Indo National Ltd H1 FY26 – Batteries, Blades & a Buzzing Balance Sheet! From Chandrayaan to Mosquito Bats, Nippo’s Power Story Keeps Sparking

1. At a Glance

Indo National Ltd (INL) – the legendaryNippo batteriesbrand – has been powering remote controls, torches, and mosquito bats since 1972. The company trades at ₹420 with amarket cap of ₹316 crore, and let’s just say, the light’s flickering but not out yet. Once the reliable name for every “battery khatam ho gaya?” moment, Indo National now faces the kind of low-voltage phase that would make even its own torch dim.

InH1 FY26, Indo National reportedSales of ₹239 crore(₹120 cr in Q2 vs ₹119 cr in Q1), barely sparking a 1% sequential increase. PAT stood at₹1.13 crore– a 47.9% drop QoQ and still recovering from the last few shock circuits. Despite operational hiccups, the company flaunts a strongROE of 36.7%andROCE of 32.9%, proving that even in the dark, Nippo’s numbers can glow. But withcontingent liabilities of ₹107 crore, you could say Indo National has one foot in the plug point and another in the puddle.

The battery war againstEvereadyandPanasonic Energyis heating up, but Indo National is diversifying faster than your neighbourhood kirana store—intoLEDs, razors, blades, and even aerospace composites.From selling AA batteries to supplying forISRO’s Gaganyaan Mission, Indo National’s business is like your cousin who went from engineering to filmmaking to fintech.

2. Introduction

Once upon a time, when every Indian TV remote, torch, and Walkman needed a hero,Nippo batteriesruled the living room. Fast forward to FY26, and Indo National has gone from a household name to a diversified conglomerate dabbling inconsumer goods and aerospace. Yes, you read that right—these guys went from fighting mosquitoes tocontributing to Chandrayaan and Gaganyaan missions. Talk about range!

But the last few quarters haven’t exactly been “shock-proof.” Withquarterly sales down 6.25% YoYand profits almost halved, the company is currently running on low charge. Yet, behind the weak numbers lies an industrial story worth charging up for. Indo National’s foray intosolar power (4.6 MW plant in Telangana), entry intoair purification via Medcuore Technologies, and mergers likeHelios Strategic Systemssignal a strategic overhaul—turning this old-school battery maker into a new-age energy innovator.

And if the nameKineco Kamanrings a bell—it should. That’s Indo National’s aerospace subsidiary, which literallybuilt components for ISRO’s Gaganyaanand bagged a₹100 crore contract from BAE Systems.From alkaline to aerospace, Nippo’s glow-up is one for the textbooks.

So, is this a classic value stock disguised as a fading torchlight, or a phoenix about to spark again? Keep your LED torches handy—this deep dive is fully charged.

3. Business Model – WTF Do They Even Do?

Indo National’s business model is a fascinating mix of nostalgia and diversification chaos. On one hand, you have thegood ol’ Nippo batteries—the kind that powered your transistor during the 1996 World Cup. On the other hand, you haveKineco Kaman, a composite manufacturer making aerospace structures for ISRO and global defence giants.

Here’s how this multi-socket business operates:

• Consumer Goods Division (~71% of revenue):This includes dry cell batteries (zinc carbon & alkaline), torches (rechargeable and battery-based), mosquito swatters, electrical accessories, and LED products. If it lights up, kills bugs, or runs on batteries—Nippo probably sells it.
• Composite & Aerospace Division (~29% of revenue):Handled by subsidiaries likeKineco Kaman Composites, which has delivered aerospace assemblies forGaganyaan, contributed toChandrayaan-3, and supplies defence-grade structures toBAE Systems.
• New Ventures:With theacquisition of Medcuore Technologies, Indo National is entering the air purification and medical tech space. Basically, from batteries to breathing, they want to power everything.

And to keep all this buzzing, Indo National operates a4.6 MW solar power plantin Telangana—because who doesn’t want a side hustle in renewable energy these days?

Their distribution web is massive—2,500 stockists, 26 depots, and 17 lakh retail outlets. If you’ve ever bought a remote battery from a dusty corner shop, odds are it came from Indo National.

But the real twist? Despite diversification, battery sales still make up44% of total revenue