De Nora

Milan, Italy Founded: 1923 • Age: 103 yrs Listed
Provider of energy-saving products and water treatment solutions
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About De Nora

De Nora is a publicly listed company based in Milan (Italy) founded in 1923. It operates as a provider of energy-saving products and water treatment solutions. The company has 45 employees. De Nora has completed 2 acquisitions, including ISIA and Miox. Its website denora.com draws about 38 thousand monthly visits. Its Indian entity De Nora India Limited reported revenue of ₹74.45 Cr. Its focus areas include Environment Tech, Water and Wastewater Management Tech, Water Treatment and Commercial. Its competitors include Axine Water, Membrion, Aclarity, Soane Energy and SeaChange Technologies and 3 more; 5 of its 8 listed competitors have raised funding.

Company details

De Nora was founded in 1923 in Milan, Italy, and operates in the environmental technology sector. Insoluble electrodes for electrochemical applications are offered, along with equipment, systems, and processes for water disinfection and filtration. Filtration and disinfection solutions are provided for municipal water and wastewater treatment, supporting energy efficiency and water management needs globally.

  • Headquarters Milan, Italy
  • Employees 45
  • Stage Public
  • Sectors
    Environment
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website denora.com
  • Social LinkedIn
  • Legal Name De Nora India Limited
Operational Areas
Environment → Waste & Water Management Systems
Key Metrics
  • Market Cap
    ₹377 Cr

    DENORA · NSE

  • Share Price
    ₹695.65

    -2.08% today

  • Revenue
    ₹122 Cr

    FY 2025-26 · +77.3% YoY

  • EBITDA
    ₹6.74 Cr

    Margin 5.5%

  • Net Profit
    ₹2.79 Cr

    FY 2025-26 · +211.2% YoY

  • P/E (TTM)
    30.9x

    P/B 2.9x

  • ROE
    2.2%

    ROCE 5.8%

  • Latest Funding Round
    $340.23K (USD), Grant

    Oct 2023

  • Investors
    Blackstone

    & 4 more

  • Employee Count
    45
  • Investments & Acquisitions
    ISIA

    & 1 more

Funding Insights of De Nora

  • Total Rounds 10
  • Last Round Grant — $340,234
  • First Round $350,000

    (Jul 2006)

  • Investors Count 5

All 10 funding rounds of De Nora with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Oct 2023$340,234Grant––
European Union
Apr 2023$5.68MGrant––
European Union
Oct 2021$803,527Grant––
European Union
Nov 2020–Post-IPO––
Snam
Jan 2020–Grant––
FCH JU
Jan 2020$363,215Grant––
European Union
May 2017$562,994Grant––
European Union
Apr 2017–Post-IPO––
Blackstone
May 2012$350,000Grant––
National Oceanic and Atmospheric Administration
Jul 2006$350,000Grant––
National Oceanic and Atmospheric Administration
Valuation history

5 investors in total: 5 institutional.

Investors in De Nora

De Nora has secured backing from 5 investors, including institutional and venture fund investors. Prominent investors backing the company include Blackstone, Snam and European Union.

All
Venture Fund
Institutional
InvestorDescriptionFounded YearDomainLocation
Blackstone
Diversified investment management is provided across multiple asset classes.
1985blackstone.comNew York, United States
European Union
Government entites focused on freedom, democracy, equality and the rule of law, promoting peace and stability
1958europa.euBrussels, Belgium
Snam
Energy corporation
1941snam.itSan Donato Milanese, Italy
FCH JU
Firm engaged in research activities related to energy industry
–fch.europa.euBrussels, Belgium
National Oceanic and Atmospheric Administration
-
–noaa.gov-
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Investor details for De Nora

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

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Board of directors of De Nora India Limited (De Nora)

De Nora India Limited is the primary company behind De Nora. The board of De Nora India Limited currently have 6 directors; the longest-serving is Vinay Chopra, appointed in 2013. 18 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Vinay Chopra
DIN 06543610
Managing Director09 May 201313 yrs 5 moDe Nora India Limited
Supriya Banerji
DIN 05209284
Director27 Oct 20169 yrs 11 moDe Nora India Limited
Purushottam Sitaram Mantri
DIN 06785989
Director05 Feb 20215 yrs 8 moDe Nora India Limited
Lalita Correia Afonso
DIN 07986827
Director05 Jul 20233 yrs 3 moDe Nora India Limited
Deepak Bhaskar Nagvekar
DIN 11300643
Whole-time director18 Sep 20251 yr 1 moDe Nora India Limited
Guido Picari
DIN 08117857
Director05 Nov 202511 moDe Nora India Limited

People of De Nora

92 people are tracked at De Nora (23 in leadership, 10 in board & advisors, 59 in team); the tracked headcount is 45.

NameRoleGroup
Vinay Chopra
Managing DirectorLeadership
Markus Becker
Head Of Laboratory And Quality AssuranceLeadership
Paolo Dellachà
CEOLeadership
Beatrice Schiavi
De Nora Water Global HR DirectorLeadership
Gary Magyar
Operations DirectorLeadership
Christian Urgeghe
Chief Technology OfficerLeadership
Antonio Lorenzo Antozzi
Chief Officer Energy Transition & HydrogenLeadership
Carlos Prado
Managing Director & General ManagerLeadership
Michele Fabbri
Group ICT Executive DirectorLeadership
Bryan Boggs
Director Of Technical ServicesLeadership
Geraldo Toledo
Head Of Finance LALeadership
Giordano Buizza
Sales Director South Europe And MEALeadership
Emile Musallam
Sales DirectorLeadership
Fabrizio de Donno
Head Of Application DevelopmentLeadership
Gaurav Moghe
Director Of FinanceLeadership
Cecile Joela Cuscela Cia
Controlling Director- Water DivisionLeadership
Scott Watters
Director Hr, Organization And CommunicationLeadership
Wilson Chua
Deputy Sales DirectorLeadership
Frank Tomaselli
CEO Electrode Technologies DivisionLeadership
Graziano Marcuccio
Chief Officer People Organization Social Communication And HappinessLeadership

72 more people are available in the full profile.

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IPO & Listings of De Nora

De Nora is a publicly listed company on the NSE with ticker symbol DENORA in India, operating in the Electronic technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date10 Apr 2004
  • Listed onBSE: 590031
  • Listed entityDe Nora India Limited
  • Exchange sectorElectronic technology
  • ISININE244A01016
  • Share price₹700.10 · 2026-10-14
  • Market capitalisation₹372 Cr
  • Price to earnings30.5
  • EPS (diluted, trailing year)₹22.97
  • Dividend yield0.57%
  • Volume (last session)13,247

Financials of De Nora

Exchange-reported figures of De Nora India Limited, the listed company behind De Nora (NSE: DENORA).

Financial Highlights

FY 2025-26 · Standalone
Revenue
₹122 Cr
+77.3% YoY
EBITDA
₹6.74 Cr
+630.7% YoY
Profit After Tax
₹2.79 Cr
+211.2% YoY
Net Worth
₹129 Cr
+7.6% YoY
Total Assets
₹130 Cr
+7.7% YoY
Total Debt
Nil

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue12268.5873.8073.5874.1750.5448.23
Revenue growth+77.3%-7.1%+0.3%-0.8%+46.8%+4.8%-
EBITDA6.74(1.27)21.3624.7322.908.4110.55
EBITDA margin+5.5%-1.9%+28.9%+33.6%+30.9%+16.6%+21.9%
Profit before tax11.992.7425.2327.1420.967.5810.36
Net profit2.79(2.51)18.2120.2715.435.698.09
Net profit margin+2.3%-3.7%+24.7%+27.6%+20.8%+11.3%+16.8%
EPS (₹)17.063.1935.8038.1929.1010.6415.31
Balance sheet
Total assets13012012010281.8866.9862.18
Net worth12912012010281.8866.9861.33
Total debt0.000.000.000.000.000.000.77
Cash & bank20.4411.157.9415.2521.2729.9414.44
Net working capital34.2435.1739.7448.2948.1051.4844.07
Cash flow
Cash from operations12.233.1316.0614.2811.6616.15(7.24)
Cash from investing(3.27)0.74(13.61)(23.80)(16.12)1.097.35
Cash from financing0.00(1.06)(1.06)(0.53)(0.53)(0.77)0.77
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue35.2721.9735.8421.8441.9720.1317.5618.13
Revenue growth (YoY)-16.0%+9.1%+104.1%+20.5%+228.9%---
Other income3.451.871.431.702.361.371.501.65
Total expenses29.5824.2333.3717.8239.5216.3028.9514.92
EBITDA5.69(2.26)2.474.022.453.83(11.39)3.21
EBITDA margin+16.1%-10.3%+6.9%+18.4%+5.8%+19.0%-64.9%+17.7%
Depreciation0.540.530.520.520.460.450.440.42
Interest0.000.000.000.000.000.000.000.00
Profit before tax8.60(0.92)3.385.204.354.75(10.33)4.44
Tax2.21(0.29)0.811.331.091.41(2.51)1.17

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 21 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue35.2721.9735.8421.8441.9720.1317.5618.13
Revenue growth (YoY)-16.0%+9.1%+104.1%+20.5%+228.9%---
Other income3.451.871.431.702.361.371.501.65
Total expenses29.5824.2333.3717.8239.5216.3028.9514.92
EBITDA5.69(2.26)2.474.022.453.83(11.39)3.21
EBITDA margin+16.1%-10.3%+6.9%+18.4%+5.8%+19.0%-64.9%+17.7%
Depreciation0.540.530.520.520.460.450.440.42
Interest0.000.000.000.000.000.000.000.00
Profit before tax8.60(0.92)3.385.204.354.75(10.33)4.44
Tax2.21(0.29)0.811.331.091.41(2.51)1.17
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue12268.5873.8073.5874.1750.5448.23
Revenue growth+77.3%-7.1%+0.3%-0.8%+46.8%+4.8%-
Other income7.355.865.203.860.961.832.46
Total expenses11569.8552.4448.8551.2742.1337.68
Employee cost6.996.415.826.235.755.305.20
EBITDA6.74(1.27)21.3624.7322.908.4110.55
EBITDA margin+5.5%-1.9%+28.9%+33.6%+30.9%+16.6%+21.9%
Depreciation2.041.701.151.372.672.602.59
Interest0.060.150.180.080.230.060.06
Profit before tax11.992.7425.2327.1420.967.5810.36
Tax2.951.066.216.875.511.932.23
Net profit2.79(2.51)18.2120.2715.435.698.09
Net profit margin+2.3%-3.7%+24.7%+27.6%+20.8%+11.3%+16.8%
EPS (₹)17.063.1935.8038.1929.1010.6415.31
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital5.315.315.315.315.315.315.31
Reserves & surplus12411511496.3776.5761.6756.02
Shareholders' funds (net worth)12912012010281.8866.9861.33
Secured loans0.000.000.000.000.000.000.77
Unsecured loans0.000.000.000.000.000.000.00
Total debt0.000.000.000.000.000.000.77
Total liabilities13012012010281.8866.9862.18
Assets
Gross block34.1928.8826.6720.4618.7618.2417.04
Net block18.0514.5313.457.907.469.5910.22
Capital work in progress0.442.871.952.200.640.000.59
Investments56.9351.8754.5041.6623.273.954.73
Inventories30.8431.3327.5628.6323.8419.4225.96
Sundry debtors11.7513.4210.2217.0311.7810.9112.85
Cash & bank balances20.4411.157.9415.2521.2729.9414.44
Loans & advances1.261.120.990.952.973.843.85
Total current assets64.2957.0246.7161.8659.8664.1157.10
Total current liabilities30.0521.856.9713.5711.7612.6313.03
Net working capital34.2435.1739.7448.2948.1051.4844.07
Total assets13012012010281.8866.9862.18
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash8.055.243.8513.9018.892.411.53
Net cash from operating activities12.233.1316.0614.2811.6616.15(7.24)
Net cash from investing activities(3.27)0.74(13.61)(23.80)(16.12)1.097.35
Net cash from financing activities0.00(1.06)(1.06)(0.53)(0.53)(0.77)0.77
Net change in cash8.962.811.39(10.05)(4.99)16.480.88
Closing cash20.4411.157.9415.2521.2729.9414.44
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+77.3%-7.1%+0.3%-0.8%+46.8%+4.8%-
EBITDA growth+630.7%-106.0%-13.6%+8.0%+172.3%-20.3%-
PBT growth+337.6%-89.1%-7.0%+29.5%+176.5%-26.8%+472.4%
Net income growth+211.2%-113.8%-10.2%+31.4%+171.2%-29.7%-
Revenue CAGR (3Y)+18.2%-2.6%+13.5%+15.1%+31.3%+23.2%+21.8%
EBITDA CAGR (3Y)-35.2%-+36.4%+32.8%+265.2%+63.1%+72.7%
Profitability & leverage
Net income margin+7.4%+2.5%+25.8%+27.6%+20.8%+11.2%+16.9%
Return on capital employed+5.8%+0.9%+22.9%+29.6%+28.5%+11.8%+17.9%
Return on net worth+2.3%-2.1%+17.2%+22.1%+20.8%+8.8%+14.2%
Debt / equity0.000.000.000.000.000.010.01
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover1.28-5.050.890.341.141.030.75
Efficiency & per share
Fixed asset turnover3.862.473.133.754.012.872.82
Inventory turnover3.912.332.632.803.432.232.25
Debtors turnover9.665.805.425.116.544.255.26
EPS (₹)17.063.1935.8038.1929.1010.6415.31
Dividend per share (₹)4.000.002.002.001.001.000.00
Book value per share (₹)243.65226.33225.46191.53154.24126.16115.53

Investments & Acquisitions by De Nora

De Nora has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include ISIA and Miox.

Acquisitions
Company NameDescriptionDomainLocationFoundedAcquiredAmount
ISIA
Water treatment services are provided in the environmental sector.
isiasistemi.itVenice, Italy1999Jun 2021••••
Miox
On-site chemical generators for water disinfection are supplied by Miox.
miox.comAlbuquerque, United States1994Feb 2019••••
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Timeline of De Nora

6 dated milestones of De Nora across 100 years, from founding to its latest funding, stage changes and deals.

  1. Founded De Nora is founded.
  2. IPO Lists on the stock exchange (IPO).
  3. Funding First funding round of $350K.
  4. Acquisition Acquires Miox.
  5. Acquisition Acquires ISIA.
  6. Funding Latest funding round, Grant, of $340K.

Competitors of De Nora

De Nora has 8 listed competitors in our database, 5 of them funded. They include Axine Water, Membrion, Aclarity, Soane Energy and SeaChange Technologies, among others.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Axine Water
axinewater.com2010Vancouver, Canada$33.84M24
Electrochemical oxidation technology is provided for industrial wastewater treatment.
Membrion
membrion.com2016Seattle, United States$46.5M–
High-performance membranes for flow batteries are developed.
Aclarity
aclaritywater.com2017Hadley, United States$20.2M–
Water treatment solutions are provided via electrochemical oxidation processes.
Soane Energy
soaneenergy.com2006Cambridge, United States–8
Chemical solutions are developed for cleaner oil extraction.
SeaChange Technologies
seachangetechnologies.com2014Raleigh, United States––
Water desalination units to purify produced water from oil and gas wells
Sens Solutions
sens.solutions2015Barcelona, Spain$1.7M–
IoT-based real-time air and water monitoring solutions are provided.
ElectroKinetic Solutions
electrokineticsolutions.com2013Toronto, Canada$1.86M–
Electrokinetic technology for managing oil sands tailings is developed.
Hillstone Environmental
hillstone-environmental.com2015Denver, United States––
Mobile wastewater treatment technology for oil and gas is provided.
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Detailed competitors of De Nora

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Web traffic of De Nora

The website of De Nora (denora.com) receives about 38.1K visits a month.

  • Monthly visits
    38.1K

    ▲ 2.9% vs previous month

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usabluebook.com
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••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
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Top companies in Waste & Water Management Systems

10 companies that operate in the same segment as De Nora (Waste & Water Management Systems), ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Veolia
Wastewater and energy management services are provided internationally.
1853Aubervilliers, Seine-saint-denis, France–USD 52.17 B215,040
ACCIONA
Sustainable infrastructure solutions in renewable energy are developed and managed.
1931Alcobendas, Comunidad De Madrid, Spain–USD 1.9 M44
Ecozen Solutions
Provider of climate-smart deeptech solutions for renewable energy and sustainable agriculture
2010Pune, Maharashtra, IndiaUSD 76.38 MUSD 56.11 M702
WM
Waste collection and management services are provided nationwide.
1968Houston, Texas, United States–USD 25.2 B61,700
Republic Services
Integrated waste management services are provided nationwide.
1998Phoenix, Arizona, United States–USD 16.59 B42,000
DrinkPrime
Provider of smart water purifier rental and maintenance services
2016Bengaluru, Karnataka, IndiaUSD 19.29 MUSD 3.62 M–
TOMRA
Sensor-based sorting and recycling solutions are provided for multiple industries.
1972Asker, Viken, Norway–USD 1.53 B4,950
Bevi
Smart water dispensers with flavored options are provided for offices.
2013Boston, Massachusetts, United StatesUSD 135.53 M–102
Olio
Surplus goods are shared among neighbors through a mobile app.
2015London, England, United KingdomUSD 51.2 M––
Pentair
Water and waste treatment services are provided worldwide.
1966London, England, United Kingdom–USD 4.18 B9,750
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Related news about De Nora

De Nora Recognized as Best Italian Multinational Company in Singapore, Secures Major Wastewater Contract
EuropaWire • 8 days ago
Snam Completes Sale of 10 Million Industrie De Nora Shares for Approximately €67 Million
Ilgiornaleditalia • 29 days ago
DE Nora India standalone net profit rises 96.62% in the June 2026 quarter | Capital Market News - Business Standard
Business Standard • 2 months ago
De Nora India Recommends Dividend Of 4 Rupees/Share
Reuters • 5 months ago
India's De Nora falls after quarterly revenue drop
Reuters • 8 months ago
Italy - Factors to watch on November 20
Reuters • 11 months ago
De Nora eyes water tech deal, raises profit margin outlook
Reuters • 11 months ago
Italy - Factors to watch on November 5
Reuters • 11 months ago
Italy - Factors to watch on November 4
Reuters • 11 months ago
Italy - Factors to watch on July 31
Reuters • 1 year ago
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Frequently Asked Questions about De Nora

De Nora was founded in 1923 and raised its 1st funding round 83 years after it was founded.

De Nora is headquartered in Milan, Italy. It is registered at Milan, Lombardy, Italy.

De Nora has 45 employees.

The primary company behind De Nora, De Nora India Limited, reported revenue of ₹74.45 Cr for FY 2025, down 6% year on year.

De Nora was founded in 1923 in Milan, Italy, and operates in the environmental technology sector. Insoluble electrodes for electrochemical applications are offered, along with equipment, systems, and processes for water disinfection and filtration. Filtration and disinfection solutions are provided for municipal water and wastewater treatment, supporting energy efficiency and water management needs globally.

De Nora's top competitors include Axine Water, Membrion and Aclarity.

Yes, De Nora is publicly traded on NSE under the ticker symbol DENORA.

De Nora has made 2 acquisitions, including ISIA, and Miox.

De Nora has 5 investors. Key investors include Blackstone, Snam, European Union, FCH JU, and National Oceanic and Atmospheric Administration.

De Nora operates through De Nora India Limited.

The legal entities of De Nora currently have 7 directors, including Supriya Banerji, Deepak Bhaskar Nagvekar, Vinay Chopra and others.

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