BSE: 504093
PANASONIC ENERGY INDIA COMPANY
Manufactures dry cell batteries at a plant in Pithampur, Madhya Pradesh, selling to end consumers under the Panasonic brand as a household FMCG product. FY26 revenue from operations was ₹27,003.18 lakhs, marginally higher than ₹26,841.47 lakhs in FY25. The single biggest cost line is materials and components, at 45.5% of revenue, with employees at 19.6% and other operating expenses at 14.8%, leaving an EBITDA margin of 3.96%. Profit after tax fell sharply to ₹348.68 lakhs in FY26 from ₹1,177.31 lakhs in FY25, mainly because of a ₹339.77 lakhs exceptional charge linked to the new Labour Codes. The dry cell battery business has been in the news for its exposure to the Battery Waste Management Rules, 2022, with the statutory auditor issuing a qualified opinion because no provision was made for potential environmental compensation. A fire at the Pithampur plant on the night of July 5-6, 2026 hit a production line; no injuries were reported, the affected area is temporarily shut, and an insurance claim is in process. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dry cell battery manufacturing. Single-product, asset-light consumer goods manufacturer with thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 242 | 253 | 292 | 268 | 270 |
| EBITDA (ex other income) | 9 | (14) | 16 | 18 | 7 |
| margin % | 3.8 | (5.7) | 5.6 | 6.9 | 2.6 |
| Owners' profit | — | (11) | 12 | 12 | 3 |
| EPS, as reported (₹) | 12.52 | (14.18) | 15.52 | 15.70 | 4.65 |
| ROE % · ROCE % | — · 11.4 | (11.6) · (14.6) | 11.3 · 14.6 | 10.9 · 15.9 | 3.4 · 5.3 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (7) | (8) | 27 | 4 | 13 |
| Capex | — | (2) | (4) | (4) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 73 | 63 | 58 | 69 | 72 | 72 | 64 | 55 |
| Profit before tax | 4 | 2 | 2 | 2 | (1) | 3 | 2 | (18) |
| Net profit | 2 | 1 | 1 | 2 | (1) | 2 | 2 | (15) |
| EPS (₹) | 3.22 | 1.56 | 1.12 | 2.56 | (1.33) | 2.30 | 2.21 | (20.65) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JYOTHY LABS LIMITED | 7,315 | 19.7 | 3.57 | 14.5 | 18.1 | 22.4 | 10.7 | 16.8 |
| EVEREADY INDS. IND. LTD. | 2,209 | 10.1 | 3.27 | 14.5 | 10.2 | 10.9 | 3.1 | 11.8 |
| HIGH ENERGY BATTERIES (INDIA) | 497 | 30.1 | 4.40 | — | 3.5 | 4.5 | — | 28.1 |
| INDO-NATIONAL LIMITED | 241 | — | 0.78 | — | (8.7) | (7.8) | (3.2) | 0.1 |
| PANASONIC ENERGY INDIA COMPANY ◆ | 168 | — | 1.91 | — | (15.8) | (14.3) | — | (19.2) |
| PEE CEE COSMA SOPE LTD. | 115 | 13.3 | 2.05 | 8.8 | 14.8 | 19.7 | — | 7.5 |
| YUVRAAJ HYGIENE PRODUCTS LTD. | 72 | 15.8 | 16.00 | — | 74.0 | 21.6 | — | 16.0 |
| AMBICA AGAR & AROMAINDLTD | 41 | 11.4 | 0.35 | — | 1.9 | 1.3 | — | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.9 | 2.7 | 4 of 10 | 67% |
| ROCE | (14.3) | 4.5 | 9 of 9 | 0% |
| ROE | (15.8) | 3.5 | 9 of 9 | 0% |
| Debt / Equity | 0.0 | 0.1 | 1 of 10 | 89% |
| EBITDA margin | (19.2) | 6.9 | 9 of 10 | 11% |
| Revenue growth | (20.3) | 13.4 | 9 of 10 | 11% |
| Profit growth | (906.4) | 55.2 | 9 of 10 | 11% |
| Market cap | 168 | 142 | 5 of 10 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · September 2026 quarterly results published in two newspapers | compliance | minimal | — | — |
| 5 Nov 2026 · Company Secretary Srishti Jain resigns effective November 30, 2026 | management changes | medium | — | — |
| 5 Nov 2026 · Quarterly loss after plant fire; auditors raise compliance concern | board shareholder meetings | low | — | — |
| 5 Nov 2026 · September 2026 quarter: 20.3% sales fall, Rs 1,549 lakh loss and qualified opinion | results | high | — | — |
| 29 Oct 2026 · Board meeting set for November 5 to approve quarterly results | compliance | minimal | — | — |
| 26 Oct 2026 · Board approves transfer of Vadodara industrial plot lease rights | strategic transactions | medium | — | — |
| 14 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · 54th AGM voting results: all 5 resolutions passed | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Registered office shifting from Gujarat to Madhya Pradesh approved | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.