Indo-National has accepted the resignation of its Chief Sales Officer, Binu Sekhar, effective September 1, 2026. The company disclosed the leadership change pursuant to SEBI Listing Regulations.

Leadership change at Indo-National

The departure marks a notable development in the company's executive team. Mr. Sekhar cited personal reasons for his exit, with internal communications highlighting health challenges as the primary driver.

The resignation was formally intimated to the National Stock Exchange and BSE Limited on September 1, 2026. In an internal email, Mr. Sekhar noted that he had faced health issues over the past two months and required a break to recover. He assured a smooth handover of his commitments until his departure.

Indo National Limited returned to profitability in Q1FY27, posting a consolidated net profit of ₹201 lakh for the three months ended June 30, 2026. This marks a sharp recovery from the net loss of ₹2,099.91 lakh recorded in Q4FY26 and is higher than the ₹102.48 lakh reported in Q1FY26. Revenue from operations for the consolidated entity stood at ₹1,161.4 crore, reflecting a 3% decline compared to ₹1,194.4 crore in the same period last year.

Financial Performance Overview

The company's standalone revenue was ₹1,158.4 crore, down from ₹1,194.4 crore year-on-year. Standalone net profit for the quarter was ₹228.97 lakh, up from ₹106.80 lakh in Q1FY26. The company's operating expenses remained relatively stable despite the slight dip in top-line growth. Total expenses for the consolidated group were ₹12,026.26 lakh, compared to ₹12,045.63 lakh in the corresponding quarter of the previous year. Employee benefits expense rose marginally to ₹1,777.09 lakh from ₹1,727.94 lakh year-on-year.

On a standalone basis, the company reported total income of ₹11,674.76 lakh against total expenses of ₹11,968.79 lakh. The profit before tax was (₹294.03 lakh), but after accounting for deferred tax benefits of ₹523 lakh, the final profit for the period emerged at ₹228.97 lakh. Basic and diluted earnings per share were ₹3.05, compared to ₹1.42 in the same quarter last year.

What the Numbers Show

A key driver behind the improved bottom line despite pre-tax losses was the significant deferred tax benefit. In both standalone and consolidated statements, the company recorded a deferred tax credit of ₹523 lakh. This single item turned the pre-tax loss of (₹294.03 lakh) into a post-tax profit of ₹228.97 lakh on a standalone basis, indicating that the current quarter's profitability is heavily influenced by tax adjustments rather than operational margin expansion alone.

Corporate Developments

During the same meeting, the Board of Directors approved the Scheme of Amalgamation of Helios Strategic Systems Limited, a wholly owned subsidiary, with the parent company. The National Company Law Tribunal (NCLT), Chennai Bench, had approved the scheme on March 10, 2026, with an appointed date of April 1, 2024. The amalgamation became effective from April 2, 2026, and has been accounted for under the pooling of interests method. Consequently, comparative figures for FY26 have been restated.

The company also provided updates on regulatory matters:

• CCI Penalty: The Competition Commission of India (CCI) had imposed a penalty of ₹4,226 lakh regarding cartelisation of zinc-carbon dry cell batteries. The National Company Law Appellate Tribunal (NCLAT) has stayed the penalty, subject to a deposit of 10% (₹422 lakh), which the company has made. No provision has been made for the quarter based on legal opinion.
• EPR Obligations: Under the Battery Waste Management Rules, 2022, the company must fulfil Extended Producer Responsibility (EPR) obligations from FY26. However, pending regulatory clarity on the compliance framework and pricing mechanism, the company states it is currently unable to reliably estimate further financial impacts.

AGM Details

Indo National has scheduled its 53rd Annual General Meeting (AGM) for September 28, 2026. The meeting will be held via Video Conferencing (VC) or Other Audio Visual Means (OVAM). Shareholders can exercise their voting rights electronically through Central Depository Services (India) Limited (CDSL) from September 25 to September 27, 2026. The register of members will remain closed from September 22 to September 28, 2026, for the purpose of the AGM and dividend payment, subject to member approval.