Ghaziabad-based Maxvolt Energy, which raised ₹54 crore through its NSE SME listing in February 2025, has unveiled a nearly $73 million multi-phase roadmap spanning battery manufacturing, energy storage systems (ESS), EV batteries and lithium recycling as it looks to move beyond the crowded electric scooter battery market.
“We are transitioning from being largely a two-wheeler battery company to building a broader battery-energy battery storage (BESS) ecosystem spanning, commercial EV batteries and lithium recycling,” said Satendra Shukla, Co-Founder & Chief Executive Officer, Maxvolt Energy Industries.
The company plans to raise additional capital from external investors and private equity funds to support manufacturing automation, a large-format battery and BESS facility in Uttar Pradesh, and a dedicated recycling and critical-mineral recovery business.
While Maxvolt’s immediate focus remains on strengthening operations across North, West and East India, it is also preparing a FY27 entry into Andhra Pradesh, Telangana, Kerala, Tamil Nadu and Karnataka to tap rising demand for solar-linked storage and commercial EV applications.
“South India is becoming a strong growth market for solar-linked storage and commercial EV adoption. Our strategy is focused on building deeper distribution and reverse-logistics capabilities across the region,” Shukla said.
Recycling-Led Pivot
At the centre of the strategy is subsidiary Maxvolt ReEarth, which is being positioned as an integrated recycling and resource-recovery platform covering battery collection, second-life reuse, black-mass generation and Extended Producer Responsibility (EPR) compliance services.
The company plans to build a take-back network across EV OEMs, e-rickshaw fleets, telecom infrastructure providers, solar-storage operators and retail battery customers through its 875-plus dealer network.
The pivot follows a breakout FY26 for the company. Revenue from operations nearly tripled to ₹296.77 crore in FY26 from ₹107.47 crore in FY25, while net profit rose 141% to ₹24.38 crore. EBITDA increased to ₹35.6 crore, although margins softened slightly to 12% amid raw material and currency volatility.
While electric scooter battery packs still contribute over 73% of revenue, growth is increasingly being driven by electric three-wheeler batteries and stationary storage systems. Revenue from the e-rickshaw battery segment rose to ₹22 crore in FY26 from a negligible base a year earlier, while ESS contributed ₹21.4 crore.
Capacity Expansion
Maxvolt plans to allocate nearly 60% of its future manufacturing capacity toward electric three-wheeler batteries and ESS applications, betting on the gradual shift of India’s e-rickshaw market from lead-acid to lithium-ion batteries.
To support the transition, the company plans to commission an automated robotic battery-pack manufacturing line by October 2026, taking annual battery-pack manufacturing capacity to around 2.2 GWh.
It also plans to begin development of a six-acre advanced battery manufacturing campus in Aligarh by August 2026. The facility is expected to eventually scale up to 10 GWh capacity and will focus on lithium battery packs, containerised BESS solutions and OEM-focused energy-storage systems.
“Our planned investments in automation, battery manufacturing and recycling infrastructure are aimed at preparing Maxvolt for the next phase of scale as India’s EV and energy-storage markets mature,” Shukla said.
The broader push will be funded through IPO proceeds, internal accruals and bank-led project financing. The company ended FY26 with cash and cash equivalents of ₹25.86 crore compared with ₹1.32 crore a year earlier.
ReShaping Indias EV supply chain
Alongside manufacturing expansion, Maxvolt is building a lithium-ion recycling and critical-mineral recovery business as tightening battery-waste regulations reshape India’s EV supply chain.
The company has secured land allotment in Aligarh for an integrated recycling facility spread across 1,25,000 sq. ft., with construction expected to begin by August 2026.
The first phase will include a 15,000-tonne-per-annum shredding and separation plant along with an initial critical-mineral extraction line focused on lithium, cobalt, nickel and manganese recovery.
“Through Maxvolt ReEarth, we are building a closed-loop battery ecosystem covering collection, second-life applications, black-mass generation and critical mineral recovery,” Shukla said.