Mercury Ev-Tech Ltd

Issue Overview

• Type of issue: preferential issue of equity shares and convertible warrants.
• Total issue size revised downward due to undersubscription.
• Main objectives: working capital, promoter-group loan conversion, loan repayments, capex, general corporate purposes.

Utilisation of Proceeds

• Utilisation aligned with offer document.
• No material deviations; working-capital cost revised and reallocated among objects.
• Promoter loan conversion: fully utilized.
• Working capital: partially utilized; used for raw material purchases.
• Repayment of loans: fully utilized.
• Capital expenditure: partially utilized.
• General corporate purpose: partially utilized.
• Note: a small portion used from other accounts for operations.
• Note: non-received portion due to warrants not exercised; received proceeds fully utilized and balance nil.

Governance and Compliance

• Approvals: Government/statutory approvals related to objects not applicable.
• Material events: warrants not exercised; portion forfeited affecting proceeds.
• Final MAR notes no additional material information impacting investor decisions.
• No conflicts of interest identified.

General Corporate Purpose (GCP)

• GCP: Not applicable; no separate utilisation data reported.
• Board approval for allocation: not applicable.

Appointment of Secretarial Auditor

• Board approved appointment of Nisarg Sharma & Associates as Secretarial Auditor to fill casual vacancy.
• Appointment follows Audit Committee recommendation and Regulation 30 LODR compliance.
• Appointed on August 13, 2026 for FY 2025-26, until the ensuing AGM.
• Name is Nisarg Sharma & Associates; FCS 14061; COP No. 17088; Peer Review 3941/2023.
• Reason: to fill casual vacancy caused by resignation of SJV & Associates.
• Appointee is a peer-reviewed firm of Practising Company Secretaries; services in governance and compliance.
• Term through conclusion of the ensuing AGM.
• No explicit financial implications disclosed in filing.
• Annexure-1 contains appointment details.

Financials

• Standalone revenue from operations ₹2,066.83 lakhs; total revenue ₹2,068.08.
• Standalone net profit ₹144.11 lakhs;Basic EPS ₹0.019; diluted ₹0.076.
• Forfeiture of 4.53 crore convertible warrants; ₹85.07 crore transferred to Capital Reserve; no profit impact.
• Consolidated revenue from operations ₹3,338.41 lakhs; total revenue ₹3,374.02.
• Consolidated net profit ₹155.83 lakhs; Basic EPS ₹0.087; diluted ₹0.087.
• Paid-up equity share capital ₹1,899.73 lakhs.
• Board approved unaudited results; limited review completed by statutory auditors.

Notes

• Unaudited standalone and consolidated results reviewed by Board; limited review completed by auditors.
• Consolidated results include four subsidiaries; some interim figures not audited.

Regulatory approval and subsidy

• GEDA approval enables Mercury Ev-Tech to market and distribute battery-operated e-rickshaws in Gujarat for 2026-27 and 2027-28.
• Rs 48,000 per-vehicle subsidy approved for owners of Mercury e-rickshaws in Gujarat.
• Approved models include Tejashvi Plus, Tejashvi Neo Plus, Voltus Plus, Voltus Leo Plus.

Dematerialisation status

• Dematerialisation requests were processed within the time limit, accepted or rejected on technical grounds.
• Securities dematerialised were listed on the stock exchanges where previously issued securities are listed.
• Physical certificates for dematerialisation were mutilated and cancelled after verification, with the depository's name substituted as owner.

Board approvals

• Approved audited standalone and consolidated financial results for quarter and year ended 31 March 2026.
• Approved accompanying audited cash flow statements and standalone balance sheet.

Financial performance

• Standalone revenue from operations was Rs 1,355.64 lakh for the quarter ended 31 March 2026.
• Standalone net profit was Rs 223.12 lakh for the year ended 31 March 2026.
• Consolidated net profit was Rs 438.75 lakh for the year ended 31 March 2026.

Audit opinion

• Statutory auditor issued unmodified opinion on standalone and consolidated audited financial results.
• Consolidated audit noted four unaudited subsidiaries, including one wholly owned step-down subsidiary.

Corporate actions

• No dividend, capital raising, buyback, or acquisition decision was disclosed in this chunk.

Group restructuring

• BV Nest Private Limited was amalgamated into Mercury EV-Tech Limited effective 1 April 2023.
• No shares were issued for the amalgamation because the transferor was wholly owned.