DE Nora India

NSE: DENORA · Electrodes & Refractories

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Snapshot

Unlock DE Nora India's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

De Nora India Limited specialises in the manufacture and coating of high-performance anodes and cathodes for electrolytic processes, primarily serving the chlor-alkali industry. The company also provides advanced water treatment solutions, including seawater and brine-based systems, alongside specialised anodes for corrosion prevention and surface finishing.

Business Model

The company generates revenue through the manufacturing, sale, and servicing of proprietary electrolytic products and systems. It operates as a subsidiary of Oronzio De Nora International B.V., leveraging global technical expertise to serve diverse industrial sectors including energy, marine, and electronics.

Growth Outlook

Growth is driven by the increasing demand for efficient electrolytic processes in the chlor-alkali sector and the expansion of water treatment applications. The company continues to focus on its core portfolio of LIDA MMO coated titanium anodes and sustainable water production systems.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the costs of essential raw materials like titanium and precious metals can significantly impact manufacturing margins.
  • Parent Company Dependency. As a subsidiary of Oronzio De Nora International B.V., the company's strategic direction and technology access are closely tied to its parent entity.
  • Cyclical Industrial Demand. The company's performance is sensitive to capital expenditure cycles within the chlor-alkali and heavy industrial sectors it serves.
  • Regulatory Compliance. Operations are subject to stringent environmental and industrial safety regulations, which may necessitate ongoing capital investment.

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Key Metrics

REVENUE

₹115 Cr

TTM · standalone

+17.5%YoY

NET PROFIT

₹12 Cr

TTM · standalone

+491.7%YoY

EPS

₹22.97

TTM · standalone

+492.0%YoY

RETURN ON EQUITY

9.8%

TTM · standalone

+8.1 ppYoY

RETURN ON CAPITAL EMPLOYED

13.0%

TTM · standalone

+10.3 ppYoY

P/E

35.4x

Q1 FY27 · standalone

35.4 vs 60.7x5Y avg

EV/EBITDA

22.6x

Q1 FY27 · standalone

22.6 vs 31.1x5Y avg

EBITDA MARGIN

16.0%

TTM · standalone

+10.9 ppYoY

NET PROFIT MARGIN

18.1%

Q1 FY27 · standalone

+10.4 ppYoY

DEBT TO EQUITY

0.0x

Q1 FY27 · standalone

+0.00xYoY

Peers · Electrodes & Refractories

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
DE Nora IndiaDENORA
₹431 Cr35.3622.5517.5%16.0%9.8%13.0%-2.6%
Rhi Magnesita India LimitedRHIM
₹7,668 Cr-21.6915.238.5%12.6%-9.4%-5.8%-21.2%
Monolithisch IndMONOLITH
₹2,751 Cr24.0%+177.8%
IFGL Refractori.IFGLEXPOR
₹1,475 Cr36.0411.0515.4%7.5%3.6%5.5%-15.8%
Foseco Crucible India LimitedMORGANITE
₹1,013 Cr40.7417.15-1.3%33.1%13.8%19.5%+7.9%
Orient CeratechORIENTCER
₹525 Cr20.149.1324.0%15.0%8.9%12.3%+15.0%

As of Q1 FY27

Financials