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Naman In-Store (India) Limited, a company specializing in retail furniture and fittings, has experienced a sharp decline in its share price, with shares now trading below the ₹65 mark. This considerable fall has brought significant attention to the company, particularly as it is backed by renowned investor Ashish Kacholia.
After a promising debut on the NSE SME platform on April 2, 2024, listing at ₹125 per share (a 40% premium over its IPO price band), the stock surged, reaching an all-time high of ₹257. However, by December 12, 2025, the share price had fallen dramatically to approximately ₹63. This represents a substantial discount of about 75% from its peak and places the stock close to its book value of ₹61.
Ace investor Ashish Kacholia acquired an 8.3% stake in Naman In-Store (India) Limited in March 2025, investing ₹9.3 crore. While his entry signaled strong confidence in the company, the subsequent sharp decline in the share price has reportedly reduced the value of his investment to around ₹6.5 crore. Despite the current downturn, Kacholia, known for identifying potential growth in the small and mid-cap sectors, has maintained his position, suggesting a longer-term outlook.
Naman In-Store (India) has shown robust operational growth, with sales increasing from ₹13 crore in FY21 to ₹156 crore in FY25, and a return to profitability with a net profit of ₹6 crore in FY25. For the first half of FY26, sales stood at ₹69 crore. The company is also pursuing strategic expansion plans, including diversification into B2C and jewelry retail markets, and targeting export growth.
However, challenges persist, including the inherent risks associated with SME listings, the capital-intensive nature of its business, and past issues with negative cash flow and high borrowing costs. The steep drop in share price underscores the volatility often associated with smaller companies and highlights the risk factors that investors must consider, even with backing from prominent investors like Kacholia.
Read More: Naman In-Store India Shares See Significant Drop, Ashish Kacholia's Investment Now Below 65
