Indo National adds Aidin unit with Rs 9.8192 crore revenue

Indo National Limited consolidated Aidin Technologies Private Limited from July 29, 2026, adding Rs 9.8192 crore of revenue and Rs 2.7189 crore of profit after tax through September 30, 2026. Aidin’s inclusion introduced aerospace as a reportable segment, which recorded Rs 9.5417 crore of revenue in the September quarter.

What did Indo National acquire and when?

Indo National gained majority management control of Aidin’s board on July 29, 2026, making Aidin a subsidiary from that date. The consolidated auditor said Aidin’s financial performance was included only for July 29 to September 30, rather than the full half year from April 1 to September 30, 2026.

The control position followed Indo National’s investment during the half year ended September 30, 2026 in 9,920 fully paid Series A compulsorily convertible preference shares, or CCPS, of Aidin. Each share had a face value of Rs 10 and a premium of Rs 35,270.84, resulting in an investment of Rs 34.9985933 crore.

Indo National also subscribed to 12,202 partly paid Series A1 CCPS, paying Rs 0.50 per share, for Rs 6,101. The filing identifies majority management control of the board as the basis for subsidiary status, but does not disclose an equity ownership percentage, enterprise valuation or a schedule for conversion of the preference shares.

Aidin operates in space, aerospace and defence, as well as commercial business, according to the September-quarter notes. The consolidated results list Nippo Green Private Limited, Medcuore Medical Solutions Private Limited and Aidin as subsidiaries at September 30, 2026, with Aidin marked as a subsidiary effective July 29, 2026.

How much did Aidin add to Indo National’s results?

Aidin added total assets of Rs 93.3979 crore, total revenue of Rs 9.8192 crore and profit after tax of Rs 2.7189 crore between July 29 and September 30, 2026. It also reported total comprehensive income of Rs 2.7002 crore and cash flows of Rs 18 lakh for that post-acquisition period.

The company’s notes say Aidin’s assets exceeded 10% of total consolidated assets of Rs 559.9923 crore for the Indian Accounting Standard 108, or Ind AS 108, assessment. The consolidated balance sheet, however, reported total assets of Rs 504.6312 crore at September 30, 2026; the filing does not explain the difference between that balance-sheet total and the total cited in the note.

Total consolidated assets on the balance sheet increased from Rs 430.6643 crore at March 31, 2026 to Rs 504.6312 crore at September 30, 2026. Goodwill on consolidation rose to Rs 26.0527 crore from Rs 7.0096 crore, while inventories increased to Rs 101.131 crore from Rs 61.0614 crore.

The half-year cash-flow statement recorded Rs 5.17 lakh as cash acquired on acquisition of a subsidiary. Group net cash used in operating activities was Rs 46.5887 crore in the six months ended September 30, 2026, compared with net cash generated of Rs 78.8804 crore in the corresponding 2025 period.

How did aerospace change Indo National’s segment reporting?

Indo National separately reported aerospace in the September 2026 quarter because Aidin’s asset base led to segment reporting under Ind AS 108. The aerospace segment generated Rs 9.5417 crore of revenue and Rs 3.2023 crore of profit before interest and tax in the three months ended September 30, 2026.

Consumer goods remained the largest reported segment, with revenue of Rs 118.1533 crore in the September quarter. That was Rs 0.9157 crore lower than Rs 119.069 crore in the quarter ended September 30, 2025, while aerospace had no reported revenue in either the June 2026 or September 2025 comparison quarters.

Aerospace segment assets were Rs 112.441 crore at September 30, 2026 and its capital employed was Rs 36.9428 crore, against nil in the two comparison quarters. Aerospace revenue of Rs 9.5417 crore differs from Aidin’s Rs 9.8192 crore of post-acquisition total revenue in the auditor’s report, and the filing provides no reconciliation between those differently described figures.

How did Indo National’s consolidated results change?

Indo National reported revenue from operations of Rs 127.8565 crore for the quarter ended September 30, 2026, compared with Rs 116.1405 crore in the June 2026 quarter and Rs 119.5988 crore a year earlier. Half-year revenue from operations was Rs 243.997 crore, up from Rs 239.039 crore in the half year ended September 30, 2025.

Profit before tax was Rs 1.5552 crore in the September 2026 quarter, compared with a loss before tax of Rs 3.22 crore in the preceding quarter and profit before tax of Rs 1.5013 crore a year earlier. For the six months ended September 30, 2026, the group nevertheless reported a loss before tax of Rs 1.6648 crore, versus profit before tax of Rs 2.6893 crore a year earlier.

Consolidated profit after tax was Rs 2.1946 crore in the September quarter and Rs 4.2046 crore for the half year, compared with Rs 1.0913 crore and Rs 2.1593 crore respectively in the prior-year periods. Of the September-quarter profit, Rs 0.4887 crore was attributable to owners of Indo National and Rs 1.7059 crore to non-controlling interests.

Finance costs rose to Rs 1.7168 crore in the September quarter from Rs 0.7231 crore a year earlier. Non-current borrowings increased to Rs 14.0855 crore at September 30, 2026 from Rs 0.1767 crore at March 31, while current borrowings rose to Rs 55.4901 crore from Rs 34.21 crore.

What remains unresolved after Indo National consolidated Aidin?

The consolidated auditor did not itself review Aidin’s financial results for July 29 to September 30, 2026. Its conclusion on Aidin’s Rs 93.3979 crore of assets, Rs 9.8192 crore of revenue and Rs 2.7189 crore of profit after tax relied on another auditor’s report furnished by management, and its conclusion was not modified.

Indo National also disclosed that it cannot yet reliably estimate the further financial impact of the Battery Waste Management Rules, 2022. The parent is required to meet extended producer responsibility, or EPR, obligations for non-rechargeable portable batteries from financial year 2025-26, but said Central Pollution Control Board portal processes and EPR credit pricing remain under deliberation.

A separate matter is a Rs 42.26 crore penalty imposed by the Competition Commission of India in a zinc-carbon dry-cell batteries cartelisation case. Indo National said the National Company Law Appellate Tribunal stayed the penalty after the company deposited Rs 4.22 crore, and no provision had been made as at September 30, 2026 based on legal opinion.

Conclusion

Aidin’s consolidation changes Indo National’s reported business mix from July 29, 2026, adding an aerospace segment with Rs 9.5417 crore of September-quarter revenue and Rs 3.2023 crore of profit before interest and tax. The subsidiary’s Rs 9.8192 crore of post-acquisition revenue and Rs 2.7189 crore of profit after tax were included in a quarter when group revenue from operations reached Rs 127.8565 crore.

The next results will show aerospace for a full reporting quarter rather than only the July 29 to September 30 acquisition period. Management also said it will account for the further impact of EPR obligations once it can make a reliable estimate after the compliance framework and credit-pricing mechanism stabilise.