Indo National Ltd invested ₹3.91 crore in Axial Aero Private Limited (AAPL) by subscribing to Class C Compulsorily Convertible Preference Shares (CCPS). This additional investment increases the company's aggregate holding in the flight simulator developer to 7.97%.

The transaction was executed as a cash consideration based on a valuation report issued by a registered valuer. Indo National acquired 35,249 Class C CCPS at a price of ₹1,109.10 per share. The disclosure was made under Regulation 30 of the SEBI LODR Regulations, 2015, following an earlier intimation dated September 17, 2026.

Stakeholding structure update

The acquisition does not constitute a related party transaction, and no promoter or group company holds any interest in AAPL. The table below details the change in shareholding post-acquisition.

Target entity profile

Axial Aero Private Limited, incorporated on August 5, 2020, is engaged in developing motion-based flight simulators for civil and military aviation sectors. The company operates within India and focuses on flight simulation technologies and digital terrain technologies.

The stated objective of the investment is to facilitate business growth, generate revenue, and earn profit through business expansion. No governmental or regulatory approvals were required for this acquisition, which is classified as a cash consideration deal.

What the numbers show

Axial Aero has demonstrated significant top-line expansion since its incorporation. The target company’s turnover grew from ₹51,822 in FY24 to ₹19,87,732 in FY25, and further to ₹1,43,30,818 in FY26. This trajectory indicates rapid scaling in revenue over the last three fiscal years, although the absolute figures remain small relative to the listed entity's scale.

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.