National Fittings Ltd (NATFIT)

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National Fittings Ltd (NATFIT) · mywealthgrid

About

National Fittings manufactures iron and steel products. At ₹152.83 Cr market cap, it is a small-cap industrial business. Strong capital returns (ROE 33.21%) and minimal leverage (D/E 0.07) position it as asset-light cyclical operator.

Face value: ₹10

Market cap

₹284 Cr

P/E

172.7×

P/B

3.2×

Dividend yield

0.6%

ROE

10.7%

ROCE

15.3%

Debt / equity

0.18

OPM

13.2%

EPS (TTM)

₹1.8

Book value

₹98.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 93.08 extreme; verify recent results (2026-08-05) justify multiple — earnings volatility (Jun 2020 loss ₹0.68 Cr, recovery to ₹1.2 Cr profit Mar 2021) demands clarity on sustainability

Operating margin fell 4.6 pp from Mar 2021 peak (14.7% → 10.07%); test whether compression reflects input costs, competition, or structural headwind

Zero institutional money (FII 0%, DII 0.01%); illiquidity and minimal analyst coverage increase valuation disconnection and exit difficulty

Small ₹152 Cr market cap constrains capital access and competitive scale in fragmented industrial products industry

Generated analysis · source review pending

Growth drivers

ROE 33.21% signals high-return capital deployment; verify if low debt (D/E 0.07) enables capex acceleration or if earnings sustain returns

Recovered from Jun 2020 loss to ₹1.2 Cr profit (Mar 2021); test if cycle recovery extends or near-term reversal risk

Paid dividends 2022–2025 despite small scale; cash generation signal — verify recent results show earnings supporting distributions

Minimal debt (D/E 0.07) provides financial flexibility for growth capex or M&A in consolidating industry

Generated analysis · source review pending

2,169 historical price candles were omitted because the exchange source has not been verified.

₹311.6-0.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18% (3-yr avg)
+Profit CAGR of 40.9% over the last 5 years
+Comfortable interest coverage of 16×

Cons

−Expensive at 172.7× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 55
Growth: 68
Valuation: 20

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52	67	62	58	57	51	66	85	77	78	91
COGS	-29	-36	-33	-29	-17	18	25	33	25	37	42
Gross profit	—	—	—	—	—	33	41	52	52	41	49
	71	89	84	79	69	28	37	43	41	33	37
	10	15	11	8	5	5	4	10	11	8	12
OPM %	19.3%	22%	17.9%	13.5%	8.1%	8.8%	6.2%	11.2%	14.6%	10.1%	13.2%
Depreciation	—	—	—	—	2	3	3	3	3	3	3
Interest	1	1	1	1	2	1	1	1	1	1	1
	2	2	2	2	1	1	1	1	1	22	5
Profit before tax	11	16	12	8	2	2	2	7	8	26	13
Tax	4	6	4	1	0	1	0	2	2	3	4
Tax %	33.5%	36.5%	36.1%	8.4%	11.3%	30.2%	19.8%	33.2%	27.2%	11.2%	30.2%
	7	10	7	7	1	2	1	4	6	23	9
PAT margin %	14.2%	15.1%	12%	12.2%	2.4%	3.2%	2%	5.2%	7.6%	29.8%	10%
EPS (₹)	8.9	12.2	8.9	9.6	1.5	1.8	—	—	—	—	10
EPS adjusted (₹)	—	—	—	—	1.5	1.8	1.5	4.8	6.4	25.7	10
	33.8%	32.8%	0%	0%	0%	0%	—	—	—	—	10%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9	9	9	9	9	9	9
Reserves	—	42	43	46	50	72	80
Minority interest	—	0	0	0	—	0	—
	—	17	18	20	15	5	16
	46	13	15	14	14	16	15
Total equity & liabilities	55	81	85	89	88	103	120
	47	46	48	47	45	27	26
CWIP	—	1	1	3	5	0	3
Investments	—	1	2	2	2	6	8
	9	33	35	36	36	69	82
Total assets	55	81	85	89	88	103	120

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	4	6	10	8	-4
	-1	-4	-5	-2	37	-2
	-5	-0	-0	-8	-12	6
Net cash flow	2	-1	0	0	33	0
Free cash flow	—	4	-0	7	5	-10
CFO / Operating profit %	196.2%	94.4%	59.6%	88.7%	105%	-32%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	64.1%	61.6%	61.4%	67.6%	52.7%	53.7%
EBITDA margin %	13.5%	8.1%	8.8%	6.2%	11.2%	14.6%	10.1%	13.2%
EBIT margin %	13.5%	3.8%	3.7%	1.8%	7.2%	10.1%	6.3%	10%
PAT margin %	12.2%	2.4%	3.2%	2%	5.2%	7.6%	29.8%	10%
Working capital
Receivable days	—	—	30	26	24	28	33	35
Inventory days	—	—	242	222	173	214	148	188
Payable days	—	—	129	125	76	70	82	66
NWC days	—	—	142	124	122	172	99	157
Leverage
Current ratio	—	—	1.44	1.26	1.27	1.44	4.1	3.6
Debt to EBITDA	—	—	3.68	4.48	2.12	1.37	0.69	1.3
Debt to equity	—	—	0.32	0.36	0.37	0.26	0.07	0.18
Interest coverage	8.8	1.9	4.1	3	7.6	7.7	9.1	16
Asset turnover	—	1.03	0.63	0.78	0.95	0.87	0.76	0.76
Return ratios
Return on assets %	—	2.4%	2%	1.6%	4.9%	6.6%	22.7%	7.6%
Return on capital employed %	—	—	5.2%	4.3%	12.6%	14.6%	10.5%	15.3%
Return on equity %	—	—	3.2%	2.6%	8%	9.8%	28.8%	10.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.04%	34.27%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.95%	65.72%
No. of shareholders	—	—	—	—	—	—	—	—	4,915	4,834	4,750	4,756

Promoter holding up 0.23 percentage points since Sep 2023.

12 deals · 9 Aug 2023 – 27 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Aug 2026	COUNTER CYCLICAL INVESTMENTS PRIVATE LIMITED	Bulk	BSE	Sell	1,89,661	₹172.38	₹3.27 Cr
27 Aug 2026	ANIL KUMAR AGARWAL	Bulk	BSE	Buy	1,74,160	₹172.00	₹3.00 Cr
19 Aug 2026	COUNTER CYCLICAL INVESTMENTS PRIVATE LIMITED	Bulk	BSE	Sell	49,500	₹180.00	₹0.89 Cr
1 Jun 2026	ANIL KUMAR AGARWAL	Bulk	BSE	Buy	61,216	₹153.84	₹0.94 Cr
1 Jun 2026	VATSALA GOPALAKRISHNA	Bulk	BSE	Sell	55,578	₹153.85	₹0.86 Cr
23 May 2025	GUTTIKONDA RAJASEKHAR	Bulk	BSE	Buy	1,00,656	₹175.94	₹1.77 Cr
23 May 2025	RANA ENTERPRISES	Bulk	BSE	Sell	81,000	₹176.40	₹1.43 Cr
23 May 2025	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	66,861	₹176.32	₹1.18 Cr
23 May 2025	COUNTER CYCLICAL INVESTMENTS PRIVATE LIMITED	Bulk	BSE	Sell	50,000	₹176.30	₹0.88 Cr
5 Dec 2023	ZAKI ABBAS NASSER	Bulk	BSE	Buy	88,500	₹143.83	₹1.27 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mrs. SUSHEELA BALAKRISHNANNon-Executive - Independent Director-Chairperson-Shareholder Director
Mr. JAYARAM GOVINDARAJANExecutive Director-MD
Mr. CHENNIAPPAN SELVAKUMARNon-Executive - Independent Director-Shareholder Director
Mr. Anil Kumar AgarwalNon-Executive - Non Independent Director
Mr. Arpit AgarwalExecutive Director-MD
S AravinthanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in National Fittings Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

4 announcementsExport CSV

18 Sept 2026, 4:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

16 Sept 2026, 1:12 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

2 Sept 2026, 1:15 pmCompany Update

Announcement Under Regulation 30 (LODR) - Price Movement

General PDF

1 Sept 2026, 6:18 pmCompany Update

Clarification sought from National Fittings Ltd

Clarification

Date	Category	Subject	Filing
18 Sept 2026, 4:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
16 Sept 2026, 1:12 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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National Fittings Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

11

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

National Fittings Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

No fund holdings on record

Dividends11

Board meetings1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

11

1