Goldstar Power Ltd

GOLDSTAR

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Market Cap

₹ 210 Cr

P/E

91.88

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Goldstar Power Limited is a battery manufacturing company producing a variety of battery types including storage, dry, and solar power batteries under its 'Star Gold' brand.

The company operates an integrated manufacturing plant in Hapa, Jamnagar, Gujarat, where it recycles battery scrap into finished products.

Goldstar Power caters to export, domestic, and OEM market segments, reflecting a diverse customer base and multi-channel approach.

In 2018, the company expanded its product line to include automotive, tubular, e-rickshaw, VRLA, and motorcycle batteries featuring modern technology and design.

Originally incorporated in 1999, Goldstar Power transitioned to a public company and listed its shares on the NSE SME Emerge Platform in 2017.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Batteries

Market Cap

210 Cr

Volatility

Low Risk

P/E Ratio

91.9

Industry P/E

32.9

PEG Ratio

1.9

P/B Ratio

2.6

52W High

13.50

52W Low

6.80

Sales CAGR

-3.57%

4.08%

6.16%

10Y

0.72%

Profit CAGR

-43.70%

47.74%

43.48%

10Y

48.76%

ROE

TTM

4.83%

12.14%

8.82%

10Y

6.56%

ROCE

TTM

7.07%

18.62%

14.31%

10Y

12.85%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EXIDEIND	367.30	31,658 Cr	40.13	2.15	0.54	5.36	8.09	3.64
HBLENGINE	801.15	22,626 Cr	34.22	11.40	0.12	32.25	42.41	23.88
ARE&M	921.75	17,123 Cr	23.31	2.21	1.12	9.49	12.51	8.31
MAXVOLT	461.20	517 Cr	51.06	7.53	0.00	22.40	22.83	11.91
CLN	451.00	477 Cr	36.90	5.04	0.00	16.35	12.84	6.33
WAAREE	229.70	245 Cr	—	0.00	0.00	130.87	-37.65	-24.66
GOLDSTAR	7.35	210 Cr	91.88	2.61	0.00	4.83	7.07	2.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2024	Jun 2025	Sep 2025
Sales	15	9.84	127
Expenses	13	8.50	126
Operating Profit	2.18	1.34	0.54
OPM %	14.58	13.62	0.43
Other Income	0.53	0.39	1.20
Interest	0.43	0.29	0.33
Depreciation	0.00	0.37	0.86
Profit Before Tax	2.29	1.08	0.54
Tax %	33.19	33.33	-29.63
Net Profit	1.53	0.71	0.70
EPS in Rs	0.05	0.03	0.02

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	45	62	45	36	36	42	43	50	50	48
Expenses	38	51	41	35	35	41	41	44	43	44
Operating Profit	7.26	11	3.88	1.78	0.90	0.96	2.40	5.93	6.76	4.57
OPM %	16.01	17.67	8.62	4.90	2.51	2.27	5.59	11.87	13.47	9.44
Other Income	1.00	0.58	1.11	1.26	1.93	1.75	1.27	2.14	2.15	2.08
Interest	1.41	1.65	1.42	0.86	0.89	0.96	1.19	1.48	1.84	1.57
Depreciation	1.46	1.36	1.31	1.57	1.63	1.58	1.42	1.59	1.57	1.59
Profit Before Tax	0.06	1.18	0.50	0.61	0.31	0.17	1.06	5.00	5.50	3.49
Tax %	-4.84	49.99	42.47	-64.96	-21.55	53.36	33.03	25.52	26.47	34.72
Net Profit	0.06	0.59	0.29	1.01	0.37	0.08	0.71	3.73	4.05	2.28
EPS in Rs	—	—	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.30	1.30	11	11	11	11	11	19	24	24
Reserves	8.71	9.30	7.55	8.56	8.94	9.01	9.72	4.89	4.12	6.40
Borrowings	11	11	7.87	7.73	8.63	11	18	13	18	11
Other Liabilities	12	12	9.12	7.37	7.17	5.08	8.17	7.19	7.43	10
Total Liabilities	33	33	35	34	35	35	46	44	54	51
Fixed Assets	14	13	12	13	12	11	9.79	15	18	17
CWIP	0.00	0.00	0.76	0.00	0.00	0.00	7.02	0.00	0.00	0.00
Investments	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	7.60	9.70
Other Assets	19	20	22	21	24	25	29	29	28	25
Total Assets	33	33	35	34	35	35	46	44	54	51

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.37	2.17	-1.99	2.57	0.50	-0.17	-0.93	6.54	7.99	8.96
Cash from Investing Activity	0.83	-0.45	-1.30	-1.77	0.10	1.05	-7.44	-0.54	-12	-0.07
Cash from Financing Activity	-2.12	-1.60	3.13	-1.00	0.02	1.06	5.79	-5.97	3.22	-8.87
Net Cash Flow	-0.92	0.12	-0.16	-0.21	0.62	1.94	-2.58	0.03	-0.29	0.02

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Jan 2023	Feb 2023	Mar 2023	Jul 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025
Promoters	72.91%	72.91%	72.91%	72.91%	72.91%	72.91%	72.91%	72.91%	72.91%	72.91%	61.32%	61.32%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	27.09%	27.09%	27.09%	27.09%	27.09%	27.09%	27.09%	27.09%	27.09%	27.09%	38.68%	38.68%
Total Shareholders	74	76	76	77	98	1,126	1,341	1,708	1,710	1,674	1,711	1,682

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 03, 2023	Dolly mittal	Bulk	Buy	12.85	1.94 Cr	15,12,000	0.62
Feb 03, 2023	Sanjaykumar jivanbhai bhatiya	Bulk	Sell	12.85	1.80 Cr	14,04,000	0.58

Projection

Actions

Action Type

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Announcements

Last 7 days

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Presentations

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2024	Jun 2025	Sep 2025
Sales	15	9.84	127
Expenses	13	8.50	126
Operating Profit	2.18	1.34	0.54
OPM %	14.58	13.62	0.43
Other Income	0.53	0.39	1.20
Interest	0.43	0.29	0.33
Depreciation	0.00	0.37	0.86
Profit Before Tax	2.29	1.08	0.54
Tax %	33.19	33.33	-29.63
Net Profit	1.53	0.71	0.70
EPS in Rs	0.05	0.03	0.02

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	45	62	45	36	36	42	43	50	50	48
Expenses	38	51	41	35	35	41	41	44	43	44
Operating Profit	7.26	11	3.88	1.78	0.90	0.96	2.40	5.93	6.76	4.57
OPM %	16.01	17.67	8.62	4.90	2.51	2.27	5.59	11.87	13.47	9.44
Other Income	1.00	0.58	1.11	1.26	1.93	1.75	1.27	2.14	2.15	2.08
Interest	1.41	1.65	1.42	0.86	0.89	0.96	1.19	1.48	1.84	1.57
Depreciation	1.46	1.36	1.31	1.57	1.63	1.58	1.42	1.59	1.57	1.59
Profit Before Tax	0.06	1.18	0.50	0.61	0.31	0.17	1.06	5.00	5.50	3.49
Tax %	-4.84	49.99	42.47	-64.96	-21.55	53.36	33.03	25.52	26.47	34.72
Net Profit	0.06	0.59	0.29	1.01	0.37	0.08	0.71	3.73	4.05	2.28
EPS in Rs	—	—	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.30	1.30	11	11	11	11	11	19	24	24
Reserves	8.71	9.30	7.55	8.56	8.94	9.01	9.72	4.89	4.12	6.40
Borrowings	11	11	7.87	7.73	8.63	11	18	13	18	11
Other Liabilities	12	12	9.12	7.37	7.17	5.08	8.17	7.19	7.43	10
Total Liabilities	33	33	35	34	35	35	46	44	54	51
Fixed Assets	14	13	12	13	12	11	9.79	15	18	17
CWIP	0.00	0.00	0.76	0.00	0.00	0.00	7.02	0.00	0.00	0.00
Investments	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	7.60	9.70
Other Assets	19	20	22	21	24	25	29	29	28	25
Total Assets	33	33	35	34	35	35	46	44	54	51

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.37	2.17	-1.99	2.57	0.50	-0.17	-0.93	6.54	7.99	8.96
Cash from Investing Activity	0.83	-0.45	-1.30	-1.77	0.10	1.05	-7.44	-0.54	-12	-0.07
Cash from Financing Activity	-2.12	-1.60	3.13	-1.00	0.02	1.06	5.79	-5.97	3.22	-8.87
Net Cash Flow	-0.92	0.12	-0.16	-0.21	0.62	1.94	-2.58	0.03	-0.29	0.02

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Goldstar Power Limited is a battery manufacturing company producing a variety of battery types including storage, dry, and solar power batteries under its 'Star Gold' brand.

The company operates an integrated manufacturing plant in Hapa, Jamnagar, Gujarat, where it recycles battery scrap into finished products.

Goldstar Power caters to export, domestic, and OEM market segments, reflecting a diverse customer base and multi-channel approach.

In 2018, the company expanded its product line to include automotive, tubular, e-rickshaw, VRLA, and motorcycle batteries featuring modern technology and design.

Originally incorporated in 1999, Goldstar Power transitioned to a public company and listed its shares on the NSE SME Emerge Platform in 2017.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Batteries

Market Cap

210 Cr

Volatility

Low Risk

P/E Ratio

91.9

Industry P/E

32.9

PEG Ratio

1.9

P/B Ratio

2.6

52W High

13.50

52W Low

6.80

Sales CAGR

-3.57%

4.08%

6.16%

10Y

0.72%

Profit CAGR

-43.70%

47.74%

43.48%

10Y

48.76%

ROE

TTM

4.83%

12.14%

8.82%

10Y

6.56%

ROCE

TTM

7.07%

18.62%

14.31%

10Y

12.85%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EXIDEIND	367.30	31,658 Cr	40.13	2.15	0.54	5.36	8.09	3.64
HBLENGINE	801.15	22,626 Cr	34.22	11.40	0.12	32.25	42.41	23.88
ARE&M	921.75	17,123 Cr	23.31	2.21	1.12	9.49	12.51	8.31
MAXVOLT	461.20	517 Cr	51.06	7.53	0.00	22.40	22.83	11.91
CLN	451.00	477 Cr	36.90	5.04	0.00	16.35	12.84	6.33
WAAREE	229.70	245 Cr	—	0.00	0.00	130.87	-37.65	-24.66
GOLDSTAR	7.35	210 Cr	91.88	2.61	0.00	4.83	7.07	2.12