Indo National Ltd
Incorporated in 1972, Indo National manufactures and markets batteries, torches, LED products, electrical accessories, mosquito bats, razors and blades[1]
- 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
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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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% |
Documents
Announcements
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Board Meeting Outcome for Board Recommends A Dividend Of 100% (RS.5 Per Share)
2d - Audited FY25 results approved; Rs.5/share dividend recommended; subsidiary amalgamation approved.
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RESULTS FOR THE QUARTER AND 12 MONTHS ENDED 31ST MARCH 2025
2d - Audited FY25 results approved; Rs.5/share dividend recommended; subsidiary amalgamation approved by NCLT.
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
19 May - Shareholders meeting on June 21, 2025, to consider Helios-Helios Strategic Systems amalgamation scheme.
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
19 May - Published newspaper ads for proposed amalgamation of Inda National and Helios Strategic Systems.
- NCLT Convened Meeting Of Equity Shareholders Of The Company On Saturday The 21St June 2025 Tuesday, At 10.00 A.M Through Video Conference (VC) Or Other Audio Video Means (OAVM). 16 May
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
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Financial Year 2020
from bse
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2013
from nse
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Financial Year 2012
from bse
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Financial Year 2012
from nse
Concalls
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Sep 2021TranscriptNotesPPT
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