De Nora India FY26: Net Profit Surges to ₹905.54 Lakhs, Board Recommends 40% Dividend
De Nora India delivered strong FY26 results with net profit surging to ₹905.54 lakhs from ₹169.29 lakhs and revenue from operations nearly doubling to ₹12,162.31 lakhs. The Board recommended a 40% dividend of Rs. 4/- per share, subject to shareholder approval. The audited results extract was published in Business Standard and Tarun Bharat on May 5, 2026, per Regulation 47 of SEBI LODR.
*this image is generated using AI for illustrative purposes only.
De Nora India Limited delivered a robust financial performance for the year ended March 31, 2026, with its Board of Directors approving audited financial results at a meeting held on May 4, 2026, at the company's registered office in Kundaim, Goa. The results, audited by Price Waterhouse Chartered Accountants LLP, carry an unmodified audit opinion. Pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, an extract of the audited financial results was subsequently published in Business Standard (English) and Tarun Bharat (Marathi) on May 5, 2026. The Board also recommended a dividend of Rs. 4/- (Rupees Four Only) per equity share of Rs. 10/- each, representing 40% for FY26, subject to shareholder approval at the ensuing Annual General Meeting.
Financial Performance Overview
De Nora India's revenue from operations nearly doubled year-on-year, rising to ₹12,162.31 lakhs in FY26 from ₹6,858.24 lakhs in FY25. Total income, including other income of ₹735.46 lakhs, stood at ₹12,897.77 lakhs compared to ₹7,444.67 lakhs in the prior year. Net profit for FY26 surged to ₹905.54 lakhs from ₹169.29 lakhs in FY25. Total comprehensive income for the year was ₹919.15 lakhs versus ₹152.28 lakhs in FY25. Basic and diluted earnings per share (EPS) for the year ended March 31, 2026 stood at ₹17.06 compared to ₹3.19 for the year ended March 31, 2025.
The following table summarises the key income statement metrics for the full year:
| Metric: | Year ended Mar 31, 2026 (Audited) | Year ended Mar 31, 2025 (Audited) |
|---|---|---|
| Revenue from Operations (₹ in Lakhs): | 12,162.31 | 6,858.24 |
| Other Income (₹ in Lakhs): | 735.46 | 586.43 |
| Total Income (₹ in Lakhs): | 12,897.77 | 7,444.67 |
| Total Expenses (₹ in Lakhs): | 11,697.80 | 7,169.11 |
| Profit Before Tax (₹ in Lakhs): | 1,199.97 | 275.56 |
| Total Tax Expense (₹ in Lakhs): | 294.43 | 106.27 |
| Net Profit (₹ in Lakhs): | 905.54 | 169.29 |
| Total Comprehensive Income (₹ in Lakhs): | 919.15 | 152.28 |
| Basic & Diluted EPS (INR): | 17.06 | 3.19 |
Quarterly Performance
For the quarter ended March 31, 2026, revenue from operations was ₹2,196.83 lakhs compared to ₹2,013.11 lakhs for the quarter ended March 31, 2025. The company reported a loss before tax of ₹(92.85) lakhs for the quarter ended March 31, 2026, against a profit before tax of ₹475.60 lakhs in the corresponding quarter of the previous year. Net loss for the quarter stood at ₹(63.75) lakhs versus a net profit of ₹334.07 lakhs in Q4 FY25. Basic and diluted EPS for the quarter ended March 31, 2026 was ₹(1.20) compared to ₹6.29 for the quarter ended March 31, 2025.
| Metric: | Q4 FY26 (Mar 31, 2026) | Q3 FY26 (Dec 31, 2025) | Q4 FY25 (Mar 31, 2025) |
|---|---|---|---|
| Revenue from Operations (₹ in Lakhs): | 2,196.83 | 3,584.14 | 2,013.11 |
| Total Income (₹ in Lakhs): | 2,383.67 | 3,727.19 | 2,150.40 |
| Profit/(Loss) Before Tax (₹ in Lakhs): | (92.85) | 338.11 | 475.60 |
| Net Profit/(Loss) (₹ in Lakhs): | (63.75) | 257.18 | 334.07 |
| Basic & Diluted EPS (INR): | (1.20) | 4.84 | 6.29 |
Expenses and Key Cost Items
Total expenses for FY26 were ₹11,697.80 lakhs compared to ₹7,169.11 lakhs in FY25. The cost of materials consumed rose to ₹6,637.34 lakhs from ₹3,747.02 lakhs. Employee benefits expense increased to ₹698.69 lakhs from ₹640.70 lakhs. Depreciation and amortisation expense was ₹203.55 lakhs versus ₹170.11 lakhs in FY25. Warranty expense for FY26 was ₹1,428.57 lakhs compared to ₹1,439.81 lakhs in the prior year. As per Note 6, the company recognised provisions of INR 1,389.25 lakhs relating to warranty during the year ended March 31, 2026, determined based on reported and anticipated warranty claims and other pertinent factors. Other expenses stood at ₹2,520.65 lakhs versus ₹2,148.43 lakhs in FY25.
Balance Sheet and Cash Flow Highlights
As at March 31, 2026, total assets stood at ₹15,980.00 lakhs compared to ₹14,231.20 lakhs as at March 31, 2025. Total equity increased to ₹12,934.15 lakhs from ₹12,015.01 lakhs. Cash and cash equivalents at the end of the year were ₹1,696.12 lakhs, up from ₹804.65 lakhs at the end of FY25.
| Balance Sheet Item: | Mar 31, 2026 (₹ in Lakhs) | Mar 31, 2025 (₹ in Lakhs) |
|---|---|---|
| Total Non-Current Assets: | 3,882.40 | 3,365.82 |
| Total Current Assets: | 12,097.60 | 10,865.38 |
| Total Assets: | 15,980.00 | 14,231.20 |
| Total Equity: | 12,934.15 | 12,015.01 |
| Total Non-Current Liabilities: | 40.18 | 31.53 |
| Total Current Liabilities: | 3,005.67 | 2,184.66 |
| Cash & Cash Equivalents: | 1,696.12 | 804.65 |
Net cash flows from operating activities for FY26 were ₹1,222.77 lakhs, significantly higher than ₹313.07 lakhs in FY25. Net cash used in investing activities was ₹(326.57) lakhs compared to net cash from investing activities of ₹73.84 lakhs in FY25. There were no cash flows from financing activities in FY26, compared to a dividend payment of ₹(106.17) lakhs in FY25. The net increase in cash and cash equivalents during FY26 was ₹891.47 lakhs.
Dividend and Segment Information
The Board recommended a dividend of Rs. 4/- (Rupees Four Only) per equity share of Rs. 10/- (Rupees Ten Only) each, i.e., 40%, for the financial year ended March 31, 2026. The dividend is subject to approval of shareholders at the ensuing Annual General Meeting and shall be paid or dispatched within 30 days from the date of such approval. The paid-up equity share capital remained unchanged at ₹530.86 lakhs, with other equity as at March 31, 2026 standing at ₹12,403.29 lakhs compared to ₹11,484.15 lakhs in the prior year. As per Note 5, the Chief Operating Decision Maker has determined that Electrode Technologies is the sole reportable segment, and accordingly no segment information has been separately disclosed.
Historical Stock Returns for De Nora
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.47% | -7.54% | +6.17% | -2.68% | +1.78% | +174.80% |
What specific projects or contracts drove De Nora India's near-doubling of revenue in FY26, and are similar large-scale orders expected to sustain this growth trajectory into FY27?
Given the significant Q4 FY26 net loss despite strong full-year profitability, what one-time charges or seasonal factors contributed to the quarter's underperformance, and how might this affect investor sentiment going forward?
With warranty provisions of ₹1,389.25 lakhs recognized in FY26, what underlying product or project issues are driving these claims, and could escalating warranty costs pose a risk to future margins?
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