De Nora India Limited (DENORA) Fair Value & Analysis
Industrials · IN · Market cap ₹4.9B
Fair value as of: Aug 2, 2026
From 26 valuation models · updated 11 days ago
Share price −4.2% over the past month.
A solid business, but screening 66% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹362.48). The favourable scenario is already priced in.
- Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.
How to read this chart
60‑month range ₹243.28 – ₹2,251 · fair‑value band ₹206.53 – ₹362.48 · the ₹846.30 price screens above the ₹289.98 fair value. Dashed = 300-day average. As of Aug 2, 2026.
Analysis
De Nora India Limited (DENORA) currently trades at ₹846.30, while our model-based Fair Value estimate is ₹289.98, implying the stock looks roughly 65.7% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, De Nora India Limited generated revenue of ₹1.2B at a net margin of 7.5%. Revenue grew 7.0% year over year. It earns a return on equity of 7.3%. The balance sheet holds a net cash position of ₹204M. Fundamentals as of Aug 2, 2026
Our scenario range runs from ₹206.53 (bear case) to ₹362.48 (bull case); at ₹846.30, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -66%, DENORA screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings (₹387.95) versus Dividend Discount (₹30.25). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 62
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
De Nora India Limited manufactures, sells, and services electrolytic products in India and internationally. The company offers anodes for chlorine and oxygen evolution; cathodes for hydrogen evolution; disinfection systems; electrodes for metal winning; electrodes and accessories for cathodic protection; membrane technologies; and water technology products.
Full company description
De Nora India Limited manufactures, sells, and services electrolytic products in India and internationally. The company offers anodes for chlorine and oxygen evolution; cathodes for hydrogen evolution; disinfection systems; electrodes for metal winning; electrodes and accessories for cathodic protection; membrane technologies; and water technology products. It is also involved in the manufacturing and recoating of anodes and cathodes for electrolytic processes in the chlor-alkali industry. In addition, it provides chlorate cells; Sanilec and Seaclor for seawater systems; Seaclor Mac, a brine-based system; LIDA MMO coated titanium anodes for ICCP; platinized anodes for surface finishing; and Solar Mac, a system that produces clean water from clean energy. It serves the energy transition; non-ferrous metal recovery; oil and gas offshore; pulp and paper; mining and metal refining and recovery; surface finishing, planting, and galvanizing; and plumbing and decorative industries. The company was formerly known as Titanor Components Limited and changed its name to De Nora India Limited in June 2007. The company was founded in 1988 and is based in Ponda, India. De Nora India Limited is a subsidiary of Oronzio De Nora International B.V.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
De Nora India Limited reported revenue of ₹1.2B in FY2026 versus ₹736M in FY2022, a compound +13.4%/yr. Reported net income was ₹90.6M in FY2026, compounding −12.5%/yr from FY2022.
of which total revenue +13.0 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
DENORA screens 66% overvalued. Compare with Contemporary Amperex Technology Co →
Peer Group
Electrical Equipment & Parts · 534 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$654.00 | HK$394.19 | -40% |
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| LG Energy Solution, Ltd 373220 | 334,000 KRW | 201,455 KRW | -40% |
| WEG S.A WEGE3 | 13,210 ARS | 7,948 ARS | -40% |
| Sungrow Power Supply Co 300274 | ¥114.79 | ¥123.83 | +8% |
| Shenzhen Inovance Technology Co 300124 | ¥63.43 | ¥33.04 | -48% |
| HD Hyundai Electric Co 267260 | 823,000 KRW | 371,133 KRW | -55% |
| LS ELECTRIC Co 010120 | 190,000 KRW | 31,517 KRW | -83% |
| Hyosung Heavy Industries Corporation 298040 | 2,789,000 KRW | 1,065,378 KRW | -62% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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