# Diffusion Engineers share price today (Diffusion Engineers Ltd, NSE: DIFFNKG)

> Diffusion Engineers share price today: ₹401.70 at the NSE close on 3 November 2026, up 8.3% in a year. Diffusion Engineers (NSE: DIFFNKG) is worth ₹1,504 crore, trades at a P/E of 36.8 and has closed between ₹236.77 and ₹474.90 over the past 52 weeks. > Diffusion Engineers Ltd's earnings have grown faster than its share price. Earnings per share grew +32.3% in a year while the price moved +8.3%. DIFFNKG · Welding Equipments · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/diffusion-engineers-ltd

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## Key numbers

- Price: ₹401.70 (+8.3% in a year)
- P/E: 36.8× (higher than 71% of the last 2.1 years)
- Revenue (Jun 2026): ₹95.9 Cr (+30.7% on a year ago)
- Profit (Jun 2026): ₹10.0 Cr (−29.7% on a year ago)
- Operating margin: 12.7% (+0.9 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 12.5%, against a 12.0% cost of capital: +0.5 points
- Profit that came in as cash: 53%, last 3 years

The main question: profits are rising, but only 53% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Diffusion Engineers share price today? Diffusion Engineers Ltd's share price was ₹401.70 at the close on 3 November 2026. It has been rising for 22 weeks. That is 7.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹237 and ₹475, and at that close it sat 69% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 2.1 years the share price moved +98% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Diffusion Engineers this quarter? Three changes stood out: revenue up on a year earlier for 6 quarters in a row, indian funds and insurers (DIIs) raised their stake for 3 quarters in a row and foreign funds (FIIs) raised their stake for 3 quarters in a row. 1. Revenue up on a year earlier for 6 quarters in a row In the June 2026 quarter revenue was ₹96 crore, +30.7% on a year earlier. Why: The company said recent growth came from a steady flow of new orders and from booking sales when a whole project is finished rather than bit by bit. It also said normal seasonal patterns affect the timing. Next results: check whether the order book stays stable and turns into completed-project sales. From the earnings call on 28 Sep 2026. 2. Indian funds and insurers (DIIs) raised their stake for 3 quarters in a row From 6.8% to 8.5% of the company by the September 2026 quarter. 3. Foreign funds (FIIs) raised their stake for 3 quarters in a row From 0.1% to 1.2% of the company by the September 2026 quarter. ## What are Diffusion Engineers' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Diffusion Engineers reported revenue of ₹95.9 crore, up 30.7% from ₹73.4 crore a year earlier, and a profit of ₹9.98 crore, down 29.7% from ₹14.2 crore. ### Diffusion Engineers results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹95.9 crore | ₹73.4 crore | +30.7% |
| Profit | ₹9.98 crore | ₹14.2 crore | −29.7% |
| Earnings per share | ₹2.67 | ₹3.79 | −29.6% |
| Operating margin | 12.7% | 11.8% | +0.9 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Diffusion Engineers' management discussed these results on a call held on 28 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Diffusion Engineers share price history? Diffusion Engineers closed at ₹401.70 on 3 November 2026, up 8.3% from ₹371.00 a year earlier (31 October 2025). Its highest weekly close since October 2024 was ₹474.90 on 4 September 2026. ### Diffusion Engineers share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹394.35 | +1.9% |
| 1 month ago · 1 Oct 2026 | ₹464.40 | −13.5% |
| 6 months ago · 30 Apr 2026 | ₹300.38 | +33.7% |
| 1 year ago · 31 Oct 2025 | ₹371.00 | +8.3% |
| Earliest and lowest weekly close in our records · 4 Oct 2024 | ₹203.17 | +97.7% |
| Highest weekly close since October 2024, also the 52-week high · 4 Sep 2026 | ₹474.90 | −15.4% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹236.77 | +69.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (114 weekly closes from 4 October 2024 to 3 November 2026.)

## What is the latest news on Diffusion Engineers? 3 Nov 2026: Diffusion Engineers closed at ₹401.70, up 1.9% on the week and down 13.5% on the month. Our read, 10 Oct 2026: Installed capacity and ready-to-fit wear solutions offer a growth route, but collections and recurring operating earnings must validate the expansion. ### Earlier

- 28 Sep 2026: Diffusion Engineers held its results call for April to June 2026. Management guided: FY26-27 revenue growth at 20% on a year earlier. - 25 Aug 2026: ex-date for a dividend of ₹1.50 a share, record date 26 Aug 2026. - Results for April to June 2026: Revenue up 30.7% and profit down 29.7% on a year earlier. ### Our read of the business

April to June 2026: April to June 2026 growth continues; the latest discussion makes completed deliveries and mix the tests. (Our read after the April to June 2026 results, written 10 October 2026.)

## What dividend does Diffusion Engineers pay? Diffusion Engineers paid ₹1.50 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.37% at the ₹401.70 close on 3 November 2026. The last was a dividend of ₹1.50 a share, ex-date 25 August 2026. ### Diffusion Engineers dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 25 Aug 2026 | ₹1.50 | Dividend | 26 Aug 2026 |
| 10 Jul 2025 | ₹1.50 | Dividend | same day |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Diffusion Engineers Ltd paid out 13% of its profit as dividends in FY26, and it paid a dividend in 7 of its last 9 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Diffusion Engineers management say on the latest results call? On the call for April to June 2026, held on 28 September 2026, Diffusion Engineers' management guided: FY26-27 revenue growth at 20% on a year earlier. > “When I become a wear-parts supplier or a total-solution provider, there are fewer players, and my addressable market becomes much larger.”
> Prashant Garg, Chairman and Managing Director, on the call for April to June 2026

### What management guided

- FY26-27 operating profit to remain flat or increase slightly. - Revenue yearly growth of 20-25% over the next 3 years. - Operating profit increase of 100-200 basis points; timeframe not separately stated. - Heavy-engineering capacity to ramp over at least 2-3 years, with top-line doubling estimated around FY28-29 or FY29-30. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/57785-28-Sep-2026.pdf). (From the call for April to June 2026, 28 September 2026.)

## What is the future of Diffusion Engineers? What is changing in the business? The changes showing up in Diffusion Engineers' own numbers are a bigger order book. It is too early to say whether they last. A bigger order book too early to call

Orders from cement, steel and power customers, mostly heavy-engineering rollers and equipment, have been turning into sales. Revenue beat the same quarter a year earlier in all four quarters: ₹84 crore vs ₹82 crore (Sep 2025), ₹101 crore vs ₹79 crore (Dec 2025), ₹142 crore vs ₹103 crore (Mar 2026) and ₹110 crore vs ₹81 crore (Jun 2026). Over the last four quarters revenue was ₹437 crore against ₹345 crore the year before, up about 27%. Management says the order book doubled from about ₹100 crore (March 2025) to about ₹200 crore, and stood at ₹209 crore in June 2026, with more than 80% executable in FY27. Why it may last: About 70% of heavy engineering serves new project builds at cement, steel and power plants, so order inflow rises and falls with the industrial build-out cycle; the maintenance and repeat-customer base softens but does not remove that. What could be flattering it: Low-margin orders, or orders that turn into sales but not into cash because customers pay late. Next check: Revenue for Sep 2026 beats ₹84 crore by about 20% (management says Q2 growth at similar levels) while the order book stays at or above ₹200 crore and FY27 debtor days come back toward the 80 to 90 days management goals. Quarter by quarter, 4 quarters

July to September 2025

Order book built up (₹209 crore at end of the half-year per the summary) but sales barely moved: ₹84 crore vs ₹82 crore a year earlier, which management blamed on the timing of roller-press orders. ✓ fact

From our notes of the call for July to September 2025: We have a substantial order book of over 170 crores. October to December 2025

Orders began converting: revenue ₹101 crore vs ₹79 crore a year earlier, with the order book staying near ₹200 crore. ✓ fact

From our notes of the call for October to December 2025: Order book robust at Rs ~200 crores providing 4-6 month revenue visibility. January to March 2026

Biggest quarter so far: revenue ₹142 crore vs ₹103 crore, operating profit ₹21 crore vs ₹15 crore. Order book still about ₹200 crore after the heavy delivery quarter. ✓ fact

From our notes of the call for January to March 2026: Order book more than doubled to ₹200 crore (April 2026) from ₹100 crore (March 2025)

April to June 2026

Revenue ₹110 crore vs ₹81 crore a year earlier; order book refilled to ₹209 crore from ₹174 crore in March (note the Q4 call gave ₹200 crore for April, a different date). New wins of ₹62.5 crore named. ✓ fact

From our notes of the call for April to June 2026: Order book reached ₹209 crore versus ₹174 crore in March, up 20.4% sequentially. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What is Diffusion Engineers' order book? The August summary reports a consolidated order book of ₹209 crore versus ₹174 crore in March. ✓ fact

(Our read after the April to June 2026 results, written 10 October 2026.)

## What could change the Diffusion Engineers story? What are the risks? The thesis breaks if the next reported quarter fails to show new-factory revenue contribution while receivables remain elevated and subsequent annual operating cash still fails to cover half of reported profit. ### Each change stops working if

- Capacity-backed order execution: The next quarterly disclosure shows no factory contribution, completed deliveries slip, or incoming orders fail to replenish executed work. - Utilization and cost recovery: Input costs outrun repricing or revenue increases without an improvement in recurring operating profit. - International manufacturing and services: The next disclosure shows no UAE revenue or overseas operations return to losses. ### The main risks

- Receivables and cash absorption: Growth is consuming cash before capital spending, with receivables the principal collection risk. ⚠ estimate
- Guidance and execution credibility: Earlier growth, factory and railway promises moved before the latest call reported no new inconsistency. ✓ fact
- Non-operating profit and income expiry: Reported profit contains income that cannot yet be treated as recurring operating growth. ⚠ estimate
- Input costs and fixed-price orders: Booked orders can recognize revenue before repricing has repaired their margin. ⚠ estimate

(Our read after the April to June 2026 results, written 10 October 2026.)

## What to watch in Diffusion Engineers' next results? When Diffusion Engineers reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Revenue for Sep 2026 beats ₹84 crore by about 20% (management says Q2 growth at similar levels) while the order book stays at or above ₹200 crore and FY27 debtor days come back toward the 80 to 90 days management goals. | What to check | Why |
| --- | --- |
| Revenue for Sep 2026 beats ₹84 crore by about 20% (management says Q2 growth at similar levels) while the order book stays at or above ₹200 crore and FY27 debtor days come back toward the 80 to 90 days management goals. | A bigger order book |
| Current order book to remain broadly stable and convert into completed-project revenue - check execution against the next quarterly print. | From the call |
| Q2 revenue to outperform last year and resemble Q1 - check seasonality and completion timing. | From the call |
| Heavy-engineering workshop ramp and customer additions - check commissioning, utilization and completed-equipment deliveries. | From the call |
| Value-added mix to lift profitability - check operating margin after raw-material and pricing effects. | From the call |

## Which stock lists is Diffusion Engineers on? Diffusion Engineers is on one of our India lists: Multibagger study list. [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)

## Is Diffusion Engineers profitable? Diffusion Engineers Ltd earned ₹10.0 Cr of net profit in the Jun 2026 quarter, −29.7% on the same quarter a year earlier. Full-year FY26 profit was ₹45.0 Cr. Over 8 years profit has grown 22.3% a year on average. That is 10.4% of the quarter's revenue. The same quarter a year earlier earned ₹14.2 Cr. For the full year, FY26 profit was ₹45.0 Cr (+32.4% on the year before). Why profit moved: revenue changed +30.7% on a year earlier and the margin moved +0.9 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +4.8% and revenue +17.4%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. revenue ₹113 Cr and profit ₹12 Cr as reported. FY27-Q1. revenue ₹96 Cr and profit ₹10 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Diffusion Engineers make, and is it growing? Diffusion Engineers Ltd reported ₹95.9 Cr of revenue in the Jun 2026 quarter, +30.7% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 8 years it has grown 16.0% a year on average. The last full year, FY26, came in at ₹354 Cr. Why this happened. Management says the UAE facility is operational and expected revenue from the second quarter, while Turkey is no longer loss-making. Local engineering and service capability could capture work beyond exported products. Facility-level revenue, profit and collection terms are not supplied, so the size and persistence of this benefit remain unknown. Freight disruption can defer customer pickups even when underlying demand remains. The last four reported quarters add to ₹377 Cr. FY26 revenue was ₹354 Cr, +12.0% on the year before. Recent pace: the last four quarters grew +17.4% on average, against 16.0% a year over the longer run, so this year is growing faster than its own long-run rate. FY26-Q4. revenue ₹113 Cr and profit ₹12 Cr as reported. FY27-Q1. revenue ₹96 Cr and profit ₹10 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Diffusion Engineers keep? Diffusion Engineers Ltd's operating margin was 12.7% in the Jun 2026 quarter, 0.9 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 9 years it has been between 10.0% and 13.0%. The latest quarter is within that range. Why this happened. Management identifies fixed-cost absorption, integration and product mix as margin levers. The Operating Leverage Catapult fails as an unconditional shortcut here: raw materials, energy and employee costs also rise, and repricing arrives after booked orders. The economic benefit remains only after these offsets. The September call provides no consolidated cost bridge and leaves the meaning of its EBITDA outlook unclear, so earlier margin goals remain an unfulfilled test. Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed −2.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY26-Q4. revenue ₹113 Cr and profit ₹12 Cr as reported. FY27-Q1. revenue ₹96 Cr and profit ₹10 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is Diffusion Engineers' profit turning into cash? Over the last 3 years, 53% of Diffusion Engineers Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹17.0 Cr of operating cash against ₹45.0 Cr of profit. After ₹37.0 Cr of spending on assets, free cash was −₹20.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 53% of profit came in as cash: the cash cycle got 30 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 30 days longer. The next section looks at where the cash is stuck. ## Where does Diffusion Engineers' cash go? Diffusion Engineers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 166 days in FY26, up from 136 days in FY21. It spent ₹81.0 Cr on assets over the last 3 years. Customers take 113 days to pay, and stock sits for 123 days on average. Why this happened. The Capex Inflection Point applies to the phased factory ramp: installed equipment creates execution headroom, and management expects most existing orders to be executable during the current financial year. Customers must accept completed projects before revenue is recognized. Capacity, backlog and utilization are successive links in this mechanism; their benefits are not counted separately. First factory contribution was expected from the next quarter, while full absorption remains a multi-year task. No delivered capacity-specific profit bridge is available. At FY26 sales of ₹354 Cr, each day of that cycle ties up about ₹1.0 Cr, so roughly ₹161 Cr is tied up in the business at any time. FY26: customers took 113 days to pay and stock sat for 123 days, about 4.0 months of sales sitting as stock, for a full cycle of 166 days, longer than FY21's 136. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 123 days. Customers pay about 113 days after that. Suppliers are paid at 71 days. Together that makes the 166-day cycle. Spending on assets: ₹81.0 Cr over the last 3 years, against ₹14.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹22.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Diffusion Engineers' P/E ratio, and how does it compare with its own history? Diffusion Engineers Ltd's P/E is 36.8×, near the high end of its own history: higher than 71% of past readings. Its usual P/E (the middle reading) is 33.5×, over 2.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹10.80. Why the multiple is where it is: over the past year earnings per share moved +32.3% while the price moved +8.3%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Diffusion Engineers share price assume? Worked out from its price on 11 October 2026, Diffusion Engineers Ltd's share price assumed profit growth of about 17.8% a year. Over the past 8 years its profit actually grew 22.3% a year. Today its P/E is 36.8×, higher than 71% of its own last 2.1 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Diffusion Engineers business getting better or worse? Diffusion Engineers Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 8 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## What is the Diffusion Engineers story, and has it been checked? Diffusion Engineers Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: mid expansion. Our read, 10 October 2026. Installed capacity and ready-to-fit wear solutions offer a growth route, but collections and recurring operating earnings must validate the expansion. What is proven. Installed capacity and ready-to-fit wear solutions offer a growth route, but collections and recurring operating earnings must validate the expansion. What is not proven yet. The thesis breaks if the next reported quarter fails to show new-factory revenue contribution while receivables remain elevated and subsequent annual operating cash still fails to cover half of reported profit. What would change our mind. The thesis breaks if the next reported quarter fails to show new-factory revenue contribution while receivables remain elevated and subsequent annual operating cash still fails to cover half of reported profit. The test written in advance. The thesis breaks if the next reported quarter fails to show new-factory revenue contribution while receivables remain elevated and subsequent annual operating cash still fails to cover half of reported profit. Measured by: the thesis as written as stated by the next result. The test written in advance. Receivables and cash absorption. Measured by: Receivables and cash absorption FY27 debtor days exceed 100 or annual operating cash covers less than 0.5 times PAT. by the next result. The test written in advance. Guidance and execution credibility. Measured by: Guidance and execution credibility The growth framework is cut again or the next result lacks the promised factory contribution. by the next result. What the company does. Revenue growth has continued beyond a single quarter, while margins show cost offsets rather than a completed operating-leverage breakthrough. The latest call preserves the growth framework and the move toward complete equipment, but does not disclose a new earnings or margin bridge. What the surface reading misses. The surface reading is: Higher reported profit appears to confirm accelerating operating earnings. The research reads it further: Revenue increased, but margin did not increase year on year. Management identifies input and employee-cost pressure alongside volume absorption, and reported profit also contains non-operating support. What the surface reading misses. The surface reading is: The higher quarterly margin appears to establish operating leverage. The research reads it further: Sales execution improved, but the following quarter's margin reversal and the annual margin plateau limit the persistence of this observation. Lever 10 · New geographies: building. An operational UAE facility and a loss-free Turkey operation offer a separate revenue route. What proves it keeps working: International manufacturing and services. It stops working if The next disclosure shows no UAE revenue or overseas operations return to losses. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Diffusion Engineers management deliver what it promised? What Diffusion Engineers Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Growth Outlook Reduced · 13 August 2026. In February 2026, management said FY27 growth should accelerate to approximately 25% as new capacity came online. In August 2026, it guided to around 20% growth for FY27 and FY28 instead, a meaningful reduction from the earlier post-capacity outlook that was not explained on the call. Additional Capex Stance Changed · 13 August 2026. In May 2026, management said it did not expect additional capex and that the existing INR100 crore program should support INR800-900 crore of revenue. In August 2026, management said it may undertake further backward-integration capex and intends to expand again at the stated utilization threshold; despite saying nothing is finalized, this changes the prior capital-allocation assumption and could affect free-cash-flow expectations. Railway Commercialization Timeline Extended · 13 August 2026. In February 2026, management expected the railway developmental contracts to be executed within three to five months. By August 2026, management was instead guiding to revenue conversion over nine to twelve months, indicating a material extension of the commercialization timeline with no explanation for the missed earlier timetable. Heavy Engineering Facility Delay · 18 May 2026. Management previously established a timeline to commission the new manufacturing facility by the end of FY 2026 (March 2026). In the latest call (May 2026), this milestone was pushed to the end of Q1 2027 (June 2026) without an explanation for the deviation, despite claiming the project is progressing as planned. Every quote above is taken word for word from the company’s own earnings calls. ## What is Diffusion Engineers management's track record? Growth guidance moderated, factory contribution remains unverified and railway timing extended. These are ordinary changes, not an unowned huge miss. Rejecting casting integration is a spending restraint, but a full downturn record is missing. ### Regulatory and governance record

Disputed GST credit order is disclosed; no proven fraud, securities-conduct order or lie is established. The small quantified demand does not meet the live-case size bar. 0% Promoter shares pledged

Sources:

- [finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/diffusion-engineers-ltd-nse-diffnkg-010041612.html?fr=sycsrp_catchall)
- [scanx.trade](https://scanx.trade/stock-market-news/companies/diffusion-engineers-receives-gst-demand-of-72-13-lakh-for-alleged-excess-itc-availment/36090758)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/2674303/DIFFNKG/Q4-2015/diffusion-engineers-ltd/)

(Checked 14 October 2026.)

## How much does Diffusion Engineers earn on its capital? Diffusion Engineers Ltd earned a ROCE of 15% in FY26. That is up from a low of 13% in FY20. Its return on capital used (ROIC) is 0.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.7% net margin and 0.74× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 12.7% net margin × 0.74× asset turnover × 1.24× leverage (assets divided by equity) ≈ 11.7% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 12.5% − 12.0% = +0.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Diffusion Engineers have too much debt? Diffusion Engineers Ltd has total debt of ₹29.0 Cr against shareholder equity of ₹406 Cr as of Jun 2026, so its debt is 0.07× its equity, which is very little. Year by year, that ratio went from 0.18 in FY24 to 0.07 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Diffusion Engineers shareholding pattern? No group of Diffusion Engineers Ltd's owners changed its stake by a full percentage point over the last two years. Promoters moved +0.1 points over the same period, to 69.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −0.2 points over 7 quarters, to 1.2%; Promoters: +0.1 points over 7 quarters, to 69.8%; Domestic institutions: −0.1 points over 7 quarters, to 8.4%. ## How far is Diffusion Engineers from balance-sheet trouble? For Diffusion Engineers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Diffusion Engineers rank in its industry? 52.7 out of 100, rank 3 of 3 in Welding Equipments, with 71% of the evidence available. Diffusion Engineers Ltd scores 52.7 out of 100 against the 3 companies it is compared with in Welding Equipments, ranking 3. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 13.5 + 11.7 + 15 + 12.5 = 52.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Diffusion Engineers compared with? Diffusion Engineers ranks 3 of 3 Welding Equipments companies on the 4-Factor Sector Score, with 52.7 out of 100. 1. [Ador Welding Ltd](https://www.sectoralpha.in/stocks/ador-welding-ltd) ADOR · losing its lead · Most evidence points up · 97% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 12.9% · Profit 100% · Operating margin change -1 points · 100% evidence Capital efficiency 19.2/25 · ROCE 22.8% · Operating margin 11% · 100% evidence Valuation 14.8/20 · P/E 19.7× · PEG 1.06 · 85% evidence Relative strength 13.5/20 · Lead over its industry 4.5% · Lead over NIFTY 500 16.4% · 1 year 24.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 26.6 + 19.2 + 14.8 + 13.5 = 74.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Esab India Ltd](https://www.sectoralpha.in/stocks/esab-india-ltd) ESABINDIA · turning · Evidence leans up · 93% evidence 59.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.2/35 · Revenue 13% · Profit 29.8% · Operating margin change 2 points · 88% evidence Capital efficiency 21.7/25 · ROCE 64.7% · Operating margin 19% · 100% evidence Valuation 5.3/20 · P/E 39.1× · PEG 4.94 · 85% evidence Relative strength 2.8/20 · Lead over its industry -15.7% · Lead over NIFTY 500 -4.1% · 1 year 7.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 29.2 + 21.7 + 5.3 + 2.8 = 59 · What this means: Earnings are strong; relative strength in its sector is -15.7% and the one-year return is 7.2%. 3. Diffusion Engineers Ltd this page DIFFNKG · leader · Evidence leans up · 71% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 16.9% · Profit -2.3% · Operating margin change 0.9 points · 88% evidence Capital efficiency 11.7/25 · ROCE 14.6% · Operating margin 12.7% · 100% evidence Valuation 15.0/20 · P/E 36.3× · PEG 0.59 · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 21.2% · 1 year 6.8% · 25% evidence · 12 of 12 weeks ahead Exact sum: 13.5 + 11.7 + 15 + 12.5 = 52.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Welding Equipments](https://www.sectoralpha.in/sectors/welding-equipments), all 3 compared on one page. ## Which companies are close to Diffusion Engineers in size? Diffusion Engineers is the 3rd largest of 3 Welding Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Esab India and Ador Welding. It is the smallest. ### Welding Equipments companies close in size

1. [Esab India Ltd](https://www.sectoralpha.in/stocks/esab-india-ltd) ₹8,094 crore
2. [Ador Welding Ltd](https://www.sectoralpha.in/stocks/ador-welding-ltd) ₹2,316 crore
3. Diffusion Engineers Ltd ₹1,483 crore

[All 3 Welding Equipments companies, largest first](https://www.sectoralpha.in/sectors/welding-equipments#all-companies)

### Companies close in size in other industries

1. [Kapston Services Ltd](https://www.sectoralpha.in/stocks/kapston-services-ltd) ₹1,490 crore · Services - Others
2. [Nitta Gelatin India Ltd](https://www.sectoralpha.in/stocks/nitta-gelatin-india-ltd) ₹1,489 crore · Chemicals - Organic
3. Diffusion Engineers Ltd ₹1,483 crore
4. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) ₹1,478 crore · Aerospace & Defence - Equipments
5. [Gujarat Natural Resources Ltd](https://www.sectoralpha.in/stocks/gujarat-natural-resources-ltd) ₹1,476 crore · Oil Exploration/Allied Services

## What else do people ask about Diffusion Engineers? ### What is Diffusion Engineers's share price today? Diffusion Engineers Ltd's share price is ₹401.70, +8.3% over the past year. The whole company is worth ₹1,504 Cr on the market. In the last 52 weeks it traded between ₹237 to ₹475; today it is 69% of the way up from the low, 7.5% above its 200-day average (as of 3 November 2026). ### What were Diffusion Engineers's latest quarterly results? Diffusion Engineers Ltd reported revenue of ₹95.9 Cr and net profit of ₹10.0 Cr for the Jun 2026 quarter. Revenue rose 30.7% and profit fell 29.7% compared with a year earlier. Earnings per share were ₹2.67. The operating margin was 12.7%, 0.9 percentage points higher than a year earlier (as of 3 November 2026). ### What is Diffusion Engineers's market cap? Diffusion Engineers Ltd's market capitalisation is ₹1,504 Cr at a share price of ₹401.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Diffusion Engineers performing? Diffusion Engineers Ltd's share price has been rising for 22 weeks. In its latest quarter, revenue rose 30.7% and profit fell 29.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Diffusion Engineers's share price go up? This page does not forecast Diffusion Engineers Ltd's share price. What it shows instead: the share price is ₹401.70, and it has been rising for 22 weeks. Its P/E of 36.8× is higher than 71% of its own last 2 years (as of 3 November 2026). ### Who owns Diffusion Engineers? Promoters own 69.8% of Diffusion Engineers Ltd, foreign institutions 1.2%, domestic institutions 8.4% and the public 19.8% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Does Diffusion Engineers have too much debt? No, Diffusion Engineers Ltd has little debt: its debt is 0.07× its equity, and its operating profit is 24 times its interest bill. FY26 borrowings were ₹27.0 Cr against equity of ₹384 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Diffusion Engineers in its business cycle? Diffusion Engineers Ltd's FY26 operating margin was 13.0%, against a 9-year range of 10.0% to 13.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 12.7%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Diffusion Engineers story? The main question: profits are rising, but only 53% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Diffusion Engineers a stock worth studying right now? What the numbers show: Diffusion Engineers Ltd's earnings have grown faster than its share price. Earnings per share grew +32.3% in a year while the price moved +8.3%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Diffusion Engineers share price forecast for 2026? What management itself guided: FY26-27 revenue growth at 20% on a year earlier. The changes showing up in Diffusion Engineers' own numbers are a bigger order book. It is too early to say whether they last. What would change the story: The thesis breaks if the next reported quarter fails to show new-factory revenue contribution while receivables remain elevated and subsequent annual operating cash still fails to cover half of reported profit. ### Where does this page get Diffusion Engineers' management information? From Diffusion Engineers' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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