Initially, Panshikar worked and acted under the guidance of veteran Marathi drama director M.G. Rangnekar. Rangnekar gave him his break in the play "To Mi Navhech" by offering him the main role in 1962. The show became so popular that it was subsequently translated into other Indian languages like Gujarati and Kannada.He has to his credit the distinction of performing as an actor & producer on screen, stage and television. He formed an organization named Natyasampada and he developed local artists and launched them in cities like Pune, Mumbai, Kolhapur etc. He has spent 53 years on stage with over 8000 performances to his credit. Panshikar also produced very famous Marathi play "Katyar Kaljat Ghusali" under his organization. Based on the play a record breaking Marathi movie was released with the same name, in which famous Marathi actor Sachin Pilgaonkar and renowned singer Shankar Mahadevan played lead roles.