De Nora India Limited is a specialized manufacturer, seller, and servicer of electrolytic products within India and internationally. The company is primarily involved in the manufacturing and coating of anodes and cathodes for electrolytic processes, particularly in the chlor-alkali industry. It is also recognized as the world's largest manufacturer and recoater of noble metal-coated electrodes, electrolyzers, and coating solutions for various electrochemical industries. De Nora India designs, manufactures, and supplies electrodes, coatings, and electrochemical solutions, including electrolytic products like anodes, cathodes, electro-chlorinators, and water technology products.
The company is a subsidiary of Oronzio De Nora International B.V., an Italian multinational with a significant global presence, including 24 operating companies in 10 countries and 5 R&D centers. De Nora India benefits from its parent company's technological expertise and management, bringing advanced solutions to the Indian market. The parent company currently holds a 53.68% equity stake in De Nora India Limited.
De Nora India Limited's financial performance shows specific trends across its segments. The company reported audited FY25 results with a net profit of ₹169.29 Lakhs. For Q4 FY25, Profit Before Tax (PBT) reached ₹3.39 Crore, and Profit After Tax (PAT) stood at ₹3.34 Crore. Net sales for the same quarter increased to ₹20.13 Crore, marking the highest sales figure in five quarters. This performance represents substantial growth compared to the average PBT of ₹-0.15 Crore and PAT of ₹1.00 Crore from the previous four quarters.
Over the past five years, the company has experienced a sales growth of 7.29%. On a trailing twelve-month basis, De Nora India has an operating revenue of ₹64.63 Crore, with an annual revenue growth rate of 2%. Despite modest revenue growth, the company boasts a strong pre-tax margin of 34% and a good Return on Equity (ROE) of 15%. Over the last 5 years, revenue has grown at a yearly rate of 16.53%, outpacing the industry average of 9.51%.
• Latest Financial Results (FY25):
• Q4 FY25 Net Sales: ₹20.13 Cr (March 2025)
• Q4 FY25 Net Profit: ₹3.34 Cr (March 2025)
• Full Year FY25 Net Profit: ₹1.69 Cr
• Annual Revenue (TTM): ₹64.63 Cr
• Market Capitalization: ₹440.46 Cr (as of May 2025)
• Valuation Metrics: P/E Ratio: 259.09, P/B Ratio: 3.68
• 52-Week Range: High: ₹2025, Low: ₹676
• Profitability: ROE: 15%, Pre-tax Margin: 34%
• Debt Position: Almost debt-free
De Nora India operates across two primary segments: Electrode Technologies and Water Technologies. Its product portfolio includes chlorate cells, Sanilec and Seaclor for seawater systems, Seaclor Mac (a brine base system), LIDA MMO coated titanium anodes for ICCP, platinized anodes for surface finishing, and Solar MacTM (a system for producing clean water from clean energy). Specific products also include Analyzers & Detectors, Anodes for Chlorine Evolution, Anodes for Oxygen Evolution, Cathodes for Hydrogen Evolution, Disinfection Systems, Electro-chlorination Systems, Electrodes and Accessories for Cathodic Protection, Contaminant Removal Systems, and Membrane Technologies.
The company serves critical industries such as energy transition, non-ferrous metal recovery, oil and gas offshore, pulp and paper, mining and metal refining and recovery, surface finishing, plating, and galvanizing, and plumbing and decorative sectors. De Nora India holds a market-leading position for its products in India across all these segments.
The company's comprehensive product range addresses diverse industrial needs within electrochemical processes and water treatment. Within Electrode Technologies, De Nora India provides specialized anodes and cathodes essential for various chemical and industrial applications, including those for chlorine and oxygen evolution, and hydrogen evolution. The Water Technologies segment focuses on solutions like disinfection systems, electro-chlorination, and advanced water purification technologies.
De Nora India leverages the extensive global R&D and technological capabilities of its parent company, De Nora Group, to introduce cutting-edge products and solutions to the Indian market. Its market strategy focuses on maintaining leadership in its core segments through high-quality products, technical expertise, and tailored solutions for industries undergoing transition, such as the energy sector, and those requiring efficient water management.
De Nora India Limited maintains a robust financial health, characterized by its debt-free status. This strong balance sheet enables the company to report stable earnings growth irrespective of business cycle fluctuations. The absence of significant debt makes De Nora India financially stable compared to its competitors, reducing the probability of bankruptcy or financial distress.
• NSE Symbol: DENORA
• BSE Symbol: 590031
• Sector: Industrials
• Sub-sector: Electrical Components & Equipment
• Formerly: Titanor Components Limited (name changed to De Nora India Limited in June 2007)
De Nora India Limited represents a specialized player in the electrochemical solutions industry with strong technological backing from its Italian parent company. While the company maintains a debt-free balance sheet and strong margins, investors should note the modest revenue growth and high valuation metrics when considering investment decisions. The recent Q4 FY25 performance shows signs of improvement with the highest quarterly sales in five quarters, indicating potential recovery in business momentum.
