Indo National Limited (NIPPOBATRY) AI Stock Analysis

• Market Cap: ₹2.82B
• Dividend Yield: 1.22%
• Average Volume (3M): 394.00
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• 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): 1.85
• 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: 40 Underperform
• Price Target: ₹357.00 ▼(-10.43% Downside)

Indo National Limited's stock score is primarily impacted by its financial performance and technical analysis. The company faces profitability and cash flow challenges, and the stock is in a bearish trend. Valuation metrics further indicate unattractiveness, with a negative P/E ratio and low dividend yield.

Positive Factors

Strong consumer brand and distribution

Nippo is a recognized consumer battery brand with established retail and trade distribution across India. That brand equity and reach support recurring replacement demand, helping sustain steady baseline volume and resilience versus newer entrants over a multi‑month horizon.

Manageable financial leverage

Reported moderate balance sheet stability and controlled leverage provide financial flexibility to fund working capital and weather cyclical softness. Lower relative debt reduces refinancing pressure and supports investments or inventory build without immediate distress.

Reasonable gross profit margins

Retention of reasonable gross margins on core dry‑cell products suggests the manufacturing model and pricing retain headroom to absorb input cost swings. Sustained gross margin strength underpins ability to reinvest in distribution and margin improvement initiatives over several months.

Negative Factors

Declining and volatile revenue

A steep year‑over‑year revenue decline and volatility weaken scale economics and strain fixed cost absorption. Continued top‑line contraction risks eroding market share, reducing bargaining power with suppliers and distributors, and limiting room for strategic investments.

Inconsistent operating cash flow

Recurrent negative or erratic operating cash flow undermines the company's ability to self‑fund working capital, capex, and marketing spend. Over months this raises dependence on external financing, increasing cost of capital and constraining growth or inventory management.

Severe profitability deterioration

Very large EPS decline and reported negative EBIT indicate persistent operational and margin pressures. Prolonged losses deplete retained earnings, limit reinvestment, and may force cost restructuring, hampering the firm's ability to compete and execute medium‑term strategic plans.

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 generates revenue through multiple streams, primarily from the sale of its battery products. The company has established a strong distribution network that allows it to reach a broad customer base, which includes both retail and wholesale channels. Key revenue streams include the sale of automotive batteries, industrial batteries, and specialized batteries for solar applications. Additionally, Indo National Limited may engage in strategic partnerships with automotive manufacturers and renewable energy companies, further enhancing its market presence and revenue potential. The company's focus on quality and customer service also fosters brand loyalty, contributing to repeat business and long-term contracts, which are significant contributors to its earnings.

Indo National Limited Financial Statement Overview

Summary

Indo National Limited shows a mixed financial picture with volatile revenue growth and profitability challenges. The balance sheet is moderately stable, but cash flow issues indicate potential liquidity problems.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.66B	4.67B	6.41B	5.72B	5.70B	5.32B
Gross Profit	1.73B	1.76B	2.58B	1.97B	2.15B	2.22B
EBITDA	-22.52M	1.68B	489.23M	200.91M	448.59M	751.54M
Net Income	-87.98M	1.24B	96.19M	-56.93M	79.44M	303.77M
Balance Sheet
Total Assets	0.00	7.21B	5.99B	5.15B	5.11B	5.13B
Cash, Cash Equivalents and Short-Term Investments	484.95M	68.83M	9.45M	50.84M	61.70M	262.82M
Total Debt	0.00	539.15M	1.46B	1.37B	1.25B	1.23B
Total Liabilities	-4.71B	2.51B	3.26B	2.53B	2.36B	2.41B
Stockholders Equity	4.71B	4.38B	2.36B	2.31B	2.40B	2.42B
Cash Flow
Free Cash Flow	0.00	-974.11M	-11.71M	50.79M	-168.56M	4.25M
Operating Cash Flow	0.00	-557.56M	435.51M	359.47M	350.37M	108.19M
Investing Cash Flow	0.00	804.73M	-382.57M	-276.15M	-354.09M	46.70M
Financing Cash Flow	0.00	-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: Neutral
• 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 391.51, below the 50-day MA of 405.85, and below the 200-day MA of 454.19, indicating a bearish trend. The MACD of -7.65 indicates Positive momentum. The RSI at 37.37 is Neutral, neither overbought nor oversold. The STOCH value of 12.55 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
KANPRPLA	66 Neutral	₹4.10B	15.94	―	0.52%	23.02%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
PASHUPATI	62 Neutral	₹12.62B	96.20	―	0.06%	―	―
ORIENTBELL	55 Neutral	₹3.99B	44.45	―	0.19%	-1.45%	849.26%
MIRCELECTR	54 Neutral	₹8.41B	-39.03	―	―	-30.79%	59.95%
NIPPOBATRY	40 Underperform	₹2.82B	-29.44	―	1.22%	-21.88%	-106.76%