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Last Updated: April 2, 2026, 2:49 am
Author: Getaka|Social: XLinkedIn

DE Nora India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹105.94Overvalued by 85.33%vs CMP ₹722.00

P/E (29.4) × ROE (1.8%) × BV (₹240.00) × DY (2.00%)

₹188.92Overvalued by 73.83%vs CMP ₹722.00
MoS: -282.2% (Negative)Confidence: 70/100 (High)Models: All 10: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹102.3921%Over (-85.8%)
Graham NumberEarnings₹364.0315%Over (-49.6%)
Earnings PowerEarnings₹255.9210%Over (-64.6%)
DCFCash Flow₹249.7913%Over (-65.4%)
Net Asset ValueAssets₹238.797%Over (-66.9%)
EV/EBITDAEnterprise₹18.808%Over (-97.4%)
Dividend DiscountDividends₹10.208%Over (-98.6%)
Earnings YieldEarnings₹245.407%Over (-66%)
ROCE CapitalReturns₹224.867%Over (-68.9%)
Revenue MultipleRevenue₹129.735%Over (-82%)
Consensus (10 models)₹188.92100%Overvalued
Key Drivers: ROE 1.8% is below cost of equity. | Wide model spread (₹10–₹364) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -3.4%

*Investments are subject to market risks

Analyst Summary

DE Nora India Ltd operates in the Electrodes - Graphite segment, current market price is ₹722.00, market cap is 384 Cr.. At a glance, stock P/E is 29.4, ROE is 1.84 %, ROCE is 0.88 %, book value is 240, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹188.92, around 73.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹69 Cr versus the prior period change of -6.8%, while latest net profit is about ₹2 Cr with a prior-period change of -89.5%. This analysis page also carries profit and loss, shareholding pattern, ratio panels data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 995/559, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisDe Nora India Ltd. is a Public Limited Listed company incorporated on 11/03/1993 and has its registered office in the State of Goa, India. Company's Corporate Identification Number(CIN) is L31200GA1993PLC001335 and registration number is 001335. Currently Company is involved in t…

This summary is generated from the stock page data available for DE Nora India Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

53
DE Nora India Ltd scores 53/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health58/100 · Moderate
ROCE 0.9% WeakROE 1.8% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 53.7% Stable
Earnings Quality30/100 · Weak
OPM contracting (33% → 14%) DecliningWorking capital: 128 days Capital intensive
Quarterly Momentum100/100 · Strong
Revenue (4Q): +85% YoY AcceleratingProfit (4Q): +225% YoY StrongOPM: 6.9% (up 71.8% YoY) Margin expansion
Industry Rank20/100 · Weak
P/E 29.4 vs industry 31.4 In-lineROCE 0.9% vs industry 5.0% Below peersROE 1.8% vs industry 4.1% Below peers3Y sales CAGR: -2% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:49 am

Market Cap 384 Cr.
Current Price 722
Intrinsic Value₹188.92
High / Low 995/559
Stock P/E29.4
Book Value 240
Dividend Yield0.00 %
ROCE0.88 %
ROE1.84 %
Face Value 10.0
PEG Ratio-8.77

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for DE Nora India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
DE Nora India Ltd 384 Cr. 722 995/55929.4 2400.00 %0.88 %1.84 % 10.0
HEG Ltd 10,887 Cr. 564 672/40528.5 2420.32 %3.96 %2.59 % 2.00
Graphite India Ltd 12,567 Cr. 643 747/41136.2 3011.71 %10.1 %8.00 % 2.00
Industry Average7,946.00 Cr643.0031.37261.000.68%4.98%4.14%4.67

All Competitor Stocks of DE Nora India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 19.1927.639.1419.0829.4016.1812.7618.1317.5620.1341.9721.8435.84
Expenses 13.9912.219.3511.4421.919.939.8214.9228.9516.3039.5317.8233.36
Operating Profit 5.2015.42-0.217.647.496.252.943.21-11.393.832.444.022.48
OPM % 27.10%55.81%-2.30%40.04%25.48%38.63%23.04%17.71%-64.86%19.03%5.81%18.41%6.92%
Other Income 1.491.291.161.141.191.711.341.651.501.372.361.701.43
Interest 0.000.000.000.000.000.000.000.000.000.000.000.000.00
Depreciation 0.250.240.250.250.290.350.400.420.440.450.460.520.52
Profit before tax 6.4416.470.708.538.397.613.884.44-10.334.754.345.203.39
Tax % 25.31%25.14%25.71%25.56%22.77%25.76%25.77%26.35%-24.30%29.68%25.12%25.58%23.89%
Net Profit 4.8112.320.526.356.485.662.883.28-7.813.343.253.872.57
EPS in Rs 9.0623.210.9811.9612.2110.665.436.18-14.716.296.127.294.84

Last Updated: February 6, 2026, 5:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 27, 2026, 5:30 am

MetricDec 2013Dec 2014Mar 2016n n n 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 363151272733485174747469120
Expenses 292535252532384251495270107
Operating Profit 7516220118232521-113
OPM % 19%17%30%8%8%1%22%17%31%34%29%-2%11%
Other Income 1243342214567
Interest 0000000000000
Depreciation 1111233331122
Profit before tax 7618432108212725318
Tax % 31%29%33%33%45%13%22%25%26%25%25%38%
Net Profit 541232286152019213
EPS in Rs 9.008.0122.575.613.183.0015.3110.6429.1038.2035.813.1824.54
Dividend Payout % 44%19%18%36%31%0%0%9%3%5%6%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-33.33%0.00%300.00%-25.00%150.00%33.33%-5.00%-89.47%
Change in YoY Net Profit Growth (%)0.00%33.33%300.00%-325.00%175.00%-116.67%-38.33%-84.47%

DE Nora India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:8%
5 Years:7%
3 Years:-3%
TTM:26%
Compounded Profit Growth
10 Years:-6%
5 Years:-23%
3 Years:-48%
TTM:-90%
Stock Price CAGR
10 Years:19%
5 Years:31%
3 Years:5%
1 Year:-48%
Return on Equity
10 Years:12%
5 Years:13%
3 Years:13%
Last Year:2%

Last Updated: September 5, 2025, 2:45 am

Balance Sheet

Last Updated: April 17, 2026, 2:00 am

MonthDec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 5555555555555
Reserves 31344347474856627796114115122
Borrowings -0-0-0-0-0-01-0-0-0-0-0-0
Other Liabilities 129121211121313121472248
Total Liabilities 484960646365758094116127142175
Fixed Assets 77771412101078131517
CWIP 1127-001-012231
Investments 81419202014542342545274
Other Assets 33263229294060666264577384
Total Assets 484960646365758094116127142175

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -4101472-6-7161214163
Cash from Investing Activity + 7-8-12-3-2771-16-24-141
Cash from Financing Activity + -4-3-1-3-1-11-1-1-1-1-1
Net Cash Flow -1-111-21116-5-1013
Free Cash Flow -69123-2-7-81511119-0
CFO/OP 8%213%131%451%163%-1,094%-46%203%74%86%106%-598%

Free Cash Flow

MonthDec 2013Dec 2014Mar 2016n n n 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow7.005.0016.002.002.000.0010.008.0023.0025.0021.00-1.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 131.38139.0974.9781.8464.1461.2497.2578.7957.9784.4850.5571.42
Inventory Days 298.87229.19130.01197.82398.23516.42471.41272.94288.42397.03401.25412.83
Days Payable 69.5466.7179.72113.65263.55181.8982.9946.9436.9090.8351.2581.43
Cash Conversion Cycle 360.72301.58125.26166.01198.83395.77485.67304.79309.49390.68400.55402.82
Working Capital Days 140.56144.3545.0213.9648.34135.73218.41155.56131.98163.85157.28127.79
ROCE %20.94%16.46%41.15%8.95%6.10%3.67%17.97%11.92%28.43%29.67%21.96%0.88%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 53.68%53.68%53.68%53.68%53.68%53.68%53.68%53.68%53.68%53.68%53.68%53.68%
FIIs 0.56%0.56%0.25%0.19%0.10%0.09%0.09%0.10%0.14%0.03%0.01%0.02%
DIIs 0.00%0.00%0.00%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%
Public 45.76%45.76%46.07%45.92%46.00%45.99%46.01%46.00%45.96%46.06%46.10%46.10%
No. of Shareholders 9,38311,05412,74814,61515,41514,87815,81316,03315,76215,48515,02414,679

Shareholding Pattern Chart

No. of Shareholders

DE Nora India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 3.1935.8038.1929.1010.64
Diluted EPS (Rs.) 3.1935.8038.1929.1010.64
Cash EPS (Rs.) 6.3937.9640.7734.1315.54
Book Value[Excl.RevalReserv]/Share (Rs.) 226.33225.46191.53154.24126.16
Book Value[Incl.RevalReserv]/Share (Rs.) 226.33225.46191.53154.24126.16
Dividend / Share (Rs.) 0.002.002.001.001.00
Revenue From Operations / Share (Rs.) 129.19139.01138.60139.7195.20
PBDIT / Share (Rs.) 8.3949.6753.7544.7919.17
PBIT / Share (Rs.) 5.1947.5251.1739.7614.27
PBT / Share (Rs.) 5.1947.5251.1539.4814.27
Net Profit / Share (Rs.) 3.1935.8038.1929.1010.63
PBDIT Margin (%) 6.4935.7338.7832.0520.13
PBIT Margin (%) 4.0134.1836.9228.4514.98
PBT Margin (%) 4.0134.1836.9028.2514.98
Net Profit Margin (%) 2.4625.7527.5520.8311.17
Return on Networth / Equity (%) 1.4015.8819.9418.868.42
Return on Capital Employeed (%) 2.2821.0726.6125.7711.30
Return On Assets (%) 1.1815.0017.5316.497.09
Asset Turnover Ratio (%) 0.500.600.700.850.65
Current Ratio (X) 4.9714.487.617.065.38
Quick Ratio (X) 3.5410.525.505.033.84
Inventory Turnover Ratio (X) 2.330.721.021.271.15
Dividend Payout Ratio (NP) (%) 62.715.582.613.430.00
Dividend Payout Ratio (CP) (%) 31.285.262.452.920.00
Earning Retention Ratio (%) 37.2994.4297.3996.570.00
Cash Earning Retention Ratio (%) 68.7294.7497.5597.080.00
Interest Coverage Ratio (X) 0.000.002194.98159.150.00
Interest Coverage Ratio (Post Tax) (X) 0.000.001560.69104.420.00
Enterprise Value (Cr.) 350.13858.53434.79190.91103.33
EV / Net Operating Revenue (X) 5.1111.635.912.572.04
EV / EBITDA (X) 78.5632.5615.248.0310.15
MarketCap / Net Operating Revenue (X) 5.2711.746.122.862.64
Retention Ratios (%) 37.2894.4197.3896.560.00
Price / BV (X) 3.017.244.432.591.99
Price / Net Operating Revenue (X) 5.2711.746.122.862.64
EarningsYield 0.000.020.040.070.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

De Nora India Ltd. is a Public Limited Listed company incorporated on 11/03/1993 and has its registered office in the State of Goa, India. Company's Corporate Identification Number(CIN) is L31200GA1993PLC001335 and registration number is 001335. Currently Company is involved in the business activities of Manufacture of other fabricated metal products. Company's Total Operating Revenue is Rs. 68.58 Cr. and Equity Capital is Rs. 5.31 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Electrodes - GraphitePlot Nos 184,185 & 189, Kundaim Goa 403115Contact not found
Management
NamePosition Held
Ms. Supriya BanerjiChairperson & Independent Director
Mr. Vinay ChopraManaging Director
Mr. Francesco L�AbbateNon Executive Director
Mr. Robert ScannellNon Executive Director
Mr. Purushottam MantriIndependent Director
Ms. Lalita Correia AfonsoIndependent Director

FAQ

What is the intrinsic value of DE Nora India Ltd and is it undervalued?

As of 21 April 2026, DE Nora India Ltd's intrinsic value is ₹188.92, which is 73.83% lower than the current market price of ₹722.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.84 %), book value (₹240), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of DE Nora India Ltd?

DE Nora India Ltd is trading at ₹722.00 as of 21 April 2026, with a FY2026-2027 high of ₹995 and low of ₹559. The stock is currently in the middle of its 52-week range. Market cap stands at ₹384 Cr..

How does DE Nora India Ltd's P/E ratio compare to its industry?

DE Nora India Ltd has a P/E ratio of 29.4, which is below the industry average of 31.37. This is broadly in line with or below the industry average.

Is DE Nora India Ltd financially healthy?

Key indicators for DE Nora India Ltd: ROCE of 0.88 % is on the lower side compared to the industry average of 4.98%; ROE of 1.84 % is below ideal levels (industry average: 4.14%). Dividend yield is 0.00 %.

Is DE Nora India Ltd profitable and how is the profit trend?

DE Nora India Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹69 Cr. Compared to ₹15 Cr in Mar 2022, the net profit shows a declining trend.

Does DE Nora India Ltd pay dividends?

DE Nora India Ltd has a dividend yield of 0.00 % at the current price of ₹722.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in DE Nora India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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