NSE: NATIONSTD · BSE: 504882
NATIONAL STAND (INDIA) L
A real estate development company that earns revenue from the sale and development of residential and commercial properties, with a focus on Mumbai's Fort area. In FY26, revenue from operations was ₹2,041.81 lakhs, down from ₹2,232.97 lakhs in FY25. The company's costs are dominated by materials at 98.9% of revenue, with employee costs at 0.6% and other operating expenses at 31.1%. The company reported no depreciation or capital expenditure in FY26, and net cash from operating activities was negative at ₹(602.43) lakhs. It is part of the Lodha Group and has a scheme of merger with holding company Lodha Developers Limited pending before NCLT, with BSE approval received in December 2025. Q1 FY27 results showed revenue from operations of negative ₹101.57 lakhs due to reversal of a previously sold unit, though other income supported total income of ₹346.67 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real estate development. Small, asset-light real estate development company, part of the Lodha Group
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25 | 17 | 21 | 22 | 20 |
| EBITDA (ex other income) | 15 | 1 | 3 | 0 | (6) |
| margin % | 57.8 | 8.6 | 16.1 | 0.7 | (30.7) |
| Owners' profit | 25 | 8 | 15 | 13 | 10 |
| EPS, as reported (₹) | 12.30 | 4.12 | 7.37 | 6.60 | 4.83 |
| ROE % · ROCE % | 10.4 · 14.4 | 3.4 · 4.9 | 5.7 · 7.7 | 4.8 · 6.7 | 3.4 · 4.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3 | 13 | (1) | (8) | (6) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 4 | 16 | 3 | 0 | 17 | 3 | 0 |
| Profit before tax | 4 | 6 | 3 | 5 | 1 | 6 | 4 | 2 |
| Net profit | 3 | 5 | 2 | 4 | 1 | 4 | 3 | 1 |
| EPS (₹) | 1.32 | 2.40 | 1.08 | 1.80 | 0.49 | 2.13 | 1.63 | 0.58 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.8 | 20.5 | 33 of 57 | 43% |
| P/B | 0.8 | 1.9 | 9 of 64 | 87% |
| ROCE | 4.7 | 6.4 | 43 of 66 | 35% |
| ROE | 3.4 | 8.0 | 45 of 64 | 30% |
| Debt / Equity | 0.0 | 0.4 | 1 of 64 | 95% |
| Revenue growth | (100.0) | 12.8 | 67 of 67 | 0% |
| Profit growth | (67.7) | 7.5 | 59 of 66 | 11% |
| Market cap | 211 | 1781 | 53 of 67 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper publication of September 2026 unaudited results | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 FY27 results: PAT 333.68L, revenue reverses, merger with Lodha pending | results | high | — | — |
| 22 Oct 2026 · Q2 FY27 results: PAT at 333.68 lakhs, Lodha Developers merger pending NCLT nod | results | high | — | — |
| 15 Oct 2026 · Board meeting on Oct 22 to approve Q2 and H1 FY27 results | results | low | — | — |
| 9 Oct 2026 · NCLT merger scheme with Lodha Developers approved by shareholders | strategic transactions | high | — | — |
| 9 Oct 2026 · NCLT meeting approves merger with Lodha Developers | strategic transactions | high | — | — |
| 8 Oct 2026 · RTA certificate for dematerialised securities for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 results are declared | compliance | minimal | — | — |
| 7 Sept 2026 · NCLT meeting of equity shareholders for Lodha Developers merger on Oct 9 | compliance | minimal | — | — |
| 4 Sept 2026 · NCLT meeting notice for NSIL merger with Lodha Developers | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.