National Standard (India) Ltd Q3 FY26 — ₹3.17 Cr Sales, ₹3.25 Cr PAT, P/E 309×: When Real Estate Becomes a Fixed Deposit in Disguise
1. At a Glance
Welcome to National Standard (India) Ltd, the stock that makes you ask existential questions about valuation, patience, and whether “other income” deserves its own Netflix special. Market cap stands at ₹3,741 Cr, current price ₹1,871, and the P/E sits at a jaw-dropping 309×—a number so high it deserves oxygen masks.
Latest Q3 FY26 results (Quarterly Results—locked 🔒): Sales ₹3.17 Cr, PAT ₹3.25 Cr, with QoQ sales down 79.8% and profit up 51.2%. Yes, profit rose while sales collapsed—because this company runs less like a developer and more like a treasury desk with a land hobby. ROE is ~5%, ROCE ~6.9%, debt zero, and promoter holding a steady 73.94%.
Three-month return is +6.88%, six-month -25.4%, one-year -56.2%. Translation: if volatility were Bollywood, this would be a full masala film with interval confusion. Curious yet? Good—read on.
2. Introduction
Founded in 1962, NSIL is now part of the Lodha universe, operating as a subsidiary under Macrotech Developers Limited lineage via Ananthnath Constructions and Farms Pvt. Ltd. The company’s present avatar is real estate development, but the income statement tells a more nuanced story: operating revenue is tiny; other income does the heavy lifting.
Historically, revenue from property development used to dominate (FY19 nostalgia). Today, interest from loans to the holding company steals the limelight. This is not illegal, not unusual, but definitely… interesting. Add to that a nearly sold-out Thane project and a management that says it’s “evaluating opportunities.” Investors hear that sentence and immediately ask: when? how big? and at what ROE?
And then there’s the merger drumbeat—approvals with Lodha entities, NCLT filing pending. Corporate actions are the real catalyst theatre here, not quarterly sales graphs. Ready to dissect?
3. Business Model — WTF Do They Even Do?
Let’s explain this to a smart but lazy investor.
Develop real estate (selectively).
Lend money within the group, earn interest (consistently).
Sit on a strong balance sheet, wait for corporate restructuring to unlock value.
The flagship narrative is Lodha Grandezza, a residential project in Wagle Estate, Thane—twin 18-storey towers plus boutique commercial spaces under the Supremus brand. The Thane project is almost fully sold out. After that? The company is “evaluating opportunities,” which in real estate usually means feasibility studies, approvals, and chai with architects.
Operational revenue is episodic; other income is structural. That’s the model. Does it scale? Not without fresh projects. Does it protect downside? Debt-free balance sheets usually do. Now ask yourself: Are you buying a developer or a balance-sheet-with-optional-land?
4. Financials Overview (Quarterly — Locked 🔒)
Result Type Detected:Quarterly Results (Q3 FY26). EPS Annualisation Rule Applied: Q3 → Average of Q1, Q2, Q3 EPS × 4.
Quarterly Comparison (₹ Cr; EPS in ₹)
Metric
Latest Qtr (Dec’25)
YoY Qtr (Dec’24)
Prev Qtr (Sep’25)
YoY %
QoQ %
Revenue
3.17
15.69
17.25
-79.8%
-81.6%
EBITDA
-0.06
-0.97
-0.36
NA
NA
PAT
3.25
2.15
4.26
+51.2%
-23.7%
EPS (₹)
1.62
1.08
2.13
+50.0%
-24.0%
Commentary: Sales vanished, profits survived—thanks to other income (~₹4–6 Cr/quarter). Operating margins swing wildly; P&L stability comes from interest, not bricks. Ask yourself: Is that what you want from a real estate stock?
Annualised EPS (Q3 method): Average EPS (Q1–Q3 FY26) = (0.50 + 2.13 + 1.62)/3 ≈ 1.42 → Annualised ≈ ₹5.7 (rounded). This aligns broadly with TTM ₹6.05.
