508941
Panasonic Carbon financials
- Market cap
- ₹209 Cr
- Sector
- Capital Goods
What Panasonic Carbon does
Panasonic Carbon India manufactures carbon rods, a component used inside dry-cell batteries, at its sole factory in Tada Mandal, Tirupati District, Andhra Pradesh. The company operates in a single reporting segment - Carbon Rod as a component of Dry Cell Batteries - and has historically sold to battery manufacturers, including fellow subsidiaries under common control of parent Panasonic Holdings Corporation, Japan. It sells carbon rods in both the domestic market and export markets, competing against Chinese and Indonesian manufacturers, and holds a One Star Export House certificate from the Government of India's Directorate General of Foreign Trade in recognition of its export performance.
Segments
- Carbon Rod (component of Dry Cell Batteries)
- Manufacturing plants
- 1 (Tada Mandal, Tirupati District, Andhra Pradesh)
- Carbon rod sales volume
- 2,548 million pieces (FY2024-25)
- Domestic sales quantity
- 1,234 million pieces (FY2024-25)
- Export sales quantity
- 1,314 million pieces (FY2024-25)
- Reporting segments
- 1 (Carbon Rod - Dry Cell Battery component)
- Export recognition
- One Star Export House certificate (DGFT, Govt. of India)
Quarterly results
Q1 FY27: revenue down 30.1%, net profit down 32.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 13 | 13 | 16 | 17 +29% | 12 −13% | 10 −20% | 11 −30% |
| EBITDA | 4 | 4 | 4 | 6 | 7 +65% | 3 −25% | 3 −14% | 3 −53% |
| Net profit | 5 | 5 | 5 | 6 | 6 +19% | 4 −11% | 5 −7% | 4 −32% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −12.4% 1Y
1Y: ₹490.75 on 10 Sept 2025 → ₹430. High ₹522.15 (4 Feb 2026), low ₹424.4 (30 Mar 2026).
Financials, as filed
Revenue grew 3.0% a year over 3 years, FY23 to FY26. Operating margin widened to 33.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹50 Cr | ₹51 Cr | ₹54 Cr | ₹55 Cr |
| Operating profit | ₹11 Cr | ₹15 Cr | ₹17 Cr | ₹18 Cr |
| Operating margin | 21.6% | 29.9% | 31.2% | 33.1% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹13 Cr | ₹19 Cr | ₹21 Cr | ₹21 Cr |
| Net margin | 25.6% | 36.2% | 38.6% | 38.8% |
| Cash from operations | ₹9 Cr | ₹2 Cr | ₹8 Cr | ₹11 Cr |
| Free cash flow | ₹9 Cr | ₹2 Cr | ₹8 Cr | ₹11 Cr |
| ROCE | 12.0% | 17.0% | 17.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹123 Cr | ₹132 Cr | ₹139 Cr | ₹152 Cr | ₹174 Cr | ₹183 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹6 Cr | ₹6 Cr | ₹5 Cr | ₹6 Cr | ₹9 Cr | ₹6 Cr |
| Total liabilities | ₹134 Cr | ₹143 Cr | ₹149 Cr | ₹162 Cr | ₹187 Cr | ₹194 Cr |
| Fixed assets | ₹6 Cr | ₹6 Cr | ₹5 Cr | ₹5 Cr | ₹4 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹128 Cr | ₹137 Cr | ₹144 Cr | ₹158 Cr | ₹183 Cr | ₹189 Cr |
| Total assets | ₹134 Cr | ₹143 Cr | ₹149 Cr | ₹162 Cr | ₹187 Cr | ₹194 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 2% to 11,051.
- Promoters
- 63.3%
- Public
- 36.7%
Since Jun 2025
- Promoters 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 63.3%, Public 36.7%.Dec '23: Promoters 63.3%, Public 36.7%.Mar '24: Promoters 63.3%, Public 36.7%.Jun '24: Promoters 63.3%, Public 36.7%.Sep '24: Promoters 63.3%, Public 36.7%.Dec '24: Promoters 63.3%, Public 36.7%.Mar '25: Promoters 63.3%, Public 36.7%.Jun '25: Promoters 63.3%, Public 36.7%.Sep '25: Promoters 63.3%, Public 36.7%.Dec '25: Promoters 63.3%, Public 36.7%.Mar '26: Promoters 63.3%, Public 36.7%.Jun '26: Promoters 63.3%, Public 36.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Panasonic Carbon above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Panasonic Holdings Corporation | 63.27% | unchanged |
| Sharad Kanayalal Shah | 1.02% | unchanged |
| Laxmi Devi Jiwarajka | 0.00% | unchanged |
| Gopal Sitaram Jiwarajka | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹430, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹710 — upside of 65%.
- Growth the price implies
- 8.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 18.3% a year
- net profit, FY23–FY26 · EPS 18.3%
- The gap
- -0.1 pp
- 65% downside if it only repeats history
Learn to analyse Panasonic Carbon
Guides on how to read this kind of business and the numbers that matter.