Panwar finished with 228.1 points in the final of the men;s 10m air rifle event, ensuring a bronze medal for himself.
In the 60-shot qualification, the 18-year-old Panwar finished sixth with a total of 629.1, while 2016 ISSF junior world cup bronze-medallist Babuta grabbed third place after firing 631.8 at the Karni Singh Shooting Range.
The squad won four out of the eight gold medals on offer, besides two silver and five bronze medals, for a total of 11 podium finishes.
Elavenil Valarivan, Hriday Hazarika top respective categories in 10m air rifle national selection trials
Gujarat's Elavenil shot 628.3 after the 60-shot qualification round to enter the final in fourth place. Rajasthan's Nisha Kanwar top-scored with 631.8 as she led a strong eight-woman field into the finals.
Sardar Sajjan Singh Memorial Masters Shooting: Anjum Moudgil, Arjun Babuta clinch gold in 10m air rifle mixed event
Anjum Moudgil on Tuesday won her second gold in the Sardar Sajjan Singh Sethi Memorial Masters Shooting Competition, partnering Arjun Babuta in the 10m air rifle mixed team event here.
Illia Charheika of Belarus won the gold medal while Russia's Vladimir Maslennikov bagged silver and Chinese Taipei's Shao-Chuan Lu settled for bronze in the World Cup fourth stage 10m air rifle event.
18-year-old Elavenil Valarivan, competing in her second World Cup and first final, shot 249.8 in the women's final to claim the top individual honours.
Ravi Kumar won an individual bronze in the men's 10m air rifle while Arjun Babuta won individual silver in the corresponding junior men's event.
Rushiraj Barot struck gold in the junior men's 25m rapid fire pistol event on day three of the ISSF Junior World Cup in Gabala, Azerbaijan on Tuesday.