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
- Latest quarter profit grew 41.4% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.23x)
- Working capital cycle has improved - days down from 36 to -53
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (813.4% of PBT)
- Company has a low return on capital employed of 2.3%
- Company has a low return on equity of 1.3% over last 3 years
- Interest coverage is weak at 2.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EXIDEIND | 420.80 | 38.39 | 35768.00 | 0.48 | 351.30 | 27.94 | 5528.38 | 17.75 | 9.04 | 11.25 |
| HBLENGINE | 720.80 | 25.59 | 19980.21 | 0.42 | 109.14 | -23.86 | 638.03 | 6.03 | 58.30 | 22.72 |
| ARE&M | 819.20 | 16.26 | 14993.44 | 1.29 | 190.94 | 15.86 | 4214.54 | 23.92 | 15.73 | 9.63 |
| EVEREADY | 366.25 | 14.93 | 2662.17 | 0.68 | 36.97 | 22.30 | 407.71 | 8.97 | 23.95 | 15.01 |
| NIPPOBATRY | 321.60 | 0.00 | 241.20 | 1.17 | 2.01 | 96.10 | 116.14 | -2.76 | 35.63 | 0.11 |
| LAKHNNATNL | 262.80 | 45.78 | 197.10 | 0.74 | 1.66 | 97.26 | 63.52 | 9.49 | 6.16 | 4.07 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 136 | 122 | 104 | 112 | 128 | 122 | 97 | 119 | 119 | 106 | 106 | 116 | |
| 103 | 128 | 118 | 103 | 108 | 126 | 120 | 98 | 116 | 114 | 111 | 112 | 120 | |
| Operating Profit | 3 | 8 | 4 | 1 | 4 | 1 | 2 | -1 | 3 | 6 | -5 | -5 | -4 |
| OPM % | 2.56% | 5.75% | 3.16% | 0.69% | 3.13% | 1.00% | 1.23% | -1.35% | 2.80% | 4.64% | -4.92% | -4.86% | -3.32% |
| 1 | 2 | 2 | 1 | 1 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | 1 | 6 | 2 | -1 | 1 | 2 | 0 | -2 | 2 | 3 | -7 | -8 | -3 |
| Tax % | 25.69% | 19.19% | 17.54% | 37.80% | 7.34% | -16.96% | -133.33% | -30.85% | 6.90% | 13.27% | 8.44% | -6.74% | 177.89% |
| Net Profit | 1 | 5 | 2 | -1 | 1 | 2 | 1 | -3 | 2 | 3 | -7 | -8 | 2 |
| 1.07 | 6.41 | 2.51 | -1.05 | 1.35 | 2.67 | 0.84 | -3.51 | 2.16 | 3.57 | -8.83 | -10.77 | 3.05 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 315 | 319 | 276 | 317 | 330 | 387 | 368 | 405 | 466 | 458 | 447 | |
| 296 | 296 | 255 | 298 | 307 | 353 | 364 | 397 | 451 | 453 | 456 | |
| Operating Profit | 19 | 22 | 21 | 19 | 23 | 34 | 4 | 8 | 15 | 5 | -9 |
| OPM % | 6.09% | 7.04% | 7.68% | 5.89% | 6.88% | 8.79% | 1.12% | 1.98% | 3.21% | 1.09% | -1.95% |
| 19 | 18 | 18 | 19 | -11 | 21 | 15 | 6 | 6 | 9 | 6 | |
| Interest | 1 | 2 | 2 | 4 | 6 | 4 | 3 | 2 | 4 | 1 | 3 |
| Depreciation | 5 | 5 | 6 | 6 | 6 | 5 | 6 | 10 | 9 | 11 | 13 |
| Profit before Tax | 32 | 32 | 31 | 28 | 1 | 46 | 11 | 2 | 8 | 1 | -15 |
| Tax % | 46.87% | 35.36% | 32.51% | 31.84% | 66.28% | 25.63% | 26.60% | 33.26% | 16.67% | 4.70% | 33.58% |
| Net Profit | 17 | 21 | 21 | 19 | 0 | 34 | 8 | 1 | 7 | 1 | -10 |
| EPS | 0.00 | 0.00 | 56.09 | 0.00 | 0.00 | 45.27 | 10.38 | 1.00 | 8.93 | 1.35 | — |
| Dividend Payout % | 55.33% | 44.84% | 35.66% | 39.45% | 856.90% | 27.61% | 48.18% | 373.84% | 55.97% | 369.85% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 7%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -26%
- 5 Years:
- 47%
- 3 Years:
- -43%
STOCK PRICE CAGR
- 10 Years:
- -4%
- 5 Years:
- -9%
- 3 Years:
- -9%
- 1 Year:
- -33%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 5%
- 3 Years:
- 1%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 164 | 185 | 194 | 204 | 195 | 227 | 225 | 223 | 225 | 222 | |
| 35 | 19 | 22 | 30 | 31 | 10 | 17 | 7 | 0 | 4 | |
| Trade Payables | 8 | 11 | 17 | 22 | 33 | 34 | 27 | 27 | 27 | 28 |
| 37 | 35 | 37 | 38 | 36 | 63 | 63 | 59 | 82 | 229 | |
| Total Liabilities | 248 | 254 | 274 | 298 | 300 | 337 | 335 | 319 | 338 | 487 |
| 73 | 81 | 81 | 77 | 74 | 71 | 112 | 117 | 131 | 151 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| 32 | 38 | 47 | 47 | 47 | 47 | 47 | 73 | 78 | 166 | |
| 34 | 40 | 36 | 43 | 53 | 64 | 92 | 60 | 58 | 70 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43 | 48 | |
| Cash & Bank | 32 | 8 | 18 | 19 | 21 | 18 | 1 | 1 | 1 | 1 |
| 77 | 85 | 93 | 113 | 106 | 139 | 84 | 68 | 26 | 51 | |
| Total Assets | 248 | 254 | 274 | 298 | 300 | 337 | 335 | 319 | 338 | 487 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 51 | 47 | 42 | 19 | 20 | -1 | 23 | 47 | 29 | -53 | |
| Cash from Investing | -26 | -20 | -13 | -0 | -2 | 14 | -32 | -18 | -17 | -113 |
| Cash from Financing | -11 | -36 | -14 | -13 | -14 | -8 | -2 | -26 | -11 | 166 |
| 6 | -14 | 6 | -5 | 1 | -3 | -16 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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