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Panasonic Energy Ind Overview

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.

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Panasonic Energy Ind Key Financials

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

Panasonic Energy Ind Share Price

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Volume
Price

Panasonic Energy Ind Quarterly Price

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Panasonic Energy Ind Peer Comparison

Panasonic Energy Ind Quarterly Results

#(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

Panasonic Energy Ind Profit & Loss

#(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

Growth Rates

# 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%

Panasonic Energy Ind Balance Sheet

#(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

Panasonic Energy Ind Cash Flow

#(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

Panasonic Energy Ind Ratios

# 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

Panasonic Energy Ind Shareholding Pattern

# 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

Panasonic Energy Ind News

Panasonic Energy Ind Pros & Cons

Pros

  • Company has delivered good profit growth of 31% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • Debtor days have increased from 27.07 to 30.8days.
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