National Standard (India) Ltd, once a proud steel products manufacturer and now a Lodha Group satellite, is the kind of company that looks like a riddle wrapped in a financial statement. The share price sits at ₹1,303, after tumbling a stomach-churning 71% in one year, leaving investors wondering whether they accidentally bought land or vapor. Despite a market cap of ₹2,607 crore, the company clocked just ₹17.25 crore in quarterly revenue and ₹4.26 crore PAT, giving it a price-to-earnings multiple that makes even tech startups blush — a wild 237x.
It’s debt-free (because apparently, not doing much also means not borrowing much), has a ROE of 4.97%, and ROCE of 6.88% — just about the return you’d expect from a long-term fixed deposit with more drama. The stock trades at 9.39x book value, which means you’re paying roughly ₹9 for every ₹1 of net worth, all for a company whose “development” seems more spiritual than real estate-based.
Quarterly numbers are a circus: sales jumped 354% YoY, but profits fell 11%, making this the only company that celebrates revenue growth while its margins cry for help.
If finance had a meme wall, National Standard would be pinned right next to “expectations vs reality.”
2. Introduction
National Standard (India) Ltd (NSIL) has been around since 1962, which means it’s older than India’s color TV era — yet somehow manages to keep investors guessing like a daily soap plot twist. After decades of industrial activity, it joined the Lodha Group in 2011, swapped steel for real estate, and since then, the company’s results have been a masterclass in the art of understatement.
Let’s be clear: this isn’t your typical DLF or Oberoi Realty running mega-projects across metros. NSIL’s primary claim to fame is its Lodha Grandezza project in Thane — twin residential towers with attached boutique office spaces. But that’s where the action paused. Since the Thane project “almost sold out,” NSIL has been “evaluating various business opportunities,” which is corporate-speak for “Netflixing and chilling while collecting interest income.”
With Other Income making up over 60% of total revenue, and a good chunk of that from interest on loans to the parent company, the business model is less “real estate development” and more “internal family treasury.”
Yet somehow, the market once valued it like a luxury brand. From ₹4,700 highs to ₹1,300 now, the stock chart looks like a Lehman Brothers memorial. Investors who thought they were buying a mini Lodha discovered instead they were funding a glorified group loan account.
So what’s going on under this glossy Lodha wrapper?
3. Business Model – WTF Do They Even Do?
National Standard’s business model can be summarized in three words: Real Estate, Rehypothecated, Resting.
The company’s main line item is “Income from Property Development,” which contributes roughly 39% of total revenue — down from a once-glorious 96% in FY19. That sharp decline tells you the Thane project finished selling homes faster than NSIL could find new land parcels.
Next up, we have “Sale of Building Materials” (1%) — just enough to buy cement for one wing of a small bungalow. Add Other Operating Revenue (6%), and the remaining chunk — a meaty 64% — is pure Other Income, mostly interest from loans given to its parent entity.
Yes, you read that right: National Standard earns its living by lending to Lodha Group entities. Imagine a subsidiary lending back to the parent and earning interest, all while calling itself a real estate developer. It’s like your kid charging you rent for living in your own house.
The marquee project, Lodha Grandezza, sits in Thane’s Wagle Estate and includes twin 18-storey towers surrounded by Supremus commercial towers. It’s nearly sold out, meaning the balance sheet’s “real estate” component is now just as static as a museum exhibit.
So in short:
It’s technically a real estate company.
Functionally, it’s a Lodha Group financier.
Operationally, it’s on a yoga break.
4. Financials Overview
Let’s see how NSIL’s numbers flex — or rather, politely nod — each quarter.
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue (₹ Cr)
17.25
3.80
0.00
354%
∞
EBITDA (₹ Cr)
-0.36
2.04
-2.85
-117%
+87%
PAT (₹ Cr)
4.26
4.80
0.99
-11.2%
+330%
EPS (₹)
2.13
2.40
0.50
-11.3%
+326%
Commentary: Sales growth looks like a one-time spike rather than momentum — one quarter up, next three asleep. EBITDA remains negative, which means NSIL’s “core” real estate operations aren’t adding profit. PAT survives solely due to Other Income, mainly interest inflows. EPS? Think of it as a coin toss between “interest accrued” and “expense adjusted.”
5. Valuation Discussion – Fair Value Range Only
Let’s do the math before we faint at that 237x P/E.
EPS (TTM) = ₹5.51
CMP = ₹1,303
P/E = 1303 / 5.51 = 236.7x
That’s roughly 7x the industry median (33.7x).
Assume a “fair” P/E of 40–60x, considering zero debt and Lodha backing. Fair Value Range = ₹220 – ₹330 per share (educational estimate only).
EV/EBITDA = 169, implying that even if you merged with DLF, this multiple would still make analysts weep.
DCF View: Given its recurring interest income (₹18–20 crore annually) and limited development activity, fair intrinsic value sits in the ₹250–₹350 bracket under conservative assumptions.
Disclaimer: This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
October 2025 saw the company publish Q2/H1 FY26 results — revenue ₹17.25 crore, PAT ₹4.26 crore. The limited review report was “unmodified,” which means auditors didn’t scream — yet.
The real drama happened earlier: July 30, 2024, the board approved a merger with Macrotech Developers Limited (Lodha Developers). Essentially, NSIL is
