Goldstar

What Goldstar does

Goldstar Power Limited (NSE Emerge: GOLDSTAR; ISIN INE405Y01021) is an India-domiciled, publicly listed battery manufacturer founded in 1988 by Shri Muljibhai Pansara ("The Battery Man") and headquartered in Hapa, Jamnagar District, Gujarat. The company produces lead-acid batteries across four core product lines: automotive batteries (car, tractor, truck sub-products), tubular batteries for inverters and UPS/solar applications, VRLA (Valve Regulated Lead Acid) batteries using Absorbent Glass Mat (AGM) technology for maintenance-free operation, and E-Rickshaw batteries engineered for high-discharge electric three-wheeler duty cycles. Its underlying technology stack is conventional lead-acid chemistry enhanced with proprietary alloy compositions for corrosion reduction and AGM separators for low self-discharge and long shelf life. Goldstar holds ISO 9001-2015 UKAS certification, operates a zero-discharge manufacturing plant under Gujarat Pollution Control Board consent, and maintains multiple sector-specific registrations (GSRTC, DGSND, ASRTU-TRC, IEC, FIEO).

The company sells directly to end customers from its registered factory in Hapa and a branch office in Ahmedabad, serving four primary use-case segments: residential and commercial energy backup (inverter/tubular), automotive (cars, trucks, tractors), the electric three-wheeler (E-Rickshaw) sector, and industrial/infrastructure applications including telecom, railway, and solar storage. Revenue is generated entirely through one-time hardware product sales in INR within India; pricing is not publicly disclosed and must be obtained via direct inquiry. Go-to-market is direct-to-consumer via the corporate website and branch-office outreach, with no evidence of an organized third-party dealer network. Marketing is primarily corporate-website-led with downloadable product leaflets; the company maintains a full investor relations and stock-exchange compliance function consistent with its NSE Emerge listing since October 10, 2017. Ownership is concentrated — promoters hold 72.91% of 240.7 million outstanding shares across 1,708 total shareholders, with no private equity or venture capital investors disclosed.

Name

Goldstar

Legal name

Goldstar Power Limited

Website

https://goldstarpower.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Goldstar Power Limited is a Gujarat-based, NSE-Emerge-listed Indian lead-acid battery manufacturer (founded 1988) producing automotive, tubular, VRLA/AGM, and E-Rickshaw batteries for residential, automotive, electric-three-wheeler, and industrial energy-backup customers across India.

Ownership category

akta.pro rank

Product category

Battery Manufacturing

NAICS

Battery Manufacturing (33591), Battery Manufacturing (335910)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Cells (Li-ion, LFP, Sodium-ion, Lead-acid, NiMH) (IMAGAHAA)

akta.pro secondary industries

Automotive Batteries & 12V/Low-Voltage Energy Storage Manufacturing (IMACAJAJ), Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB), E-Mobility Batteries & Swappable Packs (Consumer) (CRACASAI)

Keywords

• Lead-acid batteries
• Automotive batteries
• Inverter batteries
• VRLA batteries
• Electric vehicle batteries

Headquarters

HQ city

Jamnagar

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Battery Product Sales: Goldstar Power Limited generates revenue through the manufacture and sale of various types of batteries including automotive batteries (car, truck, tractor), tubular batteries, VRLA batteries, and E-Rickshaw batteries. The revenue is primarily from one-time hardware product sales to customers in India for residential, commercial, and industrial applications.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Goldstar Power Limited manufactures and sells lead-acid batteries across four core product lines: Automotive Batteries (for cars, tractors, and trucks), Tubular Batteries (for inverters, UPS, solar, and telecom applications), VRLA Batteries (maintenance-free sealed lead-acid batteries using AGM technology), and E-Rickshaw Batteries (for electric three-wheeler vehicles). The company sells directly to end customers in India through its registered factory and branch offices in Gujarat.

Product overview

Goldstar Power Limited is India's leading battery manufacturer with over 35 years of experience, producing a comprehensive portfolio of lead-acid batteries across four core product lines: Automotive Batteries (including Car, Tractor, and Truck sub-products), Tubular Batteries for inverters and solar applications, VRLA (Valve Regulated Lead Acid) Batteries for maintenance-free applications, and E-Rickshaw Batteries for electric vehicles. The products range from small 40AH car batteries to large 200+ AH industrial batteries, serving residential, commercial, agricultural, and industrial energy storage needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Automotive Battery Lead-acid automotive batteries available in car, tractor, and truck variants, providing reliable starting power, exceptional cranking power especially in cold climates, smooth engine starts, and vibration resistance for Indian driving conditions. Targeted at personal vehicle owners, commercial fleet operators, and agricultural tractor users.
• Tubular Battery Deep discharge tubular batteries designed for inverters, UPS systems, solar applications, telecommunications, and railway applications. Uses special alloy compositions to reduce corrosion and water loss, providing extended battery life and dependable backup power for residential, commercial, and industrial customers.
• VRLA Battery Maintenance-free sealed lead-acid batteries using advanced AGM (Absorbent Glass Mat) technology for standby power and cyclic applications. Features low self-discharge and long shelf life characteristics, suitable for UPS, telecom, and critical backup applications.
• E-Rickshaw Battery Specialized batteries for electric rickshaws (three-wheeler electric vehicles) featuring long service life, high discharging efficiency, robust construction to handle vibration, significant sealing structure, and no periodic electrolyte filling required. Targeted at e-rickshaw commercial operators and manufacturers.

Quantifiable outcome

• Zero discharge manufacturing plant
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Linkintime India Private LimitedminorOthersRegistrar and Transfer Agent for Goldstar Power Limited. Located at 247 Park, C-101, LBS Marg, Vikhroli (west), Mumbai - 400083. Provides share transfer, investor services, and compliance-related services for the listed company's shareholder management.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Exide Industries: India's largest lead-acid battery manufacturer offering automotive, industrial, inverter, and submarine batteries with nationwide distribution and OEM relationships; directly competes with Goldstar across all four product lines but at far greater scale.
• East Penn Manufacturing: Privately held US leader in lead-acid battery manufacturing for automotive, commercial, and industrial applications; benchmark international comparable for AGM/VRLA technology depth and product breadth analogous to Goldstar's portfolio.
• EnerSys: Global industrial battery leader producing reserve power, motive power, and aerospace batteries including VRLA and tubular offerings; relevant international comparable for Goldstar's industrial VRLA and tubular product strategy.
• Amara Raja Batteries (Amaron): Listed Indian battery major producing automotive (Amaron brand), inverter, and industrial batteries with strong OEM ties to automotive OEMs; competes head-on with Goldstar in automotive and inverter segments with much broader channel reach.

Direct peers

• Base Corporation (Tata Green Batteries): Tata Group-affiliated manufacturer of automotive and inverter tubular batteries in India; competes in the same automotive replacement and inverter battery segments as Goldstar, with similar distribution-led GTM.
• HBL Power Systems: Indian-listed manufacturer of lead-acid batteries for industrial, automotive, telecom, and railway applications; closest like-for-like comparable to Goldstar in industrial/infrastructure tubular batteries with similar SME profile and India-domestic focus.
• Luminous Power Technologies: Schneider Electric-owned Indian power backup specialist selling inverter batteries (including under Luminous and Okaya brands) and integrated home UPS systems; direct overlap with Goldstar's tubular and VRLA inverter battery offerings targeting residential and SMB buyers.
• Su-Kam Power Systems: Indian power backup and inverter battery manufacturer competing in residential and SMB segments; comparable scale and target customer overlap with Goldstar in the inverter/tubular battery market.
• Okaya Power: Indian battery and inverter manufacturer offering tubular, SMF/VRLA, and lithium batteries for residential and commercial backup; directly comparable product mix and target customer base to Goldstar's tubular and VRLA lines.

Emerging players

• Microtek International: Indian manufacturer of UPS, inverters, and batteries targeting power backup needs; partial overlap with Goldstar's inverter and VRLA offerings with comparable SMB/residential GTM but smaller battery footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PowerGoldstar

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Goldstar