Indo-National Limited (NIPPOBATRY)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indo-National's revenue was ₹116 Cr (-4.5% year on year, +8.4% on the previous quarter), and net profit ₹2.0 Cr (+88.2% year on year); the operating margin was 0.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹116 | -4.5% | +8.4% |
| Operating profit | ₹0.1 | -95.9% | from loss |
| Net profit | ₹2.0 | +88.2% | from loss |
| EPS (₹) | 2.85 | +108.0% | from loss |
| Operating margin | 0.1% | — | — |
NIPPOBATRY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 85.95% of the NIPPOBATRY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 78.71%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 70.9% · 90.7% · 91.5% · 52.4% · 86.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indo-National Limited has approved a Memorandum of Agreement (MoA) to formalize the cessation of Radiohms Agencies and RAL Consumer Products Limited as wholesale distributors for Bihar, West Bengal, and North-Eastern states. The cessation is recorded retrospectively from September 26, 2024. Under the terms, the company will pay a net settlement amount of Rs 2.36 crore after offsetting receivables and payables. The transaction involves related party Rajendra Prasad Khaitan, a member of the promoter group, and includes non-compete and non-solicit covenants.
- Net settlement payout of Rs 2,35,60,956 (Rs 2.36 crore) payable by Indo-National Limited.
- Formally confirms termination of authorized wholesale distributorship for Bihar, West Bengal, and North-Eastern states effective September 26, 2024.
- Parties include Radiohms Agencies, RAL Consumer Products Limited, and promoter group member Rajendra Prasad Khaitan.
- Distributors and promoter group member agree to customary non-compete and non-solicit obligations.
Indo-National Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA Cameo Corporate Services confirms that dematerialisation requests received during the period were processed and confirmed within 15 days. Security certificates received were mutilated, cancelled, and the depository names were updated in the register of members. This is a standard regulatory submission with no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- RTA Cameo Corporate Services issued confirmation dated October 05, 2026
- Dematerialisation requests confirmed and processed within the prescribed 15-day timeline
- Security certificates verified, mutilated, and cancelled as per depository regulations
Indo-National Limited has invested ₹3.91 crore to subscribe to 35,249 Class C CCPS in Axial Aero Private Limited (AAPL) at ₹1,109.10 per share. AAPL develops motion-based flight simulators and digital terrain technology for civil and military aviation, reporting FY26 turnover of ₹1.43 crore. Following this transaction, Indo-National's total CCPS holding in AAPL increases from 7.67% to 7.97%. The deal size represents ~1.6% of Indo-National's market cap of ₹242 crore and aligns with its strategic push into defense and aerospace.
- Invested ₹3,90,94,666 via subscription to 35,249 Class C CCPS at ₹1,109.10 per share
- Overall CCPS shareholding in AAPL increases to 7.97% (1,90,761 total CCPS shares)
- Target entity AAPL reported FY26 turnover of ₹1,43,30,818, up from ₹19,87,732 in FY25
- Cash transaction with zero promoter or related party interest involved
Indo-National Limited has invested ₹49,89,880 to acquire an additional 0.79% equity stake in its subsidiary, Medcuore Medical Solutions Private Ltd (MMSPL). The transaction involved subscribing to 355 equity shares at ₹14,056 per share via cash. Following this, Indo-National's total holding in MMSPL increases to 63.07%. MMSPL, which manufactures air monitoring systems and air purifiers, recorded a turnover of ₹1.46 crore in FY26, making the transaction financially small relative to Indo-National's TTM revenue of ₹453 crore.
- Invested ₹49,89,880 by subscribing to 355 equity shares at ₹14,056 per share
- Acquired an additional 0.79% stake, raising total ownership in MMSPL to 63.07%
- Target entity turnover grew to ₹1,45,60,000 in FY26 from ₹35,41,484 in FY25 and ₹47,68,000 in FY24
- Indicative completion timeline is set up to FY 2027-28
Indo-National Limited has scheduled September 21, 2026, as the record date for determining shareholder eligibility for dividend payment and attendance at its 53rd AGM. The Register of Members and Share Transfer Books will be closed from September 22, 2026, to September 28, 2026. The quantum of dividend remains subject to shareholder approval at the AGM, following a challenging FY26 where the company posted a net loss of Rs 26.69 Cr.
- Record date / cut-off date fixed as September 21, 2026
- Book closure period set from September 22, 2026, to September 28, 2026
- Scheduled for the purpose of the 53rd Annual General Meeting (AGM) and dividend payment
- Dividend payout remains subject to member approval at the AGM
Indo-National Limited has approved a further investment of ₹3.91 crore (INR 3,90,94,666) in Axial Aero Private Limited (AAPL) as part of its Pre-Series A-1 round. The company will subscribe to 35,249 Class C CCPS at ₹1,109.10 per share by exercising its pre-emptive rights. Following the investment and round completion, Indo-National's stake will reach 7.97% on a fully diluted basis, while retaining its board nomination right. Axial Aero operates in flight simulation and digital terrain technologies across defense and commercial sectors.
- Further investment amount of ₹3,90,94,666 via subscription to 35,249 Class C CCPS
- Acquisition price per share set at ₹1,109.10 as part of Pre-Series A-1 round
- Post-transaction holding will reach 7.97% on a fully diluted basis
- Indo-National retains the right to nominate 1 member to the board of AAPL
Indo-National Limited has invested ₹25,01,968 to acquire an additional 0.41% equity stake in subsidiary Medcuore Medical Solutions Private Ltd (MMSPL). Following the acquisition of 178 shares at ₹14,056 per share, Indo-National's total shareholding in MMSPL increases to 62.28%. MMSPL manufactures air monitoring systems and air purifiers, reporting FY26 revenue of ₹1.46 crore. The transaction size is negligible relative to Indo-National's TTM revenue of ₹453 crore and ₹245 crore market cap.
- Investment amount of ₹25,01,968 for 178 equity shares
- Acquisition price of ₹14,056 per share based on valuation dated August 21, 2026
- Acquired an additional 0.41% stake, raising total ownership in MMSPL to 62.28%
- Target entity MMSPL clocked FY26 turnover of ₹1,45,60,000 (up from ₹35,41,484 in FY25)
Indo-National Limited has issued letters to shareholders who have not registered their email addresses, providing access to the FY 2025-26 Annual Report. The company's 53rd Annual General Meeting (AGM) is scheduled to be held on September 28, 2026, at 03:00 PM IST via Video Conferencing. The record/cut-off date for electronic dispatch of the notice was August 28, 2026. This is a standard statutory compliance filing under SEBI LODR Regulation 36(1)(b).
- 53rd AGM scheduled to be conducted on September 28, 2026 at 03:00 PM IST via VC/OAVM
- Notice and FY26 Annual Report sent electronically to shareholders registered as of August 28, 2026
- Weblink provided to unregistered shareholders pursuant to Regulation 36(1)(b) of SEBI LODR
Indo-National Limited has scheduled its 53rd Annual General Meeting (AGM) for September 28, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements and confirmation of a dividend of Rs 3.75 per equity share (75% of face value Rs 5). The company reported a standalone loss before tax of Rs 9.97 crore (Rs 996.71 lakhs) for FY26, citing raw material cost inflation and transitions to rechargeable products. The share transfer books and register of members will remain closed from September 22 to September 28, 2026.
- 53rd AGM scheduled for September 28, 2026, via Video Conferencing / OAVM.
- Proposed dividend of Rs 3.75 per equity share (75% on face value of Rs 5) for FY 2025-26.
- Book closure dates fixed from September 22, 2026, to September 28, 2026.
- Reported standalone Loss Before Tax of Rs 996.71 lakhs for FY26 compared to a profit of Rs 106.39 lakhs in FY25.
- Approval sought for profit-related commission to Non-Executive Independent Directors up to 1% of net profits or Rs 5.00 lakh, whichever is higher.
Indo-National Limited has issued the notice convening its 53rd Annual General Meeting (AGM) on September 28, 2026, via video conferencing. Key ordinary and special resolutions include adoption of FY26 financial statements, declaration of a dividend of ₹3.75 per share (75% on face value ₹5), and the reappointment of Director Ms. Suneeta Reddy. The share transfer books and register of members will remain closed from September 22, 2026, to September 28, 2026, for AGM and dividend purposes.
- 53rd AGM scheduled for Monday, September 28, 2026, at 3:00 PM IST via VC/OAVM
- Proposed dividend of ₹3.75 per equity share (75% of face value ₹5 fully paid up) for FY 2025-26
- Book closure set from September 22, 2026, to September 28, 2026 (both days inclusive)
- Approval sought for profit-related commission to Independent Directors up to 1% of net profits or ₹5.00 lakh, whichever is higher
- Standalone FY26 Loss Before Tax reported at ₹996.71 lakh (vs. profit of ₹106.39 lakh in FY25)
Indo-National Limited has invested ₹50,03,864 to subscribe to 329 additional equity shares of Medcuore Medical Solutions Private Ltd (MMSPL). This primary infusion increases Indo-National's equity holding in MMSPL by 0.78%, taking its total shareholding to 61.87%. MMSPL, which manufactures air monitoring systems and air purifiers, reported a turnover of ₹1.46 crore in FY26, up from ₹0.35 crore in FY25. Given the small deal size relative to Indo-National's TTM revenue of ₹453 crore, the financial impact is minimal.
- Invested ₹50,03,864 for subscription of 329 equity shares in MMSPL
- Acquired an additional 0.78% stake, increasing total shareholding to 61.87%
- Shares acquired in two tranches: 153 shares at ₹16,536/share and 176 shares at ₹14,056/share
- Target company MMSPL reported FY26 turnover of ₹1,45,60,000 (up from ₹35,41,484 in FY25)
Indo-National Limited has announced the resignation of its Chief Sales Officer (CSO), Mr. Binu Sekhar, effective September 1, 2026. The resignation was tendered due to personal health reasons after deliberation over the past two months. The departure occurs as the dry cell manufacturer attempts a retail distribution turnaround following FY26 net losses of Rs 26.69 Cr. An immediate successor has not yet been announced.
- Chief Sales Officer Mr. Binu Sekhar resigned effective September 1, 2026.
- The executive cited health issues over the past 2 months as the primary reason for stepping down.
- Cessation was communicated to exchanges on September 1, 2026 pursuant to SEBI Regulation 30.
Indo-National Limited has announced the resignation of its Chief Sales Officer (CSO), Mr. Binu Sekhar, effective September 1, 2026, due to personal and health reasons. The departure comes as the dry cell manufacturer works through an operational turnaround after posting an FY26 net loss of Rs 26.69 Cr against TTM revenue of Rs 453 Cr. The company has not yet named an interim or permanent successor for the sales leadership role.
- Resignation of Chief Sales Officer Mr. Binu Sekhar effective September 1, 2026
- Separation initiated due to personal health challenges faced over the past 2 months
- Company reported TTM revenue of Rs 453 Cr with TTM net loss of Rs 26 Cr
Indo-National Limited reported a standalone PAT of ₹2.29 Cr for Q1 FY27, a 114% increase from the restated ₹1.07 Cr in Q1 FY26, despite a 3% decline in revenue to ₹115.85 Cr. The company has restated its historical financials following the amalgamation of its subsidiary, Helios Strategic Systems, which became effective April 2, 2026. While the bottom line improved, the company faces a significant legal overhang with a ₹42.26 Cr CCI penalty currently under appeal. The board has fixed September 21, 2026, as the record date for the upcoming dividend and 53rd AGM.
- Standalone Profit After Tax (PAT) grew to ₹2.29 Cr in Q1 FY27 from a restated ₹1.07 Cr in the previous year's quarter.
- Revenue from operations decreased by 3% YoY to ₹115.85 Cr compared to ₹119.44 Cr in Q1 FY26.
- Amalgamation of Helios Strategic Systems Limited was completed with an effective date of April 2, 2026.
- A contingent liability of ₹42.26 Cr remains regarding a CCI penalty for cartelization; 10% (₹4.22 Cr) has been deposited as per NCLAT orders.
- The 53rd Annual General Meeting (AGM) is scheduled for September 28, 2026, with the record date for dividend set as September 21, 2026.
Indo-National Limited (Nippo) reported a consolidated net profit of Rs 2.01 Cr for Q1 FY27, a significant recovery from the restated loss of Rs 20.99 Cr in the preceding quarter (Mar 2026). Revenue from operations stood at Rs 116.14 Cr, a slight 2.8% decline compared to the restated Q1 FY26 revenue of Rs 119.44 Cr. The quarter marks the first period reflecting the completed merger of Helios Strategic Systems, effective April 2, 2026. Despite the turnaround, the company remains burdened by a stayed CCI penalty of Rs 42.26 Cr and high debt levels.
- Consolidated Net Profit of Rs 2.01 Cr in Q1 FY27 vs a restated loss of Rs 20.99 Cr in Q4 FY26.
- Revenue from operations reached Rs 116.14 Cr, contributing approximately 25.3% to TTM revenue.
- Completion of Helios Strategic Systems merger effective April 2, 2026, aimed at defense sector expansion.
- Contingent liability of Rs 42.26 Cr regarding CCI cartelization penalty remains under appeal at NCLAT.
- Finance costs increased to Rs 0.88 Cr for the quarter compared to Rs 0.60 Cr in the year-ago period.
Financial Performance
Revenue Growth by Segment
Revenue from operations for FY25 was INR 457.97 Cr, representing a 1.74% decrease from INR 466.08 Cr in FY24. The Helios Strategic Systems subsidiary, focused on investment in securities, holds assets of INR 227.92 Cr, which is more than 10% of total assets.
Geographic Revenue Split
Primarily India-based operations with headquarters in Chennai, Tamil Nadu. Specific regional percentage splits are not disclosed in the provided documents.
Profitability Margins
Standalone Net Profit for Q2 FY26 was INR 2.68 Cr, up 34% from INR 2.00 Cr in Q2 FY25. H1 FY26 Standalone Profit was INR 4.30 Cr, a 42.8% increase from INR 3.01 Cr in H1 FY25. Consolidated H1 FY26 profit was flat at INR 2.16 Cr compared to H1 FY25.
EBITDA Margin
Not explicitly disclosed as a percentage, but Standalone Profit Before Tax for H1 FY26 was INR 5.27 Cr (derived), up from INR 3.01 Cr in H1 FY25, indicating improved core profitability despite flat consolidated results.
Capital Expenditure
Helios Strategic Systems Limited holds assets amounting to INR 227.92 Cr. Total assets for three subsidiaries (Helios, Nippo Green, Medcuore) reached INR 235.35 Cr as of September 30, 2025.
Credit Rating & Borrowing
The company has sanctioned working capital limits exceeding INR 5.00 Cr from banks and financial institutions, secured against current assets. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Not specifically named in documents, but 'Cost of materials consumed' represented INR 161.55 Cr (35.3% of total revenue) in FY25.
Capacity Expansion
Current installed capacity is not disclosed. Strategic focus is on expanding into Aerospace, Defense, and Railways through the Kineco acquisition.
Raw Material Costs
Cost of materials consumed was INR 161.55 Cr in FY25, while purchases of stock-in-trade (traded goods) were INR 130.59 Cr (28.5% of revenue).
Manufacturing Efficiency
Return on Investment (ROI) dropped 81.44% to 0.01 in FY25 due to lower profits. Capacity utilization percentages are not disclosed.
Logistics & Distribution
The company maintains a wide distribution network to support its retail transformation, though specific costs as a percentage of revenue are not disclosed.
Strategic Growth
Growth Strategy
Growth will be driven by the strategic acquisition of Kineco to penetrate high-growth Aerospace, Defense, and Railways sectors. The company is also transforming into a retail-focused entity by adding newer product categories and leveraging its 50-year brand history and distribution network.
Products & Services
Dry cell batteries, LED lights, torches, electrical accessories, and specialized components for Aerospace, Defense, and Railways.
Brand Portfolio
Nippo
New Products/Services
Expansion into Aerospace and Defense components via Kineco and a wider portfolio of retail consumer goods.
Market Expansion
Targeting growth in the Aerospace, Defense, and Railways sectors as key catalysts for future revenue.
Strategic Alliances
Acquisition of Kineco; subsidiaries include Helios Strategic Systems, Nippo Green Energy, and Medcuore Medical Solutions.
External Factors
Industry Trends
The industry is evolving from traditional battery manufacturing toward specialized engineering for defense and aerospace. The company is positioning itself as a retail-heavy entity with a diversified portfolio to mitigate sector-specific slowdowns.
Competitive Landscape
The company competes in the dry cell battery and consumer electricals market, though specific competitor names are not listed.
Competitive Moat
Durable advantages include a 50-year brand legacy (Nippo), a wide distribution network, and domain knowledge in the battery business. The Kineco acquisition creates a new moat in high-barrier-to-entry defense sectors.
Macro Economic Sensitivity
Economic and fundamental trends in India are cited as favorable for the growth of INL's products.
Consumer Behavior
Resilient consumption in India is supporting the transition toward a broader retail product mix.
Regulatory & Governance
Industry Regulations
Operations are governed by Indian Accounting Standards (Ind AS) and the Companies Act, 2013. No specific manufacturing or pollution pricing controls were detailed.
Environmental Compliance
The company is ISO 14001 certified, indicating adherence to environmental management standards.
Taxation Policy Impact
Standalone tax expense for H1 FY26 was INR 1.29 Cr, representing an effective tax rate of approximately 23-25% of PBT.
Legal Contingencies
No proceedings are pending against the company under the Prohibition of Benami Property Transactions Act, 1988. Other specific court case values were not disclosed.
Risk Analysis
Key Uncertainties
Subsidiary performance is a risk, with three subsidiaries reporting a combined net loss of INR 2.14 Cr for H1 FY26. ROI volatility (81.44% drop) highlights sensitivity to profit fluctuations.
Geographic Concentration Risk
Operations are heavily concentrated in India, particularly managed from the Chennai headquarters.
Technology Obsolescence Risk
The shift toward Aerospace and Defense via Kineco is a digital and technological transformation strategy to avoid obsolescence in the traditional battery market.
Credit & Counterparty Risk
The company maintains working capital limits based on current assets; quarterly returns are in agreement with books of accounts, suggesting stable credit management.
