Key Financial Figures (Standalone)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from Operations: ₹11,815.33 lakhs (Q2 FY27) vs ₹11,906.90 lakhs (Q2 FY26) vs ₹11,584.57 lakhs (Q1 FY27)
  • Other Income: ₹159.14 lakhs (Q2 FY27) vs ₹155.60 lakhs (Q2 FY26) vs ₹90.19 lakhs (Q1 FY27)
  • Total Income: ₹11,974.47 lakhs (Q2 FY27) vs ₹12,062.50 lakhs (Q2 FY26) vs ₹11,674.76 lakhs (Q1 FY27)
  • Total Expenses: ₹12,046.53 lakhs (Q2 FY27) vs ₹11,865.34 lakhs (Q2 FY26) vs ₹11,968.79 lakhs (Q1 FY27)
  • Profit/(Loss) Before Tax: (₹72.06) lakhs (Q2 FY27) vs ₹197.16 lakhs (Q2 FY26) vs (₹294.03) lakhs (Q1 FY27)
  • Tax Expense/(Credit): (₹61.00) lakhs (Deferred Tax) (Q2 FY27) vs ₹41.00 lakhs [₹56.00 Current - ₹15.00 Deferred] (Q2 FY26) vs (₹523.00) lakhs (Deferred Tax) (Q1 FY27)
  • Profit/(Loss) for the Period: (₹11.06) lakhs (Q2 FY27) vs ₹156.16 lakhs (Q2 FY26) vs ₹228.97 lakhs (Q1 FY27)
  • Total Comprehensive Income: (₹25.37) lakhs (Q2 FY27) vs ₹150.31 lakhs (Q2 FY26) vs ₹167.28 lakhs (Q1 FY27)
  • Earnings Per Share (Basic & Diluted): (₹0.15) (Q2 FY27) vs ₹2.08 (Q2 FY26) vs ₹3.05 (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹23,399.90 lakhs (H1 FY27) vs ₹23,850.92 lakhs (H1 FY26)
  • Other Income: ₹249.33 lakhs (H1 FY27) vs ₹376.01 lakhs (H1 FY26)
  • Total Income: ₹23,649.23 lakhs (H1 FY27) vs ₹24,226.93 lakhs (H1 FY26)
  • Profit/(Loss) Before Tax: (₹366.09) lakhs (H1 FY27) vs ₹315.96 lakhs (H1 FY26)
  • Tax Expense/(Credit): (₹584.00) lakhs (Deferred Tax) (H1 FY27) vs ₹53.00 lakhs [₹82.00 Current - ₹29.00 Deferred] (H1 FY26)
  • Profit/(Loss) for the Period: ₹217.91 lakhs (H1 FY27) vs ₹262.96 lakhs (H1 FY26)
  • Total Comprehensive Income: ₹141.91 lakhs (H1 FY27) vs ₹235.36 lakhs (H1 FY26)
  • Earnings Per Share (Basic & Diluted): ₹2.91 (H1 FY27) vs ₹3.51 (H1 FY26)

Balance Sheet (Standalone) as of September 30, 2026

  • Total Assets: ₹43,486.62 lakhs (vs ₹42,603.02 lakhs on Mar 31, 2026)
  • Equity Share Capital: ₹375.00 lakhs (unchanged)
  • Other Equity: ₹30,110.26 lakhs (vs ₹29,968.33 lakhs on Mar 31, 2026)
  • Borrowings (Non-Current): ₹1,403.53 lakhs (vs ₹0.00 lakhs on Mar 31, 2026)
  • Borrowings (Current): ₹3,931.07 lakhs (vs ₹3,421.00 lakhs on Mar 31, 2026)
  • Cash & Cash Equivalents: ₹17.50 lakhs (vs ₹543.62 lakhs on Mar 31, 2026)

Cash Flow (Standalone) for H1 FY27

  • Net Cash from Operating Activities: (₹1,641.88) lakhs
  • Net Cash from Investing Activities: (₹589.65) lakhs
  • Net Cash from Financing Activities: ₹1,705.41 lakhs
  • Net Decrease in Cash: (₹526.12) lakhs

Key Financial Figures (Consolidated)

Quarterly Performance (Q2 FY27)

  • Revenue from Operations: ₹12,785.65 lakhs
  • Profit/(Loss) Before Tax: ₹155.52 lakhs
  • Profit/(Loss) for the Period (attributable to owners): ₹48.87 lakhs
  • Earnings Per Share (Basic & Diluted): ₹0.65

Half-Yearly Performance (H1 FY27)

  • Revenue from Operations: ₹24,399.70 lakhs
  • Profit/(Loss) Before Tax: (₹166.48) lakhs
  • Profit/(Loss) for the Period (attributable to owners): ₹262.54 lakhs
  • Earnings Per Share (Basic & Diluted): ₹3.50

Balance Sheet (Consolidated) as of September 30, 2026

  • Total Assets: ₹50,463.12 lakhs
  • Equity Attributable to Owners: ₹30,519.12 lakhs
  • Non-Controlling Interest: ₹4,002.16 lakhs

Amalgamation Details

The Scheme of Amalgamation of Helios Strategic Systems Limited (a wholly owned subsidiary) with the Company was approved by the Hon'ble National Company Law Tribunal (NCLT), Chennai Bench on March 10, 2026, with an appointed date of April 1, 2024. The amalgamation became effective from April 2, 2026 (the date of ROC approval). It has been accounted for under the pooling of interests method. Consequently, the comparative figures for FY 2025-26 (Quarter, Half-Year ended September 30, 2025, and Year ended March 31, 2026) have been restated in accordance with Ind AS 103 - Business Combinations.

Investments and Subsidiaries

During the half year ended September 30, 2026, the Company made investments in Compulsory Convertible Preference Shares (CCPS) of AIDIN TECHNOLOGIES PVT. LTD:

  • (i) 9,920 fully paid-up Series A CCPS (Face Value: ₹10, Premium: ₹35,270.84) amounting to ₹34,99,85,933.
  • (ii) 12,202 partly paid Series A1 CCPS (Face Value: ₹10, Premium: ₹35,270.84), to the extent of ₹0.50 per share, amounting to ₹6,101.

Aidin Technologies Pvt Ltd became a subsidiary by virtue of Indo National Ltd obtaining controlling interest in its Board of Directors.

The consolidated results include Indo National Limited and its subsidiaries: Nippo Green Private Limited, Medcuore Medical Solutions Private Limited, and Aidin Technologies Pvt Ltd (from July 29, 2026).

Segment Reporting

The company operates predominantly in Consumer Goods and has Investments. For consolidated reporting (per Ind AS-108), segments are:

1. Consumer Goods: H1 FY27 Revenue - ₹23,399.90 lakhs; PBT - (₹157.90) lakhs.

2. Aerospace (Aidin Technologies): H1 FY27 Revenue - ₹954.17 lakhs; PBT - ₹320.23 lakhs.

3. Airpurifier: H1 FY27 Revenue - ₹45.63 lakhs; PBT - (₹68.76) lakhs.

Legal and Regulatory Matters

  • CCI Penalty Case: In a Suo Moto case relating to the cartelization of Zinc carbon dry cell batteries, the Competition Commission of India (CCI) imposed a penalty of ₹4,226 lakhs. The Company appealed to the National Company Law Appellate Tribunal (NCLAT), which granted a stay on the penalty conditional on depositing 10% (₹422 lakhs) with its registry. The company deposited ₹422 lakhs (via FD) within the stipulated deadline. Based on legal opinion, no provision has been made in these accounts.
  • Battery Waste Management Rules, 2022: The Company is required to fulfill Extended Producer Responsibility (EPR) obligations for Non-Rechargeable Portable Batteries from FY 2025-26. Operational aspects, including the compliance framework and pricing of EPR Credits, are under deliberation with the Ministry of Environment, Forest and Climate Change (MOEFCC) and the Central Pollution Control Board (CPCB). The Company is procuring EPR Credits but cannot reliably estimate the full financial impact pending regulatory clarity. No provision has been made.

Other Notes

  • The financial results are prepared in accordance with Indian Accounting Standards (Ind AS).
  • The results were reviewed by the Audit Committee and approved by the Board of Directors in a meeting held on November 12, 2026 (1:00 PM to 2:45 PM IST).
  • The statutory auditors, M/s. G Balu & Associates LLP, have issued a limited review report.
  • The results will be published in newspapers as per Regulation 47 of the Listing Regulations and are available on the company's website (https://www.nippo.in/) and stock exchange websites (BSE, NSE).
  • Previous period figures have been re-grouped/re-stated for comparability.

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