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Indo National Limited
(NIPPOBATRY)
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Rating:44Neutral
Price Target:
₹318.00
▼(-2.24% Downside)
Action:Reiterated
Date:08/19/26
The score is held down primarily by weakened and volatile profitability (latest year back to losses, revenue declining) and a bearish technical setup (below key moving averages with negative MACD). A low-leverage balance sheet and currently positive free cash flow provide some support, while valuation remains constrained by a loss-making P/E despite a modest dividend yield.
Positive Factors
Conservative Leverage
Conservative leverage gives Indo National financial flexibility to absorb operating weakness, fund working capital, and support its branded battery and lighting business without substantial debt-service pressure.
Negative Factors
Declining Revenue Trend
Declining sales indicate weaker demand, pricing pressure, or share loss in the core battery market. If sustained, lower revenue would reduce operating leverage and make a durable recovery in profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Leverage
Conservative leverage gives Indo National financial flexibility to absorb operating weakness, fund working capital, and support its branded battery and lighting business without substantial debt-service pressure.
Read all positive factors
Indo National Limited (NIPPOBATRY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.41B
Dividend Yield1.57%
Average Volume (3M)328.00
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue Growth-3.56%
EPS Growth-186.74%
CountryIN
Employees523
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-33.63
Shares Outstanding7,500,000
10 Day Avg. Volume156
30 Day Avg. Volume328
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.64
Price to Sales (P/S)0.43
P/FCF Ratio14.92
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, an Indian enterprise founded in 1972 and headquartered in Chennai, specializes in the production and nationwide distribution of a diverse range of dry cell batteries and illumination products through its subsidiaries. The co...
How the Company Makes Money
Indo National Limited makes money primarily by selling branded consumer batteries and battery-adjacent products into the mass market. Its core revenue stream is the sale of dry-cell batteries (commonly used in household devices such as remote cont...
Indo National Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
66
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.49B | 4.52B | 4.67B | 6.41B | 5.72B | 5.70B |
| Gross Profit | 1.10B | 844.83M | 1.76B | 2.58B | 1.97B | 2.15B |
| EBITDA | -154.09M | -105.41M | 1.68B | 489.23M | 200.91M | 448.59M |
| Net Income | -252.28M | -263.40M | 1.24B | 96.19M | -56.93M | 79.44M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 4.31B | 7.21B | 5.99B | 5.15B | 5.11B |
| Cash, Cash Equivalents and Short-Term Investments | 60.34M | 60.34M | 68.83M | 9.45M | 50.84M | 61.70M |
| Total Debt | 0.00 | 343.87M | 539.15M | 1.46B | 1.37B | 1.25B |
| Total Liabilities | -3.08B | 1.23B | 2.51B | 3.26B | 2.53B | 2.36B |
| Stockholders Equity | 3.08B | 3.03B | 4.38B | 2.36B | 2.31B | 2.40B |
Cash Flow | ||||||
| Free Cash Flow | 720.54M | 130.28M | -974.11M | -11.71M | 50.79M | -168.56M |
| Operating Cash Flow | 789.65M | 410.64M | -557.56M | 435.51M | 359.47M | 350.37M |
| Investing Cash Flow | -692.90M | 135.43M | 804.73M | -382.57M | -276.15M | -354.09M |
| Financing Cash Flow | -154.23M | -556.50M | -187.79M | -94.33M | -94.18M | -197.40M |
Indo National Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹149.93B | 16.16 | ― | 6.77% | 12.65% | 7.16% | |
69 Neutral | ₹143.55B | 38.81 | ― | 0.46% | 13.36% | 26.08% | |
63 Neutral | ₹17.45B | 46.55 | ― | 0.06% | 7.40% | 14.85% | |
61 Neutral | ₹26.62B | 14.80 | ― | 0.69% | 8.74% | 113.98% | |
57 Neutral | ₹24.58B | -9.47 | ― | ― | 55.63% | -13.55% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | ₹2.41B | -9.45 | ― | 1.57% | -3.56% | -186.74% |
* General Sector Average
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Indo National Limited
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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.