DENORA

De Nora India Limited

Electrode technologies for industrial applications part of De Nora group

Industrials›Capital Goods›Industrial Products›Electrodes & Refractories

denora.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹710.40
Market cap
377 Cr
Stock P/E
30.9
P/B
2.92
Dividend yield
0.3%
ROE (FY26)
7.0%
ROCE (FY26)
9.3%
Operating margin (FY26)
3.8%
OCF / EBITDA (FY26)
183.0%
OCF / EBITDA (3Y)
118.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

De Nora India recoats and repairs electrolytic electrode products and sells new electrode products from a single plant in Goa; it is the Indian arm of the De Nora group.

Company snapshot

8thBy market cap

Ranked among 8 companies in Electrodes & Refractories.

Segment mix

Reportable segments as of 2023-06-30 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 95.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Electrode Technologies
95.3%
9 Cr-0.33 Cr53 Cr
Water Technologies
4.7%
0.43 Cr0.14 Cr6 Cr

What we see

Positives
  • ✓119% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales19 Cr29 Cr16 Cr13 Cr18 Cr18 Cr20 Cr42 Cr22 Cr36 Cr22 Cr35 Cr
Operating expenses (approx.)11 Cr22 Cr10 Cr10 Cr15 Cr29 Cr16 Cr40 Cr18 Cr33 Cr24 Cr30 Cr
EBITDA8 Cr7 Cr6 Cr3 Cr3 Cr-11 Cr4 Cr2 Cr4 Cr2 Cr-2 Cr6 Cr
OPM %40.0%25.5%38.7%23.0%17.7%-64.9%19.0%5.8%18.4%6.9%-10.3%16.1%
Other income1 Cr1 Cr2 Cr1 Cr2 Cr2 Cr1 Cr2 Cr2 Cr1 Cr2 Cr3 Cr
Interest0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Depreciation0.25 Cr0.29 Cr0.35 Cr0.40 Cr0.42 Cr0.44 Cr0.45 Cr0.46 Cr0.52 Cr0.52 Cr0.53 Cr0.54 Cr
Profit before tax9 Cr8 Cr8 Cr4 Cr4 Cr-10 Cr5 Cr4 Cr5 Cr3 Cr-0.93 Cr9 Cr
Tax %25.5%22.7%25.7%25.7%26.2%24.3%29.8%25.2%25.6%23.9%31.3%25.7%
Net profit6 Cr6 Cr6 Cr3 Cr3 Cr-8 Cr3 Cr3 Cr4 Cr3 Cr-0.64 Cr6 Cr
EPS (₹)₹11.96₹12.20₹10.66₹5.43₹6.18₹-14.71₹6.29₹6.12₹7.29₹4.84₹-1.20₹12.04

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales28 Cr27 Cr33 Cr48 Cr51 Cr74 Cr74 Cr74 Cr69 Cr122 CrSign in free for the trailing twelve months
Operating expenses (approx.)26 Cr25 Cr32 Cr38 Cr42 Cr51 Cr49 Cr53 Cr70 Cr115 CrSign in free for the trailing twelve months
EBITDA2 Cr2 Cr0.36 Cr11 Cr8 Cr23 Cr25 Cr21 Cr-1 Cr7 CrSign in free for the trailing twelve months
OPM %7.2%7.1%1.1%21.8%16.5%30.8%33.5%28.7%-2.1%5.5%Sign in free for the trailing twelve months
Other income3 Cr3 Cr4 Cr2 Cr2 Cr0.96 Cr4 Cr5 Cr6 Cr7 CrSign in free for the trailing twelve months
Interest0 Cr0.0002 Cr0 Cr0 Cr0 Cr0.15 Cr0.01 Cr0 Cr0 Cr0 CrSign in free for the trailing twelve months
Depreciation0.85 Cr2 Cr3 Cr3 Cr3 Cr3 Cr1 Cr1 Cr2 Cr2 CrSign in free for the trailing twelve months
Profit before tax4 Cr3 Cr2 Cr10 Cr8 Cr21 Cr27 Cr25 Cr3 Cr12 CrSign in free for the trailing twelve months
Tax %32.9%45.0%12.8%21.5%25.5%26.3%25.3%24.6%38.6%24.5%Sign in free for the trailing twelve months
Net profit3 Cr2 Cr2 Cr8 Cr6 Cr15 Cr20 Cr19 Cr2 Cr9 CrSign in free for the trailing twelve months
EPS (₹)₹5.61₹3.18₹2.99₹15.31₹10.64₹29.10₹38.19₹35.80₹3.19₹17.06Sign in free for the trailing twelve months
Dividend payout %————0.0%3.4%2.6%5.6%62.7%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr
Reserves47 Cr47 Cr48 Cr56 Cr62 Cr77 Cr96 Cr114 Cr115 Cr124 Cr
Borrowings———0.77 Cr——————
Other liabilities12 Cr11 Cr13 Cr13 Cr13 Cr12 Cr14 Cr7 Cr22 Cr30 Cr
Total liabilities64 Cr63 Cr66 Cr75 Cr80 Cr94 Cr116 Cr127 Cr142 Cr160 Cr
Fixed assets (net)7 Cr7 Cr7 Cr7 Cr7 Cr7 Cr8 Cr13 Cr14 Cr18 Cr
CWIP—————0.64 Cr2 Cr2 Cr3 Cr0.44 Cr
Investments20 Cr20 Cr14 Cr5 Cr4 Cr23 Cr42 Cr55 Cr52 Cr57 Cr
Loans & advances——0.13 Cr0.15 Cr0.09 Cr0.01 Cr0.01 Cr0.03 Cr0.0030 Cr0.01 Cr
Inventories5 Cr7 Cr17 Cr26 Cr19 Cr24 Cr29 Cr28 Cr31 Cr31 Cr
Trade receivables6 Cr5 Cr6 Cr13 Cr11 Cr12 Cr17 Cr10 Cr13 Cr12 Cr
Cash & bank3 Cr0.83 Cr2 Cr2 Cr19 Cr14 Cr4 Cr5 Cr8 Cr17 Cr
Other assets22 Cr24 Cr22 Cr22 Cr19 Cr13 Cr15 Cr14 Cr21 Cr25 Cr
Total assets64 Cr63 Cr66 Cr75 Cr80 Cr94 Cr116 Cr127 Cr142 Cr160 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity7 Cr3 Cr-6 Cr-7 Cr16 Cr12 Cr14 Cr16 Cr3 Cr12 Cr
Cash from investing-3 Cr-3 Cr7 Cr7 Cr1 Cr-16 Cr-24 Cr-14 Cr0.74 Cr-3 Cr
Cash from financing-3 Cr-1 Cr-0.64 Cr0.77 Cr-0.77 Cr-0.53 Cr-0.53 Cr-1 Cr-1 Cr0 Cr
Net cash flow1 Cr-2 Cr0.70 Cr0.88 Cr16 Cr-5 Cr-10 Cr1 Cr3 Cr9 Cr
Free cash flow (OCF − Capex)3 Cr-2 Cr-7 Cr-8 Cr15 Cr11 Cr11 Cr9 Cr-0.10 Cr8 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.6%5.9%3.4%16.7%11.3%25.8%26.7%21.1%2.3%9.3%
ROE %5.7%3.2%3.0%13.3%8.4%18.9%19.9%15.9%1.4%7.0%
Debtor days79636197795884517135
Inventory days216369321457271316390493304169
Days payable1242446180474089636058
Cash conversion cycle171188321474303333385481316147
OCF / EBITDA %364.1%138.8%n.m.-68.7%193.5%51.1%57.8%75.9%—183.0%
OCF / EBITDA % (3 years)——90.1%-82.5%14.9%49.4%75.4%61.2%75.3%118.8%
Debt / equity———0.01——————
Current ratio3.984.404.114.485.387.067.6114.484.974.02
Net debt / EBITDA-1.31-0.43-4.19-0.16-2.26-0.61-0.16-0.25—-2.54