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Last Updated: April 2, 2026, 3:06 am
Author: Getaka|Social: XLinkedIn

Indo National Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,379.45Undervalued by 731.98%vs CMP ₹286.00

P/E (15.0) × ROE (36.7%) × BV (₹531.00) × DY (1.75%)

Defaults: P/E=15

₹1,119.77Undervalued by 291.53%vs CMP ₹286.00
MoS: +74.5% (Strong)Confidence: 59/100 (Moderate)Models: 7 Under, 1 Fair
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,324.2521%Under (+363%)
Graham NumberEarnings₹1,404.0919%Under (+390.9%)
Earnings PowerEarnings₹268.1812%Fair (-6.2%)
DCFCash Flow₹1,553.1415%Under (+443.1%)
Net Asset ValueAssets₹531.918%Under (+86%)
Earnings YieldEarnings₹1,650.108%Under (+477%)
ROCE CapitalReturns₹914.2810%Under (+219.7%)
Revenue MultipleRevenue₹624.126%Under (+118.2%)
Consensus (8 models)₹1,119.77100%Undervalued
Key Drivers: EPS CAGR -44.3% drags value — could be higher if earnings stabilize. | Wide model spread (₹268–₹1,650) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -44.3% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

55
Indo National Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 32.9% ExcellentROE 36.7% ExcellentD/E 0.43 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 65.4% Stable
Earnings Quality40/100 · Moderate
OPM contracting (4% → 1%) Declining
Quarterly Momentum25/100 · Weak
Revenue (4Q): -18% YoY DecliningProfit (4Q): -104% YoY Declining
Industry Rank65/100 · Strong
ROCE 32.9% vs industry 22.5% Above peersROE 36.7% vs industry 22.6% Above peers3Y sales CAGR: -6% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:06 am

Market Cap 214 Cr.
Current Price 286
Intrinsic Value₹1,119.77
High / Low 589/255
Stock P/E
Book Value 531
Dividend Yield1.75 %
ROCE32.9 %
ROE36.7 %
Face Value 5.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Indo National Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Indo National Ltd 214 Cr. 286 589/255 5311.75 %32.9 %36.7 % 5.00
Panasonic Energy India Company Ltd 197 Cr. 263 416/24835.9 1383.58 %17.6 %11.6 % 10.0
Eveready Industries India Ltd 2,017 Cr. 278 475/26026.7 65.00.54 %17.0 %19.5 % 5.00
Industry Average809.33 Cr275.6731.30244.671.96%22.50%22.60%6.67

All Competitor Stocks of Indo National Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 149.19143.19131.85171.50168.32168.93121.15127.57121.6397.11119.44119.60106.31
Expenses 142.73138.63129.72163.81155.09151.28131.21126.68132.7999.05116.65115.64113.13
Operating Profit 6.464.562.137.6913.2317.65-10.060.89-11.16-1.942.793.96-6.82
OPM % 4.33%3.18%1.62%4.48%7.86%10.45%-8.30%0.70%-9.18%-2.00%2.34%3.31%-6.42%
Other Income 0.682.362.142.612.752.61181.653.361.773.202.201.562.32
Interest 3.103.173.323.783.373.282.61-0.490.100.960.600.720.64
Depreciation 5.264.554.114.384.494.664.532.862.902.943.213.303.32
Profit before tax -1.22-0.80-3.162.148.1212.32164.451.88-12.39-2.641.181.50-8.46
Tax % 2.46%102.50%5.38%-41.59%27.96%26.22%19.87%-15.43%-2.58%-103.41%10.17%27.33%-7.21%
Net Profit -1.25-1.62-3.333.045.849.08131.772.17-12.070.081.021.13-7.85
EPS in Rs -1.49-3.47-0.715.734.593.20178.122.89-16.090.111.361.84-10.45

Last Updated: February 5, 2026, 1:09 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 1:16 pm

MetricMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 361377394443508532570572641467442
Expenses 337346352402447475544557600490444
Operating Profit 243142416157261541-22-2
OPM % 7%8%11%9%12%11%5%3%6%-5%-0%
Other Income 18151517-1318195101909
Interest 65512171311111433
Depreciation 8891112131317181313
Profit before tax 28334335185021-819151-8
Tax % 53%36%29%25%43%35%36%-0%25%19%
Net Profit 13213127103313-815122-6
EPS in Rs 18.8925.5729.7924.561.8840.5110.59-7.5912.83165.01-7.14
Dividend Payout % 66%49%34%41%133%31%47%-66%39%3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)61.54%47.62%-12.90%-62.96%230.00%-60.61%-161.54%287.50%713.33%
Change in YoY Net Profit Growth (%)0.00%-13.92%-60.52%-50.06%292.96%-290.61%-100.93%449.04%425.83%

Indo National Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:-2%
3 Years:-6%
TTM:-26%
Compounded Profit Growth
10 Years:%
5 Years:96%
3 Years:158%
TTM:-106%
Stock Price CAGR
10 Years:0%
5 Years:13%
3 Years:13%
1 Year:-17%
Return on Equity
10 Years:%
5 Years:13%
3 Years:16%
Last Year:37%

Last Updated: September 5, 2025, 7:25 am

Balance Sheet

Last Updated: February 1, 2026, 12:51 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 44444444444
Reserves 172198209219211238236228232434394
Borrowings 5849651131211231241321405341
Other Liabilities 7778152146161148147151223230130
Total Liabilities 311329431481496513511515599721569
Fixed Assets 134158163182188182215226254223156
CWIP 121451124244
Investments -0000-0-000096154
Other Assets 177169254295307330294284343398255
Total Assets 311329431481496513511515599721569

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 374438-191011353644-56
Cash from Investing Activity + -21-20-12-715-35-28-3880
Cash from Financing Activity + -11-30-1829-9-10-20-9-9-19
Net Cash Flow 5-68225-20-1-46
Free Cash Flow 161111-40-41-1060-97
CFO/OP 188%182%118%-15%27%37%160%270%116%90%

Free Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-34.00-18.00-23.00-72.00-60.00-66.00-98.00-117.00-99.00-75.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 81821161138310361807670
Inventory Days 728279851111071248895147
Days Payable 29419277877763697281
Cash Conversion Cycle 1241241031201071331229999136
Working Capital Days 50531333407358383697
ROCE %16%18%15%18%16%7%1%8%33%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%65.35%
FIIs 0.00%0.00%0.00%0.00%0.03%0.00%0.04%0.00%0.00%0.01%0.00%0.00%
Government 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.02%
Public 34.65%34.64%34.65%34.65%34.62%34.65%34.61%34.66%34.65%34.64%34.64%34.62%
No. of Shareholders 11,87111,76611,28010,21611,05213,02713,43413,49113,70813,96913,99313,855

Shareholding Pattern Chart

No. of Shareholders

Indo National Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.0010.00
Basic EPS (Rs.) 165.0212.83-7.5910.5981.01
Diluted EPS (Rs.) 165.0212.83-7.5910.5981.01
Cash EPS (Rs.) 180.2543.0311.9135.44120.25
Book Value[Excl.RevalReserv]/Share (Rs.) 584.22364.62349.21367.58727.04
Book Value[Incl.RevalReserv]/Share (Rs.) 584.22364.62349.21367.58727.04
Revenue From Operations / Share (Rs.) 623.29854.14762.70760.241418.16
PBDIT / Share (Rs.) 223.6167.7526.7959.81201.81
PBIT / Share (Rs.) 205.9644.234.2242.24168.25
PBT / Share (Rs.) 201.7225.89-10.6827.88132.84
Net Profit / Share (Rs.) 162.5919.52-10.6617.8786.70
NP After MI And SOA / Share (Rs.) 165.0212.82-7.5910.5981.00
PBDIT Margin (%) 35.877.933.517.8614.23
PBIT Margin (%) 33.045.170.555.5511.86
PBT Margin (%) 32.363.03-1.403.669.36
Net Profit Margin (%) 26.082.28-1.392.356.11
NP After MI And SOA Margin (%) 26.471.50-0.991.395.71
Return on Networth / Equity (%) 28.244.07-2.453.3012.55
Return on Capital Employeed (%) 28.959.080.999.1918.70
Return On Assets (%) 17.151.60-1.101.555.91
Long Term Debt / Equity (X) 0.050.200.120.150.14
Total Debt / Equity (X) 0.120.590.560.510.43
Asset Turnover Ratio (%) 0.701.150.970.860.92
Current Ratio (X) 1.921.411.421.731.86
Quick Ratio (X) 1.290.990.971.041.36
Inventory Turnover Ratio (X) 4.372.551.681.642.06
Dividend Payout Ratio (NP) (%) 3.0238.980.00118.006.17
Dividend Payout Ratio (CP) (%) 2.7313.750.0044.374.36
Earning Retention Ratio (%) 96.9861.020.00-18.0093.83
Cash Earning Retention Ratio (%) 97.2786.250.0055.6395.64
Interest Coverage Ratio (X) 52.763.691.804.175.70
Interest Coverage Ratio (Post Tax) (X) 39.372.060.282.243.45
Enterprise Value (Cr.) 349.71558.24360.26420.51359.12
EV / Net Operating Revenue (X) 0.740.870.620.730.67
EV / EBITDA (X) 2.0910.9917.939.374.75
MarketCap / Net Operating Revenue (X) 0.660.640.380.510.50
Retention Ratios (%) 96.9761.010.00-18.0093.82
Price / BV (X) 0.711.750.951.221.10
Price / Net Operating Revenue (X) 0.660.640.380.510.50
EarningsYield 0.390.02-0.020.020.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

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 primary cells and primary batteries nd rechargable batteries, cells containing manganese oxide, mercuric oxide silver oxide or other material. Company's Total Operating Revenue is Rs. 457.97 Cr. and Equity Capital is Rs. 3.75 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Dry CellsNo.609, Mount Road, Chennai (Madras) Tamil Nadu 600006Contact not found
Management
NamePosition Held
Ms. Deepa SeshadriChairman
Mr. P Dwaraknath ReddyManaging Director
Mr. P Aditya ReddyJoint Managing Director
Mr. Kiran JosephIndependent Director
Mr. Murali SubramaniamIndependent Director
Ms. Suneeta ReddyDirector
Mr. BLN PrasadDirector

FAQ

What is the intrinsic value of Indo National Ltd and is it undervalued?

As of 18 April 2026, Indo National Ltd's intrinsic value is ₹1119.77, which is 291.53% higher than the current market price of ₹286.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (36.7 %), book value (₹531), dividend yield (1.75 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Indo National Ltd?

Indo National Ltd is trading at ₹286.00 as of 18 April 2026, with a FY2026-2027 high of ₹589 and low of ₹255. The stock is currently near its 52-week low. Market cap stands at ₹214 Cr..

How does Indo National Ltd's P/E ratio compare to its industry?

Indo National Ltd has a P/E ratio of , which is below the industry average of 31.30. This is broadly in line with or below the industry average.

Is Indo National Ltd financially healthy?

Key indicators for Indo National Ltd: ROCE of 32.9 % indicates efficient capital utilization; ROE of 36.7 % shows strong shareholder returns. Dividend yield is 1.75 %.

Is Indo National Ltd profitable and how is the profit trend?

Indo National Ltd reported a net profit of ₹122 Cr in Mar 2025 on revenue of ₹467 Cr. Compared to ₹13 Cr in Mar 2022, the net profit shows an improving trend.

Does Indo National Ltd pay dividends?

Indo National Ltd has a dividend yield of 1.75 % at the current price of ₹286.00. The company pays dividends, though the yield is modest.

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 getaka.co.in 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
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