DE Nora India Ltd

₹ 713 -1.20%

14 May - close price

About

Incorporated in 1989, De Nora India Ltd manufactures and services Electrolytic products^[1]

Key Points

Business Overview:^[1]^[2]
DNIL is a part of Oronzio De Nora International B.V. of De Nora Group which is an Italian multinational company and has 24 operating companies in 10 countries and 5 R&D centers in Italy, United States, and Japan. It holds 53.68% of equity of DNIL. Company has brought the latest technologies to India with support from De Nora’s technical expertise and management. DNIL is a supplier of technologies for the production of chlorine, caustic soda, and derivatives for the Chlor-alkali industry, as well as the world’s largest manufacturer and recoater of noble metal-coated electrodes, electrolyzers, coating solutions for the electro chemical industries in general.

Website BSE NSE

Market Cap ₹ 378 Cr.
Current Price ₹ 713
High / Low ₹ 995 / 559
Stock P/E 41.7
Book Value ₹ 244
Dividend Yield 0.00 %
ROCE 9.62 %
ROE 7.26 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company is expected to give good quarter
Debtor days have improved from 52.4 to 35.3 days.

Cons

Stock is trading at 2.93 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 8.29% over last 3 years.
Earnings include an other income of Rs.7.35 Cr.
Dividend payout has been low at 1.86% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	27.63	9.14	19.08	29.40	16.18	12.76	18.13	17.56	20.13	41.97	21.84	35.84	21.97
	12.21	9.35	11.44	21.91	9.93	9.82	14.92	28.95	16.30	39.53	17.82	33.36	24.24
Operating Profit	15.42	-0.21	7.64	7.49	6.25	2.94	3.21	-11.39	3.83	2.44	4.02	2.48	-2.27
OPM %	55.81%	-2.30%	40.04%	25.48%	38.63%	23.04%	17.71%	-64.86%	19.03%	5.81%	18.41%	6.92%	-10.33%
	1.29	1.16	1.14	1.19	1.71	1.34	1.65	1.50	1.37	2.36	1.70	1.43	1.87
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.24	0.25	0.25	0.29	0.35	0.40	0.42	0.44	0.45	0.46	0.52	0.52	0.53
Profit before tax	16.47	0.70	8.53	8.39	7.61	3.88	4.44	-10.33	4.75	4.34	5.20	3.39	-0.93
Tax %	25.14%	25.71%	25.56%	22.77%	25.76%	25.77%	26.35%	-24.30%	29.68%	25.12%	25.58%	23.89%	-31.18%
	12.32	0.52	6.35	6.48	5.66	2.88	3.28	-7.81	3.34	3.25	3.87	2.57	-0.64
EPS in Rs	23.21	0.98	11.96	12.21	10.66	5.43	6.18	-14.71	6.29	6.12	7.29	4.84	-1.21
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Profit & Loss

Figures in Rs. Crores

	Dec 2014	Mar 2016 15m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	51	27	27	33	48	51	74	74	74	69	122
	25	35	25	25	32	38	42	51	49	52	70	115
Operating Profit	5	16	2	2	0	11	8	23	25	21	-1	7
OPM %	17%	30%	8%	8%	1%	22%	17%	31%	34%	29%	-2%	6%
	2	4	3	3	4	2	2	1	4	5	6	7
Interest	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	2	3	3	3	3	1	1	2	2
Profit before tax	6	18	4	3	2	10	8	21	27	25	3	12
Tax %	29%	33%	33%	45%	13%	22%	25%	26%	25%	25%	38%	25%
	4	12	3	2	2	8	6	15	20	19	2	9
EPS in Rs	8.01	22.57	5.61	3.18	3.00	15.31	10.64	29.10	38.20	35.81	3.18	17.07
Dividend Payout %	19%	18%	36%	31%	0%	0%	9%	3%	5%	6%	0%	0%

Compounded Sales Growth
10 Years:	9%
5 Years:	19%
3 Years:	18%
TTM:	77%

Compounded Profit Growth
10 Years:	-3%
5 Years:	10%
3 Years:	-24%
TTM:	310%

Stock Price CAGR
10 Years:	8%
5 Years:	22%
3 Years:	-23%
1 Year:	-10%

Return on Equity
10 Years:	11%
5 Years:	13%
3 Years:	8%
Last Year:	7%

Balance Sheet

Figures in Rs. Crores

	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	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	5	5	5
Reserves	34	43	47	47	48	56	62	77	96	114	115	124
	0	0	0	0	0	1	0	0	0	0	0	0
	9	12	12	11	12	13	13	12	14	7	22	30
Total Liabilities	49	60	64	63	65	75	80	94	116	127	142	160
	7	7	7	14	12	10	10	7	8	13	15	18
CWIP	1	2	7	0	0	1	0	1	2	2	3	0
Investments	14	19	20	20	14	5	4	23	42	54	52	57
	26	32	29	29	40	60	66	62	64	57	73	84
Total Assets	49	60	64	63	65	75	80	94	116	127	142	160

Cash Flows

Figures in Rs. Crores

	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10	14	7	2	-6	-7	16	12	14	16	3	12
	-8	-12	-3	-2	7	7	1	-16	-24	-14	1	-3
	-3	-1	-3	-1	-1	1	-1	-1	-1	-1	-1	0
Net Cash Flow	-1	1	1	-2	1	1	16	-5	-10	1	3	9
Free Cash Flow	9	12	3	-2	-7	-8	15	11	11	9	-0	8
CFO/OP	213%	131%	451%	163%	-1,094%	-46%	203%	74%	86%	106%	-598%	251%

Ratios

Figures in Rs. Crores

	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	139	75	82	64	61	97	79	58	84	51	71	35
Inventory Days	229	130	198	398	516	471	273	288	397	401	413	164
Days Payable	67	80	114	264	182	83	47	37	91	51	81	56
Cash Conversion Cycle	302	125	166	199	396	486	305	309	391	401	403	144
Working Capital Days	144	45	14	48	136	218	156	132	164	157	128	212
ROCE %	16%	41%	9%	6%	4%	18%	12%	28%	30%	22%	1%	10%

Insights

In beta

Dec 2013

Dec 2014

Mar 2016

Mar 2017

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Mar 2023

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Mar 2025

Inventory - Work-in-Progress (WIP)
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Revenue from Sale of Products
INR Lakhs

Revenue from Services (Recoating & AMC)
INR Lakhs

Capital Commitments (Contracts remaining to be executed)
INR Lakhs

Number of Permanent Employees
Number

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Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
	0.56%	0.25%	0.19%	0.10%	0.09%	0.09%	0.10%	0.14%	0.03%	0.01%	0.02%	0.72%
	0.00%	0.00%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%
	45.76%	46.07%	45.92%	46.00%	45.99%	46.01%	46.00%	45.96%	46.06%	46.10%	46.10%	45.38%
No. of Shareholders	11,054	12,748	14,615	15,415	14,878	15,813	16,033	15,762	15,485	15,024	14,679	14,214

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	57.08%	56.80%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%	53.68%
	0.00%	0.00%	0.08%	0.19%	0.00%	0.00%	0.00%	0.56%	0.10%	0.14%	0.72%
	0.14%	0.06%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.22%	0.22%	0.22%
	0.00%	0.00%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	42.78%	43.14%	45.94%	46.12%	46.32%	46.32%	46.32%	45.76%	46.00%	45.96%	45.38%
No. of Shareholders	6,698	7,128	7,728	7,460	7,150	7,148	8,184	9,383	15,415	15,762	14,214

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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DE Nora India Ltd

DE Nora India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports