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Standard Industries Ltd

SIL

NSE

₹15.02+0.54%19 Oct 2026

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Standard Industries Ltd

SIL

NSE

₹15.02

+0.54%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Standard Industries is a 130-year-old Indian company that has quietly transformed from a textile and chemical manufacturer into a lean, asset-light operation with two distinct engines: a trading business that moves fabric and chemicals without owning a single factory, and a property division that has been steadily converting five decades of Mumbai land holdings into cash. The recurring approach is simple - it buys and sells goods under a legacy brand name while separately liquidating surplus real estate when market conditions are right, a pattern that has seen it assign leasehold rights on a 62-acre industrial plot in one transaction and assign development rights on a Dadar apartment building in another.

Business segments

Two engines running in parallel - a textile-and-chemical trading house that lives off its brand, and a property portfolio that turns five decades of Mumbai land into lump-sum cash - neither dependent on the other.

1. Textile and chemical trading: the brand without the factory

The company buys and sells textiles and chemicals without any in-house production, earning its keep from the gap between purchase cost and selling price - and nearly three-quarters of that revenue comes from just two customers.

A school-uniform backbone - the division's largest component is the school uniform business, which is normally very active during school time and has historically performed well, giving the company a predictable seasonal rhythm.
Deep customer concentration - in the most recent disclosed year, two customers accounted for roughly 73% of trading revenue, a pattern that has held for years with two or three buyers consistently representing between 65% and 78% of the division's top line.
Expanding the catalogue - the company has been adding new product ranges such as prints, 2x2 Rubia, and has proposed reintroducing bed sheets and towels, alongside supplying shirts and trousers to institutions, to broaden beyond its school-uniform core.
A fourteen-person operation - the entire company, including this division, runs with just fourteen permanent employees, reflecting an asset-light model where stock-in-trade is purchased rather than manufactured.

2. Property monetisation: the five-decade land bank

The company holds residential and leasehold properties across Mumbai and Navi Mumbai that it has no operational use for, and it converts them into cash through outright sales or by handing development rights to builders in exchange for money and finished apartments.

Surplus, not strategic - the Property Division comprises assets which are in excess of business needs, with investment properties held to earn rentals and/or for capital appreciation, and the stated intent to liquidate based on market conditions.
The big one already happened - in March 2022, the company assigned its leasehold rights in roughly 62 acres at Navi Mumbai's Trans Thane Creek Industrial Area to a third-party buyer for ₹427.33 crore, a single transaction that accounted for all of the division's revenue that year.
Dadar is the next payout - in May 2026, it signed a development rights deal for the land under Stanrose Apartment Building in Dadar West, giving a developer the exclusive right to build and sell residential flats in exchange for roughly ₹169.5 crore in cash plus four flats and sixteen parking spaces in the finished building.
Rent while waiting - between large liquidation events, the division earns rental income from residential units spread across Thane, Chembur, Prabhadevi, Tardeo, and Carmichael Road, recognised on a straight-line basis over the lease term.
Regulation is the wildcard - the real estate business is subject to extensive regulation, and the company flags unanticipated delays in project approvals, rising construction costs, and an over-regulated environment as persistent challenges that can slow down monetisation.

Group structure and partners

The company sits atop two wholly owned subsidiaries - one a salt manufacturer with long-term leasehold rights to salt pans, the other a holding with no described operating business - and maintains a web of equity investments and promoter relationships.

Standard Salt Works: the manufacturing holdout - this 100% subsidiary makes common salt from significant leased salt pans, and the parent considers its investment long-term and strategic specifically because of those leasehold rights and the subsidiary's growth prospects, even converting roughly ₹59.7 crore in loans and advances into equity.
Mafatlal Enterprises: a silent subsidiary - the second wholly owned subsidiary is incorporated in India but its specific business line is not described in any filing beyond its existence as a subsidiary.
Promoter overlap - the Chairman, Shri Pradeep R. Mafatlal, is also a shareholder and Chairman of Shanudeep Private Limited, a promoter company that holds 0.78% of Standard Industries and from which Standard Industries rents its office premises under a leave-and-license agreement.
A portfolio of stakes - the company holds quoted and unquoted investments across equity, mutual funds, preference shares, and debentures, including positions in Nocil Limited and Stanrose Mafatlal Investment and Finance Limited, alongside an equity investment in an un-named entity carried at fair value through other comprehensive income.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹97Cr

Close Price

₹15.02

Industry

Trading

Price To Earnings

1.56

Price To Sales

0.45

Revenue

₹216Cr

Rev Gr TTM

Revenue Growth TTM

585.24%

PAT Gr TTM

PAT Growth TTM

570.80%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	5	7	7	5	8	9	10	6	8	10	193
Growth YoY Revenue Growth YoY%	63.2	42.7	34.8	-22.0	-23.7	46.2	28.1	53.4	40.8	0.1	9.9	1,735.8
Expenses ExpensesCr	9	8	10	9	8	10	12	13	9	12	14	106
Operating Profit Operating ProfitCr	-3	-3	-3	-2	-4	-2	-3	-3	-3	-4	-4	86
OPM OPM%	-54.4	-54.0	-39.1	-34.6	-81.9	-25.5	-39.1	-25.4	-44.5	-53.4	-40.7	44.8
Other Income Other IncomeCr	0	2	9	2	3	-3	0	3	-2	1	-1	0
Interest Expense Interest ExpenseCr	1	1	1	1	0	0	0	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-5	-3	4	-1	-2	-6	-4	-1	-7	-5	-7	85
Tax TaxCr	0	0	-6	0	0	0	0	0	0	0	0	5
PAT PATCr	-5	-3	10	-1	-2	-6	-4	-1	-7	-5	-7	80
Growth YoY PAT Growth YoY%	-424.8	-111.6	278.1	50.4	56.3	-113.7	-144.5	26.1	-222.8	17.8	-62.0	7,981.4
NPM NPM%	-79.3	-49.8	144.8	-20.2	-45.5	-72.8	-50.3	-9.7	-104.2	-59.8	-74.2	41.8
EPS EPS₹	-0.7	-0.4	1.6	-0.2	-0.3	-0.9	-0.7	-0.2	-1.0	-0.7	-1.1	12.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	5	7	7	5	8	9	10	6	8	10	193
Growth YoY Revenue Growth YoY%	63.2	42.7	34.8	-22.0	-23.7	46.2	28.1	53.4	40.8	0.1	9.9	1,735.8
Expenses ExpensesCr	9	8	10	9	8	10	12	13	9	12	14	106
Operating Profit Operating ProfitCr	-3	-3	-3	-2	-4	-2	-3	-3	-3	-4	-4	86
OPM OPM%	-54.4	-54.0	-39.1	-34.6	-81.9	-25.5	-39.1	-25.4	-44.5	-53.4	-40.7	44.8
Other Income Other IncomeCr	0	2	9	2	3	-3	0	3	-2	1	-1	0
Interest Expense Interest ExpenseCr	1	1	1	1	0	0	0	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-5	-3	4	-1	-2	-6	-4	-1	-7	-5	-7	85
Tax TaxCr	0	0	-6	0	0	0	0	0	0	0	0	5
PAT PATCr	-5	-3	10	-1	-2	-6	-4	-1	-7	-5	-7	80
Growth YoY PAT Growth YoY%	-424.8	-111.6	278.1	50.4	56.3	-113.7	-144.5	26.1	-222.8	17.8	-62.0	7,981.4
NPM NPM%	-79.3	-49.8	144.8	-20.2	-45.5	-72.8	-50.3	-9.7	-104.2	-59.8	-74.2	41.8
EPS EPS₹	-0.7	-0.4	1.6	-0.2	-0.3	-0.9	-0.7	-0.2	-1.0	-0.7	-1.1	12.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	10	14	16	21	12	439	21	27	28	34	216
Growth Revenue Growth%	-8.1	0.1	40.3	18.7	30.7	-43.9	3,587.9	-95.2	26.7	3.8	22.9	585.2
Expenses ExpensesCr	23	30	29	30	32	24	236	34	38	39	48	141
Operating Profit Operating ProfitCr	-13	-20	-15	-13	-11	-12	203	-12	-11	-12	-14	75
OPM OPM%	-133.4	-204.4	-110.5	-81.7	-52.4	-97.5	46.3	-58.5	-42.7	-41.2	-39.5	34.8
Other Income Other IncomeCr	1	2	39	10	-13	32	25	45	12	3	0	-2
Interest Expense Interest ExpenseCr	1	4	8	18	15	14	4	6	3	2	3	3
Depreciation DepreciationCr	1	1	1	1	3	3	2	3	3	3	3	3
PBT PBTCr	-14	-23	15	-23	-42	3	221	24	-6	-13	-20	67
Tax TaxCr	0	0	3	0	-2	0	37	2	-6	0	0	5
PAT PATCr	-14	-23	11	-23	-40	3	185	22	0	-14	-20	62
Growth PAT Growth%	-114.3	-59.7	149.7	-308.3	-71.3	107.7	5,845.1	-88.3	-100.6	-10,212.8	-44.4	570.8
NPM NPM%	-145.6	-232.2	82.2	-144.2	-189.0	26.1	42.1	102.0	-0.5	-48.4	-56.8	28.6
EPS EPS₹	-2.2	-3.5	1.8	-3.6	-6.2	0.3	28.7	3.4	0.0	-2.1	-3.0	9.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	10	14	16	21	12	439	21	27	28	34	216
Growth Revenue Growth%	-8.1	0.1	40.3	18.7	30.7	-43.9	3,587.9	-95.2	26.7	3.8	22.9	585.2
Expenses ExpensesCr	23	30	29	30	32	24	236	34	38	39	48	141
Operating Profit Operating ProfitCr	-13	-20	-15	-13	-11	-12	203	-12	-11	-12	-14	75
OPM OPM%	-133.4	-204.4	-110.5	-81.7	-52.4	-97.5	46.3	-58.5	-42.7	-41.2	-39.5	34.8
Other Income Other IncomeCr	1	2	39	10	-13	32	25	45	12	3	0	-2
Interest Expense Interest ExpenseCr	1	4	8	18	15	14	4	6	3	2	3	3
Depreciation DepreciationCr	1	1	1	1	3	3	2	3	3	3	3	3
PBT PBTCr	-14	-23	15	-23	-42	3	221	24	-6	-13	-20	67
Tax TaxCr	0	0	3	0	-2	0	37	2	-6	0	0	5
PAT PATCr	-14	-23	11	-23	-40	3	185	22	0	-14	-20	62
Growth PAT Growth%	-114.3	-59.7	149.7	-308.3	-71.3	107.7	5,845.1	-88.3	-100.6	-10,212.8	-44.4	570.8
NPM NPM%	-145.6	-232.2	82.2	-144.2	-189.0	26.1	42.1	102.0	-0.5	-48.4	-56.8	28.6
EPS EPS₹	-2.2	-3.5	1.8	-3.6	-6.2	0.3	28.7	3.4	0.0	-2.1	-3.0	9.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	32	32	32	32	32	32	32	32	32	32	32
Reserves ReservesCr	11	-11	-6	-37	-77	-75	109	115	104	87	83
Current Liabilities Current LiabilitiesCr	36	80	88	300	288	418	106	14	12	12	68
Non Current Liabilities Non Current LiabilitiesCr	25	6	114	55	119	7	6	31	27	19	9
Total Liabilities Total LiabilitiesCr	104	107	228	351	361	383	253	193	176	150	192
Current Assets Current AssetsCr	57	60	177	252	259	292	168	113	108	88	134
Non Current Assets Non Current AssetsCr	47	47	50	99	103	91	85	79	68	62	58
Total Assets Total AssetsCr	104	107	228	351	361	383	253	193	176	150	192

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	32	32	32	32	32	32	32	32	32	32	32
Reserves ReservesCr	11	-11	-6	-37	-77	-75	109	115	104	87	83
Current Liabilities Current LiabilitiesCr	36	80	88	300	288	418	106	14	12	12	68
Non Current Liabilities Non Current LiabilitiesCr	25	6	114	55	119	7	6	31	27	19	9
Total Liabilities Total LiabilitiesCr	104	107	228	351	361	383	253	193	176	150	192
Current Assets Current AssetsCr	57	60	177	252	259	292	168	113	108	88	134
Non Current Assets Non Current AssetsCr	47	47	50	99	103	91	85	79	68	62	58
Total Assets Total AssetsCr	104	107	228	351	361	383	253	193	176	150	192

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	22	2	110	76	39	60	-106	-6	1	43
Investing Cash Flow Investing Cash FlowCr	-21	-6	-77	-84	-65	87	-16	60	21	15	-21
Financing Cash Flow Financing Cash FlowCr	18	-16	78	9	-46	-75	-32	-23	-14	-19	-21
Net Cash Flow Net Cash FlowCr	1	0	4	34	-35	52	12	-69	1	-3	1
Free Cash Flow Free Cash FlowCr	-4	16	-5	62	49	38	23	-79	3	-1	-14
CFO To PAT CFO To PAT%	-26.5	-98.6	20.5	-468.1	-188.3	1,270.1	32.7	-489.0	4,293.1	-4.6	-218.6
CFO To EBITDA CFO To EBITDA%	-28.9	-112.0	-15.2	-826.5	-678.8	-339.8	29.7	852.3	49.0	-5.4	-314.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	22	2	110	76	39	60	-106	-6	1	43
Investing Cash Flow Investing Cash FlowCr	-21	-6	-77	-84	-65	87	-16	60	21	15	-21
Financing Cash Flow Financing Cash FlowCr	18	-16	78	9	-46	-75	-32	-23	-14	-19	-21
Net Cash Flow Net Cash FlowCr	1	0	4	34	-35	52	12	-69	1	-3	1
Free Cash Flow Free Cash FlowCr	-4	16	-5	62	49	38	23	-79	3	-1	-14
CFO To PAT CFO To PAT%	-26.5	-98.6	20.5	-468.1	-188.3	1,270.1	32.7	-489.0	4,293.1	-4.6	-218.6
CFO To EBITDA CFO To EBITDA%	-28.9	-112.0	-15.2	-826.5	-678.8	-339.8	29.7	852.3	49.0	-5.4	-314.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	153	140	133	99	60	124	77	166	145	123	76	97
Price To Earnings Price To Earnings	-10.8		11.8			40.3	0.4	7.7				1.6
Price To Sales Price To Sales	15.7	14.4	9.7	6.1	2.8	10.4	0.2	7.8	5.4	4.4	2.2	0.5
Price To Book Price To Book	3.6	6.8	5.1	-19.5	-1.3	-2.9	0.6	1.1	1.1	1.0	0.7	0.8
EV To EBITDA EV To EBITDA	-13.3	-6.8	-15.3	-7.9	-14.7	-9.8	0.1	-15.2	-13.9	-11.6	-5.6	1.3
Profitability Ratios Profitability Ratios
GPM GPM%	6.0	-0.4	-2.9	3.3	4.4	6.8	57.5	7.7	2.0	2.4	-3.0	-3.0
OPM OPM%	-133.4	-204.4	-110.5	-81.7	-52.4	-97.5	46.3	-58.5	-42.7	-41.2	-39.5	34.8
NPM NPM%	-145.6	-232.2	82.2	-144.2	-189.0	26.1	42.1	102.0	-0.5	-48.4	-56.8	28.6
ROCE ROCE%	-19.5	-89.6	17.0	-11.2	-39.8	167.6	134.6	17.4	-1.6	-8.7	-13.5	-13.5
ROE ROE%	-33.1	-109.1	42.9	462.9	88.7	-7.2	130.5	14.7	-0.1	-11.3	-16.9	-16.9
ROA ROA%	-13.7	-21.2	4.9	-6.7	-11.1	0.8	72.9	11.2	-0.1	-9.0	-10.2	-10.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	153	140	133	99	60	124	77	166	145	123	76	97
Price To Earnings Price To Earnings	-10.8		11.8			40.3	0.4	7.7				1.6
Price To Sales Price To Sales	15.7	14.4	9.7	6.1	2.8	10.4	0.2	7.8	5.4	4.4	2.2	0.5
Price To Book Price To Book	3.6	6.8	5.1	-19.5	-1.3	-2.9	0.6	1.1	1.1	1.0	0.7	0.8
EV To EBITDA EV To EBITDA	-13.3	-6.8	-15.3	-7.9	-14.7	-9.8	0.1	-15.2	-13.9	-11.6	-5.6	1.3
Profitability Ratios Profitability Ratios
GPM GPM%	6.0	-0.4	-2.9	3.3	4.4	6.8	57.5	7.7	2.0	2.4	-3.0	-3.0
OPM OPM%	-133.4	-204.4	-110.5	-81.7	-52.4	-97.5	46.3	-58.5	-42.7	-41.2	-39.5	34.8
NPM NPM%	-145.6	-232.2	82.2	-144.2	-189.0	26.1	42.1	102.0	-0.5	-48.4	-56.8	28.6
ROCE ROCE%	-19.5	-89.6	17.0	-11.2	-39.8	167.6	134.6	17.4	-1.6	-8.7	-13.5	-13.5
ROE ROE%	-33.1	-109.1	42.9	462.9	88.7	-7.2	130.5	14.7	-0.1	-11.3	-16.9	-16.9
ROA ROA%	-13.7	-21.2	4.9	-6.7	-11.1	0.8	72.9	11.2	-0.1	-9.0	-10.2	-10.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ALSTONE	CFEL	VEERHEALTH	SIL	MARUSHIKA	AAKAAR	BINNYMILLS
Market CapitalizationMkt CapCr	100	100	98	97	96	96	95
Close PriceClose₹	0.16	39.86	49.12	15.02	112.85	67.45	367.90
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		14.04	64.63	1.56	13.08	14.63
Price To SalesPS	0.13	0.65	1.86	0.45	0.83	1.43	10.75
RevenueRevenueCr	785	153	53	216	116	67	9
Revenue Growth TTMRev Gr TTM%		-35.5%	177.1%	585.2%		8.7%	45.9%
PAT Growth TTMPAT Gr TTM%	-2,938.7%	4.9%	200.0%	570.8%		10.1%	-48.0%

	ALSTONE	CFEL	VEERHEALTH	SIL	MARUSHIKA	AAKAAR	BINNYMILLS
Market CapitalizationMkt CapCr	100	100	98	97	96	96	95
Close PriceClose₹	0.16	39.86	49.12	15.02	112.85	67.45	367.90
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		14.04	64.63	1.56	13.08	14.63
Price To SalesPS	0.13	0.65	1.86	0.45	0.83	1.43	10.75
RevenueRevenueCr	785	153	53	216	116	67	9
Revenue Growth TTMRev Gr TTM%		-35.5%	177.1%	585.2%		8.7%	45.9%
PAT Growth TTMPAT Gr TTM%	-2,938.7%	4.9%	200.0%	570.8%		10.1%	-48.0%

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Jun 26