NIPPOBATRY

Indo-National Limited

Zinc-carbon dry batteries and consumer durables trader

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Household Products›Household Products

nippo.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹312.35
Market cap
234 Cr
Stock P/E
Loss (TTM EPS ₹-33.65)
P/B
0.77
Dividend yield
1.6%
ROE (FY26)
-8.6%
ROCE (FY26)
-6.9%
Operating margin (FY26)
-6.9%
Debt / equity (FY26)
0.11

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indo-National (formerly Nippo Batteries) makes dry-cell batteries in India and also sells torches, LED lights, mosquito bats, mosquito repellants and electrical products through its distribution network; it describes itself as the second-largest player in the industry (August 2025 results release).

Company snapshot

3rdBy market cap

Ranked among 4 companies in Household Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
composites & aero space—0 Cr0 Cr261 Cr
consumer goods
100.0%
122 Cr0.37 Cr245 Cr
other segment—0 Cr-13 Cr206 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.11x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales172 Cr168 Cr169 Cr121 Cr128 Cr122 Cr97 Cr119 Cr120 Cr106 Cr107 Cr116 Cr
Operating expenses (approx.)164 Cr155 Cr151 Cr131 Cr127 Cr133 Cr99 Cr117 Cr116 Cr113 Cr125 Cr116 Cr
EBITDA8 Cr13 Cr18 Cr-10 Cr0.89 Cr-11 Cr-2 Cr3 Cr4 Cr-7 Cr-18 Cr0.12 Cr
OPM %4.5%7.9%10.4%-8.3%0.7%-9.2%-2.0%2.3%3.3%-6.4%-16.9%0.1%
Other income3 Cr3 Cr3 Cr182 Cr3 Cr2 Cr3 Cr2 Cr2 Cr2 Cr2 Cr0.90 Cr
Interest4 Cr3 Cr3 Cr3 Cr-0.49 Cr0.10 Cr0.96 Cr0.60 Cr0.72 Cr0.64 Cr0.63 Cr0.88 Cr
Depreciation4 Cr4 Cr5 Cr5 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr
Profit before tax2 Cr8 Cr12 Cr164 Cr2 Cr-12 Cr-3 Cr1 Cr2 Cr-8 Cr-20 Cr-3 Cr
Tax %-41.8%28.0%26.2%19.9%-15.5%2.6%103.1%10.5%26.5%7.2%-2.5%162.4%
Net profit3 Cr6 Cr9 Cr132 Cr2 Cr-12 Cr0.08 Cr1 Cr1 Cr-8 Cr-21 Cr2 Cr
EPS (₹)₹5.73₹4.59₹3.20₹178.11₹2.89₹-16.09₹0.11₹1.37₹1.85₹-10.46₹-27.87₹2.85

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales419 Cr403 Cr443 Cr330 Cr532 Cr570 Cr572 Cr641 Cr467 Cr452 CrSign in free for the trailing twelve months
Operating expenses (approx.)389 Cr361 Cr402 Cr307 Cr475 Cr544 Cr557 Cr600 Cr490 Cr471 CrSign in free for the trailing twelve months
EBITDA31 Cr42 Cr41 Cr23 Cr57 Cr26 Cr15 Cr41 Cr-22 Cr-18 CrSign in free for the trailing twelve months
OPM %7.3%10.5%9.3%7.0%10.8%4.6%2.6%6.4%-4.8%-4.0%Sign in free for the trailing twelve months
Other income15 Cr15 Cr17 Cr18 Cr18 Cr19 Cr5 Cr10 Cr190 Cr8 CrSign in free for the trailing twelve months
Interest5 Cr5 Cr12 Cr6 Cr13 Cr11 Cr11 Cr14 Cr3 Cr3 CrSign in free for the trailing twelve months
Depreciation8 Cr9 Cr11 Cr6 Cr13 Cr13 Cr17 Cr18 Cr13 Cr13 CrSign in free for the trailing twelve months
Profit before tax33 Cr43 Cr35 Cr1 Cr50 Cr20 Cr-8 Cr19 Cr151 Cr-26 CrSign in free for the trailing twelve months
Tax %35.6%28.5%24.7%51.7%34.7%36.9%0.2%24.6%19.4%-1.6%Sign in free for the trailing twelve months
Net profit21 Cr31 Cr27 Cr0.49 Cr33 Cr13 Cr-8 Cr15 Cr122 Cr-27 CrSign in free for the trailing twelve months
EPS (₹)₹51.14₹59.71₹49.13₹1.30₹81.01₹10.59₹-7.59₹12.83₹165.02₹-35.12Sign in free for the trailing twelve months
Dividend payout %————5.8%73.0%—25.6%0.0%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr
Reserves198 Cr209 Cr219 Cr0 Cr238 Cr236 Cr228 Cr232 Cr434 Cr299 Cr
Borrowings45 Cr45 Cr92 Cr31 Cr106 Cr124 Cr132 Cr140 Cr53 Cr34 Cr
Other liabilities76 Cr163 Cr144 Cr70 Cr135 Cr112 Cr121 Cr186 Cr197 Cr89 Cr
Total liabilities329 Cr435 Cr481 Cr300 Cr513 Cr511 Cr515 Cr599 Cr721 Cr431 Cr
Fixed assets (net)104 Cr109 Cr127 Cr73 Cr126 Cr160 Cr172 Cr187 Cr207 Cr154 Cr
CWIP2 Cr14 Cr5 Cr0.04 Cr1 Cr2 Cr4 Cr2 Cr4 Cr6 Cr
Investments0.0086 Cr0.0071 Cr0.0064 Cr47 Cr0.0037 Cr0.27 Cr0.0084 Cr0.01 Cr96 Cr61 Cr
Loans & advances———0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr11 Cr
Inventories52 Cr49 Cr62 Cr53 Cr87 Cr116 Cr88 Cr97 Cr117 Cr61 Cr
Trade receivables85 Cr125 Cr137 Cr62 Cr151 Cr95 Cr126 Cr133 Cr90 Cr58 Cr
Cash & bank9 Cr20 Cr19 Cr19 Cr26 Cr6 Cr5 Cr0.94 Cr7 Cr6 Cr
Other assets78 Cr118 Cr131 Cr46 Cr122 Cr131 Cr120 Cr180 Cr200 Cr73 Cr
Total assets329 Cr435 Cr481 Cr300 Cr513 Cr511 Cr515 Cr599 Cr721 Cr431 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity44 Cr41 Cr-19 Cr—10 Cr35 Cr36 Cr44 Cr-56 Cr40 Cr
Cash from investing-20 Cr-13 Cr-5 Cr—8 Cr-35 Cr-28 Cr-38 Cr80 Cr17 Cr
Cash from financing-30 Cr-18 Cr29 Cr—-13 Cr-20 Cr-9 Cr-9 Cr-19 Cr-58 Cr
Net cash flow-6 Cr10 Cr4 Cr—5 Cr-20 Cr-1 Cr-4 Cr6 Cr-1 Cr
Free cash flow (OCF − Capex)10 Cr14 Cr-40 Cr—4 Cr-17 Cr5 Cr-1 Cr-97 Cr12 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.0%17.7%14.1%2.8%16.7%7.8%0.8%8.0%29.5%-6.9%
ROE %9.2%13.6%7.5%0.2%11.1%2.9%-2.2%3.5%26.3%-8.6%
Debtor days74113112691036080767047
Inventory days117104124154145166131150251140
Days payable58120113981058410411313886
Cash conversion cycle13296124125143142108113182101
OCF / EBITDA %143.6%96.2%-46.8%—17.3%134.3%n.m.107.0%——
OCF / EBITDA % (3 years)——57.4%———82.5%140.6%n.m.n.m.
Debt / equity0.220.210.420.160.440.520.570.590.120.11
Current ratio1.741.371.512.151.861.731.421.411.922.02
Net debt / EBITDA1.19—1.780.001.394.518.663.42——