🧾 National Standard (India) Ltd Q2FY26 – ₹17.25 Cr Sales, ₹4.26 Cr PAT, 318× P/E, 12.6× Book, and a Debt-Free Mirage Worth ₹3,500 Cr
1. At a Glance
Welcome to National Standard (India) Ltd, the Lodha Group’s “quiet cousin” that doesn’t build skyscrapers — it builds suspense. CMP: ₹1,750. Market cap: ₹3,500 Cr. P/E: 318. Book value: ₹139. Dividend: none (obviously). ROE: a barely caffeinated 4.97 %.
In Q2FY26, the company reported revenue of ₹17.25 Cr and a PAT of ₹4.26 Cr — a heroic 353 % jump in sales QoQ but an 11 % drop in profit. The share, however, is down 63 % in the past year. Investors are still wondering whether this is a real-estate firm or a glorified NBFC that lends to its parent and calls it “other income.”
The last time this stock hit ₹4,850, analysts called it “undervalued Lodha proxy.” Today, it’s a ₹1,750 curiosity trading at 12.6 × book — the only thing appreciating here is sarcasm.
2. Introduction
Some companies sell homes. Some sell dreams. National Standard (India) Ltd sells confusion — professionally, and with audited precision.
Born in 1962, it started life as a manufacturer, wandered into property, and eventually found a home inside the Lodha Group in 2011, under Ananthnath Constructions and Farms Pvt Ltd. Lodha, of course, is India’s answer to “What if DLF had a flashier cousin with more paperwork?”
Today NSIL has one visible project — Lodha Grandezza, Thane — twin 18-storey towers surrounded by three “Supremus” commercial buildings. The rest of the year, the company’s revenue comes from mysterious “other income” — 98 % of which is interest from loans… to the holding company itself. That’s right: it lends money to Lodha’s own subsidiaries and earns interest as “revenue.” It’s basically a family WhatsApp group that files quarterly results.
Still, every quarter it manages to post a profit, stay debt-free, and maintain a P/E ratio that would make even Apple jealous. If you ever wanted to study financial origami, start here.
3. Business Model – WTF Do They Even Do?
Let’s simplify:
Officially, NSIL is in “Real Estate Development.” Unofficially, it’s in the business of earning interest from its parent and looking busy.
Its key revenue lines:
Property development: 39 % of total revenue (down from 96 % in FY19).
Sale of building materials: 1 %.
Other operating revenue: 6 %.
Other income: 64 % of total — because why sweat building towers when you can lend to Lodha and chill?
The company’s flagship, Lodha Grandezza, is mostly sold out. A solid project, but not exactly enough to justify a ₹3,500 Cr valuation. The rest of the time, the company “evaluates business opportunities,” which sounds suspiciously like “scrolling MagicBricks for ideas.”
So what’s the real business here? A Lodha-controlled real estate shell with zero debt, minimal assets, and recurring interest income. Think of it as the Lodha family’s balance-sheet Airbnb — assets stay elsewhere, cash visits occasionally.
4. Financials Overview
Metric
Latest Qtr (Q2 FY26)
Same Qtr LY
Prev Qtr
YoY %
QoQ %
Revenue
₹17.25 Cr
₹3.80 Cr
₹0.00 Cr
354 %
∞ %*
EBITDA
-₹0.36 Cr
₹2.04 Cr
-₹2.85 Cr
-118 %
+87 %
PAT
₹4.26 Cr
₹4.80 Cr
₹0.99 Cr
-11 %
330 %
EPS (₹)
2.13
2.40
0.50
-11 %
+326 %
*Infinity, because last quarter’s revenue was basically a rounding error.
Commentary: A quarterly sales jump of 354 % deserves applause, but when your full-year revenue is only ₹35 Cr and your P/E is 318, it’s like clapping for someone who found ₹10 in their own pocket. PAT decline suggests the Lodha interest party might have hit a cap — or maybe the Thane project is truly closing out. Either way, “growth” here depends on whether the parent borrows more.
5. Valuation Discussion – Fair Value Range (Educational Only)
1️ P/E Method
Annualised EPS = ₹5.5 × 4 = ₹22. Industry average P/E ≈ 43. → Fair value = ₹22 × (35–50) = ₹770–₹1,100 range.
2️ EV / EBITDA
EV ≈ ₹3,500 Cr; EBITDA ≈ ₹15 Cr (TTM). EV/EBITDA = 233× vs industry 12–18×. To match peers, fair EV ≈ ₹180–₹270 Cr ⇒ Share price ₹90–₹130.
Oct 17 2025: Newspaper ad proudly published — because sometimes you advertise not to attract buyers, but to remind people you exist.
Board Appointments: Darshan Multani continues as CEO since 2020; ex-RCOM and Kuwait Airways veteran — perfect combo of telecom fallouts and grounded flights.
Future Plans: “Evaluating various business opportunities” — code for waiting for Lodha Developers’ next memo.
The only real “trigger” might be a fresh project announcement from Lodha’s stable. Until then, this is a glorified parking lot for group cash.
