💰 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.