💰 Financial Performance

Revenue Growth by Segment

Not disclosed in absolute percentage per segment, but the company identifies AAA batteries, Lithium coin, and Alkaline divisions as the primary growth drivers due to increased gadget usage.

Geographic Revenue Split

Primarily focused on the Indian domestic market; however, the company earned INR 10.14 Cr in foreign exchange, representing a portion of revenue from exports.

Profitability Margins

Operating Profit Margin improved to 6.65% in FY 2024-25 from 5.34% in FY 2023-24. Net Profit Margin increased to 4.39% from 3.98% YoY, reflecting improved operational efficiency despite supply chain pressures.

EBITDA Margin

Operating Profit Margin stands at 6.65%, showing a YoY improvement of 131 basis points driven by better cost management and technology absorption.

Capital Expenditure

The company made a specific capital investment of INR 4.10 Cr (410 lakhs) in energy conservation equipment during FY 2024-25.

Credit Rating & Borrowing

The company reported no instances of one-time settlements against loans from banks or financial institutions; Debt-Equity ratio is effectively zero as no long-term debt is reported.

⚙️ Operational Drivers

Raw Materials

Zinc, Manganese (implied by CZ segment), PET (replacing PVC), and the elimination of hazardous substances like Lead (Pb), Mercury (Hg), and Cadmium (Cd).

Import Sources

Not specifically named, but the high foreign exchange outgo of INR 83.50 Cr suggests significant imports of raw materials or components from global markets.

Key Suppliers

Not disclosed.

Capacity Expansion

Installed a 150 KW AC PV Solar Module for energy conservation; current employee strength is 679 as of March 31, 2025.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but noted as a high-risk area due to global supply chain volatility and fluctuating foreign exchange rates affecting procurement costs.

Manufacturing Efficiency

Debtors turnover improved to 39.76 times from 35.46 times YoY, indicating faster collection; however, inventory turnover slowed slightly to 7.84 times from 8.23 times.

Logistics & Distribution

Implemented SFA system to optimize sales and distribution coverage across India, aiming to boost individual productivity and market reach.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved by expanding the distribution network through SFA systems, focusing on the high-growth AAA and Lithium coin battery segments for car fobs and remotes, and leveraging the 'Carbon Neutral Factory' status to appeal to ESG-conscious consumers.

Products & Services

Dry cell batteries (Zinc Carbon and Alkaline), Lithium coin batteries (CR series), and eco-friendly battery solutions.

Brand Portfolio

Panasonic

New Products/Services

Eco-friendly batteries complying with RoHS Directives (EU) 2015/863; development of PET material to replace PVC in packaging.

Market Expansion

Targeting increased per capita consumption in urban areas driven by rising disposable income and the proliferation of battery-powered gadgets like toys and medical equipment.

Market Share & Ranking

Not disclosed.

Strategic Alliances

The company is a subsidiary of Panasonic Holdings Corporation, Japan, providing access to advanced Japanese technology and R&D.

🌍 External Factors

Industry Trends

The industry is shifting toward AAA and coin batteries due to the rise in remote-controlled devices and car fobs; Battery Waste Management Rules are creating new opportunities in the circular economy.

Competitive Landscape

Facing intense competition from low-cost imported alkaline batteries and domestic trade-down trends.

Competitive Moat

Brand equity of 'Panasonic' and access to Japanese technology provide a competitive edge in quality; Carbon Neutral certification and RoHS compliance serve as sustainable moats in an ESG-focused market.

Macro Economic Sensitivity

Highly sensitive to Indian per capita income levels and urbanization; purchasing parity per capita income in India has more than doubled in the last decade, driving battery demand.

Consumer Behavior

Increasing lifestyle needs for convenience and a growing number of gadgets per household are boosting demand for high-performance batteries.

Geopolitical Risks

Geopolitical tensions are cited as a primary driver for supply chain volatility and raw material price fluctuations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Battery Waste Management Rules and Schedule VII of the Companies Act, 2013 for CSR; follows Secretarial Standards and SEBI (LODR) Regulations.

Environmental Compliance

Spent INR 8.44 Lakhs on CSR activities focused on environmental sustainability (tree plantation); compliant with RoHS Directives (EU) 2015/863.

Taxation Policy Impact

Not disclosed.

Legal Contingencies

No significant or material orders passed by regulators, courts, or tribunals impacting the going concern status or future operations.

⚠️ Risk Analysis

Key Uncertainties

Volatility in global raw material prices and supply chain disruptions could impact margins by up to 1-2% based on historical margin fluctuations.

Geographic Concentration Risk

High concentration in the Indian market, though it benefits from the growing Indian economy.

Third Party Dependencies

High dependency on a limited pool of suppliers for specialized battery components, increasing procurement risk.

Technology Obsolescence Risk

Risk of traditional batteries being displaced by integrated rechargeable systems or smartphone-based control technologies.

Credit & Counterparty Risk

Low risk as evidenced by a high Debtors Turnover ratio of 39.76 times, indicating efficient credit management.