Indo National Limited has deepened its control over Medcuore Medical Solutions Private Ltd (MMSPL) by investing ₹49,93,872 to acquire an additional 0.75% equity stake. This investment brings Indo National’s total holding in the air monitoring and purification systems manufacturer to 61.09%, consolidating its majority position in the entity. The acquisition was executed through a cash subscription to equity shares valued at ₹16,536 per share, based on a valuation report issued by a registered valuer.

The transaction, disclosed under Regulation 30 of the SEBI LODR Regulations, 2015, along with Schedule III and the SEBI master circular dated November 11, 2024, represents a strategic move to facilitate business growth and generate revenue through expansion. Indo National confirmed that the acquisition does not constitute a related-party transaction, and neither the promoters nor group companies hold any interest in MMSPL. No governmental or regulatory approvals were required for this investment.

MMSPL, incorporated on June 7, 2020, operates exclusively in India, focusing on the manufacturing, distribution, and servicing of air monitoring systems and air purifiers. The company has demonstrated significant revenue growth recently, with its turnover rising sharply in FY26. The indicative time period for the completion of this acquisition phase extends up to FY28.

Financial Performance of Medcuore Medical

MMSPL’s financial data reveals a substantial increase in turnover for the most recent fiscal year compared to the previous two years.

What the Numbers Show

The surge in MMSPL’s turnover from ₹35,41,484 in FY25 to ₹1,45,60,000 in FY26 marks a significant operational acceleration, reversing the decline seen between FY24 and FY25. Indo National’s decision to increase its stake to 61.09% coincides with this peak in revenue performance, suggesting confidence in the target’s current growth trajectory within the air quality management sector.

Indo National has invested an aggregate amount of ₹74,90,808 in Medcuore Medical Solutions Private Ltd (MMSPL) by subscribing to equity shares. The investment represents an additional 1.18% of the paid-up share capital in MMSPL on a fully diluted basis. Following this acquisition, Indo National's aggregate shareholding in MMSPL now stands at 60.34%. The transaction was completed via cash consideration based on a valuation report issued by a registered valuer.

The acquisition is not classified as a related party transaction, and none of the promoter, promoter group, or group companies have any interest in the entity being acquired. MMSPL is engaged in the business of manufacturing, distribution, and providing services related to Air Monitoring Systems and Air Purifiers. The object of the acquisition is to facilitate business growth, generate revenue, and earn profit through business expansion. No governmental or regulatory approvals were required for the transaction, which is expected to be completed up to FY 2027-28.

Financial Details of Medcuore Medical Solutions

MMSPL reported a turnover of ₹1,45,60,000 for FY 26. The entity was incorporated on June 7, 2020, and operates within India. The price per share for the acquisition was ₹16,536, with a total of 453 shares acquired.

The disclosure was made pursuant to Regulation 30 of the SEBI LODR Regulations and the SEBI master circular dated November 11, 2024.