National Standard (India) Limited

Real Estate — Real Estate - Development · NSE

₹105.20−₹0.26 (−0.25%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of National Standard (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

National Standard (India) Limited engages in real estate development in India. The company was formerly known as National Standard Duncan Limited. The company was incorporated in 1962 and is based in Mumbai, India.

IndustryReal Estate - Development

SectorReal Estate

Annual revenue₹20 Cr

How does it make money?

Turns over ₹20 Cr a year. Of every ₹100 of sales, about ₹47 reaches shareholders as profit, with ₹79 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 4.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +18% while net margin moved -1% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+18%

Margin effect-1%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 5.7% — barely ahead of inflation
✗ Profit CAGR of only 5.4%
✗ Latest-year revenue growth of -6.7% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

63/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

18.8x

Sector Median

30.2x

median of 3 sector peers

🟢Against its sector it trades 38% below the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

30.2x median of 3 peers · -38%

vs. generic bands

Fair

15x–35x

EV/EBITDA

12.3x

PEG

3.47

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 69.9% to 79.3% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 115% against revenue up 18% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 69.9% to 79.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 38% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 115% against revenue up 18%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 5.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 77%✓ 79.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹6 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✓ 5.7% CAGR
Latest reported year was -6.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4ROCE stays above 8%✗ 4.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹210 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.8x

Fair

Fairly valued against the generic band

P/B Ratio

0.75x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.61

Profitable

Profitable on a per-share basis

ROE

3.4%

Weak

Weak capital efficiency

ROCE

4.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-6.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

159.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹6 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

107.1%

Good

Healthy core-business profitability

Net Margin

57.8%

Good

Strong bottom-line conversion

Current Ratio

96.91

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.50

Defensive

Steadier than the market

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

RSI (14)

19.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹17 Cr	₹21 Cr	₹22 Cr	₹20 Cr	+5.7%
EBITDA	₹12 Cr	₹20 Cr	₹18 Cr	₹16 Cr	+10.3%
EBITDA Margin	69.9%	94.2%	83.6%	79.3%	—
PAT (Net Profit)	₹8 Cr	₹15 Cr	₹13 Cr	₹10 Cr	+5.4%
ROE	3.4%	5.7%	4.8%	3.4%	—
ROCE	4.9%	7.7%	6.7%	4.7%	—
Free Cash Flow	₹13 Cr	-₹1 Cr	-₹8 Cr	-₹6 Cr	—

🟢 Revenue has grown at 5.7% a year over 3 years.

🟢 EBITDA has grown at 10.3% a year over 3 years.

🟢 EBITDA Margin has risen from 69.9% to 79.3% over 3 years (+9.4 pts).

🟢 PAT (Net Profit) has grown at 5.4% a year over 3 years.

🟡 ROE has held roughly flat at 3.4% over 3 years.

🟡 ROCE has held roughly flat at 4.7% over 3 years.

🔴 Free Cash Flow has turned negative, from ₹13 Cr to -₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹285 Cr

Total Liabilities

₹3 Cr

Total Debt

—

Cash & Equivalents

₹12 Cr

Operating Cash Flow

-₹6 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

95.8%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive5 general

National Standard (India) (BSE:504882) - Stock Analysis

Simply Wall Street, 16 Oct

National Standard (India) Ltd Upgraded to Sell Amid Mixed Technicals and Flat Financials

MarketsMojo, 16 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Narinder Pal Singh Shinh sells 2.53% stake in National Standard

scanx.trade, 21 Aug

National Standard (India) | Stock Share Price Live

MarketSmith India, 03 Aug

National Standard India share price fell 5%

Univest, 21 Jul

National Standard (India) Limited (NATIONSTD.NS) Climbs 2.47% to ₹112.66, Nearing Resistance at ₹118.29 - Bear Flag

siam.in, 21 Sept

Watch Items

Revenue growth is negative (-6.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Valuation

MiddlingFinancial Health · Profitability

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑