Naman In-Store (India) Ltd H1 FY26 – ₹69 Cr Revenue, ₹0.33 Cr PAT, P/E 49x: Retail Furniture Ka Rollercoaster Without Seatbelt
1. At a Glance
Naman In-Store (India) Ltd is that stock which looks like a gym freak on Instagram but skips leg day in reality. Market cap of roughly ₹88 crore, current price hovering around ₹67.5, down sharply by ~23% in three months and a brutal ~59% erosion over one year. On paper, sales look muscular at ₹158 crore TTM, but profits are gasping for oxygen with PAT of just ₹1.8 crore. The stock trades at a spicy P/E of ~49x for a company delivering operating margins of under 5%, which is like paying fine-dining prices for railway canteen samosas. ROCE sits at 14.2%, ROE at 10.6%, debt at ₹18.8 crore, and working capital behaving like it just discovered credit cards. Latest half-year numbers show revenue of ₹69 crore but PAT barely ₹0.33 crore, making investors wonder whether this is a furniture company or a stress-testing lab for patience. Welcome to Naman In-Store — where scale is visible, but profitability keeps playing hide and seek.
2. Introduction
Naman In-Store (India) Ltd was incorporated in 2010, which makes it old enough to have survived multiple business cycles, demonetisation, GST chaos, COVID, and SME investors’ mood swings. The company operates in the glamorous-sounding but brutally competitive world of retail furniture, fixtures, and turnkey fit-out solutions. Glamorous because you get to say “retail experience solutions,” brutal because margins evaporate faster than water on a Vasai factory roof in May.
This is a B2B business, meaning no emotional retail customers, only procurement teams armed with Excel sheets and zero mercy. Naman designs, manufactures, and installs modular furniture, retail fixtures, kiosks, shelving systems, electrical panels, server racks, and anything else that can be bolted to a floor or wall. If it fits in a mall, salon, airport, or supermarket, Naman wants a piece of it.
But here’s the plot twist: while revenues have scaled up rapidly over the last three years, profits have not received the same memo. The company has grown sales at a 3-year CAGR of ~45%, yet profit growth has turned negative in TTM. So the question arises — is this just a temporary margin hiccup, or is the business structurally addicted to low-margin contracts? And more importantly, why is the market still giving it a 49x earnings multiple?
Let’s put on our funny detective hats and start investigating.
3. Business Model – WTF Do They Even Do?
Imagine IKEA, but without the meatballs, flat-pack manuals, or retail customers. Naman In-Store operates entirely on a B2B turnkey model. Brands come in with empty retail spaces, and Naman walks out after filling them with furniture, fixtures, kiosks, display units, shelving, lighting mounts, and sometimes even electrical panels.
The business is broadly split into two segments:
The Retail segment, which contributes ~81% of FY23 revenue, includes store furniture, modular office furniture, retail displays for apparel, beauty, cosmetics, and lifestyle brands. Think malls, high streets, airports, and salons.
The Industrial segment, contributing ~17%, includes electrical control panels, server racks, battery racks, petrol pump kiosks, and office compactors. Less glamorous, more metal, slightly better stability.
Naman operates a manufacturing facility in Vasai with a built-up area of ~2,00,000 sq. ft., supported by warehouses in Kaman and Bengaluru. The current facility has a peak revenue potential of ~₹180 crore, while the upcoming Wada facility is expected to push that ceiling to ₹270–300 crore over time.
They handle everything in-house — design, engineering, manufacturing, and installation. This vertical integration sounds sexy in investor presentations, but it also means higher fixed costs, working capital intensity, and execution risk. Every delayed payment hurts. Every raw material spike pinches margins. And every aggressive bid to win contracts comes at the cost of profitability.
So yes, they do a lot. Whether they earn enough doing it — that’s the real suspense thriller.
4. Financials Overview
Result Type Lock: HALF-YEARLY RESULTS
(Detected from official “Half Yearly Results” header. EPS annualisation locked accordingly.)
Quarterly Comparison Table (₹ Crore)
Source table
Metric
Latest Half (Sep 2025)
Same Half Last Year
Previous Half
YoY %
HoH %
Revenue
69
66
89
4.5%
-22.5%
EBITDA
3
10
5
-70%
-40%
PAT
0.33
5
1
-93%
-67%
EPS (₹)
0.25
4.56
1.13
-94%
-78%
Annualised EPS (Half-Yearly): ₹0.25 × 2 = ₹0.50
Commentary: Revenue is standing tall like a showroom mannequin, but profits have collapsed like cheap MDF shelves. EBITDA margins have shrunk, interest and depreciation are eating quietly, and net profit has nearly vanished. This is not a seasonal blip — this is margin compression screaming for attention.
