Naman Industries Proxima Ltd. (NAMAN)
SME CapConsumer stocks · SME cap · NSE
Naman Industries Proxima Ltd. provides design-to-delivery solutions for retail and industrial spaces, specializing in display and retail fixtures. With over two decades of expertise, it serves leading enterprises PAN-India, offering multi-material capabilities and end-to-end project execution.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -175% YoY · margin compression · Rev +12% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹74 Cr | +12.1% | +7.3% |
| EBITDA | ₹-1 Cr | -120.0% | -133.3% |
| Operating margin | -1.7% | -770 bps | -530 bps |
| PAT | ₹-3 Cr | -175.0% | NDF |
| PAT margin | -4.0% | -517 bps | -405 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue declined 8.4% YoY to ₹142.5 Cr, driven by a slowdown in high-value retail projects and muted institutional capex. EBITDA margins compressed significantly from 10.3% to 2.1% due to rising costs and an unfavorable shift towards lower-margin industrial segment.
The company's core retail segment faced headwinds, leading to revenue decline and severe margin erosion. While management has identified issues and initiated corrective actions, including capacity expansion and product diversification, the turnaround hinges on successful execution and market recovery in H1 FY27.
Segmental Revenue Contribution (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
New Factory Expansion
New factory in Wada, Maharashtra, to be operational in 12-18 months, increasing revenue potential to ₹270-300 Cr.
Product Diversification
Expand existing product lines and launch value-added products targeting B2C & international markets.
Organized Retail Growth
India's retail market aims for $2T, requiring strong physical presence and store build-out, driving demand for fixtures.
Omnichannel & Tier-2/3 Expansion
Omnichannel integration and growing demand from Tier-2/3 cities are key drivers for retail expansion.
Wada Factory
New factory in Wada, Maharashtra, estimated ₹40 Cr capex in Phase 1, 1,20,000 Sq.ft area, operational in 12-18 months.
Thermoforming Facility
Added thermoforming facility for POSM products with 10 lakh sq. ft. annual installed capacity, strengthening in-house manufacturing.
Shift to Organized Retail
Shift from mom-and-pop shops to chains & malls, benefiting organized players and increasing demand for store fit-outs.
Retail Boom in India
India is 4th globally in retail, with 4,700 new stores added in FY23, indicating strong market expansion.
Urbanization & Rising Incomes
Growing middle class and higher spending drive demand from Tier-2/3 cities, fueling retail expansion.
Infrastructure & Policy Support
Mall growth, Smart Cities initiatives, FDI & REITs are attracting global retailers, supporting market expansion.
Slowdown in Retail Project Orders
Slowdown in high-value retail project orders in FY26 led to revenue decline.
Muted Institutional Capex
Muted capex by key institutional clients impacted order book conversion.
Rising Material & Operating Costs
Higher cost of goods sold and a 30.5% rise in employee costs compressed margins in FY26.
Unfavorable Segment Mix Shift
Shift to lower-margin Industrial segment (30% of revenue) from Retail & Government (65.8%) eroded margins.
Earnings Fluctuations
Forward-looking statements are subject to fluctuations in earnings, impacting financial performance.
Competitive Pressures
The company faces competitive pressures from both domestic and international players.
Economic Conditions
Economic conditions in India and abroad can cause actual results to differ materially from expectations.
Time and Cost Overruns
Projects are subject to risks of time and cost overruns on contracts.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation explicitly provides and highlights year-on-year comparisons for financial results (FY26 vs FY25, H2 FY26 vs H2 FY25) and key operational metrics, indicating a focus on annual performance trends.
Revenue From Operations
₹142.5 Cr in FY26, down 8.4% YoY from ₹155.6 Cr in FY25.
EBITDA Margin
Compressed from 10.3% in FY25 to 2.1% in FY26.
Cost of Material Consumed
Increased to 60.2% of revenue from operations in FY26.
Employee Benefits Expense
Rose 30.5% YoY in FY26.
Corrective Actions Underway
Corrective actions are underway; benefits are expected from H1 FY27.
New Factory Impact
Post-expansion, expected revenue ₹270-300 Cr (~70% increase) with PAT Margin 7-7.5%.
Growth Target
Targeting 15-20% YoY growth, with potential to double current performance post full-scale operations.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26: -8.4% YoY | Return to positive growth, especially in the retail segment, in H1 FY27. |
| EBITDA Margin | FY26: 2.1% | Improvement towards historical levels (10.3% in FY25) and management's target of 7-7.5% PAT margin post-expansion. |
| New Factory Commissioning | Timeline: 12-18 months | On-schedule commissioning and ramp-up of the Wada facility to achieve stated revenue potential. |
| Segment Mix | FY26: Industrial 30%, Retail 61% | Reversal of unfavorable mix shift, with higher contribution from the higher-margin Retail segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -9.5% / mo · MACD − · near 52W low
Technical chart
NAMANdaily · 1Y · AUTO-24.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.5% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 57% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 16.0%.
- Cash flow contributes 5/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 16th percentile within Consumer. Main check: financial discipline is weak at 22/100.
Mixed Trust Lite: Promoter holding is 58.9%. Key concern: Operating cash flow is negative at ₹-7 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 16th pctile, median 66 · SME: 14th pctile, median 64
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 16%.
Trust risks
- ▸Operating cash flow is negative at ₹-7 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 0.3x.
- ▸ROCE is low at -0.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.73
- EV/EBITDA
- 19.83
- Market Cap
- 56.30Cr
Profitability
- ROE
- -2.91%
- ROCE
- -0.35%
- ROA
- -1.64%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 61.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 0.33×
- Altman Z
- 2.91
- Book Value
- 59.00
Cash Flow
- FCF Yield
- 15.99%
- FCF Positive Y
- 2/5
- OCF
- -7.00 Cr
- EPS TTM
- -1.74
Shareholding
- Promoter Hold
- 58.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.