De Nora India PAT jumps 97% YoY to ₹6.39 Cr as warranty costs ease; revenue dips 16%
PAT +96.65% YoY · revenue -15.96% · margins expanding
₹35.27 Cr
-15.96% YoY
₹6.39 Cr
+96.65% YoY
16.5%
+9.2pp YoY
₹12.04
De Nora India (standalone) reported Q1 FY27 (quarter ended June 30, 2026) PAT of ₹6.39 Cr, up 96.7% YoY from ₹3.25 Cr, and a sharp turnaround from a ₹0.64 Cr loss in the preceding Q4 FY26. Revenue from operations declined 15.96% YoY to ₹35.27 Cr (₹41.97 Cr in Q1 FY26), even as it rose 60.6% sequentially from ₹21.97 Cr in Q4 FY26. EPS came in at ₹12.04 versus ₹6.12 a year earlier and a loss per share of ₹1.20 last quarter.
Q1 FY-2027 vs prior quarters
The profit growth despite a revenue decline was entirely margin-led: net profit margin (PAT/total income) expanded to 16.5% from 7.3% a year ago and -2.7% last quarter; operating margin (EBITDA less other income, over revenue) rose to 16.1% from 5.8% YoY and -10.3% in Q4 FY26. The swing was driven mainly by warranty expense, which fell to ₹0.41 Cr from ₹3.49 Cr in Q1 FY26 (and ₹0.66 Cr in Q4 FY26) — the single largest line-item movement in the quarter — alongside a 46% YoY rise in other income to ₹3.45 Cr. Total expenses fell 24.7% YoY to ₹30.12 Cr even as cost of materials consumed rose to ₹17.29 Cr from ₹14.91 Cr, meaning the warranty relief more than offset input-cost inflation.
The stock went into the print at ₹860.65, up 1.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
Management gives no formal guidance or outlook on record, and there is no prior concall commentary in our records to check this print against. A web search for Q1 FY27 previews turned up no analyst or street coverage of this small-cap, so vsStreet is unknown; the company's own press release accompanying this filing was not available for review beyond the regulatory outcome letter. The CODM has determined Electrode Technologies is the sole reportable segment, so no segment-level revenue or margin split is disclosed. Separately, the board also approved a cost auditor appointment and raised the related-party transaction ceiling with parent Industrie De Nora S.p.A. to ₹24.30 Cr for FY27 — corporate items unrelated to the quarter's operating performance.
W1
Whether warranty expense stays near this quarter's ₹0.41 Cr or reverts toward the FY26 average of ~₹3.57 Cr/quarter (full-year ₹14.29 Cr).
W2
Revenue trajectory — Q1 FY27 revenue was down 16% YoY; watch Q2 FY27 for a return to growth versus a continued demand slowdown.
W3
Other income (₹3.45 Cr this quarter, +46% YoY) — check whether this non-operating contribution persists or normalizes.
Only a standalone statement exists (single reportable segment — Electrode Technologies, per Ind AS 108 CODM determination); figures reported in ₹ Lakhs, converted to Crore. Q4 FY26 comparative column is a balancing figure (audited FY26 less published 9M FY26 YTD), not separately audited. Warranty expense collapsed YoY (₹0.41 Cr vs ₹3.49 Cr), the main swing driver.