Buy, Sell Or Hold: Eveready Industries India, Indo-National — Analyst Forecast

Updated: 24 Sept 2026 • 12:05 pm

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Buy, Sell Or Hold: Eveready Industries India, Indo-National — Analyst Forecast

Sector Snapshot (24 September 2026)

Stock	LTP (Rs)	52W High	52W Low	P/E vs Industry	ROE	Our View
Eveready Industries India	326.70	423.55	259.65	13.40 / 15.06	23.50%	Buy on Dips
Indo-National	324.05	480.60	257.00	N/A (loss-making)	-8.71%	Avoid / High Risk

India has only two genuine listed dry cell battery makers, which is why this list covers two names instead of five.

Quick Answer

Eveready Industries India is the clear pick between these two dry cells stocks, trading below the industry average valuation with a strong return on equity of 23.50%. Indo-National, maker of the Nippo brand, is currently loss-making with a negative return on equity, which puts it in high-risk territory despite a similar share price level.

India's dry cell battery market is a small, mature, two-player listed space dominated by Eveready and Nippo brands, both exposed to lithium-ion substitution trends over the long run even as zinc-carbon and alkaline cells remain the mass-market standard. This piece checks both listed names on valuation and profitability.

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Table of Contents

Eveready Industries India: Buy on Dips

Eveready Industries India trades at Rs 326.70, down close to 23% from its 52-week high of Rs 423.55. It combines a strong return on equity of 23.50% with a price-to-earnings ratio of 13.40, below the industry average of 15.06. That mix of solid profitability and a below-industry valuation makes it the standout of these dry cells stocks to accumulate on dips.

Indo-National: Avoid / High Risk

Indo-National, maker of the Nippo brand of batteries, is at Rs 324.05, down close to 33% from its 52-week high of Rs 480.60. The company is currently loss-making, with a negative return on equity of 8.71% and no meaningful price-to-earnings ratio to lean on. Until profitability returns, this is a stock to avoid rather than one to hold through the turnaround.

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What Ties These Dry Cells Stocks Together

These two dry cells stocks currently sit at very different points despite trading at similar share price levels. Eveready Industries India has turned in solid profitability at a reasonable valuation, while Indo-National's current losses put it in a very different risk category. Zinc and manganese input costs, along with the slow but steady shift toward lithium-ion and rechargeable alternatives, are worth watching across both names over the longer term.

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Conclusion

Dry cells stocks in India are a small two-player space, and of these dry cells stocks, Eveready Industries India currently looks like the more reasonable pick for gradual accumulation given its profitability and below-industry valuation, while Indo-National's current losses keep it in higher-risk territory. As always, treat this as a starting point rather than a final word.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.

Frequently Asked Questions

A few common questions on these two names, answered briefly below for quick reference.

How many listed dry cells stocks are there in India?

Only two genuine listed dry cell battery makers exist in India, Eveready Industries India and Indo-National, which makes the Nippo brand.

Which dry cells stock looks more attractive right now?

Eveready Industries India is clearly the more attractive of these dry cells stocks, combining a below-industry valuation with a strong 23.50% return on equity.

Why is Indo-National considered high risk?

Indo-National is currently loss-making, with a negative return on equity of 8.71%, which means it has no meaningful price-to-earnings ratio to anchor its valuation and is best avoided until profitability returns.

Is the dry cell battery market shrinking?

The traditional zinc-carbon and alkaline dry cell market faces long-term pressure from rechargeable lithium-ion alternatives, though dry cells remain the mass-market standard for many low-drain devices in India today.

Where can I track these dry cells stocks in real time?

You can track live prices, set price alerts, and follow quarterly results for Eveready Industries India and Indo-National using the Univest iOS App and Univest Android App.