National Fittings Share Price & Earnings Call Analysis

₹270.40-4.27% today

Market cap: ₹246 Cr
P/E: 21.38
ROE: 11.29%
PEG: 0.71
Price to sales: 2.31
Debt to equity: 0.19
52W high / low: ₹356 / ₹137
Sales growth (5Y): 12.31%
EBITDA margin: 13.90%
Net profit margin: 10.50%
Promoter holding: 36.64%
Sales (last year): ₹106 Cr

All 12 ratios ↓

National Fittings Limited manufactures SG/ductile-iron grooved pipe fittings, stainless-steel fittings and valves for industrial and infrastructure piping. The export-led company operates finishing and foundry units in Tamil Nadu and is pursuing a Gujarat expansion and proposed Banil Castings/Avisa merger for integrated casting-to-finished-product operations.[1]

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#	Company	Revenue guided	Margin guided	Market cap	P/E
1		40%+	Up 2%+	₹448 Cr	17.9
2		40%+	Up 2%+	₹413 Cr	12.0
3		40%+	Up 2%+	₹324 Cr	22.7
4		40%+	Up 0–2%	₹1,496 Cr	32.8
5		40%+	Up 0–2%	₹1,079 Cr	12.7
6		40%+	Flat	₹827 Cr	21.4

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Financials of National Fitting

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of National Fitting

Quarterly Results

Quarter-by-quarter operating performance

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	20.85	17.42	20.90	16.57	21.64	15.14	18.68	20.82	23.49	20.58	23.64	23.64	23.54
Expenses +	18.44	15.35	17.42	14.09	18.40	14.23	17.29	18.70	20.04	17.01	21.20	20.80	20.33
Operating Profit	2.41	2.07	3.48	2.48	3.24	0.91	1.39	2.12	3.45	3.57	2.44	2.84	3.21
OPM %	11.56%	11.88%	16.65%	14.97%	14.97%	6.01%	7.44%	10.18%	14.69%	17.35%	10.32%	12.01%	13.64%
Other Income +	0.45	0.34	0.35	0.29	0.50	7.44	0.59	0.58	13.58	0.91	1.17	1.04	1.67
Interest	0.33	0.34	0.31	0.31	0.31	0.25	0.21	0.20	0.22	0.17	0.12	0.25	0.32
Depreciation	0.88	0.86	0.88	0.82	0.89	0.81	0.83	0.86	0.45	0.71	0.71	0.71	0.81
Profit before tax	1.65	1.21	2.64	1.64	2.54	7.29	0.94	1.64	16.36	3.60	2.78	2.92	3.75
Tax %	55.15%	31.40%	27.65%	26.83%	24.41%	4.94%	11.70%	36.59%	11.43%	27.22%	33.45%	0.00%	54.13%
Net Profit +	0.74	0.83	1.90	1.20	1.92	6.93	0.84	1.04	14.49	2.62	1.84	2.93	1.72
EPS in Rs	0.81	0.91	2.09	1.32	2.11	7.63	0.92	1.14	15.95	2.88	2.03	3.23	1.89

Financials of National Fitting

Profit & Loss

Annual income statement trend

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	49.53	52.19	67.17	61.93	58.04	56.85	51.15	66.30	86.02	76.53	78.13	91.40
Expenses +	39.95	40.91	51.63	48.08	51.00	52.25	46.41	61.94	76.43	64.99	70.04	79.32
Operating Profit	9.58	11.28	15.54	13.85	7.04	4.60	4.74	4.36	9.59	11.54	8.09	12.08
OPM %	19.34%	21.61%	23.14%	22.36%	12.13%	8.09%	9.27%	6.58%	11.15%	15.08%	10.35%	13.22%
Other Income +	0.95	1.80	2.44	2.74	1.79	1.06	1.21	1.32	1.47	1.21	21.97	4.78
Interest	1.07	0.76	0.97	1.68	1.71	1.73	0.98	1.12	1.06	1.27	0.87	0.87
Depreciation	1.16	1.21	1.05	2.69	2.65	2.43	2.62	2.89	3.43	3.46	2.95	2.95
Profit before tax	8.30	11.11	15.96	12.22	4.47	1.50	2.35	1.67	6.57	8.02	26.24	13.04
Tax %	33.73%	33.39%	36.47%	36.58%	33.11%	11.33%	29.79%	19.76%	33.18%	27.18%	11.20%	30.21%
Net Profit +	5.50	7.39	10.14	7.75	2.99	1.34	1.64	1.34	4.39	5.84	23.30	9.11
EPS in Rs	6.61	8.88	12.19	9.31	3.29	1.48	1.81	1.48	4.83	6.43	25.65	10.03
Dividend Payout %	15.13%	33.78%	32.82%	0.00%	45.55%	0.00%	55.37%	67.76%	31.03%	23.32%	3.90%	0.00%

Financials of National Fitting

Balance Sheet

Capital structure and asset base

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	8.32	8.32	8.32	9.08	9.08	9.08	9.08	9.08	9.08	9.08	9.08	9.08
Reserves	6.88	11.26	19.41	38.08	41.23	40.62	42.26	42.52	45.86	50.27	71.89	79.97
Borrowings +	7.81	6.14	5.11	21.83	25.52	21.02	16.59	18.32	20.25	15.38	5.44	15.67
Other Liabilities +	4.39	6.05	6.64	11.21	15.51	12.60	13.25	15.10	14.04	13.52	16.39	15.12
Total Liabilities	27.40	31.77	39.48	80.20	91.34	83.32	81.18	85.02	89.23	88.25	102.80	119.84
Fixed Assets +	5.10	5.80	10.43	40.72	46.89	46.60	46.09	47.64	47.31	45.02	27.05	28.21
CWIP	0.09	0.14	0.56	1.33	1.25	0.99	0.75	0.69	3.35	5.08	0.40	3.05
Investments	0.00	0.00	1.03	1.60	1.54	1.48	1.31	2.02	2.26	2.23	6.21	6.63
Other Assets +	22.21	25.83	27.46	36.55	41.66	34.25	33.03	34.67	36.31	35.92	69.14	81.95
Total Assets	27.40	31.77	39.48	80.20	91.34	83.32	81.18	85.02	89.23	88.25	102.80	119.84

Financials of National Fitting

Cash Flows

Operating, investing and financing cash movement

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	3.83	9.53	12.53	8.96	6.14	1.81	8.85	3.83	5.68	9.93	8.26	-3.87
Cash from Investing Activity +	0.41	-1.29	-5.24	-6.74	-7.36	-1.34	-1.01	-4.08	-5.37	-2.21	37.25	-2.18
Cash from Financing Activity +	-2.69	-5.43	-5.04	-0.75	1.98	-8.30	-5.42	-0.47	-0.03	-7.50	-12.18	6.08
Net Cash Flow	1.55	2.80	2.25	1.47	0.76	-7.83	2.42	-0.71	0.27	0.22	33.34	0.02
Free Cash Flow	3.59	7.56	6.44	1.34	-2.28	-0.11	7.13	-0.47	-0.04	6.77	47.17	-8.96
CFO/OP	67%	113%	119%	103%	116%	29%	182%	76%	70%	103%	114%	-32%

Financials of National Fitting

Ratios

Working capital efficiency and return ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	17.61	17.97	14.35	17.74	29.18	21.96	29.61	26.43	24.14	27.76	33.26	34.98
Inventory Days	64.68	84.02	79.05	262.82	254.12	327.37	241.61	221.96	173.42	214.20	147.90	188.41
Days Payable	16.98	27.16	36.80	112.47	147.71	136.21	129.35	124.82	76.30	70.32	82.44	66.17
Cash Conversion Cycle	65.31	74.83	56.59	168.09	135.58	213.12	141.88	123.56	121.27	171.64	98.72	157.22
Working Capital Days	45.25	26.44	19.83	-15.44	-30.56	-8.67	-10.35	-19.49	-13.32	-2.05	35.36	75.12
ROCE %	44.47%	48.72%	57.82%	27.24%	8.20%	4.41%	4.60%	3.53%	10.42%	12.74%	10.04%	14.56%

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