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Indo National Limited (NIPPOBATRY) AI Stock Analysis

IN:NIPPOBATRY

Indo National Limited

(NSE:NIPPOBATRY)

Select Model
Rating:46Neutral
Price Target:INR 285.00â–¼(-5.99% Downside)
Action:reiterated
Date:08/19/26

The overall score is held down primarily by fragile financial performance, with recent losses, volatile margins, and inconsistent cash flows despite a low‑debt balance sheet, while mildly negative technicals and a weak valuation backdrop—negative earnings and only a modest dividend yield—provide limited offset and keep the stock in a lower‑mid range rating.

Positive Factors
Conservative leverageVery low leverage gives Indo National financial flexibility during weaker trading conditions and reduces the burden of interest and refinancing. This supports continued operations and leaves greater capacity to fund working capital or selective growth without relying heavily on additional borrowing.
Negative Factors
Loss-making and volatile profitabilityA return to net losses and negative operating profit weakens earnings quality and reduces the company’s ability to reinvest from internal profits. Large year-to-year margin swings also make performance less predictable, complicating planning and raising questions about sustainable profitability.

Indo National Limited (NIPPOBATRY) vs. iShares MSCI India ETF (INDA)

-40%-30%-20%-10%0%10%IN:NIPPOBATRY-29.33%INDA-12.02%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
INR 2.23B
Dividend Yield
1.24%
Average Volume (3M)
255
Price to Earnings (P/E)
-8.9
Beta (1Y)
1.26
Revenue Growth
-3.56%
EPS Growth
-186.74%
Country
India
Employees
523
Sector
General
Sector Strength
55
Industry
Electrical Equipment & Parts

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 compa...

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 control...

Indo National Limited Financial Statement Overview

Summary

Financial performance is weak overall: profitability is volatile with recent net losses, margins have compressed sharply, cash generation is inconsistent, and the asset base is shrinking, partially offset by a conservatively leveraged balance sheet with low debt.

Income Statement

34Negative

Balance Sheet

60Neutral

Cash Flow

45Neutral
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue4.49B4.52B4.67B6.41B5.72B5.70B
Gross Profit1.10B844.83M1.76B2.64B1.97B2.15B
EBITDA-154.09M-105.41M1.68B489.23M200.91M448.59M
Net Income-252.28M-263.40M1.24B96.19M-56.93M79.44M
Balance Sheet
Total Assets04.31B7.21B5.99B5.15B5.11B
Cash, Cash Equivalents and Short-Term Investments60.34M60.34M68.83M9.45M50.84M61.70M
Total Debt0343.87M608.02M1.46B1.37B1.25B
Total Liabilities-3.08B1.23B2.51B3.26B2.53B2.36B
Stockholders Equity3.08B3.03B4.38B2.36B2.31B2.40B
Cash Flow
Free Cash Flow720.54M130.28M-974.11M-11.71M50.79M-168.56M
Operating Cash Flow789.65M410.64M-557.56M435.51M359.47M350.37M
Investing Cash Flow-692.90M135.43M804.73M-382.57M-276.15M-354.09M
Financing Cash Flow-154.23M-556.50M-187.79M-94.33M-94.18M-197.40M

Indo National Limited Technical Analysis

Technical Analysis SentimentNegative
Last Price303.15

Price Trends

50DMA317.22Negative
100DMA326.23Negative
200DMA334.66Negative

Market Momentum

MACD-4.49Positive
RSI44.76Neutral
STOCH33.18Neutral

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 303.15 is below the 20-day moving average (MA) of 309.70, below the 50-day MA of 317.22, and below the 200-day MA of 334.66, indicating a bearish trend. The MACD of -4.49 indicates Positive momentum. The RSI at 44.76 is Neutral, neither overbought nor oversold. The STOCH value of 33.18 is Neutral, 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

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

IN:NIPPOBATRY against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
IN:EVEREADYIN:EVEREADY67NeutralINR 22.65B12.66―0.80%8.74%113.98%
IN:ARE&MIN:ARE&M65NeutralINR 125.71B13.64―6.68%12.65%7.16%
IN:SERVOTECHIN:SERVOTECH63NeutralINR 13.96B37.40―0.03%7.40%15.11%
IN:VGUARDIN:VGUARD62NeutralINR 122.42B29.87―0.54%13.36%26.08%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
IN:NIPPOBATRYIN:NIPPOBATRY46NeutralINR 2.27B-8.86―1.24%-3.56%-186.74%
IN:EXICOMIN:EXICOM44NeutralINR 17.44B-6.50――55.63%-13.55%

* General Sector Average

Performance Comparison

-40%-20%0%20%IN:NIPPOBATRYIN:ARE&MIN:EVEREADYIN:EXICOMIN:SERVOTECHIN:VGUARDDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
IN:NIPPOBATRY and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
IN:NIPPOBATRYIndo National Limited303.15-129.86-29.99%
IN:ARE&MAmara Raja Energy & Mobility Ltd686.85-310.22-31.11%
IN:EVEREADYEveready Industries India Ltd311.60-66.82-17.66%
IN:EXICOMExicom Tele-Systems Ltd.125.35-12.35-8.97%
IN:SERVOTECHServotech Power Systems Ltd.62.09-57.16-47.93%
IN:VGUARDV-Guard Industries Limited280.20-88.89-24.08%

Indo National Limited Corporate Events

Indo National Holds 53rd AGM Virtually, Audit Reports Clear of Qualifications

Sep 28, 2026

Indo National Limited reported that its 53rd Annual General Meeting was held on September 28, 2026 via video conferencing, in line with Ministry of Corporate Affairs and SEBI guidelines for virtual shareholder meetings. The session, chaired by indepe...

Indo-National Sets September Virtual AGM, Proposes Dividend and Director Pay

Sep 4, 2026

Indo-National Limited has scheduled its 53rd Annual General Meeting for September 28, 2026, to be conducted via video conferencing in line with MCA and SEBI guidelines, where shareholders will review the audited standalone and consolidated financial...

Indo National Sets September AGM, Proposes Dividend and Board Fee Changes

Sep 4, 2026

Indo National Limited has scheduled its 53rd Annual General Meeting for September 28, 2026, to be conducted via video conferencing and other audio-visual means in line with MCA and SEBI guidelines. Shareholders will review and adopt the audited stand...

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.

Date of analysis: Aug 19, 2026