WEBSITE BSE:504093 NSE: PANA ENERG Inc. Year: 1972 Industry: Batteries My Bucket: Add Stock
Last updated: 10:46
No Notes Added Yet
1. Business Overview
Panasonic Energy India Company Ltd. is engaged in the business of manufacturing and marketing various types of batteries in India. Its core business model involves producing primary (non-rechargeable) and potentially secondary (rechargeable) batteries, catering to both the consumer retail market and industrial/OEM clients. The company makes money by selling its range of batteries, which include conventional dry cell batteries (e.g., AA, AAA, D, C sizes), specialized batteries for various electronic devices, and potentially other energy storage solutions, leveraging the global technological expertise and brand equity of Panasonic.
2. Key Segments / Revenue Mix
While specific revenue breakdowns are not publicly available for this generic analysis, Panasonic Energy India's operations typically span:
Consumer Batteries: Manufacturing and sales of dry cell batteries (e.g., zinc-carbon, alkaline) for everyday household electronics, toys, and portable devices.
Industrial/OEM Batteries: Supplying batteries to other manufacturers for integration into their products, or specialized batteries for industrial applications.
The mix is likely skewed towards consumer batteries given the company's traditional focus.
3. Industry & Positioning
The Indian battery industry is highly competitive, characterized by the presence of both domestic giants and other multinational players, as well as a significant unorganized sector. The market for conventional consumer batteries can be price-sensitive and is mature, while segments like rechargeable batteries, EV batteries, and energy storage systems are rapidly evolving and growing. Panasonic Energy India, as a subsidiary of the global Panasonic Corporation, benefits from a strong international brand image, established distribution networks, and access to global R&D. It positions itself as a provider of reliable, quality battery solutions, competing with players like Eveready Industries, Exide Industries, Amara Raja Batteries, and other international brands.
4. Competitive Advantage (Moat)
Brand Strength: "Panasonic" is a globally recognized and trusted brand, associated with quality and reliability, which provides a significant advantage in consumer perception.
Technological Expertise: Access to the extensive research and development capabilities of its parent company, Panasonic Corporation, allows it to leverage advanced battery technologies.
Established Distribution Network: A widespread and entrenched distribution network across India ensures product availability and market penetration.
Scale of Operations: As part of a large multinational group, it benefits from economies of scale in manufacturing and procurement, potentially leading to cost efficiencies.
5. Growth Drivers
Increasing Demand for Electronics: Growth in consumer electronics, IoT devices, and portable gadgets fuels demand for both primary and rechargeable batteries.
Urbanization & Rising Disposable Income: As the Indian economy grows, increased purchasing power and a shift towards modern lifestyles drive higher consumption of battery-powered devices.
Energy Transition: Potential expansion into advanced battery technologies for electric vehicles (EVs) and grid-scale energy storage systems (ESS), driven by government initiatives and environmental concerns.
Industrial Automation: Growth in various industries requiring reliable power sources for equipment and machinery.
6. Risks
Intense Competition: High competition from both organized and unorganized players, including domestic manufacturers and international brands, leading to pricing pressures.
Raw Material Price Volatility: Fluctuations in the prices of key raw materials (e.g., zinc, manganese, lithium, cobalt) can impact manufacturing costs and profitability.
Technological Obsolescence: The rapid pace of innovation in battery technology poses a risk of existing product lines becoming obsolete if the company fails to adapt quickly.
Environmental Regulations: Increasingly stringent environmental regulations regarding battery manufacturing, usage, and disposal could lead to higher compliance costs.
Supply Chain Disruptions: Dependency on global supply chains for certain components or raw materials can lead to operational risks.
7. Management & Ownership
Panasonic Energy India Company Ltd. is likely promoted by Panasonic Corporation, Japan, which would hold a significant ownership stake. The management team would typically comprise professionals with expertise in the battery and electronics industry, likely leveraging global best practices and operational standards set by the parent company. The ownership structure would reflect its status as a subsidiary within the broader Panasonic group, potentially with a portion of shares held by the public if it is a listed entity.
8. Outlook
Panasonic Energy India is well-positioned to capitalize on India's growing economy and increasing demand for energy solutions. Its strong brand, technological backing from Panasonic Corporation, and established distribution network provide a solid foundation. The company has potential growth avenues by either strengthening its core consumer battery business amidst rising electronics consumption or by strategically expanding into new, high-growth segments like advanced rechargeable batteries, electric vehicle (EV) batteries, and energy storage systems, especially given India's push towards renewable energy and e-mobility. However, the outlook is tempered by intense competition in the domestic market, the volatile nature of raw material prices, and the need for continuous investment in R&D to counter rapid technological advancements and prevent obsolescence. The company's ability to innovate and adapt to evolving market demands will be crucial for sustained growth in a dynamic industry.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Market Cap ₹221 Cr.
Stock P/E 18.8
P/B 2.2
Current Price ₹294.5
Book Value ₹ 136.6
Face Value 10
52W High ₹415
Dividend Yield 3.2%
52W Low ₹ 248
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 68 | 75 | 73 | 63 | 69 | 73 | 63 | 58 | 69 | 72 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 69 | 75 | 73 | 64 | 69 | 74 | 64 | 59 | 70 | 73 |
| Total Expenditure | 63 | 68 | 71 | 58 | 63 | 69 | 60 | 56 | 66 | 69 |
| Operating Profit | 6 | 7 | 2 | 7 | 6 | 5 | 4 | 3 | 3 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 |
| Profit Before Tax | 5 | 6 | 1 | 6 | 5 | 4 | 2 | 2 | 2 | -1 |
| Provision for Tax | 1 | 2 | 0 | 1 | 1 | 2 | 1 | 1 | 0 | -0 |
| Profit After Tax | 3 | 5 | 1 | 4 | 4 | 2 | 1 | 1 | 2 | -1 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 5 | 1 | 4 | 4 | 2 | 1 | 1 | 2 | -1 |
| Adjusted Earnings Per Share | 4.6 | 6 | 1.4 | 5.5 | 5.4 | 3.2 | 1.6 | 1.1 | 2.6 | -1.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 238 | 241 | 208 | 206 | 207 | 204 | 232 | 242 | 253 | 292 | 268 | 262 |
| Other Income | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 4 |
| Total Income | 242 | 245 | 213 | 210 | 212 | 207 | 236 | 245 | 257 | 295 | 272 | 266 |
| Total Expenditure | 214 | 218 | 200 | 193 | 203 | 199 | 219 | 229 | 260 | 276 | 250 | 251 |
| Operating Profit | 28 | 27 | 12 | 16 | 9 | 9 | 17 | 16 | -3 | 19 | 22 | 13 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8 | 0 | 0 | -3 |
| Profit Before Tax | 27 | 25 | 10 | 14 | 6 | 5 | 14 | 13 | -14 | 15 | 18 | 5 |
| Provision for Tax | 9 | 8 | 4 | 4 | 1 | 2 | 4 | 3 | -3 | 4 | 6 | 2 |
| Profit After Tax | 18 | 17 | 6 | 10 | 5 | 3 | 10 | 9 | -11 | 12 | 12 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 18 | 17 | 6 | 10 | 5 | 3 | 10 | 9 | -11 | 12 | 12 | 3 |
| Adjusted Earnings Per Share | 23.8 | 22 | 8.4 | 13.1 | 6.2 | 4.2 | 13.8 | 12.5 | -14.2 | 15.5 | 15.7 | 4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -8% | 3% | 6% | 1% |
| Operating Profit CAGR | 16% | 11% | 20% | -2% |
| PAT CAGR | 0% | 10% | 32% | -4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -26% | 8% | 6% | -1% |
| ROE Average | 11% | 4% | 6% | 9% |
| ROCE Average | 17% | 6% | 9% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 84 | 95 | 98 | 103 | 101 | 99 | 106 | 109 | 92 | 103 | 108 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3 | 3 | 3 | 1 | 1 | 3 | 2 | 2 | -1 | 2 | 1 |
| Total Current Liabilities | 39 | 35 | 31 | 29 | 25 | 29 | 32 | 31 | 39 | 37 | 35 |
| Total Liabilities | 127 | 133 | 132 | 133 | 127 | 131 | 139 | 141 | 131 | 141 | 144 |
| Fixed Assets | 14 | 19 | 17 | 19 | 16 | 22 | 24 | 23 | 24 | 23 | 23 |
| Other Non-Current Assets | 5 | 8 | 7 | 7 | 13 | 8 | 8 | 10 | 8 | 19 | 18 |
| Total Current Assets | 108 | 106 | 108 | 108 | 98 | 100 | 108 | 109 | 99 | 99 | 103 |
| Total Assets | 127 | 133 | 132 | 133 | 127 | 131 | 139 | 141 | 131 | 141 | 144 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 25 | 39 | 4 | 12 | 11 | 22 | 5 | 10 | 12 | 6 | 3 |
| Cash Flow from Operating Activities | 20 | 2 | 33 | -2 | 8 | -2 | 20 | -7 | -8 | 27 | 4 |
| Cash Flow from Investing Activities | -3 | -3 | -19 | 5 | 10 | -10 | -11 | 15 | 10 | -29 | 3 |
| Cash Flow from Financing Activities | -3 | -6 | -6 | -5 | -6 | -4 | -4 | -7 | -6 | -1 | -7 |
| Net Cash Inflow / Outflow | 14 | -7 | 8 | -1 | 12 | -17 | 4 | 2 | -5 | -3 | -0 |
| Closing Cash & Cash Equivalent | 39 | 32 | 12 | 11 | 22 | 5 | 10 | 12 | 6 | 3 | 3 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 23.78 | 22.04 | 8.36 | 13.06 | 6.15 | 4.2 | 13.77 | 12.52 | -14.18 | 15.52 | 15.7 |
| CEPS(Rs) | 26.66 | 24.85 | 11.27 | 16.23 | 9.84 | 8.42 | 17.57 | 16.73 | -9.96 | 20.49 | 21.53 |
| DPS(Rs) | 7 | 7 | 5.5 | 7 | 4 | 4 | 8 | 7.5 | 0 | 8.85 | 9.42 |
| Book NAV/Share(Rs) | 112.48 | 126.07 | 130.56 | 136.77 | 134.6 | 132.11 | 141.52 | 144.82 | 122.36 | 137.03 | 143.74 |
| Core EBITDA Margin(%) | 8.97 | 8.29 | 3.27 | 5.84 | 2.19 | 2.34 | 5.78 | 5.1 | -2.54 | 5.44 | 6.5 |
| EBIT Margin(%) | 10.05 | 8.97 | 4.17 | 6.53 | 2.88 | 2.71 | 6.22 | 5.27 | -5.47 | 5.22 | 6.3 |
| Pre Tax Margin(%) | 10.03 | 8.95 | 4.1 | 6.49 | 2.82 | 2.55 | 6.02 | 5.18 | -5.57 | 5.14 | 6.21 |
| PAT Margin (%) | 6.62 | 5.94 | 2.6 | 4.65 | 2.22 | 1.55 | 4.44 | 3.89 | -4.2 | 3.87 | 4.13 |
| Cash Profit Margin (%) | 7.42 | 6.7 | 3.5 | 5.77 | 3.56 | 3.1 | 5.67 | 5.2 | -2.95 | 5.11 | 5.67 |
| ROA(%) | 15.3 | 12.73 | 4.74 | 7.4 | 3.55 | 2.45 | 7.64 | 6.69 | -7.82 | 8.56 | 8.24 |
| ROE(%) | 22.68 | 18.48 | 6.52 | 9.77 | 4.53 | 3.15 | 10.06 | 8.74 | -10.62 | 11.97 | 11.18 |
| ROCE(%) | 34.45 | 27.92 | 10.45 | 13.74 | 5.88 | 5.51 | 14.08 | 11.86 | -13.82 | 16.14 | 17.04 |
| Receivable days | 36.87 | 42.42 | 33.8 | 11.53 | 7.4 | 6.8 | 7.88 | 8.52 | 10.99 | 9.97 | 8.63 |
| Inventory Days | 32.17 | 33.8 | 44.57 | 52.29 | 51.64 | 59.24 | 49.9 | 48.96 | 58.58 | 43.08 | 43.84 |
| Payable days | 12.57 | 14.64 | 24.57 | 30.28 | 26.17 | 26 | 30.2 | 32.33 | 29.11 | 27.07 | 30.8 |
| PER(x) | 12 | 13.39 | 34.22 | 26.06 | 32.21 | 25.63 | 14.5 | 22.21 | 0 | 26.29 | 21.97 |
| Price/Book(x) | 2.54 | 2.34 | 2.19 | 2.49 | 1.47 | 0.82 | 1.41 | 1.92 | 1.77 | 2.98 | 2.4 |
| Dividend Yield(%) | 2.45 | 2.37 | 1.92 | 2.06 | 2.02 | 3.71 | 4.01 | 2.7 | 0 | 2.17 | 2.73 |
| EV/Net Sales(x) | 0.73 | 0.78 | 0.73 | 0.97 | 0.45 | 0.15 | 0.37 | 0.66 | 0.58 | 1.01 | 0.94 |
| EV/Core EBITDA(x) | 6.18 | 6.95 | 12.42 | 12.31 | 10.68 | 3.64 | 4.93 | 10 | -54.31 | 15.25 | 11.36 |
| Net Sales Growth(%) | 6.22 | 1.2 | -13.67 | -1.26 | 0.84 | -1.9 | 14.16 | 3.94 | 4.88 | 15.45 | -8.21 |
| EBIT Growth(%) | 108.74 | -7.81 | -59.73 | 36.94 | -56.6 | -7.9 | 162.36 | -11.88 | -208.75 | 213.38 | 14.3 |
| PAT Growth(%) | 139.94 | -7.33 | -62.06 | 56.22 | -52.92 | -31.67 | 227.55 | -9.06 | -213.28 | 209.47 | 1.11 |
| EPS Growth(%) | 139.94 | -7.33 | -62.06 | 56.22 | -52.92 | -31.67 | 227.55 | -9.06 | -213.28 | 209.47 | 1.11 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.73 | 3.03 | 3.46 | 3.68 | 3.94 | 3.46 | 3.4 | 3.49 | 2.51 | 2.72 | 2.93 |
| Quick Ratio(x) | 2.12 | 2.25 | 2.46 | 2.69 | 2.74 | 2.2 | 2.54 | 2.29 | 1.4 | 1.97 | 1.76 |
| Interest Cover(x) | 374.76 | 368.42 | 63.67 | 142.02 | 45.33 | 17.68 | 31.22 | 56.54 | -50.39 | 69.99 | 72.27 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 | 58.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 | 41.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
* The pros and cons are machine generated.
You May Also Know About
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.