National Standard (India) Ltd: Lodha’s Zombie Listing or India’s Most Expensive Empty Plot?
1. At a Glance
A ₹5,000 Cr company with no actual operations and a P/E of 433? Welcome to the surreal world of National Standard (India) Ltd — a Lodha Group subsidiary with virtually zero sales, mysterious “Other Income,” and a market cap that screams DLF but business that whispers “ghost town.”
2. Introduction with Hook
Imagine a lavish high-rise, beautifully lit, perfectly designed—except no one’s inside. That’s National Standard (India) Ltd.
FY25 Sales: ₹22 Cr
Net Profit: ₹13 Cr (thanks to loans to the parent)
P/E: 433x
Dividend: Ha! Not since birth.
It’s the real estate company that doesn’t build, sell, or rent—but sure knows how to get valued like a startup unicorn.
3. Business Model (WTF Do They Even Do?)
National Standard (India) Ltd, now under Lodha Group since 2011, claims to operate in:
Property Development
Sale of Building Materials (1%)
Other Operating Income (~6%)
Other Income from Loans (~65%) – Loaned to Lodha Group entities
Let’s call it what it is: a Lodha shell—parked on BSE for… reasons. The “development” is more financial engineering than construction.
