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: â‚ą1,750. Market cap: â‚ą3,500 Cr. P/E: 318. Book value: â‚ą139. 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
