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De Nora India Limited
(DENORA)
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Rating:56Neutral
Price Target:
₹818.00
▲(17.84% Upside)
Action:Reiterated
Date:09/16/26
The score is anchored by a strong, low-risk balance sheet (no debt) and a FY2026 revenue rebound, but it is held back by reduced margin durability and weaker cash-flow conversion. Technical indicators are bearish (below key moving averages and negative MACD), and valuation is relatively expensive (high P/E with a low dividend yield).
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially reduces financial risk and interest burden, giving De Nora India greater flexibility to withstand weaker periods and fund operations. Continued equity growth also supports asset expansion without relying heavily on external borrowing.
Negative Factors
Margin compression
The sharp decline in net and operating margins weakens confidence that earlier high profitability is durable. Lower margins reduce the earnings benefit from revenue growth, leave less room to absorb business volatility, and may constrain future returns if the pressure persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet materially reduces financial risk and interest burden, giving De Nora India greater flexibility to withstand weaker periods and fund operations. Continued equity growth also supports asset expansion without relying heavily on external borrowing.
Read all positive factors
De Nora India Limited (DENORA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.87B
Dividend Yield0.55%
Average Volume (3M)360.00
Price to Earnings (P/E)32.3
Beta (1Y)1.11
Revenue Growth17.52%
EPS Growth491.95%
CountryIN
Employees45
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)17.05
Shares Outstanding5,308,634
10 Day Avg. Volume330
30 Day Avg. Volume360
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)2.80
Price to Sales (P/S)2.97
P/FCF Ratio39.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
De Nora India Limited Business Overview & Revenue Model
Company Description
De Nora India Limited specializes in the production, sale, and servicing of electrolytic products for both domestic and global markets. A core aspect of its business involves manufacturing and applying coatings to anodes and cathodes, which are cr...
De Nora India Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
86
Very Positive
Cash Flow
52
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.22B | 685.82M | 741.91M | 725.66M | 735.72M |
| Gross Profit | 441.37M | 408.82M | 327.63M | 422.12M | 304.12M |
| EBITDA | 66.81M | -14.08M | 220.94M | 286.04M | 238.53M |
| Net Income | 90.55M | 16.93M | 190.07M | 202.76M | 154.50M |
Balance Sheet | |||||
| Total Assets | 1.60B | 1.42B | 1.27B | 1.16B | 936.40M |
| Cash, Cash Equivalents and Short-Term Investments | 771.29M | 627.45M | 621.26M | 566.66M | 443.40M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 304.58M | 221.62M | 69.84M | 139.84M | 117.59M |
| Stockholders Equity | 1.29B | 1.20B | 1.20B | 1.02B | 818.81M |
Cash Flow | |||||
| Free Cash Flow | 91.02M | -1.16M | 91.29M | 106.14M | 105.85M |
| Operating Cash Flow | 131.56M | 31.17M | 160.61M | 142.75M | 116.61M |
| Investing Cash Flow | -41.94M | 7.38M | -136.07M | -237.95M | -161.23M |
| Financing Cash Flow | 0.00 | -10.62M | -10.62M | -5.31M | -5.31M |
De Nora India Limited Technical Analysis
Negative
694.15
Price Trends
822.32
Negative
813.38
Negative
750.84
Negative
Market Momentum
-22.52
Positive
29.64
Positive
15.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DENORA, the sentiment is Negative. The current price of 694.15 is below the 20-day moving average (MA) of 785.31, below the 50-day MA of 822.32, and below the 200-day MA of 750.84, indicating a bearish trend. The MACD of -22.52 indicates Positive momentum. The RSI at 29.64 is Positive, neither overbought nor oversold. The STOCH value of 15.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DENORA.
De Nora India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹105.13B | 33.39 | ― | 0.96% | 17.84% | -2.60% | |
65 Neutral | ₹27.10B | 34.17 | ― | 0.29% | 5.64% | 108.01% | |
56 Neutral | ₹3.87B | 32.30 | ― | 0.55% | 17.52% | 491.95% | |
56 Neutral | ₹40.05B | 92.00 | ― | 0.12% | 41.95% | -3.11% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹84.23B | 32.72 | ― | 0.09% | 14.60% | -1.12% | |
49 Neutral | ₹21.01B | -7.90 | ― | ― | 55.63% | -13.55% |
* General Sector Average
IN:DENORA
De Nora India Limited
729.70
-99.35
-11.98%
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288.81
70.20%
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10,391.35
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46.27%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.