Indo National Ltd

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

  • 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.

Peer comparison

Sector: Dry cells Industry: Dry Cells

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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
Raw PDF

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 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 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 12,23512,64511,74911,87111,76611,28010,21611,05213,02713,43413,49113,708

* 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.

Click on the line-items to see the names of individual entities.

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