De Nora India Limited (DENORA)

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De Nora India Limited (DENORA) · mywealthgrid

About

De Nora India manufactures electrodes and refractories for industrial applications. At ₹440 Cr market cap, it is a small-cap company with 53.68% promoter ownership, 45.27% public float, and minimal foreign institutional participation (FII 0.83%). Quarterly revenues range ₹17.56–₹41.97 Cr standalone.

Face value: ₹10

Market cap

₹384 Cr

P/E

31.5×

P/B

3.0×

Dividend yield

0.6%

ROE

7.3%

ROCE

9.6%

Debt / equity

OPM

5.5%

EPS (TTM)

₹23.0

Book value

₹243.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme operating margin swings: OPM ranged from +19.03% (Mar 2025) to -64.86% (Dec 2024), and is currently 5.49%; thin margins leave no buffer against input cost shocks.

Recent loss-making quarters: Net profit turned negative in Dec 2024 (₹-7.81 Cr on ₹17.56 Cr revenue) and Mar 2026 (₹-0.64 Cr). Recovery to ₹6.39 Cr (Jun 2026) must be sustained.

Valuation-profitability mismatch: PE of 36.11 is high relative to ROE of 7.26% and OPM of 5.49%, implying the market prices in recovery not yet supported by current metrics.

Thin liquidity: Public float of 45.27% combined with minimal institutional holding (DII 0.22%, FII 0.83%) raises liquidity and sentiment-reversal risks.

Generated analysis · source review pending

Growth drivers

Operating margin recovery to 16.13% (Jun 2026) from -10.33% (Mar 2026) signals operational challenges are being corrected; verify whether this is structural improvement or cyclical bounce.

Return to profitability: Jun 2026 net profit of ₹6.39 Cr after losses in Dec 2024 and Mar 2026; verify order pipeline and customer demand trends to assess sustainability.

Zero debt (D/E 0) frees cash for capex, working capital, or returns if demand recovers; verify management's capital allocation priorities.

Stabilizing revenue base: Jun 2026 (₹35.27 Cr) and Dec 2025 (₹35.84 Cr) suggest steadier throughput than the ₹17.56–₹41.97 Cr range; verify whether this reflects underlying demand stabilization.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹723.9-2.4%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.2% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of 8.6% (3-yr avg)
−Thin operating margin of 5.5%

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 31
Growth: 43
Valuation: 40

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Graphite India LimitedGRAPHITEGRAPHITE	₹15,361 Cr	₹15,728 Cr	₹3,029 Cr	₹90 Cr	7.1%	₹213 Cr	6%	4.6%	3%	326
Raghav Productivity Enhancers LimitedRPELRPEL	₹8,349 Cr	₹8,354 Cr	₹286 Cr	₹85 Cr	29.3%	₹63 Cr	21.3%	30.7%	25%	255
Vesuvius India LimitedVESUVIUSVESUVIUS	₹8,203 Cr	₹8,203 Cr	₹2,107 Cr	₹354 Cr	17.1%	₹239 Cr	12.6%	22.5%	17.1%	46
Rhi Magnesita India LimitedRHIMRHIM	₹7,947 Cr	₹8,269 Cr	₹4,074 Cr	₹477 Cr	11%	₹-354 Cr	-9.5%	6.6%	-10.1%	126
Heg LimitedHEGAMHEGAM	₹4,618 Cr	₹5,411 Cr	₹2,640 Cr	₹263 Cr	15.5%	₹359 Cr	13.3%	6.9%	7.4%	323
Ifgl Refractories LimitedIFGLEXPORIFGLEXPOR	₹1,367 Cr	₹1,562 Cr	₹1,953 Cr	₹137 Cr	7.2%	₹41 Cr	1.8%	5.4%	3%	148
Foseco Crucible (India) LtdFOSECOCFOSECOC	₹1,095 Cr	₹1,095 Cr	₹174 Cr	₹41 Cr	26.7%	₹28 Cr	10.9%	33.1%	13.8%	90
Orient Ceratech LimitedORIENTCERORIENTCER	₹528 Cr	₹567 Cr	₹406 Cr	₹50 Cr	10.6%	₹26 Cr	5.4%	10.6%	7.5%	226
De Nora India LimitedDENORADENORA	₹384 Cr	₹384 Cr	₹115 Cr	₹10 Cr	5.5%	₹12 Cr	7.5%	9.6%	7.3%	144
Panasonic Carbon India Company LtdPANCARBONPANCARBON	₹189 Cr	—	₹54 Cr	₹17 Cr	33.1%	₹21 Cr	38.8%	16.7%	11.8%	127
Nilachal Refractories LtdNILACHALNILACHAL	₹77 Cr	₹123 Cr	₹1 Cr	₹-21 Cr	-304.4%	₹-22 Cr	-307%	—	—	1,057

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8	8	33	48	51	74	74	74	69	122
COGS	3	3	12	20	26	30	26	25	28	68
Gross profit	5	5	21	28	25	44	47	49	41	53
	3	3	20	18	16	21	23	28	42	46
	2	2	0	11	8	23	25	21	-1	7
OPM %	20.2%	20.2%	1.1%	21.8%	16.5%	30.8%	33.5%	28.7%	-2.1%	5.5%
Depreciation	0	0	3	3	3	3	1	1	2	2
Interest	0	0	0	0	0	0	0	0	0	0
	0	0	4	2	2	1	4	5	6	7
Profit before tax	2	2	2	10	8	21	27	25	3	12
Tax	0	0	0	2	2	6	7	6	1	3
Tax %	25.6%	25.6%	12.6%	21.6%	25.5%	26.3%	25.3%	24.7%	38.4%	24.5%
	1	1	2	8	6	15	20	19	2	9
PAT margin %	17.7%	17.7%	4.9%	16.8%	11.2%	20.8%	27.6%	25.8%	2.5%	7.5%
EPS (₹)	2.5	2.5	3	15.3	10.6	29.1	38.2	35.8	3.2	17.1
EPS adjusted (₹)	2.5	2.5	—	15.3	10.6	29.1	38.2	35.8	3.2	17.1
	79.4%	39.7%	0%	0%	9.4%	3.4%	5.2%	5.6%	0%	23.4%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	5	5	5	5	5	5	5	5	5
Reserves	0	0	—	62	77	96	114	115	124
Minority interest	46	47	—	—	—	—	—	—	—
	—	—	—	0	0	0	0	0	0
	9	12	—	13	12	14	7	22	30
Total equity & liabilities	60	64	—	80	94	116	127	142	160
	7	7	10	10	7	8	13	15	18
CWIP	—	—	—	0	1	2	2	3	0
Investments	19	20	—	4	23	42	55	52	57
	34	36	—	66	62	64	57	73	84
Total assets	60	64	—	80	94	116	127	142	160

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Electrode Technologies	72.55	26.08	—	8.8
Water Technologies	1.03	-0.32	—	4.85

SegmentFigure

Electrode Technologies · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	63.5%	58.4%	48.6%	59.3%	64.2%	66%	59.6%	43.7%
EBITDA margin %	1.1%	21.8%	16.5%	30.8%	33.5%	28.7%	-2.1%	5.5%
EBIT margin %	-6.6%	16.4%	11.4%	27.2%	31.7%	27.1%	-4.5%	3.8%
PAT margin %	4.9%	16.8%	11.2%	20.8%	27.6%	25.8%	2.5%	7.5%
Working capital
Receivable days	—	—	79	58	84	51	71	35
Inventory days	—	—	273	288	397	401	413	164
Payable days	—	—	47	37	91	51	81	56
NWC days	—	—	305	309	391	401	403	144
Leverage
Current ratio	—	—	5.38	7.06	7.61	14.48	4.97	4.02
Debt to EBITDA	—	—	0	0	0	0	—	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	—	—	140.7	2,717	—	—	—
Asset turnover	—	—	0.63	0.79	0.64	0.58	0.48	0.76
Return ratios
Return on assets %	—	—	7.1%	16.5%	17.5%	15%	1.2%	5.7%
Return on capital employed %	—	—	11.3%	28.4%	29.5%	22.8%	2.3%	9.6%
Return on equity %	—	—	8.4%	18.9%	19.9%	15.9%	1.4%	7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%
	0.25%	0.19%	0.11%	0.1%	0.09%	0.1%	0.14%	0.03%	0.01%	0.01%	0.72%	0.83%
	0%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	46.07%	45.91%	45.99%	46%	46.01%	46%	45.96%	46.07%	46.09%	46.09%	45.38%	45.27%
No. of shareholders	—	—	—	—	—	—	—	—	15,024	14,679	14,214	13,960

Promoter holding up 0 percentage points since Sep 2023.

21 deals · 2 Aug 2021 – 12 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	32,387	₹1,946.86	₹6.31 Cr
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	32,387	₹1,951.41	₹6.32 Cr
2 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	39,203	₹1,859.64	₹7.29 Cr
2 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	39,203	₹1,861.18	₹7.30 Cr
24 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	40,705	₹1,909.63	₹7.77 Cr
24 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	40,705	₹1,911.97	₹7.78 Cr
9 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	33,797	₹1,821.35	₹6.16 Cr
9 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	33,797	₹1,817.98	₹6.14 Cr
31 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	54,442	₹1,752.29	₹9.54 Cr
31 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	54,442	₹1,748.93	₹9.52 Cr

1–10 of 21

1 / 3

Ms. Supriya BanerjiNon-Executive - Independent Director-Chairperson
Mr. Vinay ChopraExecutive Director-MD
Mr. Purushottam MantriNon-Executive - Independent Director
Ms. Lalita Correia AfonsoNon-Executive - Independent Director
Mr. Deepak NagvekarExecutive Director
Mr. Guido PicariNon-Executive - Non Independent Director
Mr. Shrikant PaiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in De Nora India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

15

Final dividend16 Sept 2026 · ex-date₹4
Final dividend17 Sept 2024 · ex-date₹2
Final dividend5 Sept 2023 · ex-date₹2
Dividend dividend20 Sept 2022 · ex-date₹1
Dividend dividend15 Sept 2021 · ex-date₹1
Dividend dividend18 Sept 2018 · ex-date₹1
Dividend dividend19 Sept 2017 · ex-date₹2
Dividend dividend12 Sept 2016 · ex-date₹4
Dividend dividend18 Jun 2015 · ex-date₹1.5
Dividend dividend8 May 2014 · ex-date₹4
Final dividend2 May 2013 · ex-date₹7
Dividend dividend21 Jun 2012 · ex-date₹6
Dividend dividend12 May 2011 · ex-date₹5
Dividend dividend24 Apr 2009 · ex-date₹2.5
Dividend dividend31 Mar 2008 · ex-date₹5.8

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

28 Sept 2026, 1:46 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	63.5%	58.4%	48.6%	59.3%	64.2%	66%	59.6%	43.7%
EBITDA margin %	1.1%	21.8%	16.5%	30.8%	33.5%	28.7%	-2.1%	5.5%
EBIT margin %	-6.6%	16.4%	11.4%	27.2%	31.7%	27.1%	-4.5%	3.8%
PAT margin %	4.9%	16.8%	11.2%	20.8%	27.6%	25.8%	2.5%	7.5%
Working capital
Receivable days	—	—	79	58	84	51	71	35
Inventory days	—	—	273	288	397	401	413	164
Payable days	—	—	47	37	91	51	81	56
NWC days	—	—	305	309	391	401	403	144
Leverage
Current ratio	—	—	5.38	7.06	7.61	14.48	4.97	4.02
Debt to EBITDA	—	—	0	0	0	0	—	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	—	—	140.7	2,717	—	—	—
Asset turnover	—	—	0.63	0.79	0.64	0.58	0.48	0.76
Return ratios
Return on assets %	—	—	7.1%	16.5%	17.5%	15%	1.2%	5.7%
Return on capital employed %	—	—	11.3%	28.4%	29.5%	22.8%	2.3%	9.6%
Return on equity %	—	—	8.4%	18.9%	19.9%	15.9%	1.4%	7%

Date	Category	Subject	Filing
28 Sept 2026, 1:46 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
27 Aug 2026, 11:31 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
26 Aug 2026, 6:01 pm	AGM/EGM AGM	Intimation Of Notice Of 37Th Annual General Meeting	PDF
26 Aug 2026, 5:32 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
18 Aug 2026, 12:05 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Aug 2026, 2:10 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Jul 2026, 4:05 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
30 Jul 2026, 6:19 pm	Result Financial Results	Financial Results For The Quarter Ended June 30, 2026	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	3	16	12	14	16	3	12
	-3	-3	1	-16	-24	-14	1	-3
	-3	-1	-1	-1	-1	-1	-1	0
Net cash flow	1	-2	16	-5	-10	1	3	9
Free cash flow	3	-2	15	11	11	9	-0	8
CFO / Operating profit %	471.9%	175.8%	193.7%	51.1%	57.9%	75.8%	—	183.1%

De Nora India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Electrode Technologies · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

15

1

Announcements

15

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Electrode Technologies · revenue

Compounded sales growth

Compounded profit growth

Return on equity

De Nora India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Electrode Technologies · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends15

Board meetings1

Announcements

Dividends15

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Electrode Technologies · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

15

1

15

1