Goldstar Power Ltd

goldstar power

About the Company:

Incorporated in the year 1999,Goldstar Power Ltd is a  battery manufacturing Company, manufacturing & marketing their products under the flagship brand ―Star Gold.

Company started by manufacturing of battery plates and gradually moved to forward and backward stages of manufacturing.

Company‘s major revenue is from sale of Battery and Lead Plates various measures ranging from IST 1000 to IST 2200, GS 400 to GS 1800 and GST, GSD and GSV versions.

Company’s product range covers various types of batteries including automotive batteries, tubular batteries, SMF series batteries, VRLA batteries, Solar batteries, Pure Lead and Alloy batteries.

Company’s batteries are used by inverter manufacturers, automobile industry, general industrial applications, solar power plants, UPS applications for Power Back up, etc.

Currently Company caters to all three segments of market viz. exports, domestic/after sales market and OEM.

They have a widespread customer base with their domestic customer base situated in various regions of the country and the international customers situated across varied countries like Uganda, Nepal, Lebanon, etc.

Company’s batteries are generally used in cars manufactured by Tata, Maruti and Mahindra.

Company‘s significant revenue is dependent on Amara Raja Batteries Limited who sells the same to OEMs.

Sale to Amara Raja Batteries Ltd accounted to 47.14% of their revenue  in FY 17.


Management Team:

  1. Mr.Mulji Pansara (Designation: Chairman)
  2. Mr.Navneet Pansara (Designation: Managing Director)
  3. Mr.Amratlal Pansara (Designation: Whole time Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mulji Pansara 27,72,942 6.84
Amratlal Pansara 18,69,582 6.34


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Mulji Pansara 35.55% 25.92%
Amratlal Pansara 23.97% 17.48%
Promoter-Group Entities 40.48% 29.51%
Total 100.00% 72.91%


Valuation of Peer Group Companies:

Company Name CMP EPS PE Ratio RoNW NAV
Amara Raja Batteries Ltd 805.65 28.01 28.76 18.45% 151.81
High Energy Batteries Ltd 325.75 1.89 172.35 13.00% 14.56
Exide Industries Ltd 215.80 8.16 26.45 13.97% 58.40
HBL Power Systems Ltd 47.00 1.16 40.52 4.70% 26.67


Objectives of the Issue:

  • Working capital requirements of the Company.
  • General Corporate Purpose.
  • Listing Benefits.


Fund Utilisation:

Particulars Amount (Rs. in Lakhs)
Working Capital Requirements 675.00
General Corporate Expenses 4.50
Net Proceeds 679.5


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17
Revenue 62.01 49.23 41.30 40.50 54.97
Net Profit 0.72 0.30 (-0.66) (-0.38) 0.91


IPO Details:

Details Info
Issue Opens on 27th September 2017
Issue Closes on:. 29th September 2017
Issue Price Rs.25
Face Value Rs.10
Minimum Lot 6000
Minimum Investment Rs.1,50,000
Issue Constitutes 27.09%
Issue Size Rs.7.24 cr
Market Cap Rs.26.74 cr
Listing at NSE SME
Equity Shares Offered 28,98,000
Equity Shares Prior 78,00,000
Equity Shares after the issue 1,06,98,000


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.17 21.36 7.94% 14.72


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Avoid NA NA