Diffusion Engineers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Manufacturing product: 71.1% • Trading Product: 15.8% • Job Work: 12.6%
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 has delivered good profit growth of 34.7% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 36.0% YoY, showing strong momentum
- Company has delivered good sales growth of 21.2% CAGR over last 5 years
CONS
- Promoter holding has decreased over last 2 years: -28.5pp
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.58x)
- A large part of profit comes from other income (25.0% of PBT)
- Equity base is being diluted - shares outstanding up 901.5%
- Recurring exceptional / one-off items are inflating headline profit
* 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 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 66 | 74 | 71 | 82 | 79 | 103 | 81 | 84 | 101 | 142 | 110 | |
| 56 | 66 | 62 | 70 | 69 | 88 | 70 | 71 | 87 | 121 | 99 | |
| Operating Profit | 9 | 8 | 9 | 13 | 10 | 15 | 11 | 12 | 14 | 21 | 12 |
| OPM % | 14.43% | 10.89% | 12.97% | 15.38% | 13.22% | 14.42% | 13.13% | 14.80% | 13.39% | 14.61% | 10.52% |
| 2 | 3 | 3 | 1 | 0 | 5 | 5 | 3 | 3 | 3 | 4 | |
| Interest | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 9 | 9 | 10 | 12 | 9 | 18 | 14 | 13 | 14 | 21 | 20 |
| Tax % | 27.59% | 25.22% | 25.77% | 18.55% | 12.09% | 27.73% | 22.93% | 18.81% | 26.68% | 24.51% | 17.18% |
| Net Profit | 0 | 0 | 7 | 9 | 7 | 13 | 12 | 10 | 12 | 16 | 17 |
| 2.22 | 3.27 | 2.58 | 3.01 | 1.92 | 3.49 | 3.26 | 2.69 | 3.22 | 4.29 | 4.47 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 109 | 111 | 154 | 154 | 155 | 205 | 255 | 278 | 335 | 407 | 436 | |
| 95 | 97 | 137 | 137 | 135 | 182 | 227 | 239 | 289 | 351 | 378 | |
| Operating Profit | 14 | 14 | 17 | 17 | 21 | 22 | 28 | 39 | 46 | 56 | 58 |
| OPM % | 12.64% | 12.45% | 10.81% | 10.84% | 13.26% | 10.99% | 10.94% | 13.97% | 13.84% | 13.74% | 13.33% |
| 4 | 3 | 2 | 3 | 2 | 4 | 4 | 7 | 10 | 16 | 13 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 5 | 7 | 7 |
| Profit before Tax | 13 | 12 | 13 | 14 | 16 | 22 | 29 | 41 | 47 | 65 | 68 |
| Tax % | 31.02% | 21.47% | 27.37% | 27.50% | 30.90% | 22.43% | 22.73% | 25.02% | 23.16% | 22.49% | 21.69% |
| Net Profit | 9 | 9 | 9 | 10 | 11 | 17 | 22 | 31 | 36 | 50 | 54 |
| EPS | 0.00 | 0.00 | 25.40 | 29.81 | 25.10 | 6.08 | 7.91 | 10.94 | 9.59 | 13.45 | — |
| Dividend Payout % | 10.03% | 19.01% | 17.72% | 11.74% | 15.94% | 8.78% | 6.74% | 4.57% | 15.63% | 11.16% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 21%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- 40%
- 3 Years:
- 31%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 17%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 15%
- 3 Years:
- 15%
- Last Year:
- 13%
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 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 28 | 37 | 37 |
| Minority Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 68 | 77 | 84 | 91 | 100 | 117 | 138 | 163 | 331 | 367 | |
| 25 | 19 | 16 | 33 | 20 | 25 | 49 | 35 | 24 | 29 | |
| Trade Payables | 14 | 14 | 16 | 22 | 19 | 31 | 25 | 31 | 28 | 47 |
| 5 | 6 | 13 | 20 | 11 | 13 | 15 | 18 | 22 | 29 | |
| Total Liabilities | 117 | 120 | 134 | 170 | 154 | 190 | 230 | 276 | 444 | 510 |
| 41 | 42 | 42 | 62 | 57 | 60 | 64 | 91 | 98 | 110 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 | 23 |
| 12 | 12 | 14 | 13 | 11 | 19 | 20 | 29 | 35 | 43 | |
| 26 | 27 | 35 | 47 | 30 | 44 | 52 | 53 | 68 | 74 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67 | 85 | 128 | |
| Cash & Bank | 3 | 1 | 2 | 3 | 5 | 4 | 5 | 8 | 127 | 98 |
| 34 | 37 | 41 | 45 | 52 | 62 | 89 | 27 | 29 | 35 | |
| Total Assets | 117 | 120 | 134 | 170 | 154 | 190 | 230 | 276 | 444 | 510 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 12 | 16 | 14 | 12 | 15 | 1 | 36 | 9 | 23 | |
| Cash from Investing | -3 | -2 | -4 | -23 | 2 | -15 | -13 | -36 | -18 | -40 |
| Cash from Financing | -0 | -9 | -8 | 14 | -7 | 3 | 20 | 3 | 129 | -12 |
| 1 | -2 | 0 | 2 | 2 | -2 | 1 | 3 | 119 | -29 |
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
2026-09-08 - Diffusion Engineers Limited has informed the Exchange regarding 'Post - Intimation of Avendus Spark Conference held on 8th September, 2026'.
2026-09-08 - Diffusion Engineers Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 07, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-07 - Diffusion Engineers Limited has informed the Exchange regarding 'Post- Intimation of Investor/Analyst meet held on 7th September 2026'.
2026-09-07 - Diffusion Engineers Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 07, 2026
2026-09-02 - Diffusion Engineers Limited has informed the Exchange regarding 'Pre- Intimation of Avendus Spark Conference scheduled on Tuesday, 8th September 2026'.
2026-09-01 - Diffusion Engineers Limited has informed the Exchange regarding 'Pre- Intimation of Investor/Analyst meet scheduled on 07th September, 2026'.
2026-08-27 - Diffusion Engineers Limited has informed the Exchange regarding 'Post- Intimation of Investors & Analysts meet and Plant visit held on 27-08-2026'.
2026-08-21 - Diffusion Engineers Limited has informed the Exchange regarding 'Pre- Intimation of Investors & Analysts meet and Plant visit scheduled on August 27, 2026'.
2026-08-20 - Diffusion Engineers Limited has informed the Exchange regarding 'Post- Intimation of Investor/ Analyst meet held on August 20, 2026'.
News
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