National Standard (India) Ltd (504882)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, National Standard's revenue was ₹-1.0 Cr, and net profit ₹2.5 Cr (+156.6% year on year); the operating margin was 106.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹-1.0 | — | — |
| Operating profit | ₹-1.1 | loss narrowed | loss narrowed |
| Net profit | ₹2.5 | +156.6% | +119.0% |
| EPS (₹) | 1.27 | +154.0% | +119.0% |
| Operating margin | 106.9% | — | — |
📢 Recent Corporate Announcements
National Standard (India) Ltd has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming its status as a company with no active projects or direct employees. The company is currently in a terminal phase awaiting a merger with its holding company, Lodha Developers Limited, with all Key Managerial Personnel on deputation. A notable operational shift occurred as sales to related parties reached 100% of total sales in FY26, up from 40% in FY25. The company maintains a stable financial position with a net worth of Rs 281.99 crore and zero debt.
- Sales to related parties increased to 100% of total sales in FY26 from 40% in FY25
- The company reported 0 direct employees and 0 workers, with all KMPs on deputation from the holding company
- Net worth as of March 31, 2026, is reported at Rs 28,199.54 lakhs (approx. Rs 282 Cr)
- The Board of Directors comprises 6 members, including 1 female director (16.67% representation)
- Accounts payable turnover improved significantly, with days payable decreasing to 4 days from 9 days in FY25
National Standard (India) Ltd has released its 63rd Annual Report for FY2025-26, confirming its status as a terminal entity awaiting merger with Lodha Developers Limited. The company reports zero debt and a net worth of ₹282 crore, but explicitly states it has no plans for new real estate projects, focusing solely on liquidating inventory from a 2018 project. The merger scheme received BSE approval on December 30, 2025, and the company is currently preparing its application for the NCLT Mumbai Bench. Shareholders will meet on August 28, 2026, to vote on the appointment of Walker Chandiok & Co LLP as statutory auditors for a five-year term.
- Merger with Lodha Developers Limited approved by BSE on December 30, 2025, with NCLT filing currently in process.
- 63rd Annual General Meeting scheduled for August 28, 2026, via video conferencing.
- Proposed appointment of M/s. Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term until 2031.
- Company maintains 0% planned expansion with no intention to start new real estate projects in the near future.
- Related party transactions (RPTs) accounted for 40% of sales in the reporting period.
National Standard (India) Ltd has scheduled its 63rd Annual General Meeting (AGM) for August 28, 2026, to approve FY26 financials and key leadership changes. The company proposes appointing Walker Chandiok & Co LLP as statutory auditors for a five-year term until 2031. Additionally, shareholders will vote on the appointment of Mr. Vikas Jain and Mr. Sanjay Bahad to the board, and the re-appointment of Ms. Ritika Bhalla. These administrative steps occur as the company remains in a terminal phase, focusing on inventory liquidation ahead of its planned merger with Lodha Developers.
- 63rd Annual General Meeting scheduled for August 28, 2026, at 3:00 PM IST via Video Conferencing.
- Cut-off date for determining e-voting eligibility is fixed as August 21, 2026.
- Proposed appointment of M/s. Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term until the 68th AGM in 2031.
- Appointment of Mr. Sanjay Bahad as Independent Director for a 5-year term from July 6, 2026, to July 5, 2031.
- Re-appointment of Ms. Ritika Bhalla as Independent Director for a second 5-year term starting July 12, 2027.
National Standard (India) reported a Profit After Tax (PAT) of ₹2.54 Cr for Q1 FY27, a significant increase from ₹0.99 Cr in the year-ago period, primarily driven by Other Income of ₹4.48 Cr. Revenue from operations was negative at -₹1.01 Cr due to the cancellation of a previously sold unit and the associated reversal of revenue. Crucially, the company filed its Scheme of Merger with its holding company, Lodha Developers Limited, with the NCLT on June 11, 2026. As the company has no new projects, its financial performance is currently limited to liquidating old inventory and generating interest income.
- Profit After Tax (PAT) rose to ₹254.04 lakhs in Q1 FY27 from ₹98.68 lakhs in Q1 FY26.
- Revenue from operations was -₹101.57 lakhs following a deed of cancellation for a unit sold in a previous year.
- Other Income of ₹448.24 lakhs accounted for the entirety of positive inflows during the quarter.
- Total expenses dropped sharply to ₹7.19 lakhs from ₹285.02 lakhs in the corresponding quarter last year.
- The Scheme of Merger with Lodha Developers Limited was filed with the NCLT Mumbai Bench on June 11, 2026.
National Standard (India) reported a Q1 FY27 PAT of Rs 2.54 Cr, up from Rs 0.99 Cr in Q1 FY26, largely supported by Other Income of Rs 4.48 Cr. Revenue from operations was negative at -Rs 1.01 Cr due to the reversal of a previously recognized unit sale. The company confirmed that its merger scheme with holding company Lodha Developers Limited was filed with the NCLT on June 11, 2026, and is currently awaiting approval. The 63rd Annual General Meeting is scheduled for August 28, 2026.
- Net Profit for Q1 FY27 stood at Rs 2.54 Cr, compared to Rs 0.99 Cr in the same quarter last year.
- Revenue from operations was -Rs 1.01 Cr due to a deed of cancellation for a unit sold in an earlier period.
- Merger scheme with Lodha Developers Limited was filed with NCLT Mumbai Bench on June 11, 2026.
- Other Income of Rs 4.48 Cr contributed the majority of the total income of Rs 3.46 Cr for the quarter.
- The 63rd AGM is scheduled for August 28, 2026, to be held via Video Conferencing.
National Standard (India) Ltd reported a PAT of ₹2.54 Cr for Q1 FY27, up 157% from ₹0.99 Cr in Q1 FY26, primarily driven by other income of ₹4.48 Cr. Revenue from operations was negative at -₹1.01 Cr due to the cancellation of a previously sold unit. A significant structural update is the filing of the merger scheme with Lodha Developers Limited at the NCLT on June 11, 2026. The company continues to operate in a terminal phase with no new projects planned, focusing on liquidating existing inventory.
- Net Profit increased to ₹2.54 Cr in Q1 FY27 compared to ₹0.99 Cr in the year-ago period.
- Revenue from operations stood at -₹101.57 lakh due to a deed of cancellation for a unit sold in an earlier year.
- Other income of ₹4.48 Cr accounted for the entirety of the company's positive total income.
- Merger scheme with holding company Lodha Developers Limited was filed with NCLT Mumbai on June 11, 2026.
- Ms. Ritika Bhalla re-appointed as Independent Director for a second 5-year term starting July 12, 2027.
National Standard (India) Ltd reported a net profit of ₹2.54 Cr for the quarter ended June 30, 2026, up from ₹0.99 Cr in the previous year's corresponding quarter. The company recorded negative operational revenue of ₹1.01 Cr due to a unit sale cancellation, with total income being supported by ₹4.48 Cr in other income. Crucially, the company has filed its Scheme of Merger with its holding company, Lodha Developers Limited, at the NCLT Mumbai on June 11, 2026. As the company has no new projects planned, its future is entirely tied to the completion of this merger.
- Net Profit rose to ₹254.04 Lakhs in Q1 FY27 compared to ₹98.68 Lakhs in Q1 FY26.
- Revenue from operations was negative ₹101.57 Lakhs following a deed of cancellation for a previously sold unit.
- Scheme of Merger with Lodha Developers Limited was filed with NCLT Mumbai on June 11, 2026.
- Other Income of ₹448.24 Lakhs constituted the entirety of the company's positive inflows for the quarter.
- The 63rd Annual General Meeting (AGM) is scheduled for August 28, 2026.
National Standard (India) Ltd has announced that Mr. Vinod Shah (DIN: 00127085) will complete his term as an Independent Director. His cessation from the board will be effective from the close of business hours on July 19, 2026. This is a routine administrative update following the completion of a fixed tenure. No replacement has been named in this specific filing, and the board will need to ensure continued compliance with independence requirements.
- Cessation of Mr. Vinod Shah as Independent Director effective July 19, 2026
- Announcement made on July 17, 2026, ahead of the term completion
- Change is due to the completion of the director's prescribed tenure
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
National Standard (India) Ltd has scheduled a board meeting on July 20, 2026, to consider and approve the un-audited financial results for the quarter ended June 30, 2026. This is a routine regulatory filing as per SEBI Listing Regulations. The company also confirmed that the trading window for dealing in its securities has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared. Investors should look for the actual financial performance data on the meeting date.
- Board meeting scheduled for July 20, 2026, to approve financial results
- Financial results pertain to the quarter ended June 30, 2026
- Trading window for securities closed from July 1, 2026
- Trading window to remain closed until 48 hours after the results declaration
National Standard (India) Ltd has issued a clarification to BSE regarding recent fluctuations in its stock price. The company stated that it has been prompt in disclosing all reportable events under SEBI Regulations and that the current price movement is not attributable to any internal information. Management confirmed that there is no pending material information or event that would significantly impact operations or performance. The company believes the price movement is entirely market-driven.
- Response issued on July 8, 2026, following a BSE query dated July 7, 2026
- Company confirms no undisclosed material information exists as per SEBI Regulation 30
- Management attributes recent price volatility to market-driven factors
- Company maintains it is prompt in all required regulatory disclosures
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Real Estate Development, which accounts for 100% of its turnover. Revenue is currently derived solely from the sale of inventory from a project completed in 2018, as there are no ongoing projects.
Geographic Revenue Split
100% of revenue is generated within India, specifically from one state (Maharashtra), as the company has no international operations or exports.
Profitability Margins
Operating Profit Margin was 0.45% in FY25, a decrease of 15.09% from 0.53% in FY24. Net Profit Margin was 0.59% in FY25, a decrease of 14.49% from 0.69% in FY24, driven by lower profit after tax compared to the previous year.
EBITDA Margin
Operating Profit Margin stands at 0.45%, reflecting a 15.09% YoY decline due to decreased operating profits relative to the previous year's performance.
Capital Expenditure
Historical and planned capital expenditure is INR 0 Cr, as the company has no ongoing projects and no plans to take up any real estate projects in the near future.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company reports no interest coverage ratio (N.A.), suggesting a lack of traditional debt-servicing requirements at this stage.
Operational Drivers
Raw Materials
Not applicable (0% of total cost) as the company is currently selling existing inventory from a project completed in 2018 and has no active construction.
Import Sources
Not applicable as there is no active procurement for new construction projects.
Key Suppliers
Not applicable; the company has no active construction suppliers. Accounts payable days decreased from 40 days to 9 days, a 77.5% reduction.
Capacity Expansion
Current capacity is limited to existing inventory from a past project; there is 0% planned expansion as the company has no intention to start new projects.
Raw Material Costs
Raw material costs are not a current factor as revenue is derived from finished goods inventory; however, the company notes that industry-wide increases in input costs and land prices are significant risks to margins.
Manufacturing Efficiency
Not applicable as the company is a real estate developer with no active construction; revenue is 100% from inventory liquidation.
Logistics & Distribution
Not applicable as a percentage of revenue for real estate inventory sales.
Strategic Growth
Expected Growth Rate
6.5%
Growth Strategy
The company is pursuing a merger with its holding company, Lodha Developers Limited (approved Dec 30, 2025). Growth is currently limited to liquidating existing inventory, as the company has no new projects planned. Future growth will be tied to the parent entity's performance following the merger.
Products & Services
Real estate inventory (residential/commercial units) from a project completed in 2018.
Brand Portfolio
Lodha, Lodha Group (via parent company Lodha Developers Limited).
New Products/Services
0%; the company explicitly states it has no plans to take up any new real estate projects in the near future.
Market Expansion
No expansion plans; the company is focused on its current Mumbai-based inventory and the upcoming merger.
Market Share & Ranking
Not disclosed; the company is a small-cap subsidiary of a major developer (Lodha).
Strategic Alliances
The company is a subsidiary of Lodha Developers Limited (73.94% stake) and is currently in the process of merging with them.
External Factors
Industry Trends
The Indian real estate sector is recovering with economic momentum, but faces roadblocks from inflation and high interest costs. The industry is evolving with a focus on capital expenditure and infrastructure, though NSIL itself is not initiating new developments.
Competitive Landscape
The company operates in the highly competitive Indian real estate market, though its current activity is limited to selling remaining inventory rather than active competition for new projects.
Competitive Moat
The company's primary advantage is its association with the Lodha Group (Macrotech Developers), providing access to KMPs on deputation and established brand recognition, though the company is currently in a terminal phase prior to merger.
Macro Economic Sensitivity
The company is sensitive to India's GDP growth (projected at 6.5% for FY26) and retail inflation (4.9% in FY25). Higher inflation and interest rates directly impact the affordability of real estate for its individual customer base.
Consumer Behavior
Demand is influenced by household income levels and interest rates; the company notes that rising farm incomes and air passenger traffic suggest a recovery in economic momentum that could support inventory liquidation.
Geopolitical Risks
The company identifies global uncertainties and geopolitical tensions as factors that could impact the broader Indian economy and real estate demand.
Regulatory & Governance
Industry Regulations
Operations are subject to government regulations, tax regimes, and real estate specific laws. The company voluntarily delisted from the Calcutta Stock Exchange effective February 1, 2025.
Environmental Compliance
ESG compliance costs are not specifically disclosed in INR; however, the company follows the Business Responsibility and Sustainability Report (BRSR) framework as a subsidiary of Lodha Developers.
Taxation Policy Impact
The company notes that various taxes and levies add to costs and are likely to squeeze margins as they cannot always be passed on to customers.
Legal Contingencies
There are zero (0) pending cases or disciplinary actions related to corruption, bribery, or conflicts of interest involving directors or KMPs.
Risk Analysis
Key Uncertainties
The primary risk is the lack of new projects (100% impact on long-term viability as a standalone entity), which is being addressed through the merger with the parent company.
Geographic Concentration Risk
100% of revenue and assets are concentrated in Mumbai, Maharashtra, making the company highly vulnerable to local regulatory or economic shifts.
Third Party Dependencies
High dependency on the holding company, Lodha Developers Limited, for Key Managerial Personnel (KMPs) and business responsibility initiatives.
Technology Obsolescence Risk
Low risk for current inventory liquidation, but the company notes that alternative construction methods and industry-relevant professional skills are necessary for future-ready workforces.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio decreased by 42.01% to 11.27, indicating a slowdown in collections; however, 100% of loans and advances are given to related parties.
