Indo National Ltd

₹ 524 -0.38%

23 May 4:01 p.m.

About

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

Key Points

Business Overview:^[1]^[2]
INL is an ISO 9001, ISO 14001 and ISI certified dry battery company. It sells products under the brand name Nippo. Apart from that, INL also deals in a diverse range of flashlights, mosquito swatters, LED lighting products and electrical accessories. INL is the 2nd-largest player in the dry cell batteries industry in India, with capacity of 78.5 cr battery per annum and a market share of 30%+. It has an established distribution network comprising exclusive distributors, 2,500 exclusive stockists, 26 depots, and 17 lakh retail outlets and wholesalers

Website BSE NSE

Market Cap ₹ 389 Cr.
Current Price ₹ 524
High / Low ₹ 665 / 388
Stock P/E 385
Book Value ₹ 301
Dividend Yield 0.96 %
ROCE 0.66 %
ROE 0.44 %
Face Value ₹ 5.00

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Pros

Company has been maintaining a healthy dividend payout of 267%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 6.79% over past five years.
Tax rate seems low
Company has a low return on equity of 1.28% over last 3 years.
Earnings include an other income of Rs.8.65 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Dry cells Industry: Dry Cells

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	80.81	92.26	107.71	109.93	94.90	105.44	135.50	121.53	103.61	111.66	127.57	121.63	97.11
	87.96	90.13	104.36	105.90	96.40	102.75	127.72	117.69	102.90	108.16	126.29	120.12	98.42
Operating Profit	-7.15	2.13	3.35	4.03	-1.50	2.69	7.78	3.84	0.71	3.50	1.28	1.51	-1.31
OPM %	-8.85%	2.31%	3.11%	3.67%	-1.58%	2.55%	5.74%	3.16%	0.69%	3.13%	1.00%	1.24%	-1.35%
	2.11	1.25	1.42	1.26	2.03	1.23	1.57	1.69	1.27	1.06	3.36	1.77	2.46
Interest	0.28	0.60	0.47	0.70	0.62	0.76	1.13	1.03	0.82	0.71	0.07	0.10	0.22
Depreciation	1.42	1.75	1.82	3.50	3.01	2.08	2.28	2.21	2.43	2.76	2.86	2.90	2.94
Profit before tax	-6.74	1.03	2.48	1.09	-3.10	1.08	5.94	2.29	-1.27	1.09	1.71	0.28	-2.01
Tax %	-24.63%	28.16%	26.61%	27.52%	-24.19%	25.93%	19.19%	17.47%	-37.80%	7.34%	-16.96%	-128.57%	30.85%
	-5.08	0.74	1.82	0.78	-2.34	0.81	4.80	1.88	-0.79	1.01	2.00	0.63	-2.63
EPS in Rs	-6.77	0.99	2.43	1.04	-3.12	1.08	6.40	2.51	-1.05	1.35	2.67	0.84	-3.51
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	314	307	315	318	276	317	330	387	368	405	466	458
	301	284	295	296	254	298	307	353	364	397	451	453
Operating Profit	13	24	20	22	21	19	23	34	4	8	15	5
OPM %	4%	8%	6%	7%	8%	6%	7%	9%	1%	2%	3%	1%
	13	23	18	18	18	19	-11	21	15	6	6	9
Interest	2	1	1	2	2	4	6	4	2	2	4	1
Depreciation	5	5	5	5	6	6	6	5	6	10	9	11
Profit before tax	18	40	32	32	31	28	1	46	11	2	8	1
Tax %	31%	28%	47%	35%	33%	32%	52%	26%	27%	33%	17%	5%
	13	29	17	21	21	19	0	34	8	1	7	1
EPS in Rs	16.95	38.56	22.59	27.88	28.04	25.41	0.65	45.27	10.37	1.33	8.93	1.35
Dividend Payout %	59%	32%	55%	45%	36%	39%	383%	28%	48%	375%	56%	371%

Compounded Sales Growth
10 Years:	4%
5 Years:	7%
3 Years:	8%
TTM:	-2%

Compounded Profit Growth
10 Years:	-27%
5 Years:	-49%
3 Years:	-49%
TTM:	-85%

Stock Price CAGR
10 Years:	4%
5 Years:	19%
3 Years:	10%
1 Year:	-14%

Return on Equity
10 Years:	8%
5 Years:	4%
3 Years:	1%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	4
Reserves	142	158	164	185	194	204	195	227	225	223	225	222
	17	9	35	19	22	30	31	29	38	21	17	187
	47	46	46	47	52	60	70	78	69	72	92	74
Total Liabilities	211	216	248	254	273	298	300	337	335	319	338	487
	60	56	73	81	81	77	74	71	112	117	131	151
CWIP	0	0	0	0	0	0	0	0	0	1	0	1
Investments	0	0	32	38	47	47	47	47	47	73	78	166
	151	160	143	133	145	175	180	220	177	129	128	169
Total Assets	211	216	248	254	273	298	300	337	335	319	338	487

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	13	43	41	33	8	17	-9	19	44	29	-53
	4	-4	-26	-20	-13	-0	-2	14	-32	-18	-17	-113
	-5	-9	-11	-36	-14	-13	-14	-8	-2	-26	-11	166
Net Cash Flow	2	0	6	-14	6	-5	1	-3	-16	0	0	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	88	101	80	84	101	97	69	83	32	31	34	38
Inventory Days	65	71	59	73	76	74	92	103	145	81	73	88
Days Payable	31	25	15	20	36	38	58	54	43	36	35	35
Cash Conversion Cycle	122	147	124	136	141	132	102	131	134	75	73	91
Working Capital Days	102	118	97	112	121	125	108	125	113	73	48	96
ROCE %	13%	20%	16%	17%	16%	14%	15%	20%	5%	1%	5%	1%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.04%	0.00%	0.00%
	34.65%	34.65%	34.64%	34.65%	34.64%	34.65%	34.65%	34.62%	34.65%	34.61%	34.66%	34.65%
No. of Shareholders	12,235	12,645	11,749	11,871	11,766	11,280	10,216	11,052	13,027	13,434	13,491	13,708

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	74.85%	74.85%	74.85%	65.35%	65.35%	65.35%	65.35%	65.35%	65.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.03%	0.00%
	0.08%	0.05%	0.01%	5.33%	5.33%	0.00%	0.00%	0.00%	0.00%
	25.07%	25.10%	25.14%	29.31%	29.31%	34.52%	34.65%	34.62%	34.65%
No. of Shareholders	7,188	7,059	7,123	7,472	7,132	11,790	11,871	11,052	13,708

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Indo National Ltd

Indo National Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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