How has been the historical performance of National Standar?

Revenue and Profit Trends

Examining National Standar’s net sales reveals a pattern of recovery and growth following a dip in fiscal year 2020. Sales increased from ₹13.82 crores in 2019 to ₹25.46 crores in 2022, before moderating slightly to ₹22.33 crores in 2025. This growth reflects the company’s ability to expand its market presence and adapt to changing conditions. Operating profit margins excluding other income have shown significant volatility, peaking at 57.82% in 2022 but declining to a modest 0.72% in 2025, indicating fluctuating operational efficiency.

Despite these swings, National Standar’s overall operating profit (including other income) has remained strong, with ₹18.29 crores reported in 2025, closely following the ₹19.95 crores recorded in 2024. Profit after tax (PAT) has also maintained a healthy level, standing at ₹13.20 crores in 2025, down slightly from ₹14.74 crores the previous year but significantly higher than the ₹4.76 crores in 2019. The PAT margin has consistently been robust, exceeding 59% in 2025, underscoring the company’s capacity to convert revenue into net earnings effectively.

Cost Structure and Operational Efficiency

National Standar’s expenditure profile highlights a dominant share of manufacturing expenses, which rose from ₹0.83 crores in 2020 to ₹19.93 crores in 2025, reflecting scaling operations. Employee costs have remained minimal, under ₹0.12 crores annually in recent years, indicating a lean workforce. Other expenses have fluctuated but generally decreased from ₹5.30 crores in 2020 to ₹2.15 crores in 2025. The company’s ability to manage costs effectively has contributed to its positive gross profit margins, which, although variable, stood at a strong 81.91% in 2025.

Balance Sheet Strength and Asset Management

National Standar’s balance sheet reveals a solid foundation with shareholder’s funds increasing steadily from ₹200.49 crores in 2020 to ₹272.34 crores in 2025. The company maintains a debt-free status, with no long-term or short-term borrowings reported during this period, enhancing its financial flexibility. Total assets have grown consistently, reaching ₹276.92 crores in 2025, supported by a rise in current assets, particularly short-term loans and advances, which expanded from ₹176.90 crores in 2020 to ₹267.11 crores in 2025.

Inventories and sundry debtors have decreased over the years, suggesting improved working capital management. Cash and bank balances have been relatively low but stable, with ₹0.26 crores in 2025. The book value per share has appreciated from ₹100.24 in 2020 to ₹136.17 in 2025, reflecting growing net worth and shareholder value.

Cash Flow and Financial Stability

Cash flow analysis indicates some variability in operating cash flows, with a negative ₹8 crores in 2025 contrasting with positive inflows in prior years, such as ₹12 crores in 2023. Investing activities have seen both inflows and outflows, with ₹7 crores inflow in 2025 following a significant outflow in 2023. Financing activities have remained neutral, consistent with the company’s debt-free position. The net cash inflow/outflow has been largely stable, with minor fluctuations, supporting the company’s operational needs without reliance on external financing.

Overall, National Standar’s historical performance reflects a company that has navigated market challenges with resilience, maintaining profitability and strengthening its financial position. While operational margins have experienced volatility, the firm’s consistent profit generation, absence of debt, and growing shareholder equity position it favourably for future growth prospects.

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