DE Nora India

NSE: DENORA · Electrodes & Refractories

52W Range₹560 ₹995

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.

Price

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Key Metrics

REVENUE

₹122 Cr

TTM · standalone

+77.3%YoY

NET PROFIT

₹9 Cr

TTM · standalone

+435.5%YoY

EPS

₹17.05

TTM · standalone

+434.5%YoY

RETURN ON EQUITY

7.4%

TTM · standalone

+6.0 ppYoY

RETURN ON CAPITAL EMPLOYED

9.8%

TTM · standalone

+7.5 ppYoY

P/E

52.6x

Q4 FY26 · standalone

52.6 vs 72.8x5Y avg

EV/EBITDA

32.7x

Q4 FY26 · standalone

32.7 vs 36.4x5Y avg

EBITDA MARGIN

11.5%

TTM · standalone

+5.0 ppYoY

NET PROFIT MARGIN

-2.9%

Q4 FY26 · standalone

-19.5 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

+0.00xYoY

Peers · Electrodes & Refractories

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
DE Nora IndiaDENORA
36652.5532.7077.3%11.5%7.4%9.8%-6.1%
Raghav Productivity Enhancers Ltd.RPEL
2,830109.1677.3628.8%30.1%26.5%32.5%+85.3%
IFGL Refractori.IFGLEXPOR
1,00145.5511.8114.6%7.7%3.1%5.0%-61.3%
Monolithisch IndMONOLITH
84324.0%+77.1%
Morganite CrucibMORGANITE
67435.4612.91-1.3%33.1%16.1%24.6%
Orient CeratechORIENTCER
45423.0310.0023.5%13.3%7.6%10.0%+2.3%

As of Q4 FY26

Financials