Indo National Limited has invested an aggregate amount of ₹99,87,744 in Medcuore Medical Solutions Private Ltd (MMSPL) to acquire an additional 1.68% equity stake. This strategic investment increases Indo National 's aggregate shareholding in MMSPL to 59.16% on a fully diluted basis. The transaction was completed via a cash consideration based on a valuation report issued by a registered valuer.

The company acquired 604 shares at a price of ₹16,536 per share. MMSPL is engaged in the business of manufacturing, distribution, and providing services related to Air Monitoring Systems and Air Purifiers. The acquisition is not classified as a related party transaction, and no promoters or group companies hold any interest in the entity being acquired.

The primary object of this acquisition is to facilitate business growth, generate revenue, and earn profit through expansion. The target entity reported a turnover of ₹1,45,60,000 for FY 25-26. The indicative time period for the completion of this acquisition is up to FY 2027-28.

Financial Overview of Medcuore Medical Solutions

The following table details the turnover of MMSPL over the last three financial years:

The investment was intimated to the exchanges under Regulation 30 of the SEBI LODR Regulations. J. Srinivasan, Company Secretary, confirmed the disclosure on May 30, 2026.

Indo National Limited reported audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at its Board meeting held on May 15, 2026. On a standalone basis, the company swung to a net loss of Rs. 1,039.71 lakh for FY26 compared to a net profit of Rs. 101.39 lakh in FY25, weighed down by higher total expenses and a decline in other income. Despite the loss, the Board recommended a final dividend of Rs. 3.75 per share (75%) amounting to Rs. 281.25 lakh on equity shares of Rs. 5 each, subject to shareholder approval. The financial results were audited by M/s. G Balu & Associates LLP, Chartered Accountants, who issued an unmodified audit opinion on both standalone and consolidated results.

Standalone Financial Performance

On a standalone basis, total income declined to Rs. 45,820.77 lakh in FY26 from Rs. 46,662.50 lakh in FY25, driven by a marginal dip in revenue from operations to Rs. 45,100.95 lakh from Rs. 45,797.12 lakh and a fall in other income to Rs. 719.82 lakh from Rs. 865.38 lakh. Total expenses rose to Rs. 46,817.48 lakh from Rs. 46,556.11 lakh, resulting in a loss before tax of Rs. 996.71 lakh against a profit of Rs. 106.39 lakh in the prior year. The standalone earnings per share (basic and diluted) stood at Rs. (13.86) for FY26 versus Rs. 1.35 in FY25.

Key standalone financial metrics are presented below:

Standalone Balance Sheet Highlights

As at March 31, 2026, standalone total assets stood at Rs. 49,002.09 lakh compared to Rs. 48,747.57 lakh as at March 31, 2025. Equity share capital remained unchanged at Rs. 375.00 lakh, while other equity declined to Rs. 20,835.24 lakh from Rs. 22,234.20 lakh. Total equity stood at Rs. 21,210.24 lakh against Rs. 22,609.20 lakh in the prior year. Current borrowings increased to Rs. 20,144.00 lakh from Rs. 18,725.72 lakh, and cash and cash equivalents improved significantly to Rs. 543.62 lakh from Rs. 29.07 lakh.

Consolidated Financial Performance

On a consolidated basis, which includes subsidiaries Helios Strategic Systems Limited, Nippo Green Energy Private Limited, and Medcuore Medical Solutions Private Limited, total income for FY26 stood at Rs. 46,010.46 lakh, significantly lower than Rs. 65,743.86 lakh in FY25, the latter having been boosted by elevated other income. The consolidated net loss for FY26 was Rs. 2,669.20 lakh, compared to a net profit of Rs. 12,194.61 lakh in FY25. Consolidated EPS (basic and diluted) was Rs. (35.12) for FY26 versus Rs. 165.02 in FY25. Total consolidated assets as at March 31, 2026 stood at Rs. 43,066.43 lakh against Rs. 72,147.88 lakh in the prior year.

Segment Performance

The Consumer Goods segment, which encompasses the manufacture and sale of dry batteries, trading of lighting products, and other home appliances, remained the primary revenue contributor with FY26 segment revenue of Rs. 45,100.95 lakh. The Air Purifier segment, represented by Medcuore Medical Solutions, contributed Rs. 145.60 lakh in FY26. The Composites & Aerospace segment recorded nil revenue in FY26 following the NCLT-approved amalgamation of Helios Strategic Systems Limited with Indo National Limited, effective April 2, 2026.

Medcuore Investment and Other Key Developments

During FY26, Indo National made an additional primary investment of Rs. 80,00,000 in Medcuore Medical Solutions Private Limited (MMSPL) through subscription to 871 equity shares at Rs. 9,187 per share, raising its total shareholding to 57.48% of the paid-up share capital on a fully diluted basis. Cumulatively, the company invested Rs. 693.63 lakh towards acquisition of 54.79% in MMSPL's equity shares, making it a subsidiary. Additionally, Rs. 850 lakh was invested in Compulsory Convertible Preference Shares (CCPS) of Axial Aero Private Limited during the year. The NCLT approved the scheme of amalgamation of Helios Strategic Systems Limited with Indo National Limited vide its order dated March 10, 2026, with the amalgamation becoming effective from April 2, 2026. The Board also re-appointed M/s. B. Thulasiram & Co. as Cost Auditors and M/s. R.G.N. Price & Co. as Internal Auditors, each for a term of one year commencing April 1, 2026.