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Last Updated on: 24 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Indo National Ltd

About the Company - Indo National Ltd

Indo National Ltd. is a Public Limited Listed company incorporated on 15/07/1972 and has its registered office in the State of Tamil Nadu, India. Company’s Corporate Identification Number(CIN) is L31909TN1972PLC006196 and registration number is 006196. Currently Company is involved in the business activities of Manufacture of electric lighting equipment. Company’s Total Operating Revenue is Rs. 368.27 Cr. and Equity Capital is Rs. 3.75 Cr. for the Year ended 31/03/2022.
Dry CellsNo.609, Mount Road, Lakshmi Bhavan, Chennai (Madras) Tamil Nadu
NamePosition Held
Mr. N Ramesh RajanChairman
Mr. P Dwaraknath ReddyManaging Director
Mr. P Aditya ReddyJoint Managing Director
Mr. R P KhaitanJoint Managing Director
Mrs. Lakshmmi SubramanianDirector
Mr. M Sankara ReddyDirector

Indo National Ltd. Share Price Update

Share PriceValue
Previous Day₹677.30

Basic Stock Data of Indo National Ltd

Market Cap 495 Cr.
Current Price 660
High / Low858/284
Stock P/E114
Book Value 307
Dividend Yield0.76 %
ROCE0.73 %
ROE2.49 %
Face Value 5.00

Data Source:

Indo National Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Operating Profit21.9319.809.155.4018.057.93-5.42-0.804.416.464.562.137.69
OPM %13.71%12.81%7.11%5.14%10.49%4.62%-4.47%-0.61%2.96%4.33%3.18%1.62%4.48%
Other Income4.335.524.973.624.078.522.551.141.280.682.362.142.61
Profit before tax19.8918.837.933.0416.2010.08-8.42-5.55-0.43-1.22-0.80-3.162.14
Tax %27.80%40.73%38.34%32.24%28.58%32.64%16.39%20.18%-58.14%-2.46%-102.50%-5.38%-41.59%
Net Profit14.3611.164.892.0711.566.48-7.27-4.76-0.63-1.25-1.62-3.333.04
EPS in Rs15.9213.696.713.9911.773.81-8.97-2.750.12-1.49-3.47-0.715.73

Indo National Ltd Quarterly Chart

Indo National Ltd Profit & Loss

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Operating Profit243142416157261521
OPM %7%8%11%9%12%11%5%3%4%
Other Income18151517-13181958
Profit before tax28334335185021-8-3
Tax %53%36%29%25%43%35%36%0%
Net Profit13213127103313-8-3
EPS in Rs18.8925.5729.7924.561.8840.5110.59-7.590.06
Dividend Payout %66%49%34%41%133%31%47%-66%

Indo National Ltd Profit & Loss Yearly Chart

Indo National Ltd Growth

Compounded Sales Growth
10 Years:%
5 Years:8%
3 Years:4%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
Stock Price CAGR
10 Years:16%
5 Years:15%
3 Years:24%
1 Year:81%
Return on Equity
10 Years:%
5 Years:5%
3 Years:5%
Last Year:-2%

Indo National Ltd Balance Sheet

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital444444444
Other Liabilities7778152146161148147151209
Total Liabilities311329431481496513511515605
Fixed Assets134158163182188182215226236
Other Assets177169254295307330294284355
Total Assets311329431481496513511515605

Indo National Ltd Reserves and Borrowings Chart

Indo National Ltd Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 374438-1910113536
Cash from Investing Activity -21-20-12-715-35-28
Cash from Financing Activity -11-30-1829-9-10-20-9
Net Cash Flow5-68225-20-1

Indo National Ltd Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days8182116113831036180
Inventory Days7282798511110712488
Days Payable2941927787776369
Cash Conversion Cycle12412410312010713312299
Working Capital Days7889457691133113103
ROCE %16%18%15%18%16%7%1%

Indo National Ltd Financial Efficiency Indicators Chart

Indo National Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
No. of Shareholders7,0877,1327,54610,01311,60711,79012,23512,64511,74911,87111,76611,280

Indo National Ltd Shareholding Pattern Chart

No. of Indo National Ltd Shareholders

This stock is not held by any mutual fund

Indo National Ltd ROCE Trend

Indo National Ltd EPS Trend

Indo National Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
Basic EPS (Rs.)-7.5910.5981.013.7549.13
Diluted EPS (Rs.)-7.5910.5981.013.7549.13
Cash EPS (Rs.)11.9135.44120.2560.3999.27
Book Value[Excl.RevalReserv]/Share (Rs.)349.21367.58727.04653.56652.10
Book Value[Incl.RevalReserv]/Share (Rs.)349.21367.58727.04653.56652.10
Revenue From Operations / Share (Rs.)762.70760.241418.161355.131181.95
PBDIT / Share (Rs.)26.7959.81201.81203.88154.78
PBIT / Share (Rs.)4.2242.24168.25171.32126.37
PBT / Share (Rs.)-10.6827.88132.8449.2094.12
Net Profit / Share (Rs.)-10.6617.8786.7027.8470.85
NP After MI And SOA / Share (Rs.)-7.5910.5981.003.7549.13
PBDIT Margin (%)3.517.8614.2315.0413.09
PBIT Margin (%)0.555.5511.8612.6410.69
PBT Margin (%)-1.403.669.363.637.96
Net Profit Margin (%)-1.392.356.112.055.99
NP After MI And SOA Margin (%)-0.991.395.710.274.15
Return on Networth / Equity (%)-2.453.3012.550.658.28
Return on Capital Employeed (%)0.999.1918.7021.1815.70
Return On Assets (%)-1.101.555.910.283.84
Long Term Debt / Equity (X)
Total Debt / Equity (X)0.560.510.430.490.41
Asset Turnover Ratio (%)0.970.860.920.840.87
Current Ratio (X)1.421.731.861.581.51
Quick Ratio (X)0.971.041.361.121.16
Inventory Turnover Ratio (X)1.681.642.062.172.71
Dividend Payout Ratio (NP) (%)0.00118.
Dividend Payout Ratio (CP) (%)0.0044.374.360.000.00
Earning Retention Ratio (%)0.00-18.0093.830.000.00
Cash Earning Retention Ratio (%)0.0055.6395.640.000.00
Interest Coverage Ratio (X)1.804.175.704.614.80
Interest Coverage Ratio (Post Tax) (X)
Enterprise Value (Cr.)360.26420.51359.12244.39328.83
EV / Net Operating Revenue (X)0.620.730.670.480.74
EV / EBITDA (X)17.939.374.753.205.67
MarketCap / Net Operating Revenue (X)0.380.510.500.320.60
Retention Ratios (%)0.00-18.0093.820.000.00
Price / BV (X)0.951.221.100.761.20
Price / Net Operating Revenue (X)0.380.510.500.320.60

Indo National Ltd Profitability Ratios (%)

Indo National Ltd Liquidity Ratios

Indo National Ltd Liquidity Ratios (%)

Indo National Ltd Interest Coverage Ratios (%)

Indo National Ltd Valuation Ratios

Fair Value of Indo National Ltd Stock

Fair Value: ₹878.07

The stock is undervalued by 33.04% compared to the current price ₹660

*Investments are subject to market risks

Strength and Weakness of Indo National Ltd Stock

  1. The company has higher reserves (215.33 cr) compared to borrowings (105.56 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (483.67 cr) and profit (24.11 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 102.48 and average Dividend Yield of 8.26%.
  2. The stock has a low average ROCE of 11.38%, which may not be favorable.
  3. The stock has a high average Working Capital Days of 91.00, which may not be favorable.
  4. The stock has a high average Cash Conversion Cycle of 116.50, which may not be favorable.

About the Author

Author Avatar

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Indo National Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE