Goa-based manufacturer of electrolytic products — anodes, cathodes and electrochlorinators — and water technology products, under IP license from Italian parent Industrie De Nora S.p.A.
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Market Cap
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 56 | 62 | 77 | 96 | 114 | 115 | 122 | 124 |
| Borrowings | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 13 | 13 | 12 | 14 | 7 | 22 | 48 | 30 |
| Total Liabilities | 75 | 80 | 94 | 116 | 127 | 142 | 175 | 160 |
| AssetsFixed Assets | 10 | 10 | 7 | 8 | 13 | 15 | 17 | 18 |
| CWIP | 1 | 0 | 1 | 2 | 2 | 3 | 1 | 0 |
| Investments | 5 | 4 | 23 | 42 | 54 | 52 | 74 | 57 |
| Other Assets | 60 | 66 | 62 | 64 | 57 | 73 | 84 | 84 |
| Total Assets | 75 | 80 | 94 | 116 | 127 | 142 | 175 | 160 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -6 | -7 | 16 | 12 | 14 | 16 | 3 | 12 |
| Cash from Investing | 7 | 7 | 1 | -16 | -24 | -14 | 1 | -3 |
| Cash from Financing | -1 | 1 | -1 | -1 | -1 | -1 | -1 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -7 | -8 | 15 | 11 | 11 | 9 | 0 | 8 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
DENORA · CYCLICAL_UNMODELABLE
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