Nanocomposite samples of zinc oxide (ZnO) and indium oxide (In 2 O 3 ) doped with Co (at 1.5% molar concentration) are synthesized through conventional solid-state reaction technique. These samples are taken in a quartz tube and placed in reduction furnace for post-annealing in the presence of hydrogen for~10 h at around 550°C. The X-ray diffraction (XRD) study confirms the formation of hexagonal wurtzite structure for ZnO, Zn H exhibited a perceptible ferromagnetic behavior at 300 K whereas it overturns significantly after long air sintering. An effort has been made to fit the experiential M-H data of hydrogenated samples to the Bound Magnetic Polaron (BMP) model. MATLAB-based simulations have been performed to validate the homogeneity in particle distribution of the samples evinced through SEM micrographs. A multivariate assessment viz. hierarchical cluster analysis is also executed to corroborate and strengthen the experimental findings of magnetic properties.