1. At a Glance – Blink and You’ll Miss It
Goldstar Power Ltd is that ₹137 crore market-cap SME stock which suddenly woke up in Q3 FY26, shouted “SURPRISE!” and dropped ₹270 crore quarterly revenue, up 3,655% YoY, while the stock quietly collapsed ~56% in one year and ~40% in just three months.
Current price sits at ₹4.80, almost hugging the 52-week low of ₹4.50, far away from the ₹13.50 high like an ex who blocked you on WhatsApp.
Valuations look deceptively cheap:
- P/E: 9.96
- P/B: 1.66
- Debt: ₹13 Cr
- Market Cap: ₹137 Cr
- EV: ₹147 Cr
But the devil is doing bhangra inside the quarterly results, preferential allotments, and promoter holding drop of 11.6%.
So the real question:
👉 Is Goldstar Power a rebirth story… or just another SME magician pulling revenue out of a hat?
Let’s open the files. 🕵️♂️
2. Introduction – Smallcap Battery, Big Drama
Founded in 1999, Goldstar Power Ltd manufactures lead-acid batteries — the old-school, heavy, sweaty kind that power cars, trucks, UPS, inverters, solar systems, e-rickshaws, and occasionally investor hope.
This is not a fancy lithium-ion startup with TED talks and pitch decks.
This is scrap-to-battery, lead recycling, export-heavy, SME-style grinding.
For years, Goldstar was… let’s be honest… financially boring.
FY25 full-year sales stood at just ₹48.38 Cr, with PAT of ₹2.28 Cr. Nobody cared.
Then suddenly:
- Sep 2025: ₹127 Cr sales
- Dec 2025: ₹270 Cr sales
- Q3 FY26 PAT: ₹10.41 Cr
That’s more profit in one quarter than entire FY25 combined.
Market reaction?
📉 “Meh.”
Stock crashed anyway.
Suspicious? Curious? Confused?
Good. You’re reading the right article.
3. Business Model – WTF Do They Even Do?
Goldstar Power runs a classic Indian battery business, minus glamour, plus scrap.
What actually happens inside the factory?
- Battery Scrap Procurement
Old batteries are sourced from dealers and retailers. - Lead Recycling
Scrap lead is processed into semi-finished lead, plates, and alloys. - Battery Manufacturing & Assembly
Final products are sold under the Goldstar brand. - Trading Side Hustle
Inverters, chemicals, and battery equipment are also traded.
Product Spread (Basically: “Battery for Everything”)
- Automotive Batteries: Cars, tractors, trucks
- Tubular Batteries: UPS, inverter, solar, telecom, railways
- VRLA Batteries: Maintenance-free UPS batteries
- E-Rickshaw Batteries: High discharge, longer mileage
Capacity stands at 50,000 batteries per month from Dhrol, Jamnagar.
Exports? Yes — Dubai, Uganda, Nepal, Oman, Yemen, Afghanistan, etc.
This is not innovation-led.
This is volume + recycling + price arbitrage.
And that matters later. 😉
4. Financials Overview – Numbers Doing Gym Without Protein
Quarterly Performance Table
(All figures in ₹ Crores, as per consolidated results)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 270 | 7 | 127 | +3655% | +112% |
| Operating Profit | 11 | 0 | 1 | Massive | 10× |
| PAT | 10.41 | -1 | 1 | +1038% | +941% |
| EPS (₹) | 0.36 | -0.05 | 0.02 | Turnaround | 1700% |
