GOLDSTAR
Goldstar Power financials
- Market cap
- ₹225 Cr
What Goldstar Power does
Goldstar Power Limited manufactures and markets lead-acid batteries under its flagship GOLDSTAR brand from a single fully integrated plant at Hapa, Jamnagar, Gujarat. The integrated process converts procured battery scrap, discarded batteries and raw lead into finished batteries covering automotive, industrial, motorcycle, UPS, solar, genset and inverter applications. The company sells through three channels: exports, the domestic/after-sales market, and OEM supply.
Segments
- Exports
- Domestic / after-sales market
- OEM
- Installed capacity
- 50,000 batteries/month (Jamnagar)
- Manufacturing plants
- 1 (fully integrated unit at Hapa, Jamnagar)
- Manufacturing facility area
- ~100,000 sq. ft.
- Product categories
- 7 (automotive, tubular/inverter-solar, e-rickshaw, SMF-VRLA/UPS, motorcycle, solar, pure lead & alloy)
- Export countries
- 8 (Dubai, Uganda, Turkey, Senegal, Lebanon, Afghanistan, Oman, Yemen)
- Market segments served
- 3 (exports, domestic/after-sales, OEM)
Quarterly results
Q1 FY27: revenue down 30.1%, net profit down 126.8% 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 | 15 | 7 | 26 | 10 | 18 +21% | 5 −30% | 4 −84% | 7 −30% |
| EBITDA | 2 | -0 | 2 | 1 | -1 −135% | 0 +132% | 1 −37% | -0 −103% |
| Net profit | 2 | -1 | 1 | 1 | -0 −107% | -0 +73% | 1 −40% | -0 −127% |
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 −8.9% 1Y
1Y: ₹9 on 9 Sept 2025 → ₹8.2. High ₹9.5 (6 Mar 2026), low ₹4.5 (29 Jan 2026).
Financials, as filed
Revenue fell 33.2% a year over 1 year, FY25 to FY26. Operating margin narrowed to 5.4%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹56 Cr | ₹37 Cr |
| Operating profit | ₹4 Cr | ₹2 Cr |
| Operating margin | 7.8% | 5.4% |
| Interest | ₹2 Cr | ₹1 Cr |
| Depreciation | ₹2 Cr | ₹1 Cr |
| Net profit | ₹2 Cr | ₹1 Cr |
| Net margin | 2.7% | 2.7% |
| Cash from operations | ₹9 Cr | ₹5 Cr |
| Free cash flow | ₹9 Cr | ₹4 Cr |
| ROCE | 11.6% | 3.6% |
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 | ₹11 Cr | ₹11 Cr | ₹19 Cr | ₹24 Cr | ₹29 Cr | ₹29 Cr |
| Reserves | ₹9 Cr | ₹10 Cr | ₹5 Cr | ₹4 Cr | ₹53 Cr | ₹53 Cr |
| Borrowings | ₹12 Cr | ₹18 Cr | ₹13 Cr | ₹18 Cr | ₹13 Cr | ₹8 Cr |
| Other liabilities | ₹4 Cr | ₹8 Cr | ₹7 Cr | ₹7 Cr | ₹10 Cr | ₹8 Cr |
| Total liabilities | ₹35 Cr | ₹46 Cr | ₹44 Cr | ₹54 Cr | ₹104 Cr | ₹98 Cr |
| Fixed assets | ₹11 Cr | ₹10 Cr | ₹15 Cr | ₹18 Cr | ₹16 Cr | ₹16 Cr |
| Capital work in progress | ₹0 Cr | ₹7 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹61 Cr | ₹61 Cr |
| Other assets | ₹25 Cr | ₹29 Cr | ₹29 Cr | ₹28 Cr | ₹27 Cr | ₹22 Cr |
| Total assets | ₹35 Cr | ₹46 Cr | ₹44 Cr | ₹54 Cr | ₹104 Cr | ₹98 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
Since Jun 2025, promoters trimmed −11.59 pp while the public added +11.59 pp.
- Promoters
- 61.3%
- Public
- 38.7%
Since Jun 2025
- Promoters −11.59 pp
- Public +11.59 pp
How it drifted, 12 quarters
Over this window promoters fell from 72.9% to 61.3% — −11.6 pp.
Ownership split by quarter, oldest first. Sep '22: Promoters 72.9%, Public 27.1%.Dec '22: Promoters 72.9%, Public 27.1%.Mar '23: Promoters 72.9%, Public 27.1%.Sep '23: Promoters 72.9%, Public 27.1%.Mar '24: Promoters 72.9%, Public 27.1%.Sep '24: Promoters 72.9%, Public 27.1%.Mar '25: Promoters 72.9%, Public 27.1%.Jun '25: Promoters 72.9%, Public 27.1%.Sep '25: Promoters 61.3%, Public 38.7%.Dec '25: Promoters 61.3%, Public 38.7%.Mar '26: Promoters 61.3%, Public 38.7%.Jun '26: Promoters 61.3%, Public 38.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sanjay Popatlal Jain newly disclosed 4.53% held
- Jignesh Amrutlal Thobhani newly disclosed 2.13% held
- Doshi Hetal S newly disclosed 1.25% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Goldstar Power above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Navneet Muljibhai Pansara - 2 | 28.41% | unchanged |
| Amrutlal Mohanbhai Pansara | 24.08% | unchanged |
| Rajesh Monga | 15.90% | unchanged |
| Sanjay Popatlal Jain | 4.53% | newly disclosed |
| Geetaben Amrutlal Pansara | 3.58% | unchanged |
| Pansara Amrat M | 2.36% | unchanged |
| Dhruti Navneet Pansara | 2.24% | unchanged |
| Jignesh Amrutlal Thobhani | 2.13% | newly disclosed |
| Investino Venture Llp | 1.92% | unchanged |
| Doshi Hetal S | 1.25% | newly disclosed |
| Shivam Amrutbhai Pansara | 0.64% | 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.
Learn to analyse Goldstar Power
Guides on how to read this kind of business and the numbers that matter.