Indo National Ltd

₹ 517 -1.69%

23 May 9:32 a.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 ₹ 388 Cr.
Current Price ₹ 517
High / Low ₹ 665 / 388
Stock P/E 3.18
Book Value ₹ 584
Dividend Yield 0.96 %
ROCE 33.0 %
ROE 36.2 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Stock is trading at 0.89 times its book value
Company has delivered good profit growth of 95.5% CAGR over last 5 years

Cons

The company has delivered a poor sales growth of -1.66% over past five years.
Contingent liabilities of Rs.120 Cr.
Earnings include an other income of Rs.190 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	121.34	130.70	148.95	149.19	143.19	131.85	171.50	168.32	168.93	121.15	127.57	121.63	97.11
	126.76	131.50	144.54	142.73	138.63	129.72	163.81	155.09	151.28	131.21	126.68	132.79	99.05
Operating Profit	-5.42	-0.80	4.41	6.46	4.56	2.13	7.69	13.23	17.65	-10.06	0.89	-11.16	-1.94
OPM %	-4.47%	-0.61%	2.96%	4.33%	3.18%	1.62%	4.48%	7.86%	10.45%	-8.30%	0.70%	-9.18%	-2.00%
	2.55	1.14	1.28	0.68	2.36	2.14	2.61	2.75	2.61	181.65	3.36	1.77	3.20
Interest	2.28	2.37	2.53	3.10	3.17	3.32	3.78	3.37	3.28	2.61	-0.49	0.10	0.96
Depreciation	3.27	3.52	3.59	5.26	4.55	4.11	4.38	4.49	4.66	4.53	2.86	2.90	2.94
Profit before tax	-8.42	-5.55	-0.43	-1.22	-0.80	-3.16	2.14	8.12	12.32	164.45	1.88	-12.39	-2.64
Tax %	-16.39%	-20.18%	58.14%	2.46%	102.50%	5.38%	-41.59%	27.96%	26.22%	19.87%	-15.43%	-2.58%	-103.41%
	-7.27	-4.76	-0.63	-1.25	-1.62	-3.33	3.04	5.84	9.08	131.77	2.17	-12.07	0.08
EPS in Rs	-8.97	-2.75	0.12	-1.49	-3.47	-0.71	5.73	4.59	3.20	178.12	2.89	-16.09	0.11
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	361	377	394	443	508	532	570	572	641	467
	337	346	352	402	447	475	544	557	600	490
Operating Profit	24	31	42	41	61	57	26	15	41	-22
OPM %	7%	8%	11%	9%	12%	11%	5%	3%	6%	-5%
	18	15	15	17	-13	18	19	5	10	190
Interest	6	5	5	12	17	13	11	11	14	3
Depreciation	8	8	9	11	12	13	13	17	18	13
Profit before tax	28	33	43	35	18	50	21	-8	19	151
Tax %	53%	36%	29%	25%	43%	35%	36%	-0%	25%	19%
	13	21	31	27	10	33	13	-8	15	122
EPS in Rs	18.89	25.57	29.79	24.56	1.88	40.51	10.59	-7.59	12.83	165.01
Dividend Payout %	66%	49%	34%	41%	133%	31%	47%	-66%	39%	3%

Compounded Sales Growth
10 Years:	%
5 Years:	-2%
3 Years:	-6%
TTM:	-27%

Compounded Profit Growth
10 Years:	%
5 Years:	95%
3 Years:	157%
TTM:	1168%

Stock Price CAGR
10 Years:	4%
5 Years:	19%
3 Years:	11%
1 Year:	-14%

Return on Equity
10 Years:	%
5 Years:	13%
3 Years:	16%
Last Year:	36%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Reserves	172	198	209	219	211	238	236	228	232	434
	58	49	65	113	121	123	124	132	140	53
	77	78	152	146	161	148	147	151	223	230
Total Liabilities	311	329	431	481	496	513	511	515	599	721
	134	158	163	182	188	182	215	226	254	223
CWIP	1	2	14	5	1	1	2	4	2	4
Investments	0	0	0	0	0	0	0	0	0	96
	177	169	254	295	307	330	294	284	343	398
Total Assets	311	329	431	481	496	513	511	515	599	721

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	37	44	38	-19	10	11	35	36	44	-56
	-21	-20	-12	-7	1	5	-35	-28	-38	80
	-11	-30	-18	29	-9	-10	-20	-9	-9	-19
Net Cash Flow	5	-6	8	2	2	5	-20	-1	-4	6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	81	82	116	113	83	103	61	80	76	70
Inventory Days	72	82	79	85	111	107	124	88	95	147
Days Payable	29	41	92	77	87	77	63	69	72	81
Cash Conversion Cycle	124	124	103	120	107	133	122	99	99	136
Working Capital Days	78	89	45	76	91	133	113	103	88	120
ROCE %		16%	18%	15%	18%	16%	7%	1%	8%	33%

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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