Indo National Limited has invested ₹49,89,880 to acquire an additional 0.79% equity stake in Medcuore Medical Solutions Private Ltd (MMSPL). This transaction raises the company's aggregate shareholding in the medical device manufacturer to 63.07%.

The investment was made by way of subscription to equity shares at a price of ₹14,056 per share for 355 shares. The valuation was based on a report issued by a registered valuer dated August 21, 2026. The acquisition does not constitute a related party transaction, and no promoter group entities hold any interest in MMSPL.

Strategic Rationale and Target Profile

MMSPL is engaged in the manufacturing, distribution, and service provision of air monitoring systems and air purifiers. Indo National stated that the objective of this additional investment is to facilitate business growth, generate revenue, and earn profits through the expansion of operations. The target entity operates exclusively within India.

The company indicated that the indicative time period for the completion of the acquisition extends up to FY28. No governmental or regulatory approvals are required for this specific transaction.

Financial Performance of Medcuore

Medcuore Medical Solutions Private Ltd was incorporated on June 7, 2020. The filing discloses the turnover figures for the last three fiscal years, highlighting significant volatility in revenue generation.

What the Numbers Show

The disclosed turnover data reveals a sharp divergence in performance between FY25 and FY26. Revenue surged from ₹35.41 lakh in FY25 to ₹1.45 crore in FY26, marking a substantial year-on-year expansion. However, this recent growth contrasts with the FY24 figure of ₹47.68 lakh, indicating that the FY25 dip was likely a temporary contraction rather than a long-term downward trend. The current valuation implies confidence in the sustained upward trajectory observed in the most recent fiscal year.

Indo National Ltd declared a final dividend of ₹3.75 per equity share for FY26 at its 53rd Annual General Meeting held on September 28, 2026, with all five resolutions passing with requisite majority.

The AGM was conducted via Video Conferencing at 3:00 pm, concluding at 3:43 pm. A total of 58 shareholders attended through video conferencing, comprising 2 from the promoter and promoter group and 56 from the public. No shareholders were present in person or through proxy. The record date for voting eligibility was September 21, 2026, with 14,582 shareholders on the register. Remote e-voting ran from September 25, 2026 at 9:00 am to September 27, 2026 at 5:00 pm, with e-voting at the AGM facilitated through Central Depository Services (India) Limited.

Key resolutions passed

Shareholders approved five resolutions spanning ordinary and special business:

• Adoption of standalone and consolidated financial statements for FY26.
• Declaration of dividend at ₹3.75 per equity share (75% of face value of ₹5 each).
• Re-appointment of Ms. Suneeta Reddy (DIN: 00001873) as Director liable to retire by rotation.
• Approval of remuneration payable to Cost Auditor M/s. B. Thulasiram & Co., Cost Accountant, Chennai (Firm Registration No. 003539) for the financial year ending March 31, 2027.
• Payment of commission/remuneration to Non-Executive Independent Directors (Special Resolution).

Voting results summary

The scrutinizer's report, prepared by M. Damodaran, Managing Partner of M Damodaran & Associates LLP, confirmed all five resolutions passed. The consolidated voting data across 7,500,000 total shares showed 4,558,097 votes polled, representing 60.77% of outstanding shares.

For Resolutions 1 through 4, the promoter and promoter group cast 4,161,516 votes in favour via e-voting, representing 84.91% of their 4,901,366 shares held. Public non-institutional shareholders polled 396,581 votes across these resolutions. There were zero abstained or invalid votes recorded for any resolution.

Meeting attendance and governance

Ms. Deepa Seshadri, Chairman and Independent Director, presided over the meeting. The Company Secretary confirmed that the Statutory Auditors' report and Secretarial Audit report for FY26 contained no qualifications or adverse remarks. Key managerial personnel present included CEO Pavan Kumar BVS and CFO S.R. Aravind Kumar. The statutory auditor R. Ravishankar was also in attendance.

Directorship updates

The re-appointment of Ms. Suneeta Reddy as Director was ratified by members. She joins the board alongside Managing Director P. Dwaraknath Reddy, Independent Director Murali Subramaniam, and Director BLN Prasad. The scrutinizer's report was submitted to stock exchanges by Company Secretary J. Srinivasan on September 29, 2026, in compliance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.