NIPPOBATRY
Indo-National financials
- Market cap
- ₹238 Cr
- Sector
- Fast Moving Consumer Goods
What Indo-National Limited does
Indo-National Limited manufactures zinc-carbon dry-cell batteries under the NIPPO brand at its factory in Tada, Nellore District (Andhra Pradesh), and sells them through an extensive distributor and outlet network across India. It also markets a wider basket of traded (outsourced/asset-light) consumer products — flashlights, LED lighting, mosquito bats and electrical accessories — and distributes DORCO-brand razors and blades in India under an exclusive tie-up with DORCO Ltd., South Korea. Through its 51%-owned subsidiary Kineco Ltd. (which in turn holds 51% of Kineco Kaman Composites India, a JV with Kaman Aerospace Group, USA), the group also manufactures advanced composite products for railways, aerospace, defence, industrial and telecom customers.
Segments
- Battery
- Traded Products
- Kineco Group
- Dry-cell battery manufacturing capacity
- 800 million pieces/annum
- Manufacturing facility area
- 2.2 lakh sq. ft across 56 acres (Tada, Nellore, AP)
- Captive solar power plant
- 4.6 MW (Polepally village, Telangana)
- Distributor network
- ~3,200
- Outlets serviced directly by company network
- ~5.6 lakh
- Total retail touchpoints selling NIPPO products
- ~2.6 million
Quarterly results
Q1 FY27: revenue down 3.0%, net profit up 114.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 128 | 122 | 97 | 119 | 119 −7% | 106 −13% | 106 +10% | 116 −3% |
| EBITDA | 1 | 2 | -1 | 3 | 6 +330% | -5 −446% | -18 −1260% | 0 −86% |
| Net profit | 2 | 1 | -3 | 1 | 3 +34% | -7 −1151% | -21 −687% | 2 +114% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −33.6% 1Y
1Y: ₹478.65 on 10 Sept 2025 → ₹317.85. High ₹480.3 (12 Sept 2025), low ₹259.25 (30 Mar 2026).
Financials, as filed
Revenue fell 7.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to -3.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹572 Cr | ₹466 Cr | ₹458 Cr | ₹451 Cr |
| Operating profit | ₹15 Cr | ₹15 Cr | ₹5 Cr | ₹-15 Cr |
| Operating margin | 2.6% | 3.2% | 1.1% | -3.3% |
| Interest | ₹11 Cr | ₹4 Cr | ₹1 Cr | ₹3 Cr |
| Depreciation | ₹17 Cr | ₹9 Cr | ₹11 Cr | ₹13 Cr |
| Net profit | ₹-9 Cr | ₹7 Cr | ₹1 Cr | ₹-24 Cr |
| Net margin | -1.5% | 1.4% | 0.2% | -5.2% |
| Cash from operations | ₹44 Cr | ₹29 Cr | ₹-53 Cr | ₹4 Cr |
| Free cash flow | ₹28 Cr | ₹7 Cr | ₹-86 Cr | ₹-22 Cr |
| ROCE | 1.0% | 5.0% | -1.0% | -6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Reserves | ₹227 Cr | ₹225 Cr | ₹223 Cr | ₹225 Cr | ₹394 Cr | ₹208 Cr |
| Borrowings | ₹29 Cr | ₹38 Cr | ₹21 Cr | ₹17 Cr | ₹41 Cr | ₹201 Cr |
| Other liabilities | ₹78 Cr | ₹69 Cr | ₹72 Cr | ₹92 Cr | ₹130 Cr | ₹76 Cr |
| Total liabilities | ₹337 Cr | ₹335 Cr | ₹319 Cr | ₹338 Cr | ₹569 Cr | ₹490 Cr |
| Fixed assets | ₹71 Cr | ₹112 Cr | ₹117 Cr | ₹131 Cr | ₹156 Cr | ₹163 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹4 Cr | ₹3 Cr |
| Investments | ₹47 Cr | ₹47 Cr | ₹73 Cr | ₹78 Cr | ₹154 Cr | ₹138 Cr |
| Other assets | ₹220 Cr | ₹177 Cr | ₹129 Cr | ₹128 Cr | ₹255 Cr | ₹187 Cr |
| Total assets | ₹337 Cr | ₹335 Cr | ₹319 Cr | ₹338 Cr | ₹569 Cr | ₹490 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count grew 2% to 14,297.
- Promoters
- 65.3%
- Public
- 34.6%
Since Jun 2025
- FIIs −0.01 pp
- Public +0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 65.3%, Public 34.6%.Dec '23: Promoters 65.3%, Public 34.6%.Mar '24: Promoters 65.3%, FIIs 0.0%, Public 34.6%.Jun '24: Promoters 65.3%, Public 34.6%.Sep '24: Promoters 65.3%, FIIs 0.0%, Public 34.6%.Dec '24: Promoters 65.3%, Public 34.7%.Mar '25: Promoters 65.3%, Public 34.6%.Jun '25: Promoters 65.3%, FIIs 0.0%, Public 34.6%.Sep '25: Promoters 65.3%, Public 34.6%.Dec '25: Promoters 65.3%, Government 0.0%, Public 34.6%.Mar '26: Promoters 65.3%, Public 34.6%.Jun '26: Promoters 65.3%, Public 34.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indo-National Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mr. Dwaraknath Reddy | 44.10% | unchanged |
| Sarla Devi Khaitan | 4.43% | unchanged |
| P.D.R Investments Pvt. Ltd | 4.37% | unchanged |
| Sharad Kanayalal Shah | 4.24% | unchanged |
| Ms. Sindoori Reddy | 3.89% | unchanged |
| Rajendra Prasad Khaita | 1.84% | unchanged |
| M/s. Obul Reddy Investments Pvt Ltd | 1.83% | unchanged |
| Ms. Suneeta Reddy | 1.59% | unchanged |
| Varsha Sharad Shah | 1.14% | unchanged |
| H N Khaitan (Huf) | 0.57% | unchanged |
| Radiohms Properties Private Limited | 0.14% | unchanged |
| Anju Ganeriwal | 0.07% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Indo-National Limited
Guides on how to read this kind of business and the numbers that matter.