Mukul Agarwal stock skyrockets 15% after MoU with Drivn to deploy 1,000 electric trucks

Synopsis: Small-Cap stock surged 15% after its subsidiary EIM partnered with Drivn to deploy ~1,000 heavy-duty electric trucks in India over two years, combining Drivn’s leasing network with EIM’s battery-swapping EV and energy solutions to support fleet electrification.

The shares of the Small-Cap stock, which specialises in solar energy solutions, particularly in the deployment of solar irrigation pumps, rooftop solar projects, and ground-mounted solar PV plants, have been in the spotlight following a 15 percent rise after a MoU for the nationwide deployment of 1,000 heavy-duty EV trucks.

With a market capitalisation of Rs. 2,683.83 crores on the day’s trade, the shares of Ravindra Energy Ltd rose upto 14.7 percent, reaching a high of Rs. 155.55 per share compared to its previous closing price of Rs. 135.55 per share. The Ace Investor Mukul Mahavir Agrawal holds a 1.21 percent stake in the company as of March 2026.

What happened

Ravindra Energy’s subsidiary Energy in Motion Limited (EIM) has entered into a Memorandum of Understanding (MoU) with Drivn to deploy approximately 1,000 heavy-duty electric trucks across India over the next two years. 

Drivn, an EV leasing platform focused on commercial fleets, will leverage its customer network. At the same time, EIM will contribute its expertise as an OEM specialising in battery-swapping electric trucks and energy solutions.

The partnership aims to streamline large-scale EV adoption by combining vehicle supply, financing, and operational support. It will focus on reducing entry barriers for fleet operators through integrated services, including deployment planning, lifecycle management, maintenance, and access to charging and battery-swapping infrastructure.

Commenting on the announcement, Mr Narendra M. Murkumbi, Managing Director & CEO, Energy in Motion Limited, said: “This MoU is further validation of the EIM approach to solving the entire EV challenge in heavy commercial vehicles by enabling scale and selling vehicles without battery pack and offering a charging service with swappable batteries.”

The partnership builds on Drivn’s recent US$ 80 million commitment from Nomura and its ongoing MoUs across the electric mobility ecosystem, supporting coordinated deployment across vehicles, energy, and fleet operations.

Financials & Others

The company’s revenue rose by 139 percent from Rs. 53 crore in December 2024 to Rs. 127 crore in December 2025. Meanwhile, the Net profit rose from  Rs. 2 crore to  Rs. 15 crore during the same period.

The company shows moderate profitability with a ROCE of 9.53% and ROE of 10.8%, indicating average returns on capital and equity. Its leverage is fairly balanced with a debt-to-equity ratio of 0.98, suggesting it is not overly dependent on debt.

Ravindra Energy Limited is an Indian renewable energy company incorporated in 1980 and headquartered in Belagavi, Karnataka. It was previously known as Ravindra Trading and Agencies Limited, changing its name in 2010. 

It operates primarily in the renewable energy and electric mobility space. It has a key stake in its electric mobility arm, Energy in Motion Limited, which focuses on e-tractors, heavy-duty electric commercial vehicles (e-CVs), and Battery-as-a-Service (BaaS) solutions. The company has also begun scaling its presence in manufacturing, with plans for an upcoming facility in Pune and early traction through e-tractor sales.

Alongside mobility, the company is strongly positioned in distributed solar power generation. It works on projects such as rural feeder solarisation under the KUSUM scheme, open access solar power, and rooftop solar installations. Its operational solar capacity is projected to grow from about 187 MWp (Dec 2025) to around 476 MWp by FY27, highlighting its expansion in clean energy infrastructure across India.

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