Maxvolt Energy Industries began with fifteen battery packs a day. Today it makes 25,000 packs a month, runs 2.2 GWh of annual lithium-ion capacity, and crossed ₹296.76 crore in FY26 revenue.
Founded in 2019 and headquartered in Ghaziabad, Maxvolt manufactures lithium-ion battery systems for electric two-wheelers, three-wheelers, solar storage, and industrial uses. It listed on NSE SME Emerge in early 2025.
Its packs use NMC and LFP chemistries, are AIS 156 Phase 1 and Phase 2 compliant, and reach customers through 950+ retail dealers, 107 OEM partners, and service across 1,150+ pin codes.
In 2026, Maxvolt commissioned a 55,000-square-foot automated plant in Duhai, Ghaziabad, lifting output beyond 25,000 packs per month and 2.2 GWh annual capacity. It has announced a $73 million capex program for grid-scale storage.
Its recycling subsidiary, Maxvolt ReEarth, is building a 6-acre Aligarh facility. Phase 1 is scheduled for January 2026 with 7,800 metric tonnes annual capacity, using hydrometallurgy to recover lithium, cobalt, and nickel at over 99.5% purity.
Maxvolt partners with IIT Roorkee on an AI-driven battery management system. It estimates state of charge and health, predicts faults, and tells whether a used pack should get a second life or go to recycling.
Revenue jumped from ₹107.47 crore in FY25 to ₹296.76 crore in FY26. PAT rose 141% to ₹24.38 crore, and EBITDA reached ₹37.41 crore.
ReEarth buys back old packs through dealers, creating a domestic 'urban mine' that buffers against Chinese supply chains and commodity shocks. The recovered metals feed back into cell manufacturing, supporting Extended Producer Responsibility compliance.
Rapid scaling has strained working capital. Operating cash flow was -₹44.51 crore in FY25 and -₹28.99 crore in FY26. Net margin slipped to 8.21%, and the SME stock swings about 7.8% weekly.
Maxvolt has moved from startup to listed energy-storage player with a recycling moat. The full deep dive examines whether its 10 GWh ambition and circular model hold up.
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