💰 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.