De Nora IndiaNSE:DENORA -2.77%70 Piotroski F-Score is 6 as of Jun. 30, 2026, which is at its 10-year median of 6.00. GuruFocus rates NSE:DENORA with a GF Score™ of 70/100 and a GF Value™ of ₹2,123.13 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,971 Industrial Products companies, De Nora India ranks better than 75.43% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
De Nora India has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for De Nora India's Piotroski F-Score or its related term are showing as below:
NSE:DENORA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of De Nora India was 8. The lowest was 4. And the median was 6.
De Nora India (NSE:DENORA) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
De Nora India Piotroski F-Score Related Terms
De Nora India Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for De Nora India's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:DENORA vs VRT, BE: Piotroski F-Score Comparison
For the Electrical Equipment & Parts subindustry, De Nora India's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
De Nora India Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, De Nora India's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where De Nora India's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
De Nora India's current Net Income (TTM) was 91.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
De Nora India's return on assets of this year was 0.06363061. De Nora India's return on assets of last year was 0.01336434.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
De Nora India's current ratio of this year was 4.02492622. De Nora India's current ratio of last year was 4.97348787.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
De Nora India's number of shares in issue this year was 5.308. De Nora India's number of shares in issue last year was 5.307.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
De Nora India's gross margin of this year was 0.43708555. De Nora India's gross margin of last year was 0.59609754.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
De Nora India's asset turnover of this year was 0.85462294. De Nora India's asset turnover of last year was 0.54141336.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
De Nora India has an F-score of 6 indicating the company's financial situation is typical for a stable company.
De Nora India (NSE:DENORA) has a Piotroski F-Score of 6 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on De Nora India and its competitors. This is near median its historical median of 6.00. Over the past decade, De Nora India's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, De Nora India ranks #730 out of 2971 companies in the Industrial Products industry, placing it in the top 24.6%.
Is De Nora India's Piotroski F-Score too high?
De Nora India's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Industrial Products industry median Piotroski F-Score is 5.00. De Nora India's value of 6 is 20% above this industry median. Based on the distribution chart, De Nora India ranks #730 out of 2971 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, De Nora India has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does De Nora India's Piotroski F-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, De Nora India ranks #730 out of 2971 companies for Piotroski F-Score. This places De Nora India in the top 25% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. De Nora India's value of 6 is 20% above this benchmark. Historically, De Nora India's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, De Nora India has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,971 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. De Nora India's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on De Nora India and its competitors. For the Industrial Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. De Nora India's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is De Nora India stock overvalued right now?
Based on GuruFocus' analysis, De Nora India (NSE:DENORA) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹2,123.13, compared to a current price of ₹903.70 — trading 57.4% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Industrial Products industry median of 5.00. De Nora India's overall GF Score™ is 70/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For De Nora India (NSE:DENORA), the current Piotroski F-Score is 6 as of Jun. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is De Nora India (NSE:DENORA) Overvalued in 2026?
Based on GuruFocus' analysis, De Nora India stock appears to be undervalued.
The current stock price of ₹903.70 is trading 57.4% below its estimated GF Value™ of ₹2,123.13.
GuruFocus considers De Nora India to be Significantly Undervalued.
Key valuation signals for NSE:DENORA:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: ₹2,123.13 vs. price of ₹903.70 (57.4% below fair value)
Industry Position: 20% above the Industrial Products median (#730 of 2971)
No single metric tells the full story. See the NSE:DENORA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
De Nora India Ltd is principally engaged in the manufacturing of Electrolytic Products, including anodes, cathodes, electrochlorinators, and Water Technology products. It operates as a single integrated business unit. The company generates the majority of its revenue from the Sale of services. Geographically, the company generates the majority of its revenue from India.
70GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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