Indo National Ltd – Company Report
1. Company Overview
Indo National Limited (INL), established in 1972 and headquartered in Chennai, Tamil Nadu, is a leading Indian manufacturer of batteries and consumer electrical products. Traditionally known for its flagship Nippo brand, INL was the first Indian dry battery company to receive ISO 9001 and ISO 14001 certifications.
The company operates two production facilities in Nellore and Tada (Andhra Pradesh) and maintains a vast distribution network with over 3,200 distributors and presence in more than 500,000 retail outlets across India. INL is jointly promoted by the Jiwarajka Group (India) and Matsushita Electric (Japan), with the latter holding a significant equity stake.
Listed on both BSE and NSE, INL has over five decades of experience and a reputation for quality and innovation.
- Incorporated: 1972
- Headquarters: Chennai, Tamil Nadu, India
- Certifications: ISO 9001, ISO 14001, ISI
- Factories: Nellore & Tada, Andhra Pradesh
- Market Cap (Jul 2025): ₹347 crore
- Share Price (Jul 2025): ₹463
- Employees: ~1,000+
- Stock Listing: BSE, NSE
2. Products and Services
Core Product Segments:
Batteries:
- Zinc-carbon batteries (UM-1, UM-3, UM-4, UM-5)
- Alkaline batteries (via Panasonic tie-up)
- Rechargeable and button cell batteries
- Specialty and industrial-grade batteries
Lighting & Electrical Accessories:
- LED torches, bulbs, emergency lamps
- Rechargeable bulbs, CFLs
- Mosquito repellents and home safety devices
Torches & Power Backup:
- Premium torches (industrial/household use)
- Emergency backup solutions
Shaving & Grooming:
- Razors and blades (under DORCO brand)
Others:
- Electrical accessories
- Mosquito bats and household utility products
3. Recent Developments
Strategic Business Initiatives:
Exit from Kineco Ltd (September 2024):
- Sold entire 51% stake in composites manufacturer Kineco Limited for ₹220 crore.
- Proceeds to fund new-age ventures in defense, aerospace, and FMCG innovation.
Battery Recycling & Circular Economy (November 2024):
- Partnering with Indian and international players for battery & e-waste recycling.
- Aim: Develop a reverse logistics network leveraging Nippo’s nationwide retail footprint.
Indo National enters the home care segment (November 2024 ):
- Indo National Ltd (INL) has entered the home care market with its new product, the Nippo Swooper mosquito repellent liquid vaporizer. The product uses Japanese MFT (Metofluthrin) technology.
- The Nippo Swooper is priced at ₹80 for a refill and ₹100 for a starter pack, which includes a refill and a machine. It is available in stores across all states and online on e-commerce platforms, according to a statement.
Acquires stake in MMSPL (April 2025):
Indo National (INL) has announced that its board has approved the execution of a share subscription and shareholders' agreement with Medcuore Medical Solutions (MMSPL) and its promoters, marking a strategic investment of ₹17 crore in the company.
EV Batteries & Energy Storage (April 2025):
- In advanced stages of acquiring a stake in a lithium-ion battery manufacturer.
- Exploring direct investments or JVs with 3 Indian EV start-ups (battery management & charging infra).
- Vision: Build a ₹5,000–10,000 crore enterprise in energy solutions over 10–15 years.
Amalgamation with Helios Strategic Systems Limited (August 2025):
- Indo National has formally notified statutory authorities about its planned amalgamation with Helios Strategic Systems Limited, following an NCLT order on August 1.
4. Financial Performance (FY2025)
| Metric | FY2025 | FY2024 |
|---|---|---|
| Total Revenue | ₹467 crore | ₹641 crore |
| Net Profit (PAT) | ₹122 crore | ₹15 crore |
| EPS | ₹165.01 | ₹12.83 |
| Operating Profit Margin | -5% | 6% |
| Dividend Payout | 3% | — |
| Operating Cash Flow | Negative | — |