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Indo-National Ltd (NIPPOBATRY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504058 NSE: NIPPOBATRY Batteries | Small Cap | Indo-National Share Price
₹310.55 -2.95 (-0.94%)
As on 13-Oct'26 15:32
Indo-National Ltd (NIPPOBATRY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504058 NSE: NIPPOBATRY Batteries | Small Cap | Indo-National Share Price
₹310.55 -2.95 (-0.94%)
As on 13-Oct'26 15:32
Key Metrics
Valuation Multiples
Market Cap
₹235 Cr.
Current Price
₹310.6
52-Week Low / High
₹255 / 472
TTM EPS
₹-33.6
TTM Sales
₹449 Cr.
Book Value per Share
₹406.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
22.5
Price to Book (P/B)
0.77
Lower than its 5-year historical median
Price to Sales (P/S)
0.52
Lower than its 5-year historical median
EV/EBITDA
-18.16
Lower than its 5-year historical median
Dividend Yield
1.21%
Profitability Efficiency
Return on Equity (ROE)
-7.21%
Underperforms industry median
Return on Capital Employed (ROCE)
-5.72%
Underperforms industry median
Return on Assets (ROA)
-4.63%
Operating Profit Margin
-3.7%
Net Profit Margin
-5.9%
Gross Profit Margin
-2.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-1.52%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-121.89%
Asset Quality
Promoter Holding
65.35%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹301 Cr.
Equity
₹3.8 Cr.
Face Value
₹5
All Time Low / High
₹32.50 / 856.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Indo-National Ltd a good quality company?
Indo-National Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indo-National Ltd performance compare with that of its Peers?
Revenue growth of Indo-National Ltd vs industry peers?
Indo-National Ltd revenue CAGR is -3.18%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Indo-National Ltd?
Promoters hold 65.35% of the Indo-National Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indo-National Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -4.6% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indo-National Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 17% | 15.7% | 14.1% | 2.6% | 20.3% | 5% | 1.5% | 4.8% | 0.7% | -1.8% | - |
| Value Creation Index ⓘ | 0.2 | 0.1 | 0.0 | -0.8 | 0.5 | -0.6 | -0.9 | -0.7 | -1.0 | -1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 319 | 276 | 317 | 330 | 387 | 368 | 405 | 466 | 458 | 451 | 447 |
| Sales YoY Gr. | - | -13.4% | 14.9% | 4% | 17.3% | -4.8% | 9.9% | 15.1% | -1.7% | -1.5% | - |
| Adj EPS ⓘ | 27.9 | 28 | 25.4 | 27.6 | 45.5 | 10.7 | 2 | 9.1 | 1.5 | -12.6 | -13 |
| YoY Gr. | - | 0.7% | -9.4% | 8.5% | 65.1% | -76.5% | -81.2% | 353.2% | -83.5% | -938.7% | - |
| BVPS (₹) ⓘ | 251 | 264 | 277.4 | 265.7 | 307.2 | 304.6 | 302 | 304.5 | 301.5 | 282.8 | 285.9 |
| Adj Net Profit ⓘ | 20.9 | 21 | 19.1 | 20.7 | 34.1 | 8 | 1.5 | 6.8 | 1.1 | -9.4 | -10 |
| Cash Flow from Ops. ⓘ | 41.3 | 32.6 | 7.9 | 16.8 | -9.5 | 18.8 | 44 | 28.6 | -53.2 | 5.4 | - |
| Debt/CF from Ops. ⓘ | 0.5 | 0.7 | 3.9 | 1.9 | -3 | 2 | 0.5 | 0.6 | -3.5 | 37.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.9% | 3.1% | 3.7% | -1.5% | ||||
| Adj EPS ⓘ | -191.6% | -177.3% | -284.3% | -938.7% | ||||
| BVPSⓘ | 1.3% | -1.6% | -2.2% | -6.2% | ||||
| Share Price | -4.7% | -9.8% | -14.9% | -29.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.8 | 10.9 | 9.4 | 10.2 | 15.9 | 3.5 | 0.7 | 3 | 0.5 | -4.3 | -4.6 |
| Op. Profit Mgn % ⓘ | 7 | 7.7 | 5.9 | 6.9 | 8.9 | 1.2 | 2.2 | 3.3 | 1.1 | -0 | -1 |
| Net Profit Mgn % ⓘ | 6.6 | 7.6 | 6 | 6.3 | 8.8 | 2.2 | 0.4 | 1.5 | 0.3 | -2.1 | -2.2 |
| Debt to Equity ⓘ | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | 0.8 | 1 | - |
| Working Cap Days ⓘ | 120 | 162 | 164 | 174 | 170 | 187 | 137 | 100 | 118 | 141 | 75 |
| Cash Conv. Cycle ⓘ | 97 | 123 | 113 | 100 | 89 | 106 | 72 | 54 | 65 | 73 | -26 |
Valuation of Indo-National - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 378 | 394 | 443 | 508 | 532 | 570 | 572 | 641 | 467 | 452 |
| Operating Expenses ⓘ + | 347 | 352 | 402 | 447 | 475 | 544 | 557 | 600 | 490 | 471 |
| Operating Profit ⓘ | 31 | 42 | 41 | 61 | 57 | 26 | 15 | 41 | -22 | -18 |
| Operating Profit Margin (%) | 8.1% | 10.8% | 9.3% | 11.9% | 10.7% | 4.6% | 2.6% | 6.4% | -4.8% | -4.0% |
| Other Income ⓘ + | 16 | 15 | 17 | 16 | 18 | 19 | 5 | 10 | 190 | 8 |
| Interest ⓘ | 6 | 5 | 12 | 17 | 13 | 11 | 11 | 14 | 3 | 3 |
| Depreciation ⓘ | 8 | 9 | 11 | 12 | 13 | 13 | 17 | 18 | 13 | 13 |
| Profit Before Tax ⓘ | 33 | 43 | 35 | 18 | 50 | 21 | -8 | 19 | 151 | -26 |
| Tax ⓘ | 12 | 12 | 9 | 8 | 17 | 8 | -0 | 5 | 29 | 0 |
| Profit After Tax | 21 | 31 | 27 | 10 | 33 | 13 | -8 | 15 | 122 | -27 |
| PAT Margin (%) | 5.6% | 7.9% | 6.0% | 2.1% | 6.1% | 2.4% | -1.4% | 2.3% | 26.1% | -5.9% |
| Adjusted EPS (₹) | 25.6 | 29.8 | 24.6 | 1.9 | 40.5 | 10.6 | -7.6 | 12.8 | 165.0 | -35.1 |
| Dividend Payout Ratio (%) | 48.90% | 33.60% | 40.70% | 133.40% | 30.90% | 47.20% | -65.90% | 39% | 3% | -10.70% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 202 | 213 | 222 | 214 | 242 | 240 | 231 | 236 | 438 | 303 | |
| Debt + | 45 | 45 | 92 | 105 | 87 | 91 | 115 | 123 | 31 | 4 | |
| Minority Interest | 5 | 14 | 22 | 31 | 31 | 35 | 30 | 37 | 33 | 5 | |
| Trade Payables | 26 | 57 | 56 | 69 | 63 | 59 | 69 | 73 | 65 | 38 | |
| Others Liabilities ⓘ | 51 | 102 | 88 | 77 | 90 | 85 | 69 | 130 | 155 | 82 | |
| Total Liabilities ⓘ | 329 | 432 | 481 | 496 | 513 | 511 | 515 | 599 | 721 | 431 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 158 | 163 | 182 | 188 | 182 | 215 | 226 | 254 | 223 | 170 | |
| CWIP ⓘ | 2 | 14 | 5 | 1 | 1 | 2 | 4 | 2 | 4 | 6 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96 | 61 | |
| Inventories | 52 | 49 | 62 | 88 | 87 | 116 | 88 | 97 | 117 | 61 | |
| Trade Receivables | 85 | 125 | 137 | 116 | 151 | 95 | 126 | 133 | 90 | 58 | |
| Cash Equivalents | 13 | 51 | 51 | 55 | 44 | 32 | 23 | 32 | 48 | 6 | |
| Others Assets ⓘ | 19 | 30 | 45 | 48 | 47 | 51 | 48 | 82 | 142 | 68 | |
| Total Assets ⓘ | 329 | 432 | 481 | 496 | 513 | 511 | 515 | 599 | 721 | 431 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 44 | 38 | -19 | 10 | 11 | 35 | 36 | 44 | -56 | 42 |
| Cash Flow From Investing Activity ⓘ + | -20 | -13 | -5 | 0 | 5 | -35 | -28 | -38 | 80 | 16 |
| Cash Flow From Financing Activity ⓘ + | -30 | -18 | 29 | -9 | -10 | -20 | -9 | -9 | -19 | -58 |
| Net Cash Flow ⓘ | -6 | 7 | 4 | 1 | 5 | -20 | -1 | -4 | 6 | -1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.19 | 14.92 | 12.2 | 4.78 | 14.25 | 5.56 | -3.39 | 6.26 | 36.17 | -7.21 |
| ROCE (%) | 15.93 | 18.44 | 15.61 | 10.49 | 17.85 | 8.69 | 0.87 | 8.98 | 35.63 | -5.72 |
| Asset Turnover Ratio | 1.31 | 1.06 | 0.97 | 1.04 | 1.05 | 1.11 | 1.11 | 1.15 | 0.71 | 0.79 |
| PAT to CFO Conversion(x) | 2.1 | 1.23 | -0.7 | 1 | 0.33 | 2.69 | N/A | 2.93 | -0.46 | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 71.70 | 95.10 | 107.80 | 90.70 | 91.50 | 78.60 | 70.30 | 73.60 | 86.80 | 59.70 |
| Inventory Days | 41.80 | 45.60 | 45.90 | 53.80 | 60 | 65.20 | 65.10 | 52.50 | 83.60 | 71.90 |
| Payable Days | 34.70 | 66.60 | 78 | 79.40 | 81.30 | 65.20 | 64.40 | 70.10 | 86.10 | 67.20 |
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Indo-National Ltd FAQs
The current trading price of Indo-National on 13-Oct-2026 15:32 is ₹310.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Oct-2026 the market cap of Indo-National stood at ₹235.1 Cr
The latest P/E ratio of Indo-National as of 12-Oct-2026 is 0.00.
The latest P/B ratio of Indo-National as of 12-Oct-2026 is 1.10.
The 52-week high of Indo-National is ₹472.2 and the 52-week low is ₹255.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indo-National is ₹447 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indo-National Ltd is a average quality company.
The key valuation ratios of Indo-National Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indo-National Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Indo-National Ltd
Nippo Batteries Company, popularly known as Nippo, is a well-known name in the dry cell battery segment. Nippo was previously known as Indo National and is headquartered at Chennai. Indo National was joint venture between Matsushita Electric Industrial Co (MEI) of
Nippo has 35 depots across India and has excellent distribution network with over 4000 stockiest pan India.
Being the second largest dry battery player, the company commands 31% market share in
Nippo has clientele like Ajanta Clocks, Onida TV, Crown TV, Webel Nicco, Goldwin Technologies, Indian Army, Indian Space Research Organisation, Hindustan Aeronautics, Bharat Heavy Electricals, Hindustan Lever, ONGC and many more.
Products
Batteries- Nippo manufactures a wide range of zinc carbon/manganese batteries in sizes of R6 (AA), R14(C), R20 (D) and R3 (AAA). The company was first to launch zinc chloride heavy-duty batteries and environment friendly no mercury added batteries in AA segment in
The company is also engaged in manufacturing of range of battery recharge solutions.
Torches- The company is engaged in manufacturing of various types of torches such as durable polypropylene torches and radium torches and many more. The company has also launched energy saving torch lights using the latest technology of Light Emitting Diode (LED).
Awards
In 2010 the company bagged “Best Management Awardâ€
Nippo Batteries received AOTS CUMI '5S' Excellence Award 2006.
The company received Technology Innovation in Information Technology award, 2006 by ACNielsen.
Nippo Batteries received award for “Excellence in Environment Managementâ€, 2005 by the Government of Andhra Pradesh
Milestones
2001 - Landmark cumulative production figure of 7000 million batteries crossed in April
2000 - Initiation of TPM and TQM activities Launch of Shakti Vision 2003
1999 - Cumulative production crosses 6000 million
Bronze award in PR contest from MEI, Japan for the corporate film, POWERING AHEAD Launch of Nippo Premium Gold, India's first mercury free battery
1998 - Silver Jubilee celebrations Mr. Yasuda, President, MBI and Mr. Kaiikawa visit INNCO for the Silver Jubilee celebrations
1997 - Initiation of ISO 14001
Installation of 2nd high speed 3D line at Tada
Introduction of BF 103 torch
Nellore picks up 'Best Union Award' again
Cumulative production crosses 5000 million
Receipt of ISO 14001 certification
Nippo Batteries Ltd. becomes the first Indian battery company to receive the ISO 9001 and ISO 14001 certifications
1996 - Visit of Junior Matsushita, Mr. Masayuki Matsushita to India
Introduction of 5 day week at HO and factories
ISO certification for Nellore and Tada factories and Head Office
1995 - Management Excellence Gold Award from MEI, Japan
Launch of FF 300 Sleek torch light
Cumulative production crosses 4000 million
Nippo Batteries again - receipt of first prize at the 'Horticulture Show' conducted by Andhra Pradesh Government
More awards, for 'Best Safety' and 'Good Housekeeping' from Andhra Pradesh Government
Initiation of ISO 9000 accreditation process
Launch of Vision 2000
Launch of high performance batteries in UM-3 and UM-1 segments
Nellore picks up 'Best Union Award' from Andhra Pradesh Government >
1994 - Nippo Batteries walks away with the first prize in the State level Garden Festival, organised by the Andhra Pradesh Government Management Excellence Silver Award from MEI, Japan
1993 - Launch of Nippo Gold (3D) at Tada plant 20th Anniversary celebrations Visit of Mr. S. Dounishi, then President, MBI, Japan First copies of Nippo News are out
1992 - Achievement of a cumulative production of 3000 million
1989 - Launch of BF 102 torch light Andhra Pradesh Government confers Best Management Award on Nippo Batteries
1988 - Nippo crosses the 2000 million production mark
1986 - Effluent treatment plant at Nellore commences operation
1985 - Commissioning of 3U hi-tech line at Tada plant
1984 - Achievement of cumulative production of 1000 million batteries Nippo picks up 'Productivity Award' from Andhra Pradesh Government
1983 - Celebrations to mark our 10th anniversary Visits of Mr. Kurata, then Managing Director, MBI and Mr. Azuma, then President, MBI Nellore plant picks up 'Good Housekeeping Award' from Andhra Pradesh Government
1982 - Mr. Yamashita, then President, MEI and CMD Obul Reddy meet India's then Prime Minister Smt. Indira Gandhi
1981 - A million batteries exported to the USSR Grant of IS:8144 for 1U
1980 - Inauguration of our new factory at Tada, Andhra Pradesh. IP cells go into production
1979 - Installation of workshop with top-of-the-line maintenance equipment Production commences for the new line of UM-3U cells
1978 - UM-3U goes into production
1977 - Introduction of the pilfer proof top seal, now an industry standard Nippo 1P cells receive IS:8144 recognition Production commences for UM (1S)
1976 - Nippo goes international. The first export consignment leaves for Yemen
1976 - Followed by Nippo Special (1P), an industry first. Its special quality paper outer jacket made it easily affordable for the rural market
1975 - Nippo Hyper (2U) goes into production
1973 - Production commences for Nippo Hyper (1U)
1972 - INNCO is established
1970 - Mr. P. Obul Reddy, CMD obtains a letter of intent from MEI, Japan, expressing an agreement in principle for a collaboration with Nippo Batteries
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