Indo National Limited (NIPPOBATRY) AI Stock Analysis

• Market Cap: ₹2.15B
• Dividend Yield: 1.22%
• Average Volume (3M): 394.00
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: -21.88%
• EPS Growth: -106.76%
• Country: IN
• Employees: 1,315
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Electrical Equipment & Parts
• EPS (TTM): -10.46
• Shares Outstanding: 7,500,000
• 10 Day Avg. Volume: 246
• 30 Day Avg. Volume: 394
• PEG Ratio: <0.01
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.71
• P/FCF Ratio: -3.39
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: ₹285.00 ▼(-28.49% Downside)
• Action: Upgraded Date: 03/13/26
• Date: Action: Upgraded 03/13/26

The score is held down primarily by weak financial performance (profitability pressure and negative free cash flow) and bearish technicals (price below key moving averages with negative momentum). Valuation contributes only modest support because the negative P/E is driven by losses, despite a small dividend yield.

Positive Factors

Strong consumer brand & distribution

A well‑recognized consumer brand and established trade distribution create durable demand and repeat purchases in the replacement battery market. Brand equity plus broad retail/distributor reach supports steady volumes and resilience against short term demand swings over months.

Manageable leverage and solid equity position

Moderate financial leverage and a relatively strong equity cushion provide lasting financial flexibility. This reduces refinancing risk, supports working capital needs and potential targeted investments, helping the company withstand cyclical pressure over the medium term.

Reasonable gross profit margin on core products

A sustainable gross margin on core battery products indicates underlying unit economics are viable. That foundation allows management to potentially restore operating margins via cost control or mix improvement, making profitability recovery structurally achievable over time.

Negative Factors

Sustained revenue decline

Material year‑over‑year revenue decline erodes scale, weakens bargaining power with suppliers, and pressures fixed‑cost absorption. Continued top‑line contraction would hamper margin recovery and make it harder to fund operations and investments without structural changes.

Inconsistent operations and negative free cash flow

Persistent negative free cash flow and erratic operating cash generation force reliance on external financing or equity, limit reinvestment, and raise liquidity risk. Over months this constrains capacity to invest in distribution, product improvement, or working capital smoothing.

Weak operating profitability (negative EBIT)

Negative EBIT signals structural operating inefficiencies or cost mismatch versus revenues. Without sustained margin improvement, retained earnings and ability to self‑fund growth remain impaired, increasing probability of capital raising or cost cuts to restore viability.

Indo National Limited Business Overview & Revenue Model

Company Description

Indo National Limited, together with its subsidiaries, manufactures and distributes dry cell batteries and lighting products in India. It offers AA, AAA, C&D, alkaline, and 9V batteries; torches; and emergency power backup products, as well as mosquito bats. The company also provides square LED downlights, rechargeable bulb, pulsar linear, head lamp, LED tubelights, LED bulbs, LED flood lights, and grid-based LED street lights. In addition, it offers razors and blades under DORCO brand, electrical accessories, and other FMCG products. The company was formerly known as Nippo Batteries Co. Ltd. and changed its name to Indo National Limited in April 2013. Indo National Limited was incorporated in 1972 and is headquartered in Chennai, India.

How the Company Makes Money

Indo National Limited makes money primarily by manufacturing and selling dry-cell batteries and other Nippo-branded portable power products. Revenue is generated from (1) sales of finished goods to distributors, wholesalers, retailers, and other trade customers across India, where the company earns a margin between its manufacturing/procurement costs (raw materials, production, logistics) and the selling price; and (2) brand-driven repeat purchases in the consumer replacement market, where ongoing demand is tied to frequent battery replacement in devices such as remotes, toys, torches, and clocks. Company-specific details on revenue split by product category, customer segment, pricing/mix, or material partnerships are null.

Indo National Limited Financial Statement Overview

Summary

Income statement shows weak profitability (negative EBIT and low net margins) and recent revenue decline, while cash flow is a key concern with inconsistent operations and negative free cash flow. Balance sheet is comparatively steadier with manageable leverage and a relatively strong equity position, but overall fundamentals remain pressured.

Income Statement

Indo National Limited has shown volatile revenue growth with a recent decline from the prior year. While the gross profit margin remains reasonable, the company struggled with negative EBIT and low net profit margins, indicating operational inefficiencies and profitability challenges.

Balance Sheet

The company's balance sheet displays moderate stability, with a manageable debt-to-equity ratio. However, the equity ratio is relatively strong, suggesting resilience. The overall financial leverage appears to be under control, but improvements in asset utilization are needed.

Cash Flow

Cash flow from operations has been inconsistent, with recent periods showing negative free cash flow. This indicates potential liquidity issues. The cash flow metrics suggest the company may face challenges in sustaining operations and growth without external funding.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.58B	4.67B	6.41B	5.72B	5.70B	5.32B
Gross Profit	1.75B	1.76B	2.58B	1.97B	2.15B	2.22B
EBITDA	23.83M	1.68B	489.23M	200.91M	448.59M	751.54M
Net Income	-95.79M	1.24B	96.19M	-56.93M	79.44M	303.77M
Balance Sheet
Total Assets	5.69B	7.21B	5.99B	5.15B	5.11B	5.13B
Cash, Cash Equivalents and Short-Term Investments	251.27M	68.83M	9.45M	50.84M	61.70M	262.82M
Total Debt	410.62M	539.15M	1.46B	1.37B	1.25B	1.23B
Total Liabilities	1.69B	2.51B	3.26B	2.53B	2.36B	2.41B
Stockholders Equity	3.98B	4.38B	2.36B	2.31B	2.40B	2.42B
Cash Flow
Free Cash Flow	720.54M	-974.11M	-11.71M	50.79M	-168.56M	4.25M
Operating Cash Flow	789.65M	-557.56M	435.51M	359.47M	350.37M	108.19M
Investing Cash Flow	-692.90M	804.73M	-382.57M	-276.15M	-354.09M	46.70M
Financing Cash Flow	-154.23M	-187.79M	-94.33M	-94.18M	-197.40M	-103.60M

Indo National Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 398.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NIPPOBATRY, the sentiment is Negative. The current price of 398.55 is above the 20-day moving average (MA) of 324.74, above the 50-day MA of 359.69, and below the 200-day MA of 430.64, indicating a bearish trend. The MACD of -19.94 indicates Positive momentum. The RSI at 27.63 is Positive, neither overbought nor oversold. The STOCH value of 9.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NIPPOBATRY.

Indo National Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KANPRPLA	62 Neutral	₹3.86B	9.74	―	0.52%	23.02%	―
PASHUPATI	62 Neutral	₹15.63B	120.13	―	0.06%	―	―
ORIENTBELL	55 Neutral	₹3.97B	34.39	―	0.19%	-1.45%	849.26%
MIRCELECTR	48 Neutral	₹8.67B	-19.72	―	―	-30.79%	59.95%
NIPPOBATRY	44 Neutral	₹2.15B	-9.73	―	1.22%	-21.88%	-106.76%

Indo National Limited Corporate Events

NCLT Clears Indo National–Helios Strategic Systems Amalgamation Scheme

Indo National Limited has announced that the National Company Law Tribunal, Chennai Bench, has pronounced its order sanctioning the amalgamation of Helios Strategic Systems Limited into Indo National. The scheme, pursued under Sections 230-232 of the Companies Act, 2013, covers the merger of the transferor and transferee entities along with their respective shareholders and creditors.

The company said the scheme will become effective once the certified copy of the tribunal order is filed with the Registrar of Companies in Chennai. The sanctioned amalgamation marks a key legal milestone in Indo National’s corporate restructuring, paving the way for integration of Helios Strategic Systems’ operations and potential synergies for stakeholders once the process is formally completed.