DE Nora India Limited
NSE: DENORA · Electrodes & Refractories · sector
₹693.05NSE close 2026-10-26
Key numbers
Market cap₹368 cr
Price₹693.05
52w high / low₹960 / ₹560
P/E30.2xSector median 30.2x
P/B2.8xSector median 2.2x
Book value₹243.7
Dividend yield–Sector median 1.00%
ROE9.8%Sector median 9.4%
ROCE12.6%Sector median 12.3%
OPM8.6%Sector median 10.8%
Debt / equity0.00xSector median 0.04x
EV/EBITDA29.3xSector median 20.3x
Interest cover–
Current ratio4.02x
Sales growth 3y+18.2%Sector median +6.9%
Profit growth 3y-23.6%Sector median -4.2%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 10 companies in Electrodes & Refractories (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹77 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY24, FY23, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 69% of net profit in the last 12 months.
- Debtor days went from 51 (FY24) to 35 (FY26).
- Dividend paid in 4 of the last 5 financial years.
- Price ₹693.05 on 2026-10-26: -27.8% from the 52-week high, +23.7% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,550.75 · low ₹577.45
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 18 | 20 | 42 | 22 | 36 | 22 | 35 |
| EBITDA | 3 | -11 | 4 | 2 | 4 | 2 | -2 | 6 |
| OPM % | 17.8% | -64.9% | 19.0% | 5.8% | 18.4% | 6.9% | -10.3% | 16.1% |
| Other income | 2 | 2 | 1 | 2 | 2 | 1 | 2 | 3 |
| 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 |
| Revenue YoY | +20.5% | +104.1% | +9.1% | -16.0% | ||||
| Profit YoY | +18.0% | – | -119.2% | +96.6% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 74 | 74 | 74 | 69 | 122 | 115 |
| EBITDA | 23 | 25 | 21 | -1 | 7 | 10 |
| Net profit | 15 | 20 | 19 | 2 | 9 | 12 |
| EPS (₹) | 29.10 | 38.19 | 35.80 | 3.19 | 17.06 | 22.97 |
| Revenue growth | -0.8% | +0.3% | -7.1% | +77.3% | +17.5% | |
| Profit growth | +31.3% | -6.3% | -91.1% | +436.1% | +491.9% | |
| Dividend / share (₹) | 1.00 | 1.00 | 2.00 | 2.00 | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +18.2% | +19.2% | +17.5% |
| Net profit | -23.6% | +9.9% | +491.9% |
| EPS | -23.6% | +9.9% | – |
| Share price | – | -30.8% (2y) | -16.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 102 | 120 | 120 | 129 |
| Borrowings | – | 0 | 0 | 0 | 0 |
| Cash & equivalents | – | 57 | 62 | 63 | 77 |
| Total assets | – | 116 | 127 | 142 | 160 |
| Fixed assets | – | 8 | 13 | 14 | 18 |
| Capital work in progress | – | 2 | 2 | 3 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 17 | 10 | 13 | 12 |
| Inventory | – | 29 | 28 | 31 | 31 |
| Payables | – | 7 | 4 | 6 | 11 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 12 | 14 | 16 | 3 | 12 |
| Cash from investing | -16 | -24 | -14 | 1 | -3 |
| Cash from financing | -1 | -1 | -1 | -1 | 0 |
| Capex | 1 | 4 | 7 | 3 | 4 |
| Free cash flow | 11 | 11 | 9 | -0 | 8 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 19.9% | 15.9% | 1.4% | 7.0% |
| ROCE % | – | 26.7% | 21.1% | 2.3% | 9.3% |
| Debtor days | – | 84 | 51 | 71 | 35 |
| Inventory days | – | 397 | 401 | 413 | 164 |
| Payable days | – | 91 | 51 | 81 | 56 |
| Cash conversion cycle (days) | – | 390 | 401 | 403 | 143 |
| Working capital days | – | 445 | 465 | 462 | 273 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 53.68% |
| FIIs | 0.89% |
| DIIs | 0.22% |
| of which Insurance | 0.22% |
| Public (non-institutions) | 45.21% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 53.68% | 53.68% | 53.68% | 53.68% | 53.68% | 53.68% | 53.68% | 53.68% |
| Promoter group | % |
|---|---|
| Oronzio De Nora International B.V. | 53.68% |
| Industrie De Nora S.p.A. | 0.00% |
| De Nora Deutschland GmbH | 0.00% |
| Shotec GmbH | 0.00% |
| De Nora Permelec Ltd | 0.00% |
| De Nora Hong Kong Ltd | 0.00% |
| Public holders above 1% | % |
|---|---|
| Bharat Ajay Kapadia | 1.41% |
| Lalan Ajay Kapadia | 1.41% |
| Mani Nath Bhushan | 1.40% |
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 1.38% |
13,648 shareholders. Pledged: 0.00% of promoter shares.
Peers in Electrodes & Refractories
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE | ₹14,353 cr | 67.4x | 2.5x | 3.6% | 5.1% | 2.6% | -3.6% | 1.50% |
| VESUVIUS | ₹7,824 cr | 30.6x | 4.5x | 15.7% | 19.9% | 16.7% | – | – |
| RPEL | ₹7,784 cr | 110.4x | 27.6x | 28.4% | 31.4% | 29.9% | – | 0.06% |
| RHIM | ₹7,213 cr | – | 2.0x | -9.4% | -6.2% | -1.9% | +13.8% | 0.72% |
| HEGAM | ₹3,956 cr | 11.0x | 0.8x | 7.8% | 6.3% | 10.0% | +1.4% | 0.92% |
| IFGLEXPOR | ₹1,159 cr | 28.3x | 1.0x | 3.6% | 4.9% | 6.8% | +11.0% | 2.18% |
| FOSECOC | ₹990 cr | 38.0x | 7.1x | 17.1% | 23.6% | 19.7% | +3.6% | 1.07% |
| ORIENTCER | ₹454 cr | 17.4x | 1.5x | 8.9% | 12.1% | 11.7% | +10.1% | 0.68% |
| DENORA | ₹368 cr | 30.2x | 2.8x | 9.8% | 12.6% | 8.6% | +18.2% | – |
| PANCARBON | ₹180 cr | 9.4x | 1.0x | 10.7% | 14.6% | 30.5% | +3.0% | 3.19% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-16 | Dividend | Dividend - Rs 4 Per Share |
| 2024-09-17 | Dividend | Annual General Meetingdividend - Rs 2 Per Share |
| 2023-09-05 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2021-09-15 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2020-09-15 | Other | Annual General Meeting |
| 2019-09-18 | Other | Annual General Meeting |
| 2018-09-18 | Dividend | Dividend Re 1 Per Share |
| 2017-09-19 | Dividend | Annual General Meeting/Dividend - Rs 2/- Per Share |
| 2016-09-12 | Dividend | Dividend Rs 4/- Per Share |
| 2015-06-18 | Dividend | Dividend Rs 1.50 Per Share |
| 2014-05-08 | Dividend | Annual General Meeting / Dividend - Rs 4/- Per Share |
| 2013-05-02 | Dividend | Dividend Rs 7 Per Share |
| 2012-06-21 | Dividend | Dividend Rs 6 Per Share |
| 2011-05-12 | Dividend | Dividend-Rs.5/- Per Share |
| 2010-04-26 | Other | Annual General Meeting |
| 2009-04-24 | Other | Agm/Div-Rs.2.50/-Pershare |
| 2008-03-31 | Other | Agm/Div-Rs.5.80/- Per Shr |
| 2007-05-14 | Other | Div-Rs.6.90/- Per Share |
| 2006-04-13 | Dividend | Dividend-Rs.7/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Electrodes & Refractories |
| Sub-industry | Electrodes & Refractories |
| Symbol | DENORA |
| BSE code | 590031 |
| ISIN | INE244A01016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.