National Standard (India) Ltd.

•

nsil.net.inBSE: 504882NSE: NATIONSTD

Market Cap₹ 209 Cr.

Current Price

High / Low₹ 1,495 / 98

Stock P/E18.6

Book Value₹ 142

Price to Book9.54

Dividend Yield0.00 %

ROCE4.8 %

ROE3.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Company is almost debt free
Stock looks reasonably valued - P/E of 18.6 is below its historical median

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
A large part of profit comes from other income (147.1% of PBT)
Company has a low return on capital employed of 6.5%
Company has a low return on equity of 4.8% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.41x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	681.00	37.92	168568.73	1.17	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1220.60	29.56	121965.19	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1960.00	54.77	70104.86	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	PRESTIGE	1625.00	61.46	69993.66	0.12	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1904.60	26.33	69251.68	0.42	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1986.60	37.40	59841.66	0.50	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	BRIGADE	712.95	33.47	23260.66	0.21	216.94	37.35	1115.55	-12.93	11.02	32.33
8.	ANANTRAJ	628.50	39.09	22618.27	0.16	149.19	18.50	631.40	6.58	12.23	29.53
9.	ABREL	1376.10	116.21	15370.44	0.18	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1254.70	58.18	13419.50	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	793.70	10.70	11166.25	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	NATIONSTD	104.50	18.64	209.00	0.00	2.54	156.57	-1.02	—	4.79	106.99

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5	5	148	56	0	38	157	28	0	173	32	0	-10
	8	8	122	41	8	18	167	29	3	176	32	30	1
Operating Profit	-3	-3	26	15	-8	20	-10	-1	-3	-4	-1	-30	-11
OPM %	-67.62%	-59.92%	17.37%	26.34%	-3142.31%	53.71%	-6.16%	-4.31%	—	-2.07%	-1.93%	—	107.09%
	41	41	40	42	46	44	41	50	4	62	44	46	45
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	38	38	66	57	38	64	32	49	1	58	43	17	34
Tax %	26.89%	26.77%	25.23%	26.17%	30.35%	25.05%	32.29%	26.34%	33.56%	27.01%	24.52%	29.60%	25.15%
Net Profit	28	28	49	42	26	48	22	36	1	43	33	12	25
	1.40	1.40	2.46	2.11	1.32	2.40	1.08	1.80	0.49	2.13	1.63	0.58	1.27

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	111	35	14	5	17	25	17	21	22	20	194
	52	25	19	6	15	11	16	18	22	27	239
Operating Profit	59	10	-5	-1	2	15	1	3	0	-6	-45
OPM %	53.25%	29.06%	-35.65%	-15.08%	10.05%	57.82%	8.64%	16.06%	0.69%	-30.66%	-23.18%
	23	12	11	9	15	19	11	17	18	20	197
Interest	11	5	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	72	17	6	8	16	34	12	20	18	13	152
Tax %	42.21%	35.29%	20.79%	21.27%	29.82%	27.44%	31.37%	26.11%	27.76%	27.26%	26.17%
Net Profit	41	11	5	7	11	25	8	15	13	10	112
EPS	20.71	5.56	2.38	3.26	5.53	12.30	4.12	7.37	6.60	4.83	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -20%
5 Years:: 4%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: -17%
5 Years:: -3%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 6%
3 Years:: 5%
Last Year:: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	20	20	20	20	20	20	20	20	20	20
	158	169	174	180	192	216	224	239	252	262
	79	0	1	1	1	0	0	0	0	0
Trade Payables	6	7	2	1	2	2	2	2	0	0
	33	104	7	9	11	8	7	7	4	2
Total Liabilities	296	300	204	212	225	246	253	267	277	285
	0	0	0	0	0	0	0	0	0	0
	32	38	19	17	14	6	3	2	0	0
	0	0	0	0	0	0	0	1	3	2
Cash & Bank	2	3	1	5	8	31	1	1	0	12
	261	258	184	190	203	208	249	264	274	271
Total Assets	296	300	204	212	225	246	253	267	277	285

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	27	-4	12	5	8	8	19	-1	-8	-6
Cash from Investing	51	106	-9	-1	-3	-2	-14	1	7	17
Cash from Financing	-48	-86	-0	-0	0	0	0	0	0	0
	-8	1	-2	2	-2	1	-1	-0	-1	11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	20.71	5.56	2.38	3.26	5.53	12.30	4.12	7.37	6.60	4.83
Book Value (₹)	89.04	94.60	96.98	100.24	105.77	118.08	122.20	129.57	136.17	141.00
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	20.75	5.57	2.39	3.38	5.65	12.36	4.13	7.37	6.61	4.83
PROFITABILITY
Operating Margin %	74.09%	63.62%	45.74%	160.52%	96.12%	133.96%	69.62%	16.06%	0.69%	-30.66%
Net Margin %	37.20%	31.34%	34.43%	121.12%	65.57%	96.64%	47.55%	68.96%	59.11%	47.31%
ROE %	26.32%	6.06%	2.48%	3.31%	5.37%	10.99%	3.43%	5.85%	4.97%	3.48%
ROCE %	32.45%	10.11%	3.29%	4.27%	7.75%	15.19%	5.02%	7.92%	6.88%	4.79%
	11.81%	3.73%	1.89%	3.14%	5.06%	10.46%	3.31%	5.66%	4.85%	3.44%
EFFICIENCY
Debtor Days	43	92	199	433	92	144	185	19	32	47
Inventory Days	129	363	750	1197	333	141	94	42	0	0
Payable Days	171	117	116	683	45	66	49	37	20	6
	1	339	833	947	380	219	230	23	13	41
FINANCIAL HEALTH
Debt to Equity (x)	0.44x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	7.68x	4.20x	21.75x	63.74x	75.51x	435.81x	229.47x	0.00x	0.00x	0.00x
	2.50x	2.69x	17.98x	16.30x	14.41x	25.22x	27.39x	30.89x	56.09x	96.91x
GROWTH
Revenue Growth %	-39.53%	-68.13%	-61.05%	-61.02%	212.88%	51.05%	-31.88%	23.22%	4.48%	-8.56%
Operating Profit Growth %	-25.40%	-72.63%	-72.00%	36.82%	87.34%	110.51%	-64.60%	65.23%	-8.34%	-27.39%
Net Profit Growth %	-31.82%	-73.15%	-57.21%	37.11%	69.38%	122.63%	-66.48%	78.70%	-10.44%	-26.82%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	78.70%	-10.44%	-26.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	657.78x	538.67x	278.47x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	37.41x	26.11x	9.54x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	485.85x	388.77x	201.67x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.94	73.94	73.94	73.94	73.94	73.94	73.94	73.94	73.94
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.06	26.06	26.06	26.06	26.06	26.06	26.06	26.06	26.06

Documents

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