DENORA
De Nora India financials
- Market cap
- ₹424 Cr
- Sector
- Capital Goods
What De Nora India Limited does
De Nora India manufactures electrolytic products, including anodes, cathodes and electrochlorinators, along with water technology products, operating as a single integrated business unit out of its works in Kundaim, Goa. Under an intercompany intellectual-property license from its ultimate parent, Industrie De Nora S.p.A. (Italy), it manufactures coated electrodes and components used in chlor-alkali cell technology, electro-chlorination systems, cathodic protection systems and chlorate production. It also transacts with group company De Nora Italy S.r.l. for sale/purchase of coated metal, anodes, cathodes and repair services.
Segments
- Electrolytic Products
- Water Technology Products
- Manufacturing works
- 1 (Kundaim Industrial Estate, Goa)
- Business structure
- Single integrated business unit
- Core product lines
- 4 (anodes, cathodes, electrochlorinators, water technology products)
- Licensed technology domains
- 4 (chlor-alkali cell technology, electro-chlorination systems, cathodic protection systems, chlorate production)
Quarterly results
Q1 FY27: revenue down 16.0%, net profit up 96.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 18 | 20 | 42 | 22 +20% | 36 +104% | 22 +9% | 35 −16% |
| EBITDA | 3 | -11 | 4 | 2 | 4 +25% | 2 +122% | -2 −159% | 6 +133% |
| Net profit | 3 | -8 | 3 | 3 | 4 +18% | 3 +133% | -1 −119% | 6 +97% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −5.3% 1Y
1Y: ₹843.3 on 10 Sept 2025 → ₹798.45. High ₹949.2 (24 Jun 2026), low ₹567.75 (21 Jan 2026).
Financials, as filed
Revenue grew 18.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹74 Cr | ₹74 Cr | ₹69 Cr | ₹122 Cr |
| Operating profit | ₹25 Cr | ₹21 Cr | ₹-1 Cr | ₹7 Cr |
| Operating margin | 33.5% | 28.7% | -2.1% | 5.5% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹20 Cr | ₹19 Cr | ₹2 Cr | ₹9 Cr |
| Net margin | 27.6% | 25.8% | 2.5% | 7.4% |
| Cash from operations | ₹14 Cr | ₹16 Cr | ₹3 Cr | ₹12 Cr |
| Free cash flow | ₹11 Cr | ₹9 Cr | ₹0 Cr | ₹8 Cr |
| ROCE | 30.0% | 22.0% | 1.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹62 Cr | ₹77 Cr | ₹96 Cr | ₹114 Cr | ₹122 Cr | ₹124 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹13 Cr | ₹12 Cr | ₹14 Cr | ₹7 Cr | ₹48 Cr | ₹30 Cr |
| Total liabilities | ₹80 Cr | ₹94 Cr | ₹116 Cr | ₹127 Cr | ₹175 Cr | ₹160 Cr |
| Fixed assets | ₹10 Cr | ₹7 Cr | ₹8 Cr | ₹13 Cr | ₹17 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹4 Cr | ₹23 Cr | ₹42 Cr | ₹54 Cr | ₹74 Cr | ₹57 Cr |
| Other assets | ₹66 Cr | ₹62 Cr | ₹64 Cr | ₹57 Cr | ₹84 Cr | ₹84 Cr |
| Total assets | ₹80 Cr | ₹94 Cr | ₹116 Cr | ₹127 Cr | ₹175 Cr | ₹160 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.80 pp while the public trimmed −0.80 pp. The shareholder count shrank 10% to 13,960.
- Promoters
- 53.7%
- FIIs
- 0.8%
- DIIs
- 0.2%
- Public
- 45.3%
Since Jun 2025
- FIIs +0.80 pp
- Public −0.80 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 53.7%, FIIs 0.3%, Public 46.1%.Dec '23: Promoters 53.7%, FIIs 0.2%, DIIs 0.2%, Public 45.9%.Mar '24: Promoters 53.7%, FIIs 0.1%, DIIs 0.2%, Public 46.0%.Jun '24: Promoters 53.7%, FIIs 0.1%, DIIs 0.2%, Public 46.0%.Sep '24: Promoters 53.7%, FIIs 0.1%, DIIs 0.2%, Public 46.0%.Dec '24: Promoters 53.7%, FIIs 0.1%, DIIs 0.2%, Public 46.0%.Mar '25: Promoters 53.7%, FIIs 0.1%, DIIs 0.2%, Public 46.0%.Jun '25: Promoters 53.7%, FIIs 0.0%, DIIs 0.2%, Public 46.1%.Sep '25: Promoters 53.7%, FIIs 0.0%, DIIs 0.2%, Public 46.1%.Dec '25: Promoters 53.7%, FIIs 0.0%, DIIs 0.2%, Public 46.1%.Mar '26: Promoters 53.7%, FIIs 0.7%, DIIs 0.2%, Public 45.4%.Jun '26: Promoters 53.7%, FIIs 0.8%, DIIs 0.2%, Public 45.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of De Nora India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Oronzio De Nora International B.V. | 53.68% | unchanged |
| Bharat Ajay Kapadia | 1.41% | unchanged |
| Lalan Ajay Kapadia | 1.41% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.38% | unchanged |
| Seemharsingh Goldie Anand | 1.04% | unchanged |
| De Nora Hong Kong Ltd | 0.00% | unchanged |
| De Nora Permelec Ltd | 0.00% | unchanged |
| Shotec GmbH | 0.00% | unchanged |
| De Nora Deutschland GmbH | 0.00% | unchanged |
| Industrie De Nora S.p.A. | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse De Nora India Limited
Guides on how to read this kind of business and the numbers that matter.