sept 2024)(p.294)
- • Negative operating cash flow of ₹360.11 Lakhs for period ended September 30, 2024(p.291)
- • Significant working capital requirements with inventory increasing by ₹525.42 Lakhs in 6 months to Sept 2024(p.291)
- • Outstanding GST compliance matters with discrepancies notices totaling ₹2.28 crores+ in cumulative disputes(p.296)
- • Pending income tax demand of ₹6.47 Lakhs for A.Y. 2023-24 and outstanding TDS liability of ₹57,395(p.297)
- • Recent incorporation in 2019 with company only 5 years old as of prospectus filing(p.307)
Opportunities
- • Growing electric vehicle market adoption in India(p.29)
- • Expansion into new geographical markets beyond current concentration areas(p.40)
- • Diversification of product portfolio beyond e-scooter batteries(p.44)
- • Battery recycling and capacity expansion initiative(p.49)
- • Increasing number of dealers and distributors across regions(p.43)
- • Expanding electric vehicle market creating demand for lithium-ion batteries(p.58)
- • Investment in faster-charging battery pack development(p.60)
- • Capital expansion and capacity enhancement from IPO proceeds(p.72)
- • Expansion of capacity through capital investment in new machinery and equipment(p.163)
- • Strategic entry into battery recycling business with estimated 1000 kg per hour capacity(p.113)
- • Growing global EV battery demand with India positioned to capture incremental supply chain opportunities(p.151)
- • Government support through Production Linked Incentive scheme for advanced chemistry cell batteries(p.150)
- • Rising EV penetration in India with specific policy focus on electric two and three-wheelers(p.155)
- • Favorable government policies supporting renewable energy and clean energy solutions(p.164)
- • Expansion of customer base and larger sales volumes(p.164)
- • Growth in electric vehicle market demand(p.164)
- • Expansion of product portfolio and entry into new segments(p.165)
- • Reduction of operational costs through optimized infrastructure utilization(p.164)
- • Rapidly expanding electric vehicle market driving battery demand growth of 321.36% for e-scooter batteries(p.288)
- • Government incentives on e-vehicle purchases and rising fuel costs supporting EV adoption(p.288)
- • Planned capacity expansion and new battery line facility to enable recycling of used batteries(p.283)
- • Startup India benefits and income tax exemption under section 80-IAC valid until May 2029 or turnover of ₹100 Crores(p.303)
- • Growing customized battery pack demand from diverse industrial manufacturers(p.283)
- • Expansion of service network covering Uttar Pradesh, Delhi, Bihar, Madhya Pradesh and Gujarat states(p.283)
Threats
- • Dependency on China for critical raw material (lithium-ion cells)(p.45)
- • Market adoption uncertainty for EVs dependent on subsidies and infrastructure(p.42)
- • Power supply disruptions affecting manufacturing operations(p.45)
- • Labour intensive operations vulnerable to strikes and wage inflation(p.45)
- • Geopolitical risks affecting import of equipment and raw materials(p.49)
- • Pricing pressure from distributors affecting margins(p.44)
- • Competitive threats from alternative EV technologies and ICE improvements(p.42)
- • Regulatory and compliance risks related to EV standards(p.38)
- • Rapid evolution of EV technology and alternative fuel sources(p.61)
- • Competition from established battery manufacturers(p.61)
- • Regulatory and compliance risks in environmental, health and safety(p.61)
- • Supply chain disruptions and rising transportation costs(p.59)
- • Limited operating history complicates forecasting seasonality impacts(p.58)
- • Counterparty credit risk from customer payment delays and defaults(p.57)
- • Potential capacity underutilization affecting profitability(p.58)
- • Inflation pressures in India increasing operational costs(p.69)
- • Global battery supply chain dominated by China with significant overcapacity pressuring margins(p.152)
- • India lacks reserves of critical raw materials—lithium, cobalt, and nickel—essential for battery production(p.155)
- • Risk of unanticipated delays and cost overruns in capital expenditure implementation(p.110)
- • Foreign exchange rate fluctuations affecting cost of imported raw materials and machinery(p.120)
- • Competitive pressure from international players and established battery manufacturers in India(p.158)
- • Volatile global prices of key raw materials (lithium cells, nickel strips)(p.179)
- • Intense competition from established players and unorganized local competitors(p.188)
- • Supply chain disruptions and raw material availability risks(p.179)
- • Regulatory changes in battery management and waste regulations(p.192)
- • External risks from FX volatility and customs duty on imports(p.192)
- • Intense competition from both organized and unorganized players in largely price-driven market(p.294)
- • Volatility in raw material supply and pricing, particularly imported materials at ₹1,223.42 Lakhs CIF value (Sept 2024)(p.285)
- • Foreign exchange risk with significant imports of ₹1,223.42 Lakhs CIF value requiring hedging exposure(p.240)
- • Significant short-term borrowing obligations of ₹309.01 Lakhs requiring refinancing or repayment(p.247)
- • Dependence on key promoters for business management and strategic decision-making(p.283)
- • Technology obsolescence risk requiring continuous R&D investment to maintain product competitiveness(p.285)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Bhuvneshwar Pal Singh | Promoter | 19.05% | — |
| Mr. Vishal Gupta | Promoter | 18.76% | — |
| Mr. Sachin Gupta | Promoter | 12.35% | — |
| Ms. Preeti Gupta | Promoter Group | 7.09% | — |
| Mr. Bhuvneshwar Pal Singh | Promoter | 19.05% | 14.85% |
| Mr. Vishal Gupta | Promoter | 18.76% | 14.63% |
| Mr. Sachin Gupta | Promoter | 12.35% | 9.63% |
| Ms. Preeti Gupta | Promoter Group | 7.09% | 0.02% |
| Bhuvneshwar Pal Singh | Promoter | — | — |
| Vishal Gupta | Promoter | — | — |
| Sachin Gupta | Promoter | — | — |
| Bhuvneshwar Pal Singh | Promoter | 19.05% | 14.85% |
| Vishal Gupta | Promoter | 18.76% | 14.63% |
| Sachin Gupta | Promoter | — | — |
| Bhuvneshwar Pal Singh | Promoter | 18.93% | — |
| Sachin Gupta | Promoter | 12.35% | — |
| Vishal Gupta | Promoter | 18.76% | — |
| Preeti Gupta | Promoter Selling Shareholder | — | — |
| Mukesh Gupta | First Director | — | — |
| Satendra Shukla | First Director | — | — |
Leadership
Mr. Bhuvneshwar Pal Singh · Managing Director & Chief Financial Officer
Mr. Vishal Gupta · Chairman / Whole Time Director
Ms. Rajni · Company Secretary and Compliance Officer
Mr. Ajay Kumar · Independent Director
Mr. Preet Kumar · Independent Director
Ms. Kavita Dixit · Independent Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Maxvolt Energy Industries IPO FAQs
What is the lot size of Maxvolt Energy Industries IPO?
The minimum lot size of Maxvolt Energy Industries IPO is 800 shares. One lot costs ₹1,44,000 at the cut-off price.
When does Maxvolt Energy Industries IPO open and close?
Maxvolt Energy Industries IPO opened for subscription on 12 Feb 2025 and closed on 14 Feb 2025.
What is the listing date of Maxvolt Energy Industries IPO?
Maxvolt Energy Industries IPO listed on 19 Feb 2025.