Indo-National Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Consumer Goods: 98.0% • Composite & Aerospace: 2.0%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 63.5% CAGR over last 5 years
- Latest quarter profit grew 96.1% YoY, showing strong momentum
- Company comfortably covers its interest (48.6x coverage)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.0
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 1261.1% versus prior year
- A large part of profit comes from other income (125.6% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.18x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EXIDEIND | 412.65 | 37.65 | 35075.25 | 0.48 | 351.30 | 27.94 | 5528.38 | 17.75 | 9.04 | 11.25 |
| HBLENGINE | 722.35 | 25.65 | 20023.18 | 0.42 | 109.14 | -23.86 | 638.03 | 6.03 | 58.30 | 22.72 |
| ARE&M | 814.05 | 16.16 | 14899.18 | 1.30 | 190.94 | 15.86 | 4214.54 | 23.92 | 15.73 | 9.63 |
| EVEREADY | 362.75 | 14.79 | 2636.73 | 0.69 | 36.97 | 22.30 | 407.71 | 8.97 | 23.95 | 15.01 |
| NIPPOBATRY | 320.20 | 0.00 | 240.15 | 1.17 | 2.01 | 96.10 | 116.14 | -2.76 | 35.63 | 0.11 |
| LAKHNNATNL | 262.85 | 45.79 | 197.14 | 0.74 | 1.66 | 97.26 | 63.52 | 9.49 | 6.16 | 4.07 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 132 | 172 | 168 | 169 | 121 | 128 | 122 | 97 | 119 | 120 | 106 | 107 | 116 | |
| 130 | 164 | 155 | 151 | 131 | 127 | 133 | 99 | 117 | 116 | 113 | 125 | 120 | |
| Operating Profit | 2 | 8 | 13 | 18 | -10 | 1 | -11 | -2 | 3 | 4 | -7 | -18 | -4 |
| OPM % | 1.62% | 4.48% | 7.85% | 10.45% | -8.30% | 0.70% | -9.18% | -2.00% | 2.34% | 3.32% | -6.42% | -16.91% | -3.55% |
| 2 | 3 | 3 | 3 | 182 | 3 | 2 | 3 | 2 | 2 | 2 | 2 | 1 | |
| Interest | 3 | 4 | 3 | 3 | 3 | -0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 5 | 5 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | -3 | 2 | 8 | 12 | 164 | 2 | -12 | -3 | 1 | 2 | -8 | -20 | -3 |
| Tax % | -5.38% | -42.06% | 27.96% | 26.22% | 19.87% | -15.43% | 2.58% | 103.03% | 10.08% | 27.33% | 7.21% | -2.49% | 162.42% |
| Net Profit | 0 | 0 | 0 | 0 | 132 | 2 | -12 | 0 | 1 | 1 | -8 | -21 | 2 |
| -0.70 | 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 362 | 378 | 394 | 443 | 508 | 532 | 570 | 572 | 641 | 467 | 449 | |
| 338 | 347 | 352 | 402 | 447 | 475 | 544 | 557 | 600 | 490 | 474 | |
| Operating Profit | 24 | 31 | 42 | 41 | 61 | 57 | 26 | 15 | 41 | -22 | -25 |
| OPM % | 6.66% | 8.12% | 10.75% | 9.28% | 11.94% | 10.67% | 4.58% | 2.56% | 6.35% | -4.76% | -5.58% |
| 18 | 16 | 15 | 17 | -13 | 18 | 19 | 5 | 10 | 190 | 6 | |
| Interest | 6 | 6 | 5 | 12 | 17 | 13 | 11 | 11 | 14 | 3 | 3 |
| Depreciation | 8 | 8 | 9 | 11 | 12 | 13 | 13 | 17 | 18 | 13 | 13 |
| Profit before Tax | 28 | 33 | 43 | 35 | 18 | 50 | 21 | -8 | 19 | 151 | -31 |
| Tax % | 53.11% | 35.59% | 28.54% | 24.72% | 43.40% | 34.73% | 35.91% | 0.23% | 24.62% | 19.40% | 16.04% |
| Net Profit | 13 | 21 | 31 | 27 | 10 | 33 | 13 | -8 | 15 | 122 | -26 |
| EPS | 0.00 | 0.00 | 59.58 | 0.00 | 0.00 | 40.50 | 10.59 | -7.59 | 12.83 | 165.02 | — |
| Dividend Payout % | 66.16% | 48.88% | 33.57% | 40.71% | 133.39% | 30.86% | 47.20% | -65.87% | 38.98% | 3.03% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -2%
- 3 Years:
- -6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 145%
- 3 Years:
- 150%
STOCK PRICE CAGR
- 10 Years:
- -4%
- 5 Years:
- -9%
- 3 Years:
- -9%
- 1 Year:
- -33%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- 13%
- Last Year:
- 36%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Minority Interest | -3 | 5 | 14 | 22 | 31 | 31 | 35 | 30 | 37 | 33 |
| 172 | 198 | 209 | 219 | 211 | 238 | 236 | 228 | 232 | 434 | |
| 58 | 45 | 45 | 94 | 107 | 89 | 93 | 117 | 135 | 43 | |
| Trade Payables | 18 | 26 | 57 | 56 | 69 | 63 | 59 | 69 | 73 | 65 |
| 62 | 50 | 102 | 87 | 75 | 88 | 83 | 67 | 118 | 143 | |
| Total Liabilities | 311 | 329 | 432 | 481 | 496 | 513 | 511 | 515 | 599 | 721 |
| 134 | 158 | 163 | 182 | 188 | 182 | 215 | 226 | 254 | 223 | |
| Capital Work in Progress | 1 | 2 | 14 | 5 | 1 | 1 | 2 | 4 | 2 | 4 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96 | |
| 45 | 52 | 49 | 62 | 88 | 87 | 116 | 88 | 97 | 117 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133 | 90 | |
| Cash & Bank | 36 | 13 | 51 | 51 | 55 | 44 | 32 | 23 | 32 | 48 |
| 96 | 104 | 155 | 182 | 164 | 198 | 146 | 174 | 82 | 142 | |
| Total Assets | 311 | 329 | 432 | 481 | 496 | 513 | 511 | 515 | 599 | 721 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 56 | 50 | -6 | 16 | 21 | 42 | 40 | 44 | -56 | |
| Cash from Investing | -21 | -20 | -13 | -5 | 0 | 5 | -35 | -28 | -38 | 80 |
| Cash from Financing | -11 | -30 | -18 | 29 | -9 | -10 | -20 | -9 | -9 | -19 |
| 5 | -6 | 7 | 4 | 1 | 5 | -20 | -1 | -4 | 6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Indo-National Limited has informed the Exchange about Acquisition
2026-09-04 - Indo-National Limited has informed the Exchange about Copy of Newspaper Publication of the 53rd Annual General meeting to be held on September 28, 2026
2026-09-04 - Indo-National Limited has informed the Exchange regarding 'Letter sent to shareholders who have not registered their email address with the Company/DP/RTA on Annual General Meeting for the FY 2025-26'.
2026-09-04 - Indo-National Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-04 - Indo-National Limited has informed the Exchange about Shareholders meeting
2026-09-02 - Indo-National Limited has informed the Exchange about Acquisition
2026-09-01 - Indo-National Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-01 - Indo-National Limited has informed the Exchange about change in Management
2026-08-15 - Indo-National Limited has informed the Exchange about Copy of Newspaper Publication
News
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Indo-National Ltd.
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