Northern Spirits Ltd (NSL)

About

Northern Spirits Ltd trades and distributes in Commercial Services & Supplies (Industrials). ₹215.26 Cr market cap with dividend payments Sep 2024 and Sep 2025 shows sustained cash generation. Distribution businesses typically rely on volume velocity and working-capital efficiency for returns.

Face value: ₹10

Market cap

₹201 Cr

P/E

7.4×

P/B

1.3×

Dividend yield

0.3%

ROE

20%

ROCE

37.3%

Debt / equity

1.4

OPM

2.2%

EPS (TTM)

₹16.9

Book value

₹92.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin 2.39% is extremely thin; cost inflation, volume loss, or mix shift could eliminate earnings. Verify cost pass-through ability and margin trend.
Debt-to-equity 1.4 is material for thin-margin business; downturns amplify leverage effects on solvency. Verify debt maturity schedule and covenant headroom.
Stock fell 33.93% in 12 months; verify whether this reflects sectoral trading slowdown, company-specific execution failure, or balance-sheet stress.
Zero FII and zero DII ownership signals institutional wariness; verify whether this reflects company size, sector unpopularity, governance concerns, or liquidity.

Generated analysis · source review pending

Growth drivers

ROE 20.64% with PE 19.34 appears efficient; verify whether this reflects sustainable operational excellence or leverage amplification of thin margins, as this determines scalability.
Dividend payments Sep 2024 and Sep 2025 show cash generation; verify sales growth and whether earnings trends support ongoing distributions.
Distribution scales through volume velocity; verify whether recent revenue trend is up, flat, or declining, and whether market share is stable or eroding.
Stock 33% below 52-week high (₹198.95) offers re-rating potential; verify catalysts for recovery (margin stabilization, volume growth, deleveraging).

Generated analysis · source review pending

1,587 historical price candles were omitted because the exchange source has not been verified.

₹125.0+5.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 19.6% (3-yr avg)
+High return on capital employed of 36.9%
+Profit CAGR of 55.7% over the last 5 years
+Revenue CAGR of 72.1% over the last 5 years
+High promoter holding of 67% with no pledge

Cons

−Thin operating margin of 2.2%
−Low dividend payout of 2.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

79/100

Business quality: 41
Growth: 100

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
Redington LimitedREDINGTONREDINGTON	₹31,112 Cr	₹33,749 Cr	₹1,28,133 Cr	₹2,537 Cr	1.9%	₹1,701 Cr	1.1%	21.7%	15.8%	34
Mmtc LimitedMMTCMMTC	₹8,444 Cr	₹8,444 Cr	₹3 Cr	₹-179 Cr	—	₹447 Cr	—	-0.5%	20.3%	-2,38,864
Mstc LimitedMSTCLTDMSTCLTD	₹4,969 Cr	₹5,114 Cr	₹386 Cr	₹236 Cr	60.6%	₹234 Cr	59.1%	34.9%	26.6%	-92
Bn Agrochem LimitedBNAGROCHEMBNAGROCHEM	₹2,228 Cr	₹2,310 Cr	₹299 Cr	₹-37 Cr	-12.5%	₹20 Cr	6.6%	12%	8.5%	130
Creative Newtech LimitedCNLCNL	₹1,619 Cr	₹1,943 Cr	₹2,783 Cr	₹99 Cr	3.2%	₹74 Cr	2.6%	29.2%	21.4%	75
Pervasive Commodities LtdPERVASIVEPERVASIVE	₹1,090 Cr	₹1,090 Cr	₹43 Cr	₹-0 Cr	-1.1%	₹-0 Cr	-0.1%	0%	-0.1%	548
RRP Defense LtdRRPDEFENSERRPDEFENSE	₹842 Cr	₹844 Cr	₹12 Cr	₹-1 Cr	-8.4%	₹-1 Cr	-8.2%	-13.7%	-13.7%	-15
The Yamuna Syndicate LtdYSLYSL	₹779 Cr	₹779 Cr	₹69 Cr	₹2 Cr	2.2%	₹52 Cr	75.3%	0.3%	4%	60
The State Trading Corporation Of India LimitedSTCINDIASTCINDIA	₹636 Cr	₹1,811 Cr	₹0 Cr	₹-46 Cr	—	₹21 Cr	—	—	—	—
SMT Engineering LtdSMTELSMTEL	₹598 Cr	₹679 Cr	₹162 Cr	₹41 Cr	25%	₹23 Cr	14.2%	33.2%	25.2%	395
Bijoy Hans LtdARVAYAARVAYA	₹576 Cr	₹579 Cr	₹0 Cr	₹-1 Cr	—	₹0 Cr	—	-3.9%	-3.9%	—
Riddhi Siddhi Gluco Biols LtdRIDDHIRIDDHI	₹505 Cr	₹787 Cr	₹236 Cr	₹-12 Cr	-5.2%	₹61 Cr	-5.2%	2.8%	-0.8%	65

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Financials

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

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	153	268	905	1,235	1,943	2,309
COGS	123	219	814	1,119	1,758	2,047
Gross profit	30	48	91	116	184	262
	21	35	68	85	138	212
	8	13	23	31	46	50
OPM %	5.3%	4.8%	2.5%	2.5%	2.4%	2.2%
Depreciation	0	0	0	0	0	1
Interest	4	5	8	9	16	15
	0	0	0	1	1	2
Profit before tax	4	8	15	22	31	36
Tax	1	2	4	6	8	9
Tax %	27.9%	24.6%	25.3%	25.7%	25.5%	25%
	3	6	11	17	23	27
PAT margin %	1.9%	2.2%	1.2%	1.3%	1.2%	1.2%
EPS (₹)	1.9	3.7	6.9	10.3	14.3	16.9
EPS adjusted (₹)	1.9	3.7	6.9	10.3	14.3	16.9
	0%	0%	0%	2.4%	2.1%	2.1%
Annual report	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	16	16	16	16	16	16	16
Reserves	47	50	56	67	84	107	133
	43	57	68	95	138	171	209
	2	2	2	4	7	1	23
Total equity & liabilities	109	125	142	183	245	295	381
	10	10	10	10	11	12	11
CWIP	—	—	—	—	—	—	—
Investments	0	0	0	0	0	0	0
	98	115	132	172	234	283	370
Total assets	109	125	142	183	245	295	381

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-10	0	-22	-29	-7	7
	0	-0	-0	-0	-1	-1
	4	-3	104	34	17	22
Net cash flow	-7	-3	81	4	9	29
Free cash flow	-10	-0	-23	-30	-8	7
CFO / Operating profit %	-123.3%	1.1%	-98.3%	-94.7%	-14.5%	14.9%

Compounded sales growth

7 years: —
5 years: 72%
3 years: 37%
1 year: 19%

Compounded profit growth

7 years: —
5 years: 56%
3 years: 35%
1 year: 18%

Return on equity

7 years: —
5 years: 15%
3 years: 18%
Last year: 18%

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Ratios

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

Standalone figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	19.3%	18%	10.1%	9.4%	9.5%	11.4%
EBITDA margin %	5.3%	4.8%	2.5%	2.5%	2.4%	2.2%
EBIT margin %	5.2%	4.8%	2.5%	2.5%	2.4%	2.1%
PAT margin %	1.9%	2.2%	1.2%	1.3%	1.2%	1.2%
Working capital
Receivable days	112	86	43	42	31	30
Inventory days	110	67	23	20	17	22
Payable days	0	0	0	0	0	4
NWC days	221	154	66	62	49	48
Leverage
Current ratio	2.24	2.19	1.88	1.66	1.67	1.6
Debt to EBITDA	7.04	5.24	4.21	4.46	3.69	4.19
Debt to equity	0.86	0.94	1.14	1.38	1.4	1.4
Interest coverage	2	2.6	2.9	3.4	2.9	3.4
Asset turnover	1.22	1.88	4.95	5.05	6.59	6.06
Return ratios
Return on assets %	2.4%	4.2%	6.1%	6.8%	7.8%	7.1%
Return on capital employed %	11.1%	16.6%	26.2%	32.2%	41.1%	37.3%
Return on equity %	4.5%	8.3%	13.3%	16.6%	18.7%	18.2%

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
	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%	66.97%
	0%	0%	0%	0%	0%	0%	0%	0%	0.37%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.03%	33.03%	33.03%	33.03%	33.03%	33.03%	33.03%	33.03%	32.66%	33.03%	33.03%	33.03%
No. of shareholders	—	—	—	—	—	—	—	—	4,188	4,607	4,658	4,686

Promoter holding up 0 percentage points since Sep 2023.

22 deals · 5 Aug 2021 – 28 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Jul 2025	YASH HITESH PATEL	Bulk	BSE	Sell	1,43,719	₹200.01	₹2.87 Cr
28 Jul 2025	ALACRITY SECURITIES LIMITED	Bulk	BSE	Buy	1,00,000	₹200.00	₹2.00 Cr
28 Jul 2025	YASH HITESH PATEL	Bulk	BSE	Buy	415	₹198.00	₹0.01 Cr
22 Feb 2024	BHAVNA HITESH PATEL	Bulk	BSE	Sell	1,00,000	₹235.00	₹2.35 Cr
30 Jan 2024	MAHADEV MANUBHAI MAKVANA	Bulk	BSE	Buy	81,000	₹295.87	₹2.40 Cr
30 Jan 2024	MAHADEV MANUBHAI MAKVANA	Bulk	BSE	Sell	80,000	₹298.47	₹2.39 Cr
17 Jan 2024	NIKHIL RAJESH SINGH	Bulk	BSE	Buy	85,500	₹409.68	₹3.50 Cr
17 Jan 2024	NIKHIL RAJESH SINGH	Bulk	BSE	Sell	71,000	₹418.82	₹2.97 Cr
30 Nov 2022	VIR BHUVAN KHIMJI	Bulk	BSE	Buy	1,00,000	₹263.25	₹2.63 Cr
18 Oct 2022	SABAH SAHNI	Bulk	BSE	Buy	1,50,000	₹214.52	₹3.22 Cr

1–10 of 22

1 / 3

Mr. ANUJ BAKSHIExecutive Director-Chairperson related to Promoter
Mr. ANKUSH BAKSHIExecutive Director-MD
Mrs. ROSHNI BAKSHIExecutive Director
Mrs. KANIKA BAKSHIExecutive Director
Mr. SATHVIK JAINNon-Executive - Independent Director
Mr. ARIHANT JAINNon-Executive - Independent Director
Mr. DINESH SHAWNon-Executive - Independent Director
Mrs. MALTI JAISWALNon-Executive - Independent Director
Mr. Sharad AgarwalChief Financial Officer
Mrs. Shweta AlmalCompany 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 Northern Spirits 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

30

Annual reports

12

Credit ratings

1

Intimation regarding Credit Rating assigned by India Ratings and Research Pvt Ltd.21 Nov 2025 from India Ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

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

3

Final dividend16 Sept 2026 · ex-date₹0.35
Final dividend12 Sept 2025 · ex-date₹0.3
Final dividend20 Sept 2024 · ex-date₹0.25

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

31 Aug 2026, 12:21 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Aug 2026, 3:00 pmCompany Update

Announcement Under Regulation 30(LODR) - Updates- Communication To Shareholders W.R.T Tax Deduction At Source On Dividend Payout

General PDF

29 Aug 2026, 2:38 pmCorp. Action

Corporate Action- Fixes Record Date 16.09.2026 To Determine Shareholders Eligible To Receive Dividend, If Approved At The AGM.

Record Date PDF

29 Aug 2026, 2:31 pmCorp. Action

Corporate Action- Fixes Book Closure For The Purpose Of AGM And Dividend

Book Closure PDF

29 Aug 2026, 2:22 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

29 Aug 2026, 2:13 pmAGM/EGM

Shareholders Meeting - Annual General Meeting On September 23, 2026.

AGM PDF

14 Aug 2026, 12:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Aug 2026, 2:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
31 Aug 2026, 12:21 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
29 Aug 2026, 3:00 pm	Company Update General	Announcement Under Regulation 30(LODR) - Updates- Communication To Shareholders W.R.T Tax Deduction At Source On Dividend Payout

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Northern Spirits 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

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

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

Annual reports

Credit ratings

Events

Dividends3

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends3

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

3

1