Goldstar Power Limited (GOLDSTAR)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Goldstar Power's revenue was ₹432 Cr, and net profit ₹18.0 Cr; the operating margin was 4.4%.
| Q4 FY26 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹432 | — | +60.0% |
| Operating profit | ₹19.0 | — | +72.7% |
| Net profit | ₹18.0 | — | +80.0% |
| EPS (₹) | 0.61 | — | +69.4% |
| Operating margin | 4.4% | — | — |
GOLDSTAR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 92.31% of the GOLDSTAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 87.94%. That is close to its usual level. Turnover was only ₹14 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 14 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 92.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Goldstar Power Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation from Registrar and Transfer Agent MUFG Intime India Pvt. Ltd. certifies that dematerialization requests received during the period were processed and securities were mutilated/cancelled within prescribed timelines. The depositories have been substituted as registered owners in the member register within 15 days. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Confirmation issued by Registrar and Transfer Agent MUFG Intime India Pvt. Ltd. dated October 03, 2026
- Security certificates received for dematerialisation were processed and cancelled within 15 days
- Filing submitted to the National Stock Exchange of India Limited on October 06, 2026
Goldstar Power Limited has submitted its Scrutinizer's Report and voting results for its 27th Annual General Meeting held on September 30, 2026. A total of 25,20,67,630 votes were polled across 31 participating members representing 88.0744% of total outstanding shares, with 100% voted in favor of all six resolutions. Notable resolutions passed include the migration of equity shares from the NSE Emerge SME platform to the NSE Main Board, omnibus approval for related-party transactions for FY 2026-27, and the regularisation of two independent directors.
- Shareholders approved the migration from NSE Emerge to the NSE Main Board with 100% of polled votes in favor
- Overall voter turnout was 88.0744%, representing 25,20,67,630 out of 28,61,98,500 total equity shares
- Omnibus approval granted for related party transactions for FY 2026-27 with zero votes against
- Appointments of Independent Directors Chandrakant Mehta and Pareshbhai Vekaria regularised
Goldstar Power Limited has submitted copies of its newspaper advertisement published in Financial Express (English and Gujarati editions) on September 12, 2026. The advertisement provides notice for the company's upcoming 27th Annual General Meeting (AGM) alongside intimations regarding the cut-off date and book closure for e-voting. This filing fulfills requirements under Regulation 30 and 47 of the SEBI LODR Regulations and contains standard statutory notices without new financial updates.
- Published newspaper notification for the 27th Annual General Meeting in Financial Express (English and Gujarati).
- Filing submitted under Regulation 30, 44, and 47 of SEBI LODR Regulations.
- Notification includes cut-off dates and e-voting procedures pursuant to Section 108 of the Companies Act, 2013.
- No revisions to operational metrics, corporate guidance, or financial figures reported.
Goldstar Power Limited has issued the notice for its 27th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. A key proposal includes seeking shareholder approval to migrate the company's equity shares from the NSE EMERGE SME platform to the Main Board of NSE, which requires public votes in favor to be at least two times the votes cast against. Additionally, the company is seeking an omnibus approval for related party transactions in FY 2026-27 up to 50% of the annual consolidated turnover for FY 2025-26. Other agenda items include the regularization of appointment of two Non-Executive Independent Directors for a 5-year term.
- AGM scheduled for September 30, 2026, at 11:30 A.M. IST via Video Conferencing
- Special Resolution proposed for migration from NSE EMERGE platform to the Main Board of NSE
- Proposed omnibus approval for FY 2026-27 related party transactions capped at 50% of FY 2025-26 consolidated turnover
- Appointment of two Independent Directors, Mr. Chandrakant Mehta and Mr. Pareshbhai Vekaria, for a 5-year tenure starting July 28, 2026
Goldstar Power Limited has approved a revised notice for its 27th Annual General Meeting (AGM) to rectify inadvertent errors from its previous submission on August 27, 2026. The AGM is scheduled for September 30, 2026, at 11:30 AM via video conferencing. Key revised dates include a cut-off date of September 23, 2026, for e-voting and a remote e-voting window from September 27 to September 29, 2026. Book closure dates are set from September 24 to September 30, 2026.
- 27th AGM scheduled for September 30, 2026, at 11:30 A.M.
- Cut-off date for e-voting set to September 23, 2026
- Remote e-voting window open from September 27 to September 29, 2026
- Book closure period defined as September 24 to September 30, 2026
Goldstar Power's Board has approved the migration of its equity shares from the NSE Emerge SME platform to the NSE Main Board, subject to shareholder and regulatory approvals. The company convened its 27th Annual General Meeting for September 28, 2026, with share transfer books closed from September 22 to September 28, 2026. Additionally, the Board approved the regularization and reappointment of independent directors (including Maheshbhai Sojitra for 5 years) and accepted promoter-to-public reclassification requests for two individuals.
- Approved migration of equity shares from NSE Emerge Platform to the Main Board of NSE, subject to approvals.
- Convened 27th AGM on September 28, 2026, via Video Conferencing.
- Register of Members and Share Transfer Books to remain closed from September 22 to September 28, 2026.
- Approved reappointment of Independent Director Maheshbhai Sojitra for a term of 5 years.
- Approved promoter group to public category reclassification for Manshi Vishal Pansara and Vishal Muljibhai Pansara.
Goldstar Power Limited received requests from Vishal Muljibhai Pansara and Manshi Vishal Pansara seeking re-classification from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations. Both outgoing individuals hold 0 equity shares (0% voting rights) in the company. The re-classification follows a Family Settlement Deed dated September 21, 2024, with applicants confirming they have no operational control, special rights, or board representation. The proposal is subject to approval by the Board of Directors, shareholders, and the stock exchange.
- Applicants Vishal Muljibhai Pansara and Manshi Vishal Pansara hold 0 shares (0.00% voting rights) in the company
- Separation arises pursuant to a Family Settlement Deed dated September 21, 2024
- Related promoter Navneet Muljibhai Pansara holds 81,317,665 shares (28.41% voting rights)
- Re-classification requires approval from the Board, shareholders, and the stock exchange
Goldstar Power Limited has appointed Mr. Chandrakant Bhagwanjibhai Mehta and Mr. Pareshbhai Bhagwanjibhai Vekaria as Additional Independent Directors effective July 28, 2026. Both appointees bring over 10 years of experience in their respective fields, including manufacturing, marketing, and international trade operations. These appointments are subject to shareholder approval at the upcoming Annual General Meeting. The company, which reported a TTM revenue of ₹839 Cr, is strengthening its board governance as it targets international expansion.
- Appointment of 2 new Additional Independent Directors effective July 28, 2026
- Mr. Chandrakant Mehta brings over 10 years of expertise in Trading and Import/Export operations
- Mr. Pareshbhai Vekaria has over 10 years of experience in Production and Marketing functions
- Appointments are valid until the ensuing Annual General Meeting (AGM) for shareholder ratification
Financial Performance
Revenue Growth by Segment
The company operates in a single segment. Total revenue from operations for FY 2024-25 was INR 4,838.13 Lakhs, representing a 3.56% decrease compared to INR 5,016.55 Lakhs in FY 2023-24.
Geographic Revenue Split
The company exports to Nepal, Lebanon, Dubai, Syria, Yemen, Afghanistan, Turkey, and other Middle East countries. Specific percentage contribution per region is not disclosed in available documents.
Profitability Margins
Net profit ratio was 0.08 in FY 2024-25, showing an 8.15% improvement YoY. Net profit after tax for FY 2024-25 was INR 228.00 Lakhs, a 43.64% decline from INR 404.56 Lakhs in the previous year. Return on Capital Employed (ROCE) decreased by 26.06% to 0.11.
EBITDA Margin
Operating profit before working capital changes for H1 FY2025-26 was a loss of INR 23.09 Lakhs (standalone) and a loss of INR 53.89 Lakhs (consolidated), compared to a profit of INR 339.82 Lakhs in the previous year's corresponding period.
Capital Expenditure
Net cash used in investing activities was INR 1,569.13 Lakhs for the half-year ended September 30, 2025, compared to INR 16.89 Lakhs in the previous year, indicating significant asset acquisition or investment.
Credit Rating & Borrowing
Credit rating is not disclosed. Finance costs for H1 FY2025-26 were INR 62.04 Lakhs. Long-term borrowings stood at INR 388.87 Lakhs and short-term borrowings at INR 913.86 Lakhs as of September 30, 2025.
Operational Drivers
Capacity Expansion
The company operates a 'Fully Integrated Plant' in Hapa, Jamnagar. Specific current capacity and planned expansion figures are not disclosed in available documents.
Manufacturing Efficiency
The company focuses on a 'prudent mix of experienced and youth' manpower (90 employees) to maintain growth and ability.
Logistics & Distribution
The company operates a subsidiary, Red Fire Shipping and Logistics LLC, to manage distribution and logistics requirements.
Strategic Growth
Growth Strategy
Growth is targeted through maintaining a 'Fully Integrated Plant' for cost efficiency, leveraging experienced promoters, and expanding the diversified product portfolio in international markets like the Middle East and neighboring Asian countries.
Products & Services
Power solutions, batteries, and related products for institutional and retail customers.
Brand Portfolio
GOLDSTAR
Market Expansion
Targeting increased penetration in Middle East countries including Dubai, Syria, Yemen, and Turkey.
Strategic Alliances
Subsidiary relationship with Red Fire Shipping and Logistics LLC.
External Factors
Industry Trends
The industry is shifting toward integrated manufacturing to control quality and costs. Goldstar is positioning itself through its integrated plant and export-led growth strategy.
Competitive Landscape
The company competes in the power solutions and battery market, focusing on both domestic and international institutional segments.
Competitive Moat
The moat consists of a 'Fully Integrated Plant' and 'Experienced Promoters.' This provides cost leadership and quality control, which are sustainable as long as the company keeps pace with technological advancements.
Macro Economic Sensitivity
The company is sensitive to 'Significant Economic changes' which can affect the purchasing power of institutional clients.
Geopolitical Risks
Operating in regions like Syria, Yemen, and Afghanistan exposes the company to high geopolitical instability and trade barrier risks.
Regulatory & Governance
Industry Regulations
Operations are subject to changes in Government regulations, tax laws, and other statutes which may affect final performance results.
Taxation Policy Impact
Current tax expense for H1 FY2025-26 was INR 36.29 Lakhs. The company utilizes MAT credit where applicable.
Risk Analysis
Key Uncertainties
Technological advancement and changes in the power sector represent a high uncertainty for product relevance.
Geographic Concentration Risk
Significant revenue concentration in the Middle East and neighboring Asian countries.
Technology Obsolescence Risk
Identified as a specific threat; the company must adapt to new power storage technologies to avoid obsolescence.
Credit & Counterparty Risk
High risk indicated by a standalone increase in trade receivables of INR 4,802.0 Lakhs during H1 FY2025-26, which significantly exceeds the period's revenue.
