De Nora India Limited (DENORA)
₹699.60 +3.10% last close, 23 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)De Nora India Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, De Nora's revenue was ₹35.3 Cr (-16.0% year on year, +60.5% on the previous quarter), and net profit ₹6.4 Cr (+96.6% year on year); the operating margin was 16.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹35.3 | -16.0% | +60.5% |
| Operating profit | ₹5.7 | +133.3% | from loss |
| Net profit | ₹6.4 | +96.6% | from loss |
| EPS (₹) | 12.04 | +96.7% | from loss |
| Operating margin | 16.1% | — | — |
DENORA delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 65.5% of the DENORA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.07%. That is close to its usual level. Turnover was only ₹54 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 69.9% · 73.4% · 59.9% · 53.2% · 65.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
De Nora India Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The report is furnished pursuant to Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018. It was audited by Practicing Company Secretary Umesh Parameshwar Maskeri alongside Registrar Bigshare Services Private Limited. This is a standard quarterly compliance filing verifying the company's issued and dematerialized share capital.
- Reconciliation report submitted for the quarter ended September 30, 2026
- Issued pursuant to Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018
- Audit completed by Practicing Company Secretary Umesh Parameshwar Maskeri
- Share transfer records verified via Registrar Bigshare Services Private Limited
De Nora India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirms that dematerialization requests received up to September 30, 2026, were processed within the mandated 15-day period. All security certificates received for dematerialization were duly mutilated and cancelled, with depositories substituted as registered owners. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirmation that securities were confirmed or rejected within 15 days of receipt
- RTA Bigshare Services Private Limited certified all physical share certificates were mutilated and cancelled
De Nora India Limited reported the voting results of its 37th Annual General Meeting held on September 23, 2026. All six resolutions were approved with requisite majorities, including the adoption of FY26 financial statements and dividend declaration. Crucially, shareholders approved material related party transactions with parent entity Industrie De Nora S.p.A. for FY 2026-27 and FY 2027-28, passing with 99.74% approval among non-promoter voters (18,623 votes in favor).
- All 6 resolutions passed with requisite majority at the 37th AGM held on September 23, 2026.
- Approved material related party transactions with parent Industrie De Nora S.p.A. for FY27 and FY28 with 99.74% valid votes in favor.
- Total of 14,022 shareholders were recorded as of the record date of September 16, 2026.
- Resolution 1 (FY26 financial statements adoption) and Resolution 2 (dividend declaration) passed with 99.9983% favorable votes overall.
De Nora India Limited has issued the Notice and Annual Report for its 37th Annual General Meeting (AGM) scheduled for September 23, 2026. The key agenda items include declaring a final dividend of ₹4 per equity share (40% of ₹10 face value) for FY 2025-26. Additionally, the company seeks shareholder approval to increase the FY 2026-27 Material Related Party Transaction limit with parent company Industrie De Nora S.p.A. from ₹2,080 Lakhs to ₹2,430 Lakhs. The cut-off date to determine e-voting eligibility is September 16, 2026.
- 37th Annual General Meeting convened for September 23, 2026, via Video Conferencing.
- Proposed final dividend of ₹4/- (40%) per equity share of face value ₹10/- for FY ended March 31, 2026.
- E-voting cut-off date fixed as September 16, 2026; remote voting runs September 20 to September 22, 2026.
- Approval sought to enhance related party transaction limit with Industrie De Nora S.p.A. to ₹2,430 Lakhs for FY 2026-27 (up from ₹2,080 Lakhs).
De Nora India has notified shareholders holding physical securities to update their PAN, KYC, bank details, and specimen signatures in compliance with SEBI's February 6, 2026, Master Circular. Failure to update these details will restrict shareholders from lodging grievances or receiving dividends, which must now be paid electronically per 2025 regulations. The company, which is debt-free with a net worth of Rs 129 Cr, is coordinating this through its RTA, Bigshare Services Private Limited. This is a standard regulatory procedure to streamline investor records and ensure electronic payment compliance.
- Mandatory compliance with SEBI Master Circular dated February 6, 2026, for physical security holders.
- Dividends to be paid compulsorily through electronic mode as per SEBI 2025 Fifth Amendment Regulations.
- Required updates include PAN, Mobile Number, Bank Account details, and Specimen Signature.
- Shareholders must submit Forms ISR-1, ISR-2, and SH-13 to the RTA, Bigshare Services Private Limited.
- Company maintains a debt-free balance sheet with Rs 0 Cr debt and Rs 129 Cr net worth.
De Nora India Limited has announced a final dividend of Rs 4 per equity share for the financial year ended March 31, 2026. The company has fixed September 16, 2026, as the record date to determine shareholder eligibility. This payout is subject to approval at the 37th Annual General Meeting (AGM) on September 23, 2026. Based on the current share price of Rs 863.5, the dividend yield is approximately 0.46%.
- Dividend of Rs 4 per equity share of face value Rs 10 each.
- Record date for eligibility fixed as September 16, 2026.
- 37th Annual General Meeting scheduled for September 23, 2026, at 11:00 A.M.
- Dividend payment to be processed on or after October 5, 2026, post-shareholder approval.
- Company maintains a debt-free status with a net worth of Rs 129 Cr as per latest context.
De Nora India reported a significant bottom-line improvement in Q1 FY27, with Net Profit nearly doubling to ₹6.39 Cr from ₹3.25 Cr YoY, despite a 15.9% decline in revenue to ₹35.27 Cr. The profit surge was primarily driven by a sharp 88% reduction in warranty expenses, which fell to ₹0.41 Cr from ₹3.49 Cr in the year-ago period. The Board also approved increasing the Related Party Transaction (RPT) limit with its Italian parent to ₹24.30 Cr for FY27, representing approximately 20% of its annual revenue base. While revenue remains volatile due to the project-based nature of recoating services, the margin expansion is a notable positive.
- Net Profit increased 96.6% YoY to ₹6.39 Cr in the quarter ended June 30, 2026.
- Revenue from operations declined 15.9% YoY to ₹35.27 Cr from ₹41.97 Cr.
- Warranty expenses dropped significantly to ₹0.41 Cr compared to ₹3.49 Cr in Q1 FY26.
- Approved increase in Material Related Party Transactions with Industrie De Nora S.p.A. to ₹24.30 Cr for FY 2026-27.
- Earnings Per Share (EPS) nearly doubled to ₹12.04 from ₹6.12 in the previous year's quarter.
De Nora India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed by the Registrar, Bigshare Services Private Limited. The process included the mutilation and cancellation of physical certificates and updating the register of members within the required 15-day window. This is a standard administrative procedure with no impact on the company's financial standing or operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days of receipt
- Registrar Bigshare Services Private Limited confirmed the cancellation of physical certificates
- Confirmation that securities are listed on the stock exchanges where earlier securities were listed
De Nora India Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2026. This is a mandatory regulatory filing under Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The report, verified by a Practicing Company Secretary, confirms that the company's share capital records are reconciled across depositories and physical holdings. This is a standard administrative procedure and does not reflect any change in the company's financial or operational status.
- Audit report covers the specific quarter ended June 30, 2026.
- Submission made in compliance with SEBI Regulation 76 and Circular No. D&CC/FITTC/CIR-16/2002.
- The audit was conducted by Practicing Company Secretary Umesh Parameshwar Maskeri.
- The document was officially filed with the exchanges on July 11, 2026.
De Nora India Limited has informed the exchanges that its trading window will be closed starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed for designated persons and their immediate relatives until 48 hours after the results are officially declared. The company will announce the specific date of the Board Meeting for result approval in a separate upcoming communication.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ended June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives.
- Trading window to reopen 48 hours after the financial results are declared.
- Board meeting date for result approval to be intimated in due course.
De Nora India reported a stellar performance for the fiscal year ended March 31, 2026, with revenue from operations growing 77% year-on-year to ₹121.62 crore. Net profit witnessed a massive jump of 435%, reaching ₹9.06 crore compared to ₹1.69 crore in the previous year. Consequently, the Board has recommended a dividend of ₹4 per equity share (40% of face value). The company's earnings per share (EPS) improved significantly from ₹3.19 to ₹17.05, reflecting strong operational recovery in its electrode technologies segment.
- Revenue from operations increased by 77.3% YoY to ₹12,162.31 lakhs in FY26.
- Net Profit after tax surged by 434.9% to ₹905.54 lakhs from ₹169.29 lakhs in FY25.
- Recommended a final dividend of ₹4 per share (40%) for the financial year ended March 31, 2026.
- Earnings Per Share (EPS) rose sharply to ₹17.05 from ₹3.19 in the previous fiscal.
- Total assets grew to ₹159.80 crore as of March 31, 2026, compared to ₹142.37 crore in the previous year.
De Nora India Limited has received shareholder approval for material related party transactions with its parent company, Industrie De Nora S.p.A., Italy. The resolution was passed via postal ballot with an overwhelming 99.98% of the votes cast in favor. As required by law for interested parties, the promoter group (holding 2,849,500 shares) did not participate in the voting process. This approval is a routine but necessary step to ensure operational continuity and compliance for transactions between the Indian subsidiary and its global parent.
- Shareholders approved material related party transactions with Industrie De Nora S.p.A., Italy
- The resolution received 49,000 votes in favor (99.9878%) and only 6 votes against (0.0122%)
- Promoter group holding 2,849,500 shares abstained from voting as they were interested parties
- The resolution is deemed to have been passed on April 30, 2026, the last date of e-voting
- Total public participation was relatively low with 49,006 votes polled out of 2,459,134 public shares
De Nora India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that all dematerialization requests received during the quarter ended March 31, 2026, were processed within the mandated 15-day timeline. The Registrar and Share Transfer Agent (RTA) verified that physical certificates were mutilated and cancelled after the depositories were substituted as the registered owners. This filing is a standard administrative requirement ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Dematerialization requests were processed and confirmed to depositories within 15 days of receipt.
- Bigshare Services Private Limited confirmed the mutilation and cancellation of physical security certificates.
- The company's securities remain listed on the National Stock Exchange (NSE) and BSE Limited.
Oronzio De Nora International B.V., the promoter of De Nora India Limited, has filed its annual declaration under SEBI Takeover Regulations for the financial year ending March 31, 2026. The promoter confirmed that no shares were encumbered or pledged, directly or indirectly, during the period. As of the reporting date, the promoter maintains a significant stake of 53.67% in the company. This routine disclosure ensures transparency regarding the promoter's shareholding status and financial health.
- Promoter Oronzio De Nora International B.V. holds 28,49,500 equity shares.
- The promoter's total shareholding stands at 53.67% of the company's capital.
- Confirmed zero encumbrance or pledging of shares for the financial year ended March 31, 2026.
- Compliance filing under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
De Nora India Limited has notified the exchanges regarding the closure of its trading window starting April 1, 2026. This action is taken in accordance with SEBI Insider Trading Regulations for the upcoming audited financial results for the quarter and year ending March 31, 2026. The restriction applies to all designated persons and their immediate relatives. The window will reopen 48 hours after the results are made public.
- Trading window closure effective from April 1, 2026.
- Covers the audited financial results for the quarter and year ended March 31, 2026.
- Restriction remains in place until 48 hours post-result declaration.
- Board meeting date for result approval to be communicated separately.
Financial Performance
Revenue Growth by Segment
Electrode Technologies is the sole reportable segment, contributing 100% of revenue. Gross revenue for FY 2024-25 was INR 68.58 Cr, representing a 7.06% YoY decline from INR 73.80 Cr in FY 2023-24. However, H1 FY 2025-26 showed a significant recovery with revenue of INR 63.81 Cr, a 106.5% increase compared to INR 30.89 Cr in H1 FY 2024-25.
Geographic Revenue Split
Not specifically disclosed, though the company operates primarily in India with support from its Italian parent, Industrie De Nora S.p.A.
Profitability Margins
Net Profit Margin collapsed from 25.75% in FY 2023-24 to 2.47% in FY 2024-25 due to a massive warranty provision. Profit After Tax (PAT) fell 91% YoY to INR 1.69 Cr. H1 FY 2025-26 margins improved to 11.16% (INR 7.12 Cr PAT) as operational scale increased.
EBITDA Margin
Operating profit before working capital changes for FY 2024-25 was INR 10.75 Cr (15.7% margin), a 33.3% decline from INR 16.11 Cr in the previous year. Core profitability was severely impacted by a warranty provision of INR 11.90 Cr during the year.
Capital Expenditure
Historical Capex for FY 2024-25 was INR 3.23 Cr for property, plant, and equipment. In H1 FY 2025-26, the company invested an additional INR 2.10 Cr in capital assets.
Credit Rating & Borrowing
The company is debt-free; therefore, interest coverage and borrowing cost metrics are not applicable. Interest income of INR 0.83 Cr was earned in FY 2024-25 from cash surpluses.
Operational Drivers
Raw Materials
Cost of materials consumed represents 40.4% of total revenue in H1 FY 2025-26 (INR 25.81 Cr). Specific material names like titanium or noble metals are not explicitly listed but are inherent to 'Electrode Technologies'.
Capacity Expansion
Current capacity is not disclosed in MT/units. The company focuses on recoating operations and specialized electrochemical systems where capacity is project-based rather than volume-based.
Raw Material Costs
Raw material costs were INR 37.47 Cr in FY 2024-25 (54.6% of revenue). In H1 FY 2025-26, material costs were INR 25.81 Cr, showing a shift in procurement timing or project mix.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed; however, the company emphasizes operational excellence and productivity improvements comparable to industry averages.
Strategic Growth
Expected Growth Rate
6.70%
Growth Strategy
Growth will be driven by the domestic caustic soda industry's projected 6.7% CAGR through FY 2027-28. Strategy includes leveraging the Intellectual Property License from the Italian parent, focusing on sustainable electrochemical technologies, and expanding recoating services for membrane elements.
Products & Services
Electrode technologies, recoating services for membrane elements, and specialized electrochemical systems for the chemical and caustic soda industries.
Brand Portfolio
De Nora
New Products/Services
Not specifically disclosed, but the company is focusing on emerging trends in automation and digital monitoring for electrochemical systems.
Market Expansion
Targeting growth in Indian end-use sectors such as textiles, alumina, and pulp and paper, which are primary consumers of caustic soda.
Strategic Alliances
Maintains a critical Intellectual Property License Agreement with ultimate holding company Industrie De Nora S.p.A., Italy.
External Factors
Industry Trends
The Indian caustic soda industry is in a 'long position' with capacity additions outpacing demand, yet DNIL benefits from the 6.7% CAGR growth in consumption from textiles and alumina.
Competitive Landscape
Operates in a specialized niche of the electrochemical industry; faces competition from emerging technological disruptions and digital monitoring service models.
Competitive Moat
Sustainable moat derived from an exclusive IP license from Industrie De Nora S.p.A. and a leadership position in specialized electrochemical technologies that are difficult to replicate.
Macro Economic Sensitivity
Sensitive to India's GDP growth (6.5% in FY 2024-25) and public capital expenditure (~2.3% YoY growth), which drives demand in manufacturing and infrastructure.
Consumer Behavior
B2B demand is shifting toward environmental compliance, operational safety, and sustainable manufacturing practices.
Geopolitical Risks
Exposed to global energy cost volatility and chlorine management challenges within the broader chemical industry.
Regulatory & Governance
Industry Regulations
Operations are governed by increasing environmental regulations and operational safety standards in the chemical industry, which DNIL views as a demand driver for its specialized services.
Environmental Compliance
CSR expenditure was INR 46.17 lakhs in FY 2024-25, meeting the 2% statutory requirement.
Taxation Policy Impact
Effective tax rate was approximately 38.5% in FY 2024-25 (INR 1.06 Cr tax on INR 2.75 Cr PBT) and 25.4% in H1 FY 2025-26.
Legal Contingencies
The Secretarial Audit report for FY 2024-25 indicates compliance with applicable laws; no specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Warranty claims represent a high uncertainty, with INR 11.90 Cr provided in FY 2024-25 and an additional INR 4.27 Cr in Q2 FY 2025-26, significantly impacting quarterly earnings.
Geographic Concentration Risk
Operations are concentrated in India, specifically at the Kundaim, Goa facility.
Third Party Dependencies
Heavy dependency on the Italian parent company for intellectual property and technical collaboration.
Technology Obsolescence Risk
Risk of disruption from emerging electrochemical systems and automation that could alter traditional recoating and service models.
Credit & Counterparty Risk
Trade receivables stood at INR 12.32 Cr as of September 2025; Debtors Turnover Ratio of 5.80 indicates healthy collection cycles.
