Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.52 | 14.82 | 5.59 | 0.03 | 3.80 | 15.69 | 2.81 | 0.00 | 17.25 | 3.17 | 0.00 | -1.02 |
| Expenses | 0.83 | 12.24 | 4.12 | 0.85 | 1.76 | 16.66 | 2.92 | 2.85 | 17.61 | 3.23 | 2.99 | 0.07 |
| Operating Profit | -0.31 | 2.58 | 1.47 | -0.82 | 2.04 | -0.97 | -0.11 | -2.85 | -0.36 | -0.06 | -2.99 | -1.09 |
| OPM % | -59.62% | 17.41% | 26.30% | -2,733.33% | 53.68% | -6.18% | -3.91% | -2.09% | -1.89% | |||
| Other Income | 4.14 | 4.00 | 4.25 | 4.61 | 4.37 | 4.15 | 5.01 | 4.34 | 6.19 | 4.37 | 4.64 | 4.48 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 3.83 | 6.58 | 5.72 | 3.79 | 6.41 | 3.18 | 4.88 | 1.49 | 5.83 | 4.31 | 1.65 | 3.39 |
| Tax % | 26.63% | 25.23% | 26.05% | 30.34% | 24.96% | 32.08% | 26.43% | 33.56% | 26.93% | 24.59% | 29.70% | 25.07% |
| Net Profit | 2.80 | 4.92 | 4.22 | 2.64 | 4.80 | 2.15 | 3.60 | 0.99 | 4.26 | 3.25 | 1.16 | 2.54 |
| EPS in Rs | 1.40 | 2.46 | 2.11 | 1.32 | 2.40 | 1.08 | 1.80 | 0.50 | 2.13 | 1.62 | 0.58 | 1.27 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 184 | 111 | 35 | 14 | 5 | 17 | 25 | 17 | 21 | 22 | 20 | 19 |
| Expenses | 95 | 52 | 25 | 19 | 6 | 15 | 11 | 16 | 18 | 22 | 27 | 24 |
| Operating Profit | 89 | 59 | 10 | -5 | -1 | 2 | 15 | 1 | 3 | 0 | -6 | -4 |
| OPM % | 48% | 53% | 29% | -36% | -15% | 10% | 58% | 9% | 16% | 0.7% | -31% | -23% |
| Other Income | 21 | 23 | 12 | 11 | 9 | 15 | 19 | 11 | 17 | 18 | 20 | 20 |
| Interest | 19 | 11 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 91 | 72 | 17 | 6 | 8 | 16 | 34 | 12 | 20 | 18 | 13 | 15 |
| Tax % | 33% | 42% | 35% | 21% | 21% | 30% | 27% | 31% | 26% | 28% | 27% | |
| Net Profit | 61 | 41 | 11 | 5 | 7 | 11 | 25 | 8 | 15 | 13 | 10 | 11 |
| EPS in Rs | 30.38 | 20.71 | 5.56 | 2.38 | 3.26 | 5.52 | 12.30 | 4.12 | 7.37 | 6.60 | 4.83 | 5.60 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -20% | 4% | 6% | -13% | ||
| Compounded Profit Growth | -17% | 4% | 5% | -3% | ||
| Stock Price CAGR | % | -51% | -71% | -94% | ||
| Return on Equity | 6% | 6% | 5% | 3% |
| Mar 2015 | Mar 2016 | 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 | 20 | 20 |
| Reserves | 56 | 117 | 158 | 169 | 174 | 180 | 192 | 216 | 224 | 239 | 252 | 262 |
| Borrowings | 150 | 114 | 79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 97 | 110 | 39 | 16 | 12 | 14 | 16 | 10 | 9 | 8 | 5 | 3 |
| Total Liabilities | 322 | 361 | 296 | 205 | 206 | 214 | 227 | 246 | 253 | 268 | 277 | 285 |
| Fixed Assets | 0 | 0 | 0 | 0 | 4 | 5 | 3 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 322 | 361 | 296 | 205 | 202 | 209 | 224 | 246 | 253 | 268 | 277 | 285 |
| Total Assets | 322 | 361 | 296 | 205 | 206 | 214 | 227 | 246 | 253 | 268 | 277 | 285 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 54 | 78 | -12 | -20 | 7 | 2 | 1 | 3 | 13 | -1 | -8 | -6 |
| Cash from Investing Activity | -104 | -20 | 51 | 106 | -9 | -1 | -3 | -2 | -14 | 1 | 8 | 17 |
| Cash from Financing Activity | 42 | -51 | -48 | -86 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Flow | -8 | 7 | -8 | 1 | -2 | 2 | -2 | 1 | -1 | -0 | -1 | 11 |
| Free Cash Flow | 54 | 78 | -12 | -20 | 7 | 2 | 1 | 3 | 13 | -1 | -8 | -6 |
| CFO/OP | 98% | 123% | 45% | -37% | -251% | -570% | 457% | 57% | 1,276% | 149% | -2,050% | 46% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 69 | 31 | 35 | 74 | 207 | 336 | 76 | 237 | 23 | 19 | 47 | 42 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 69 | 31 | 35 | 74 | 207 | 336 | 76 | 237 | 23 | 19 | 47 | 42 |
| Working Capital Days | 181 | 259 | 575 | 1,891 | 4,878 | 12,620 | 4,201 | 2,888 | 5,002 | 4,296 | 4,334 | 4,713 |
| ROCE % | 45% | 46% | 32% | 10% | 3% | 4% | 6% | 15% | 5% | 8% | 7% | 5% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% | 73.94% |
| Public | 26.05% | 26.05% | 26.05% | 26.05% | 26.05% | 26.05% | 26.05% | 26.05% | 26.06% | 26.05% | 26.05% | 26.06% |
| No. of Shareholders | 2,680 | 2,625 | 2,600 | 2,576 | 2,520 | 2,478 | 2,465 | 2,700 | 2,875 | 2,877 | 2,847 | 2,852 |
Fundamentals
Market Cap₹ 227 Cr.
Current Price₹ 115
Stock P/E20.2
Book Value₹ 141
ROCE4.79 %
ROE3.49 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-13%
Compounded Profit Growth (TTM)-3%
Standalone figures.
Valuation
Market capRs 230 Cr
Enterprise valueRs 218 Cr
P/E (TTM)20.50x
Price to book0.81x
Price to sales11.25x
EV / EBITDA14.37x
EV / EBIT14.37x
EV / sales10.68x
Earnings yield4.88%
P/E, 3-year average491.60x
P/B, 3-year average24.35x
P/E, 5-year average617.42x
P/B, 5-year average33.39x
Profitability
Operating margin (excl. other income)-30.66%
Operating margin (incl. other income)65.03%
EBITDA margin74.34%
Pre-tax margin74.34%
Net profit margin54.90%
Net margin, latest quarter-249.02%
ROE3.49%
ROCE4.79%
ROA3.44%
ROE, 3-year average4.77%
ROCE, 3-year average6.53%
ROA, 3-year average4.65%
ROE, 5-year average5.75%
ROCE, 5-year average7.96%
ROA, 5-year average5.53%
ROIC (approx.)4.09%
Tax rate27.26%
Other income / net worth6.93%
Growth
Sales growth (latest year)-8.55%
Profit growth (latest year)-26.82%
Sales CAGR, 3 years5.58%
Sales CAGR, 5 years3.91%
Profit CAGR, 3 years5.40%
Profit CAGR, 5 years-2.65%
Profit growth QoQ118.97%
Profit growth YoY (latest quarter)156.57%
Per share
EPS (TTM)Rs 5.61
EPS (latest year)Rs 4.83
EPS (latest quarter)Rs 1.27
EPS, 3-year averageRs 6.27
EPS, 5-year averageRs 7.05
Book value per shareRs 141.00
Sales per shareRs 10.21
Cash flow per shareRs -3.01
Free cash flow per shareRs -3.00
Efficiency
Asset turnover0.07x
Debtor days42 days
Debtors turnover8.65x
Cash conversion cycle42 days
Working capital days4713 days
Leverage
Cash and bankRs 12 Cr
Net debtRs -12 Cr
Net debt / EBITDA-0.77x
Owners' fund to total sources98.99%
Cash flow
Cash from Operating Activity (latest year)Rs -6 Cr
Cash from Investing Activity (latest year)Rs 17 Cr
Net Cash Flow (latest year)Rs 11 Cr
Free cash flow (latest year)Rs -6 Cr
Cash from ops / profit, 5 years0.01x
Statement figures
Net sales (TTM)Rs 20 Cr
Net sales (latest year)Rs 20 Cr
Sales (latest quarter)Rs -1 Cr
Operating profit excl. other income (latest year)Rs -6 Cr
Operating profit (latest quarter)Rs -1 Cr
Other income (TTM)Rs 20 Cr
EBITDA (TTM)Rs 15 Cr
PBDT (TTM)Rs 15 Cr
Profit before tax (TTM)Rs 15 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 11 Cr
Net profit (latest year)Rs 10 Cr
Net profit (latest quarter)Rs 3 Cr
Cost of goods sold (latest year)Rs 20 Cr
Total expenditure (latest year)Rs 27 Cr
Total income (latest year)Rs 40 Cr
Share capitalRs 20 Cr
ReservesRs 262 Cr
Shareholders' fundsRs 282 Cr
Total assetsRs 285 Cr
ReceivablesRs 2 Cr
Other liabilitiesRs 3 Cr
Shares outstanding (crore)2.00
Ownership
Promoter holding73.94% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 20.5 is at the 25th percentile of its own 4.0-year range
(median 172.7, low 1.1, high 398.3).
P/B 0.81 is at the 15th percentile (median 27.44).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | NATIONSTD | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -0.2% | -2.8% | +2.6 pts |
| 1 month | +9.1% | -6.8% | +15.9 pts |
| 3 months | -88.1% | -7.6% | -80.5 pts |
| 3 years | -97.6% | +14.2% | -111.8 pts |
| 5 years | -97.2% | +27.9% | -125.1 pts |
Red flags
F-score 3 of 8| explain | Weak cash conversion Cash from operations was -41% of net profit over the last 3 years |
| look | Profit leans on other income Other income was 147% of pre-tax profit in 2026 |
| look | On NSE surveillance On NSE surveillance: ASM long-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹-1 Cr.
Net profit ₹3 Cr +156.6%.
Activity
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| Sri Lotus Developers & Realty Ltd | 10,466 | 40.7 | 21.2 % |
| Max Estates Ltd | 9,312 | 1,586 | 1.40 % |
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1