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De Nora India Q2 FY27 results: net loss of ₹2.60 crore vs ₹3.87 crore profit, revenue down 2.2%
De Nora India Limited reported a net loss of ₹2.60 crore in Q2 FY27 on standalone revenue of ₹21.36 crore, against a net profit of ₹3.87 crore in Q2 FY26. EBITDA moved to a loss of ₹3.30 crore from ₹4.02 crore, while revenue was ₹13.91 crore lower than Q1 FY27.
Key points
- Q2 FY27 revenue was ₹21.36 crore, down ₹0.48 crore or 2.2% from Q2 FY26 and ₹13.91 crore or 39.4% from Q1 FY27.
- De Nora India reported an EBITDA loss of ₹3.30 crore in Q2 FY27, against EBITDA of ₹4.02 crore in Q2 FY26, with margin moving to -15.5% from 18.4%.
- The quarter ended with a net loss of ₹2.60 crore and basic EPS of -4.9, compared with a net profit of ₹3.87 crore and EPS of 7.29 in Q2 FY26.
- H1 FY27 revenue was ₹56.63 crore, down 11.3% from ₹63.81 crore in H1 FY26, while net profit fell 46.8% to ₹3.79 crore.
- The stock was down 3.4 percentage points more than the industry median by the next day's close, after a 0.2% reaction-day move from its pre-results close.
How did De Nora India perform in Q2 FY27?
De Nora India reported standalone revenue of ₹21.36 crore for Q2 FY27, compared with ₹21.84 crore in Q2 FY26 and ₹35.27 crore in Q1 FY27. Revenue was down ₹0.48 crore or 2.2% year on year and ₹13.91 crore or 39.4% sequentially. Total income was ₹21.73 crore, lower by ₹1.81 crore or 7.7% from the year-ago quarter and ₹16.99 crore or 43.9% from the previous quarter.
EBITDA was a loss of ₹3.30 crore in Q2 FY27, compared with ₹4.02 crore in Q2 FY26 and ₹5.69 crore in Q1 FY27. EBITDA margin was -15.5%, compared with 18.4% in Q2 FY26 and 16.1% in Q1 FY27. The company reported a loss before tax of ₹3.47 crore, a net loss of ₹2.60 crore and basic EPS of -4.9 for the quarter.
Against Q2 FY26, De Nora India reported EBITDA down ₹7.32 crore, profit before tax down ₹8.68 crore and net profit down ₹6.47 crore, with each turning to a loss. EPS moved down ₹12.19, from 7.29 to -4.9. Against Q1 FY27, EBITDA and net profit each fell ₹8.99 crore, while profit before tax fell ₹12.07 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 21.36 | 35.27 | 21.84 | −2.2% | −39.4% |
| Other income | 0.37 | 3.45 | 1.70 | −78.2% | −89.3% |
| Total expenses | 25.20 | 30.12 | 18.34 | +37.4% | −16.3% |
| EBITDA | −3.30 | 5.69 | 4.02 | turned to loss | turned to loss |
| EBITDA margin | -15.5% | 16.1% | 18.4% | −33.9 pp | −31.6 pp |
| Profit before tax | −3.47 | 8.60 | 5.21 | turned to loss | turned to loss |
| Tax | −0.87 | 2.21 | 1.33 | ||
| Net profit | −2.60 | 6.39 | 3.87 | turned to loss | turned to loss |
| EPS (₹) | −4.90 | 12.04 | 7.29 | turned to loss | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in De Nora India's costs and profit?
Total expenses increased by ₹6.86 crore or 37.4% from Q2 FY26 to ₹25.20 crore. Cost of materials rose ₹3.46 crore or 31.7% to ₹14.36 crore, employee cost increased ₹0.30 crore or 20.4% to ₹1.77 crore, and depreciation edged up ₹0.02 crore or 3.8% to ₹0.54 crore. Other expenses declined ₹3.02 crore or 36.3% to ₹5.30 crore, while finance costs remained unchanged.
Other income fell ₹1.33 crore or 78.2% from ₹1.70 crore in Q2 FY26 to ₹0.37 crore in Q2 FY27. Total income therefore declined ₹1.81 crore or 7.7% to ₹21.73 crore. The company reported no exceptional item in either quarter.
Tax moved from an expense of ₹1.33 crore in Q2 FY26 to a credit of ₹0.87 crore in Q2 FY27, a downward difference of ₹2.20 crore. Despite the tax credit, the higher expenses and lower other income left De Nora India with a loss before tax of ₹3.47 crore and a net loss of ₹2.60 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 14.36 | 10.90 | +3.46 | +31.7% |
| Employee cost | 1.77 | 1.47 | +0.30 | +20.4% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0.54 | 0.52 | +0.02 | +3.8% |
| Other expenses | 5.30 | 8.32 | −3.02 | −36.3% |
| Total expenses | 25.20 | 18.34 | +6.86 | +37.4% |
| Other income | 0.37 | 1.70 | −1.33 | −78.2% |
| Tax | −0.87 | 1.33 | −2.20 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
De Nora India reported H1 FY27 standalone revenue of ₹56.63 crore, down ₹7.18 crore or 11.3% from ₹63.81 crore in H1 FY26. Total income fell ₹9.40 crore or 13.9% to ₹58.47 crore, while profit before tax declined ₹4.42 crore or 46.3% to ₹5.13 crore.
Net profit for H1 FY27 was ₹3.79 crore, down ₹3.33 crore or 46.8% from ₹7.12 crore in H1 FY26. Basic EPS fell ₹6.27, or 46.8%, to 7.14 from 13.41. The figures are standalone; the company’s filing also presents the quarter and half-year results on this basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 56.63 | 63.81 | −11.3% |
| Profit before tax | 5.13 | 9.55 | −46.3% |
| Net profit | 3.79 | 7.12 | −46.8% |
| EPS (₹) | 7.14 | 13.41 | −46.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹173.88 crore as on 30 September 2026 from ₹159.80 crore as on 31 March 2026. Total equity rose to ₹131.05 crore from ₹129.34 crore, while borrowings remained unchanged at no borrowings. Cash and cash equivalents fell to ₹10.86 crore from ₹16.96 crore.
Inventories increased to ₹73.51 crore from ₹30.84 crore, trade receivables rose to ₹22.00 crore from ₹11.75 crore, and trade payables increased to ₹25.95 crore from ₹10.52 crore. The cash flow statement showed operating cash flow of -₹48.36 crore in H1 FY27 against ₹22.77 crore in H1 FY26; investing cash flow was ₹42.56 crore against -₹21.34 crore, and financing cash flow was -₹0.30 crore against ₹0.00 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 173.88 | 159.80 |
| Total equity | 131.05 | 129.34 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 10.86 | 16.96 |
| Inventories | 73.51 | 30.84 |
| Trade receivables | 22 | 11.75 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −48.36 | 22.77 |
| Cash from investing | 42.56 | −21.34 |
| Cash from financing | −0.30 | 0 |
| Capital expenditure | 0.89 | 2.10 |
Source: Company's results filing (XBRL).
How has De Nora India done over the last 8 quarters?
Revenue peaked at ₹41.97 crore in Q1 FY26 and was lowest at ₹17.56 crore in Q3 FY25. It rose to ₹35.27 crore in Q1 FY27 before falling to ₹21.36 crore in Q2 FY27. Profit reached a high of ₹6.39 crore in Q1 FY27, while the lowest was a loss of ₹7.81 crore in Q3 FY25; Q2 FY27 recorded a loss of ₹2.60 crore.
EBITDA margin peaked at 19.0% in Q4 FY25 and was lowest at -64.9% in Q3 FY25. It recovered to 16.1% in Q1 FY27 before falling to -15.5% in Q2 FY27. The latest quarter therefore shows lower revenue and a return to loss from the immediately preceding quarter, following the recovery in Q1 FY27.
How did De Nora India shares react?
The filing appeared after market hours on 3 November 2026. From the price when the filing appeared, the stock fell 1.2% after 5 minutes, 2.4% after 15 minutes and 1.7% after 30 minutes. On the reaction day, it closed 0.2% above its previous close.
Earlier reaction-day moves were mixed but mostly negative: the stock rose 3.6% on 30 July 2026 and fell 9.9% on 4 May 2026, followed by declines of 4.1% on 3 February 2026, 3.5% on 5 November 2025 and 8.1% on 30 July 2025. Earlier declines also included 14.6% on 30 January 2025, 4.5% on 24 October 2024 and 4.7% on 26 July 2024.
| After the filing | Stock | Electrodes & Refractories median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −2.4% | |
| 30 minutes | −1.7% | |
| Reaction day | +0.2% | +1.6% |
| Next day | −2.0% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +3.6% |
| 4 May 2026 | −9.9% |
| 3 February 2026 | −4.1% |
| 5 November 2025 | −3.5% |
| 30 July 2025 | −8.1% |
| 30 January 2025 | −14.6% |
| 24 October 2024 | −4.5% |
| 26 July 2024 | −4.7% |
Source: MarketPing price-reaction measurement.
How did other Electrodes & Refractories companies do?
Six other Electrodes & Refractories companies that had filed for the quarter were compared with De Nora India as on 6 November 2026. Their median revenue growth was 7.6%. Two peers grew revenue more slowly than De Nora India and four grew faster than the company.
Profit was compared for six peers, of which three reported higher profit. The filing excerpts did not state the reasons for De Nora India’s quarterly loss or the changes in peer profitability.
| De Nora India revenue growth (YoY) | −2.2% |
|---|---|
| Median of 6 other Electrodes & Refractories companies | +7.6% |
| Companies with slower revenue growth than De Nora India | 2 of 6 |
| Companies with faster revenue growth than De Nora India | 4 of 6 |
| Companies whose net profit rose | 3 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was De Nora India's revenue in Q2 FY27?
Revenue from operations was ₹21.36 crore, down 2.2% from ₹21.84 crore in Q2 FY26 (standalone).
Did De Nora India make a profit in Q2 FY27?
No. It reported a net loss of ₹2.60 crore, against a net profit of ₹3.87 crore in Q2 FY26.
What was De Nora India's EPS in Q2 FY27?
Basic loss per share was ₹4.90, against ₹7.29 in Q2 FY26.
How did De Nora India shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.2% from the previous close; the median Electrodes & Refractories stock moved +1.6%.
When did De Nora India announce its Q2 FY27 results?
On 3 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Outcome of Board Meeting (NSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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