De Nora India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Electrolytic Products: 98.6% • Water technologies: 1.4%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Latest quarter profit grew 96.6% YoY, showing strong momentum
- Company has delivered good sales growth of 19.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
- Working capital cycle has improved - days down from 462 to 273
- Stock looks reasonably valued - P/E of 35.0 is below its historical median
CONS
- A large part of profit comes from other income (61.3% of PBT)
- Company has a low return on equity of 8.6% over last 3 years
- Company has a low return on capital employed of 11.7%
- Operating margins have contracted to 5.5% from 38.9%
- Company has delivered a poor profit growth of 9.9% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 845.05 | 77.51 | 16510.21 | 0.83 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5935.75 | 170.35 | 9136.91 | 1.26 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| ADOR | 1629.85 | 24.98 | 2836.40 | 1.41 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 440.80 | 30.14 | 1649.75 | 0.34 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 803.55 | 34.98 | 426.58 | 0.50 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 437.10 | 10.93 | 209.81 | 2.75 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 19 | 29 | 16 | 13 | 18 | 18 | 20 | 42 | 22 | 36 | 22 | 35 | |
| 9 | 11 | 22 | 10 | 10 | 15 | 29 | 16 | 40 | 18 | 33 | 24 | 30 | |
| Operating Profit | -0 | 8 | 7 | 6 | 3 | 3 | -11 | 4 | 2 | 4 | 2 | -2 | 5 |
| OPM % | -2.41% | 40.04% | 25.48% | 38.69% | 22.96% | 17.75% | -64.86% | 19.03% | 5.84% | 18.41% | 6.89% | -10.29% | 14.59% |
| 1 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 2 | 2 | 1 | 2 | 3 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit before Tax | 1 | 9 | 8 | 8 | 4 | 4 | -10 | 5 | 4 | 5 | 3 | -1 | 9 |
| Tax % | 25.71% | 25.56% | 22.77% | 25.62% | 25.77% | 26.13% | 24.30% | 29.83% | 25.12% | 25.53% | 23.96% | 31.18% | 25.69% |
| Net Profit | 1 | 6 | 6 | 6 | 3 | 3 | -8 | 3 | 3 | 4 | 3 | -1 | 6 |
| 0.98 | 11.96 | 12.20 | 10.66 | 5.43 | 6.18 | -14.71 | 6.29 | 6.12 | 7.29 | 4.84 | -1.20 | 12.04 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 27 | 33 | 48 | 51 | 74 | 74 | 74 | 69 | 122 | 115 | |
| 25 | 25 | 32 | 38 | 42 | 51 | 49 | 52 | 70 | 115 | 106 | |
| Operating Profit | 2 | 2 | 0 | 11 | 8 | 23 | 25 | 21 | -1 | 7 | 9 |
| OPM % | 7.64% | 7.21% | 1.46% | 21.87% | 16.65% | 30.87% | 33.64% | 28.93% | -1.84% | 5.54% | 8.16% |
| 3 | 3 | 4 | 2 | 2 | 1 | 4 | 5 | 6 | 7 | 8 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 2 | 3 | 3 | 3 | 3 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | 4 | 3 | 2 | 10 | 8 | 21 | 27 | 25 | 3 | 12 | 16 |
| Tax % | 32.95% | 45.00% | 12.82% | 21.49% | 25.46% | 26.28% | 25.33% | 24.65% | 38.57% | 24.54% | 24.96% |
| Net Profit | 3 | 2 | 2 | 8 | 6 | 15 | 20 | 19 | 2 | 9 | 12 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 10.64 | 29.10 | 38.19 | 35.80 | 3.19 | 17.06 | — |
| Dividend Payout % | 35.62% | 31.41% | 0.00% | 0.00% | 9.40% | 3.44% | 5.24% | 5.59% | 0.00% | 23.45% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 19%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -3%
- 5 Years:
- 10%
- 3 Years:
- -24%
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 19%
- 3 Years:
- -23%
- 1 Year:
- -5%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 9%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| 47 | 47 | 48 | 56 | 62 | 77 | 96 | 114 | 115 | 124 | |
| 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 3 | 5 | 6 | 5 | 3 | 3 | 7 | 4 | 6 | 11 |
| 8 | 6 | 12 | 8 | 8 | 17 | 17 | 3 | 12 | 16 | |
| Total Liabilities | 62 | 62 | 71 | 74 | 79 | 102 | 125 | 126 | 139 | 156 |
| 7 | 14 | 12 | 10 | 10 | 7 | 8 | 13 | 15 | 18 | |
| Capital Work in Progress | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 2 | 3 | 0 |
| 20 | 20 | 14 | 5 | 4 | 23 | 42 | 55 | 52 | 57 | |
| 5 | 7 | 17 | 26 | 19 | 24 | 29 | 28 | 31 | 31 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 13 | 12 | |
| Cash & Bank | 13 | 11 | 12 | 14 | 30 | 21 | 15 | 8 | 11 | 20 |
| 17 | 11 | 17 | 19 | 16 | 26 | 30 | 10 | 14 | 17 | |
| Total Assets | 62 | 62 | 71 | 74 | 79 | 102 | 125 | 126 | 139 | 156 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 3 | -6 | -6 | 17 | 17 | 21 | 16 | 3 | 12 | |
| Cash from Investing | -3 | -2 | 7 | 7 | 1 | -16 | -24 | -14 | 1 | -3 |
| Cash from Financing | -3 | -1 | -1 | 1 | -1 | -1 | -1 | -1 | -1 | -0 |
| 1 | -2 | 1 | 1 | 16 | -5 | -10 | 1 | 3 | 9 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - De Nora India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026
2026-08-18 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - De Nora India Limited has informed the Exchange regarding Intimation for updation of PAN & KYC details by holders of securities in physical form
2026-08-11 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - De Nora India Limited has informed the Exchange that Record date for the purpose of Dividend is 16-Sep-2026.
2026-07-30 - De Nora India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-13 - De Nora India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for DENORA
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