Diffusion Engineers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2021 • Manufacturing product: 86.8% • Job Work & Others: 7.3% • Trading Products: 5.9%
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 33.7% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 18.4% CAGR over last 5 years
- Company comfortably covers its interest (29.4x coverage)
- Company has a consistent dividend-paying track record
CONS
- Promoter holding has decreased over last 2 years: -28.5pp
- Recent results are weak - TTM profit is down 24.4% versus prior year
- A large part of profit comes from other income (35.6% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.53x)
- Receivables are growing faster than sales - a possible quality concern
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 824.20 | 75.60 | 16102.86 | 0.85 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5885.40 | 168.90 | 9059.41 | 1.27 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| ADOR | 1598.35 | 24.50 | 2781.58 | 1.44 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 450.35 | 30.79 | 1685.49 | 0.33 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 794.50 | 34.58 | 421.77 | 0.50 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 432.90 | 10.82 | 207.79 | 2.77 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 61 | 69 | 67 | 74 | 74 | 101 | 73 | 80 | 88 | 113 | 96 | |
| 54 | 60 | 59 | 63 | 65 | 87 | 65 | 69 | 76 | 98 | 86 | |
| Operating Profit | 7 | 9 | 8 | 11 | 9 | 14 | 9 | 11 | 12 | 15 | 10 |
| OPM % | 11.04% | 12.56% | 11.79% | 14.64% | 11.64% | 13.45% | 11.79% | 13.98% | 13.32% | 13.60% | 10.26% |
| 1 | 3 | 3 | 1 | -0 | 5 | 10 | 3 | 3 | 3 | 3 | |
| Interest | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | 7 | 10 | 9 | 11 | 7 | 17 | 17 | 12 | 12 | 16 | 13 |
| Tax % | 28.51% | 25.28% | 26.17% | 17.13% | 9.12% | 28.72% | 16.86% | 18.77% | 28.11% | 26.09% | 23.91% |
| Net Profit | 5 | 7 | 6 | 9 | 6 | 12 | 14 | 10 | 9 | 12 | 10 |
| 1.67 | 2.66 | 2.31 | 3.11 | 1.71 | 3.22 | 3.80 | 2.65 | 2.37 | 3.09 | 2.68 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 106 | 108 | 152 | 146 | 152 | 196 | 244 | 257 | 316 | 354 | 377 | |
| 92 | 94 | 134 | 131 | 133 | 174 | 220 | 227 | 276 | 309 | 329 | |
| Operating Profit | 14 | 14 | 18 | 15 | 19 | 22 | 24 | 30 | 40 | 46 | 48 |
| OPM % | 13.30% | 12.76% | 11.73% | 10.50% | 12.53% | 11.06% | 9.98% | 11.77% | 12.71% | 12.90% | 12.77% |
| 3 | 3 | 1 | 2 | 2 | 4 | 4 | 7 | 10 | 20 | 12 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 3 | 4 | 4 | 6 | 6 |
| Profit before Tax | 13 | 12 | 14 | 13 | 15 | 21 | 23 | 32 | 43 | 57 | 53 |
| Tax % | 30.40% | 20.92% | 29.97% | 28.18% | 31.18% | 23.60% | 25.42% | 26.10% | 22.10% | 22.20% | 24.35% |
| Net Profit | 9 | 9 | 10 | 9 | 10 | 16 | 17 | 23 | 34 | 45 | 40 |
| EPS | 0.00 | 0.00 | 26.26 | 24.25 | 27.98 | 42.16 | 6.00 | 8.35 | 9.02 | 11.93 | — |
| Dividend Payout % | 10.50% | 19.89% | 17.14% | 14.43% | 14.30% | 9.49% | 8.89% | 5.99% | 16.63% | 12.58% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 18%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- 34%
- 3 Years:
- 38%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 14%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 13%
- 3 Years:
- 13%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 68 | 77 | 84 | 92 | 101 | 117 | 133 | 150 | 318 | 347 | |
| 25 | 18 | 16 | 32 | 20 | 24 | 48 | 34 | 22 | 28 | |
| Trade Payables | 14 | 13 | 17 | 25 | 18 | 28 | 25 | 31 | 32 | 39 |
| 5 | 6 | 13 | 15 | 11 | 13 | 15 | 16 | 20 | 26 | |
| Total Liabilities | 115 | 119 | 133 | 169 | 154 | 186 | 224 | 260 | 429 | 477 |
| 39 | 40 | 41 | 60 | 56 | 58 | 61 | 88 | 96 | 108 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 | 22 |
| 15 | 15 | 16 | 17 | 16 | 24 | 21 | 30 | 36 | 42 | |
| 24 | 26 | 33 | 44 | 27 | 42 | 47 | 47 | 62 | 67 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65 | 86 | 110 | |
| Cash & Bank | 2 | 0 | 1 | 1 | 4 | 2 | 2 | 3 | 118 | 94 |
| 35 | 37 | 41 | 46 | 52 | 59 | 91 | 26 | 27 | 33 | |
| Total Assets | 115 | 119 | 133 | 169 | 154 | 186 | 224 | 260 | 429 | 477 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 12 | 17 | 15 | 15 | 10 | -11 | 32 | 5 | 17 | |
| Cash from Investing | -3 | -2 | -4 | -26 | 2 | -10 | -4 | -33 | -18 | -31 |
| Cash from Financing | 0 | -9 | -9 | 14 | -19 | 3 | 20 | 3 | 129 | -11 |
| 2 | -1 | 1 | -1 | 3 | -2 | -0 | 1 | 116 | -24 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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