Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 9 Sep - Newspaper ad published for AGM notice, annual report and e-voting dispatch on 9 Sept 2026.
Source: Nse
De Neers Tools Ltd. (DENEERS)
SME CapIndustrials stocks · SME cap · NSE
De Neers Tools Ltd. is a fourth-generation Indian hand tools manufacturer with a legacy since 1951. It offers ~9,500 SKUs across 30+ industries via a 300+ dealer network PAN-India, focusing on quality and advanced manufacturing facilities.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:46 pm ISTDetails
Quote21 Oct, 01:46 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result20 May, 10:11 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
43NeutralMACD −
Stock trend: 42
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DENEERSD candles · FIT view-6.0%TODAY · PROVISIONALLatest price ₹160.95 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.8%
RSI
39
MACD hist
-0.74
52W pos
25%
2026-10-21O ₹165.55H ₹165.55L ₹157.50C ₹160.95Vol 12,600 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DENEERSNifty India ManufacturingNifty 500
- DENEERS
- -16.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -10.8 pp
Chart stats
19 Oct 2026- From 52W high
- -33.6%
- 52W range position
- 29%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.24x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹164.4 - ₹184.6
₹250
₹132 - ₹250
₹5.7
Latest completed session
20-session average
34.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+86.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106 Cr | NDF | +47.2% |
| EBITDA | ₹24 Cr | NDF | +60.0% |
| Operating margin | 23.0% | NDF | +300 bps |
| PAT | ₹16 Cr | NDF | +77.8% |
| PAT margin | 15.1% | NDF | +259 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.51
- P/B
- 1.73
- EV/EBITDA
- 6.18
- Market Cap
- 164.00Cr
Profitability
- ROE
- 34.50%
- ROCE
- 25.80%
- ROA
- 12.08%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.08%
- EPS 5Y
- 56.25%
- Revenue 3Y
- -10.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.97
- Interest Coverage
- 7.80×
- Altman Z
- 2.96
- Book Value
- 99.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -11.00 Cr
- EPS TTM
- 29.33
Shareholding
- Promoter Hold
- 36.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 176+23.1% vs prev
Net Profit
₹ CrLatest: 25.0+56.3% vs prev
Return on Equity
%Latest: 29.1+10.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 36% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
61
RS percentile
Stage 1 Base / Transition
1M return
-3.7%
3M return
-16.4%
6M return
+10.5%
1Y return
-3.1%
RS 1D
+3
RS 20D
+8
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 9.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 103.51-0.40%
RS vs Nifty 500104
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth24/25
Quality19/20
Balance Sheet4/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 86.0%.
- Valuation contributes 30/30 to the score.
- Growth contributes 24/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
6.5
PB
1.7
EV/EBITDA
6.2
ROE
34.5%
ROCE
25.8%
FCF Yield
—
Debt/Equity
1.0
MoS
+86.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+86.0%
Previous: +85.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
73
73
73
73
73
73
72
72
72
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹255.73
+37.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,152.67
+86.0% MoS
PEG
0.12
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EMKAYTOOLS
SME
Emkay Taps and Cutting Tools Ltd.
Industrial Tools
match 86
64
1.1
15.7%
+91%
UNDERVALUED
ETL
SME
Emkay Tools Ltd.
Industrial Tools
match 72
68
21.4
51.6%
+45%
UNDERVALUED
EXIMROUTES
SME
Exim Routes Ltd.
Logistics
match 19
57
16.1
22.8%
+59%
FAIR VALUE
SHRITECH
SME
Shri Techtex Ltd.
Textiles
match 19
67
7.7
17.7%
+67%
UNDERVALUED
SAHAJSOLAR
SME
Sahaj Solar Ltd.
Industrials
match 18
71
6.5
24.0%
+84%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T12:49:49.983Z
Management commentary snapshot
De Neers Tools reported strong FY26 consolidated results with revenue up 23.0% YoY to 1,780.3 Mn, EBITDA up 50.0% YoY to 387.3 Mn, and PAT up 60.5% YoY to 252.9 Mn. EBITDA margin expanded by 391bps to 21.8%, driven by improved realizations and product mix.
The company delivered strong FY26 results, recovering from H1 softness with robust H2 performance. Margin expansion, product portfolio growth, and strategic initiatives like the Dubai hub and manufacturing JV support continued growth.
Growth engines
Product Portfolio Expansion
Expanded SKU portfolio to over 9,500 products, enabling cross-selling and one-stop solutions for diverse industrial needs.
Distribution Network Growth
Dealer network increased to 352 and OEM relationships to 66, strengthening market penetration across industrial and automotive segments.
Specialized Tools Categories
Rising contribution from value-added product categories and focus on scaling specialized tools like Insulated, Non-Sparking, and Stainless Steel tools.
International Expansion (Dubai Hub)
Established De Neers Tools Trading LLC in Dubai with a warehouse and experience center to target GCC and African markets, leveraging strategic location and trade advantages.
Capacity and execution
Dubai Warehouse Facility
A ~15,000 sq. ft. facility in Dubai enabling instant deliveries, shorter lead times, and efficient after-sales support for regional markets.
Dubai Experience Center
A ~900 sq. ft. facility in Dubai showcasing 9,500+ SKUs, enhancing client confidence through hands-on product interaction.
Manufacturing Joint Venture
Entered a JV for manufacturing, marketing, and dealing in tools, bits, sockets, and allied products, a strategic step towards backward integration and in-house production.
Tailwinds
China Plus One & Pro-India Sentiment
Driving new export growth potential, particularly for the Dubai hub, by reducing reliance on traditional manufacturing hubs.
CEPA (India–UAE) Agreement
Facilitates cost-efficient cross-border operations for the Dubai subsidiary, enhancing trade advantages.
Organized Market Growth
The organized hand tool market is expected to outperform overall industry growth due to GST implementation and a shift towards quality-conscious buyers.
Emerging Demand for Quality/Specialty Tools
Expansion of industries like EV, heavy engineering, auto service, and infrastructure drives increased demand for quality and specialty tools.
Headwinds
Weather-led Disruptions
Challenging start to FY26 impacted by weather-led disruptions in certain regions, leading to softness in H1FY26.
Import Dependency for Insulated Tools
Currently, insulated tools are largely imported from China, which the company aims to address through localized manufacturing.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company experienced H1FY26 softness due to weather disruptions, followed by a strong H2FY26 recovery. Both YoY and QoQ comparisons are crucial to assess the full-year performance and sequential momentum.
Sector KPIs management disclosed
Consolidated Revenue (FY26)
₹1,780.3 Mn, ↑ 23.0% YoY
Consolidated EBITDA (FY26)
₹387.3 Mn, ↑ 50.0% YoY
Consolidated PAT (FY26)
₹252.9 Mn, ↑ 60.5% YoY
Consolidated EBITDA Margin (FY26)
21.8%, ↑ 391bps YoY (from 17.8% in FY25)
Management forward view
Strategic Focus
Management remains focused on expanding distribution reach, improving product mix, and scaling specialized tools categories.
Brand Positioning
Committed to strengthening De Neers’ position as a quality-focused branded tools platform.
Regional Hub Development
Long-term vision is to establish Dubai as the regional hub for Middle East and African markets, driving scalable and sustainable growth.
Power Tools Entry
The company is evaluating entry into the power tools category, expanding its addressable market beyond conventional hand tools.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 23.0% YoY (FY26 Consolidated) | 25%+ CAGR YoY (Vision 2030) |
| Profitability Growth | PAT up 60.5% YoY (FY26 Consolidated) | 25%+ CAGR YoY (Vision 2030) |
| Global Penetration (Exports) | Operations commercialized with 2-3 active dealers onboarded in Dubai | 15%+ revenue share from Exports (Vision 2030) |
| Value Added Products | Rising contribution from value-added product categories | 10%+ revenue share from value added products (Vision 2030) |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 24th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Industrials: 24th pctile, median 68 · SME: 32nd pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
82
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸ROCE is 25.8%.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸Promoter holding fell 4.7%.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching De Neers Tools Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.