Indo National Limited (IN:NIPPOBATRY)
:NIPPOBATRY
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Indo National Limited
(NIPPOBATRY)
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Rating:44Neutral
Price Target:
₹277.00
▼(-30.50% Downside)
Action:ReiteratedDate:04/02/26
The score is held down primarily by weak financial performance—especially negative free cash flow and profitability pressures—paired with bearish technicals as the stock trades below all key moving averages with negative MACD. Valuation is mixed: a small dividend yield helps, but the negative P/E indicates loss-making operations.
Positive Factors
Strong consumer brand and distribution
Indo National’s Nippo brand and established retail/trade distribution create durable brand equity and shelf presence across India. This entrenched recognition supports repeat purchase behavior, stable channel access, and pricing/placement advantages that sustain volumes over the medium term.
Negative Factors
Negative free cash flow and inconsistent cash generation
Recent negative free cash flow and volatile operating cash generation limit the company’s ability to self-finance working capital, capex, or marketing investments. Persistent FCF shortfalls raise reliance on external funding, increase liquidity risk, and constrain strategic reinvestment over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong consumer brand and distribution
Indo National’s Nippo brand and established retail/trade distribution create durable brand equity and shelf presence across India. This entrenched recognition supports repeat purchase behavior, stable channel access, and pricing/placement advantages that sustain volumes over the medium term.
Read all positive factors
Indo National Limited (NIPPOBATRY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.31B
Dividend Yield1.22%
Average Volume (3M)394.00
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth-21.88%
EPS Growth-106.76%
CountryIN
Employees1,315
SectorConsumer Defensive
Sector Strength42
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-10.46
Shares Outstanding7,500,000
10 Day Avg. Volume246
30 Day Avg. Volume394
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 mos...
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 t...
Indo National Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
35
Negative
| 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
Neutral
398.55
Price Trends
332.83
Negative
373.32
Negative
417.89
Negative
Market Momentum
-14.18
Negative
46.08
Neutral
54.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NIPPOBATRY, the sentiment is Neutral. The current price of 398.55 is above the 20-day moving average (MA) of 291.63, above the 50-day MA of 332.83, and below the 200-day MA of 417.89, indicating a neutral trend. The MACD of -14.18 indicates Negative momentum. The RSI at 46.08 is Neutral, neither overbought nor oversold. The STOCH value of 54.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NIPPOBATRY.
Indo National Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹4.30B | 9.74 | ― | 0.52% | 23.02% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ₹15.61B | 120.13 | ― | 0.06% | ― | ― | |
55 Neutral | ₹3.87B | 34.39 | ― | 0.19% | -1.45% | 849.26% | |
48 Neutral | ₹10.49B | -19.72 | ― | ― | -30.79% | 59.95% | |
44 Neutral | ₹2.31B | -9.73 | ― | 1.22% | -21.88% | -106.76% |
* Consumer Defensive Sector Average
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Indo National Limited Corporate Events
Indo National Secures NCLT Nod for Helios Strategic Systems Amalgamation
Mar 15, 2026
Indo National Limited has announced that the National Company Law Tribunal, Chennai Bench, has issued its final order sanctioning the amalgamation of Helios Strategic Systems Limited with Indo National. The scheme will become effective once a cert...
NCLT Clears Indo National–Helios Strategic Systems Amalgamation Scheme
Mar 10, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.