NSE: DENORA · BSE: 590031
DE NORA INDIA LIMITED
Manufactures industrial electrodes and water treatment technologies from its registered office in Kundaim, Goa, classified under the basic industry Electrodes & Refractories. The business reports two segments: Electrode Technologies, which made up 95.3% of segment revenue in the quarter ended June 30, 2023, and Water Technologies, which contributed 4.7%. The company is a subsidiary of Italian parent Industrie De Nora S.p.A., with promoter Oronzio De Nora International B.V. holding 53.67% of the equity. Materials are the largest cost line at 54.6% of revenue, followed by other operating expenses at 32.5% and employee costs at 5.7%. A warranty provision of Rs 1,389.25 lakhs was recognised during FY26, and the Board has recommended a dividend of Rs 4 per equity share subject to shareholder approval. Q1 FY27 (quarter ended June 30, 2026) brought in revenue of Rs 3,527 lakhs and a profit after tax of Rs 639 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electrode Technologies (95%), Water Technologies (5%). Capital Goods / Industrial Products manufacturer of electrodes and water treatment technologies; subsidiary of Italian parent Industrie De Nora S.p.A.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 74 | 74 | 74 | 69 | 122 |
| EBITDA (ex other income) | 23 | 25 | 21 | (1) | 7 |
| margin % | 30.8 | 33.5 | 28.7 | (2.1) | 5.5 |
| Owners' profit | 15 | 20 | 19 | 2 | 9 |
| EPS, as reported (₹) | 29.10 | 38.19 | 35.80 | 3.19 | 17.06 |
| ROE % · ROCE % | 18.9 · 25.8 | 19.9 · 26.6 | 15.9 · 21.1 | 1.4 · 2.3 | 7.0 · 9.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 12 | 14 | 16 | 3 | 12 |
| Capex | (1) | (4) | (7) | (3) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 18 | 20 | 42 | 22 | 36 | 22 | 35 |
| Profit before tax | 4 | (10) | 5 | 4 | 5 | 3 | (1) | 9 |
| Net profit | 3 | (8) | 3 | 3 | 4 | 3 | (1) | 6 |
| EPS (₹) | 6.18 | (14.71) | 6.29 | 6.12 | 7.29 | 4.84 | (1.20) | 12.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 14,304 | 41.2 | 2.44 | 40.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,101 | 129.1 | 33.13 | 104.7 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 7,765 | 30.3 | 4.44 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,310 | — | 2.05 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG ADVANCED MATERIAL LTD | 4,404 | 12.3 | 0.93 | 9.6 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED | 1,226 | 29.9 | 1.04 | 9.7 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,086 | 58.0 | 7.75 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 471 | 18.1 | 1.56 | 9.8 | 7.2 | 8.4 | — | 17.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.6 | 30.3 | 6 of 9 | 38% |
| P/B | 2.9 | 2.3 | 7 of 10 | 33% |
| ROCE | 9.3 | 8.6 | 5 of 11 | 60% |
| ROE | 7.0 | 7.1 | 6 of 10 | 44% |
| Debt / Equity | 0.0 | 0.0 | 1 of 10 | 67% |
| EBITDA margin | 25.9 | 18.0 | 5 of 11 | 60% |
| Revenue growth | (16.0) | 5.6 | 10 of 11 | 10% |
| Profit growth | 96.7 | 57.8 | 3 of 11 | 80% |
| Market cap | 374 | 1226 | 9 of 11 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting on Nov 3 to approve Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · De Nora India files quarterly share capital reconciliation audit report | compliance | minimal | — | — |
| 12 Oct 2026 · Routine filing of dematerialization certificate for July-September 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Newspaper publication on physical shares dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · De Nora India 37th AGM: All 6 resolutions passed by shareholders | board shareholder meetings | low | — | — |
| 23 Sept 2026 · De Nora India 37th AGM held on Sept 23, 2026; dividend and related party items on agenda | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 37th AGM notice and e-voting info published in newspapers | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 37th AGM on September 23, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · Notice of 37th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.