Indo National Limited is a well-established Indian company that has been at the forefront of battery manufacturing and consumer electronics for over five decades. Incorporated in 1972, Indo National manufactures and markets batteries, torches, LED products, electrical accessories, mosquito bats, razors and blades. The company was formerly known as Nippo Batteries Co. Ltd. and changed its name to Indo National Limited in April 2013. Headquartered in Chennai, India, Indo National operates as a significant player in the Indian consumer goods market.
Indo National Ltd has a market capitalization of approximately Rs 361 crore, with more recent data from July 2025 indicating it stands at Rs. 343.88 Cr. The company demonstrates operational stability and market presence across its core product segments. While facing some challenges in recent profitability growth, its established brand recognition and distribution network support its market position.
The company's valuation metrics, such as a P/B ratio of 0.89 times (as of May 19, 2025) and a P/E ratio of 3.10 times (as of May 19, 2025), suggest an attractive valuation compared to industry peers.
- Market Capitalization: ₹343.88 Cr (as of July 16, 2025)
- Revenue (Recent Data): ₹467 Cr
- Profit (Recent Data): ₹122 Cr
- Promoter Holding: 65.4%
- P/B Ratio: 0.89 times (as of 19-May-2025)
- P/E Ratio: 3.10 times (as of 19-May-2025)
- Contingent Liabilities: ₹120 Cr _(Factor for investors to monitor)_
- Consolidated Revenues: 39.0% increase Quarter-on-Quarter (QoQ), 17.8% increase Year-on-Year (YoY).
- Net Profit: Decreased 175.2% QoQ and decreased 660.5% YoY.
- Earnings Per Share (EPS): 3.2 (for Q4FY25).
Indo National is an ISO 9001, ISO 14001, and ISI certified dry battery company that sells products under the brand name Nippo. The company operates across multiple consumer product categories with a comprehensive manufacturing and distribution network. Its product range includes:
- Batteries: Dry cell, rechargeable, alkaline, and zinc batteries.
- Lighting: Torches (battery operated and rechargeable), LED products (battens, spotlights, downlights, panel lights, rechargeable bulbs, regular bulbs).
- Electrical Accessories: Spike guards, flex boxes.
- Other Consumer Goods: Mosquito bats (and liquid vaporizers), razors and blades (under the DORCO brand), other FMCG products.
The company maintains a robust distribution network with 20 depots across India and over 3200 distributors.
The company has made strategic investments to diversify its business and enhance operational capabilities. In 2009, it commissioned an additional Wind Mill (1.5MW) in Tamil Nadu. Furthermore, through its wholly-owned subsidiary M/s. Helios Strategic Systems (I) Ltd (HSSIL), Indo National acquired a 44.49% equity stake in Kineco Limited in 2015-16, venturing into the defence and aerospace business.
Indo National adheres to high-quality standards, holding ISO 9001 certification from TUV CERT for its design, development, production, and sales of Dry Cell Batteries. The ISO 14001 and ISI certifications further underscore the company's commitment to manufacturing excellence and environmental management.
In 2019-20, the company launched the DORCO brand for razors and blades. Indo National continues to focus on product diversification and market expansion strategies. It is also planning to import alkaline and lithium batteries under the Panasonic brand for distribution and marketing in India.
Indo National's share price has experienced a decline of 12.6% over the past six months and 21.29% over the last year. Over the last 52 weeks, the stock has ranged between ₹388.10 and ₹634.45. The company has delivered a poor sales growth of -1.66% over the past five years. Despite recent stock volatility and sales growth challenges, the company's established market presence, quality certifications, strategic investments, and attractive valuation metrics compared to peers present potential future growth opportunities.
