Indo National Limited (NIPPOBATRY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+51.6%

₹454.86

vs ₹300.00 price

Levered DCF

-₹1,107.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-7.38×	2.66×	45.52×	-38.77×	36.86×	8.76×	115.39×	14.33×
P/B	0.64×	0.75×	1.85×	0.95×	1.22×	1.1×	0.76×	1.19×
P/S	0.43×	0.71×	0.68×	0.39×	0.51×	0.5×	0.32×	0.6×
EV / EBITDA	-21.13×	2.29×	11.92×	17.56×	9.17×	4.83×	6.08×	6.57×
Gross margin	18.7%	37.7%	41.1%	34.4%	37.7%	41.7%	41.8%	20.7%
Operating margin	-6.9%	-7.6%	3.7%	-0.1%	2.5%	8.6%	9.5%	7.1%
Net margin	-5.8%	26.5%	1.5%	-1.0%	1.4%	5.7%	0.3%	4.2%
Current ratio	2.02×	1.92×	1.41×	1.42×	1.73×	1.86×	1.58×	1.51×
Debt / equity	0.11×	0.14×	0.62×	0.59×	0.52×	0.51×	0.57×	0.51×
Interest coverage	-12.12×	-11.17×	1.75×	-0.04×	1.33×	3.58×	3.41×	3.09×
Dividend yield	1.9%	1.1%	0.9%	1.7%	3.2%	0.7%	5.6%	3.4%
Payout ratio	-14.2%	3.0%	39.0%	-65.9%	118.0%	6.2%	643.3%	49.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-8.7%	28.2%	4.1%	-2.5%	3.3%	12.6%	0.7%	8.3%
Return on invested capital	-8.5%	-5.1%	3.9%	-0.1%	2.1%	7.0%	7.0%	6.3%
Return on assets	-6.1%	17.2%	1.6%	-1.1%	1.6%	5.9%	0.3%	3.8%
Free cash flow yield	6.7%	-29.5%	-0.3%	2.3%	-5.8%	0.2%	-2.6%	-15.1%
Earnings yield	-13.5%	37.5%	2.2%	-2.6%	2.7%	11.4%	0.9%	7.0%
Enterprise value	₹2.2B	₹3.8B	₹5.8B	₹3.5B	₹4.1B	₹3.6B	₹2.6B	₹3.6B
Net debt / EBITDA	-2.69×	0.32×	2.96×	6.57×	2.64×	1.29×	2.33×	1.72×
Cash conversion cycle (days)	79	136	113	115	142	154	109	123