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Source: Livemint
05 May 2026
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. 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 and the latest quarter:
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.
De Nora India Limited has successfully concluded its postal ballot process, with shareholders providing overwhelming approval for material related party transactions with its Italian parent company. The resolution was deemed passed on April 30, 2026, marking the completion of a comprehensive e-voting process.
Postal Ballot Results Overview
The postal ballot process concluded with decisive shareholder support for the proposed material related party transactions with Industrie De Nora S.p.A., Italy. The voting results demonstrate strong confidence from the shareholder base in the company's strategic direction.
Voting Parameter: Details Total Shareholders (Record Date): 14,648 Record Date: March 20, 2026 Voting Period: April 1-30, 2026 Resolution Type: Ordinary Resolution Promoter Interest: Yes
Detailed Voting Analysis
The resolution received exceptional support across all shareholder categories, with 99.99% of votes cast in favour of the proposal. A total of 49,006 votes were polled out of 5,308,634 total shares, representing 0.92% participation in the voting process.
Shareholder Category: Shares Held Votes Polled Votes in Favour Votes Against Approval Rate Promoter Group: 2,849,500 0 0 0 - Public Institutions: 35,029 337 337 0 100.00% Public Non-Institutions: 2,424,105 48,669 48,663 6 99.99% Total: 5,308,634 49,006 49,000 6 99.99%
Scrutinizer Report and Process
Rakhee Raghunath Malkarnekar, a practicing Company Secretary with membership number 56859, served as the appointed scrutinizer for the postal ballot process. The scrutinizer was appointed by the Board of Directors on March 17, 2026, and submitted the final report on May 2, 2026.
The voting process was conducted entirely through remote e-voting in partnership with Central Depository Services (India) Limited. Key process highlights include:
Notice dispatch completed electronically on March 25, 2026
Newspaper advertisement published on March 26, 2026 in Business Standards (English) and Tarun Bharat (Marathi)
E-voting facility available from April 1, 2026 (9:00 AM IST) to April 30, 2026 (5:00 PM IST)
Vote scrutiny conducted with two independent witnesses
Resolution Details
The approved ordinary resolution specifically covers the approval of material related party transactions with Industrie De Nora S.p.A., Italy, the company's parent entity. This resolution required shareholder approval due to the material nature of the proposed transactions and the promoter group's interest in the matter.
Final Voting Summary: Count Members Voting in Favour: 55 Members Voting Against: 2 Total Valid Votes in Favour: 49,000 Total Votes Against: 6 Invalid Votes: 0
The voting results and scrutinizer's report have been made available on the company's website at india.denora.com and on the CDSL e-voting platform at evotingindia.com, ensuring transparency and accessibility for all stakeholders.
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