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De Nora India Ltd.

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denora.comBSE: 590031NSE: DENORA
Market Cap₹ 427 Cr.
Current Price
High / Low₹ 960 / 559
Stock P/E35.0
Book Value₹ 256
Price to Book2.78
Dividend Yield0.50 %
ROCE9.7 %
ROE7.3 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Electrolytic Products: 98.6% • Water technologies: 1.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

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

Capital GoodsCapital GoodsElectrodes & Welding Equipment
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.GRAPHITE845.0577.5116510.210.83171.0028.57842.0026.624.3917.10
2.ESABINDIA5935.75170.359136.911.2656.1437.13421.1219.6369.9718.80
3.ADOR1629.8524.982836.401.4127.60798.73309.4622.8822.3111.54
4.DIFFNKG440.8030.141649.750.3416.6835.97110.1136.4916.2716.90
5.DENORA803.5534.98426.580.506.3996.6235.27-15.969.6716.14
6.PANCARBON437.1010.93209.812.7542.57575.93111.01599.0616.8023.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9192916131818204222362235
9112210101529164018332430
Operating Profit-087633-114242-25
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%
1112122122123
Interest0000000000000
Depreciation0000000001111
Profit before Tax198844-105453-19
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 Profit166633-83343-16
0.9811.9612.2010.665.436.18-14.716.296.127.294.84-1.2012.04

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
272733485174747469122115
252532384251495270115106
Operating Profit220118232521-179
OPM %7.64%7.21%1.46%21.87%16.65%30.87%33.64%28.93%-1.84%5.54%8.16%
33422145678
Interest00000000000
Depreciation12333311222
Profit before Tax43210821272531216
Tax %32.95%45.00%12.82%21.49%25.46%26.28%25.33%24.65%38.57%24.54%24.96%
Net Profit322861520192912
EPS0.000.000.000.0010.6429.1038.1935.803.1917.06—
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

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 16

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

2024

Sep 17

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2023

Sep 5

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2022

Sep 20

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2021

Sep 15

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2018

Sep 18

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2017

Sep 19

₹ 0.20

Rs.2.0000 per share(20%)Dividend

2016

Sep 12

₹ 0.40

Rs.4.0000 per share(40%)Dividend

2026

Jul 31

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital5555555555
47474856627796114115124
0001000000
Trade Payables35653374611
861288171731216
Total Liabilities6262717479102125126139156
71412101078131518
Capital Work in Progress0001012230
202014542342555257
571726192429283131
0000000101312
Cash & Bank1311121430211581120
17111719162630101417
Total Assets6262717479102125126139156

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
93-6-617172116312
Cash from Investing-3-2771-16-24-141-3
Cash from Financing-3-1-11-1-1-1-1-1-0
1-21116-5-10139

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
53.6853.6853.6853.6853.6853.6853.6853.6853.68
0.090.090.100.140.030.010.020.720.83
0.220.220.220.220.220.220.220.220.22
Government0.000.000.000.000.000.000.000.000.00
46.0146.0146.0045.9746.0746.1046.0945.3845.27

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27
Copy of Newspaper Publication

2026-08-27 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-26
Shareholders meeting

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
Copy of Newspaper Publication

2026-08-18 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13
General Updates

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
Copy of Newspaper Publication

2026-08-11 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31
Copy of Newspaper Publication

2026-07-31 - De Nora India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-30
Record Date

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
Outcome of Board Meeting

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
Certificate under SEBI (Depositories and Participants) Regulations, 2018

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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