Skip to main content
Swing Capital

Indo National Ltd

NSE: NIPPOBATRY BSE: 504058

Incorporated in 1972, Indo National manufactures and markets batteries, torches, LED products, electrical accessories, mosquito bats, razors and blades[1]

₹344
52W: ₹255 — ₹589
PE 0 · Book ₹283 · +22% vs book
Market Cap₹258 Cr
Stock P/E—Price to Earnings
ROCE1.79%Return on Capital
ROE4.75%Return on Equity
Div. Yield1.47%Face Value ₹5

Strengths

  • +Company has been maintaining a healthy dividend payout of 133%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 3.12% over past five years.
  • −Company has a low return on equity of -1.12% over last 3 years.
  • −Contingent liabilities of Rs.99.2 Cr.
  • −Company might be capitalizing the interest cost
  • −Earnings include an other income of Rs.7.20 Cr.

Shareholding Pattern

Promoters65.35%
FIIs0%
DIIs0%
Public34.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%
FIIs0%0.04%▲0.00%▼0.00%0.01%▲0.00%▼0.00%0%
DIIs0%0%0%0%0%0%0%0%
Public34.65%34.61%▼0.034.66%▲0.034.65%▼0.034.64%▼0.034.64%34.62%▼0.034.65%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales121.53103.61111.66127.57121.6397.11119.44119.07106.11106.39
Expenses117.69102.9108.16126.29120.1298.42116.09113.56111.33111.57
Operating Profit3.840.713.51.281.51-1.313.355.51-5.22-5.18
OPM %3.16%0.69%3.13%1%1.24%-1.35%2.8%4.63%-4.92%-4.87%
Net Profit1.88-0.791.0120.63-2.631.622.68-6.62-8.08
EPS ₹2.51-1.051.352.670.84-3.512.163.57-8.83-10.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹451Cr, down 1.5% YoY. OPM at 0%.

Debt Position

Borrowings at ₹201Cr. Debt-to-equity ratio: 0.97x. Moderate leverage.

Capex Cycle

CWIP at ₹3Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 65.35%.

Margin & Efficiency

ROCE declining from 20% (Mar 2015) to -2% (Mar 2026). Working capital days: -57.

Recent Announcements