Indo-National Limited

Dipak Kanayalal Shah, who last held 1.15 percent of Indo-National Limited, is no longer listed among the company's disclosed shareholders, indicating either a complete sale or a reduction to below the 1 percent reporting requirement.

A manufacturer and marketer of batteries, torches, LED products, and electrical accessories, Indo National also produces consumer items including mosquito bats, razors, and blades. Incorporated in 1972, the company operates across both industrial and retail segments throughout India. Its diversified product portfolio spans energy solutions, lighting products, and household essentials, positioning it as a multi-category consumer and industrial goods provider serving varied customer needs.

A quiet accumulator of India's most overlooked microcap businesses. Built a ~₹152 Cr portfolio across 35 companies spanning specialty chemicals, pharma, packaging, and industrial components, mostly names that don't appear in any analyst's coverage universe. Portfolio DNA overlaps significantly with Sharad Kanayalal Shah, pointing to a disciplined family approach to finding businesses the market has completely ignored.