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DEE Development Reports April 2026 Order Book at ₹1,909.82 Cr; L1 Status for ₹211 Cr
DEE Development Engineers Limited reported a closing order book of ₹1,909.82 Crores as of April 30, 2026, after executing ₹67.48 Crores worth of orders during the month. The company secured new order inflows of ₹49.94 Crores in April and maintains L1 status for additional contracts valued at ₹211 Crores. In the power segment, the company continues to benefit from a High Court stay, allowing it to bill at a higher tariff of ₹7.47 per unit despite regulatory revisions. Total projected revenue for the Malwa Power unit for FY27 is estimated at approximately ₹47.71 Crores.
Key Highlights
Closing order book as of April 30, 2026, stands at ₹1,909.82 Crores.
New order inflows during April 2026 totaled ₹49.94 Crores across all segments.
Company holds L1 status for pending orders worth ₹211 Crores not yet in the order book.
Order execution for the month reached ₹67.48 Crores, led by the Oil & Gas piping segment.
High Court stay allows billing at ₹7.47/unit for the Power Division, protecting margins against lower PSERC rates.
👀 What to Watch
Investors should view the stable order book and the ₹211 Crore L1 pipeline as strong indicators of revenue visibility. Monitor the final outcome of the tariff litigation in the Punjab High Court as it significantly impacts the profitability of the power segment.
DEE Development Re-submits Q4 FY25 Results; Net Profit Surges to ₹29.38 Crore
DEE Development Engineers Limited has re-submitted its financial results for the quarter and year ended March 31, 2025, following a clarification request from the stock exchanges regarding a missing date and place in the Statement of Impact. The company reported a robust Q4 FY25 performance, with revenue from operations rising to ₹241.51 crore from ₹201.21 crore YoY. Net profit for the quarter saw a significant jump to ₹29.38 crore compared to ₹8.21 crore in the previous year's corresponding quarter. For the full fiscal year 2025, the company achieved a net profit of ₹24.77 crore on a total revenue of ₹701.67 crore.
Key Highlights
Q4 FY25 Revenue from operations grew 20% YoY to ₹241.51 crore.
Net Profit for Q4 FY25 surged over 250% YoY to ₹29.38 crore from ₹8.21 crore.
Full-year FY25 Net Profit nearly doubled to ₹24.77 crore compared to ₹12.91 crore in FY24.
Auditor highlighted a sub-judice tariff dispute with Punjab State Power Corporation Limited involving retroactive revisions.
The re-submission was purely to rectify a clerical omission of date and place in the Statement of Impact (SOI) Qualifications.
👀 What to Watch
The re-submission is a procedural compliance matter and does not alter the strong financial performance reported. Investors should focus on the significant profit growth while keeping an eye on the legal outcome of the tariff dispute mentioned in the auditor's report.
DEE Development Order Book Reaches ₹1,940 Cr; March Inflow at ₹155.7 Cr
DEE Development Engineers reported a closing order book of ₹1,940.07 crore as of March 28, 2026, reflecting steady growth from the start of the month. The company secured new orders worth ₹155.70 crore in March 2026 alone, with an additional ₹209 crore in L1 status awaiting formal purchase orders. For the full fiscal year 2025-26, the company achieved a cumulative order inflow of ₹1,869.67 crore and executed orders worth ₹1,158.22 crore. Additionally, the company secured a favorable legal stay regarding power tariffs, allowing it to maintain higher billing rates of ₹7.47 per unit for its power division.
Key Highlights
Closing order book stood at ₹1,940.07 crore as of March 28, 2026, compared to ₹1,913.16 crore on March 1.
Monthly order inflow for March 2026 was ₹155.70 crore, contributing to a total FY26 inflow of ₹1,869.67 crore.
Company holds L1 status for additional orders worth ₹209 crore from reputed clients.
Total order execution for FY25-26 reached ₹1,158.22 crore across piping, fabrication, and power segments.
Favorable High Court stay allows the Power Division to continue billing at ₹7.47/unit versus the revised ₹5.877/unit.
👀 What to Watch
Investors should take confidence in the strong order book and L1 pipeline which provide high revenue visibility for the upcoming fiscal year. The successful legal challenge to tariff reductions protects margins in the power segment, though final court outcomes should be monitored.
DEE Development Subsidiary Gets 49% Tariff Hike for 6 MW Plant; Revenue to Rise ~₹48 Cr
DEE Development's subsidiary, Malwa Power, received a favorable order from PSERC increasing its electricity supply tariff from ₹3.50 to ₹5.224 per kWh, a 49.3% jump. This revision includes a 5% annual escalation on the variable component and allows for a retrospective recovery of ₹5.80 Crores for the period May 2025 to February 2026. The company expects total revenue of ₹47.71 Crores from this subsidiary in FY 2026-27, which includes contributions from a new biomass pellet plant. While the hike is significant, management is considering legal action to seek even higher rates based on 2024 regulations.
Key Highlights
Tariff increased by 49.3% from ₹3.50/kWh to ₹5.224/kWh for the 6 MW biomass plant
Retrospective revenue recovery of ₹5.80 Crores for the period May 2025 to February 2026
Projected annual revenue of ₹47.71 Crores from MPPL subsidiary in FY 2026-27
New 72,000 MT biomass pellet plant to contribute ~₹23.40 Crores annually at 50% capacity
Annual 5% escalation on the variable tariff component ensures long-term revenue growth
👀 What to Watch
Investors should view this as a significant boost to the company's renewable energy segment cash flows and margins. Monitor the potential appeal for a further tariff hike and the successful ramp-up of the new pellet plant.
DEE Development Starts Production at ₹89.74 Cr Seamless Pipe Plant in Gujarat
DEE Development Engineers has officially commenced commercial production at its new Seamless Pipe Manufacturing Plant in Anjar, Gujarat, as of March 19, 2026. The facility, built with a total capital expenditure of ₹89.74 Crores, has an annual installed capacity of 7,000 MT. The company has already secured a significant order worth ₹58 Crores for this plant, providing immediate revenue visibility. Incremental revenue is expected to start from Q1 FY 2026-27, with a progressive ramp-up in capacity utilization and EBITDA margins over the next four quarters.
Key Highlights
Commenced commercial production at Anjar plant with 7,000 MT per annum capacity
Total capital expenditure of ₹89.74 Crores incurred, including ₹63.37 Crores for plant and machinery
Already secured an initial order worth ₹58 Crores for the new seamless plant in February 2026
Incremental revenue contribution expected to begin from Q1 FY 2026-27
Projected improvement in EBITDA margins through backward integration and operational leverage
👀 What to Watch
Investors should view this as a significant growth milestone that enhances the company's product portfolio and margins. Monitor the quarterly results starting Q1 FY27 for execution efficiency and capacity utilization levels.
DEE Development Reports Export Delays and 20% Domestic Gas Supply Cap Due to Geopolitical Conflict
DEE Development Engineers is facing operational headwinds due to the West Asia conflict and maritime disruptions in the Strait of Hormuz. Export shipments to West Asia are experiencing delays under Force Majeure, though the company confirms no contract cancellations. Domestically, industrial gas supply has been capped at 80% of contracted volumes following the Natural Gas (Supply Regulation) Order, 2026. Management maintains that these impacts are transient and that the company's healthy order book supports its FY27 execution guidance.
Key Highlights
Export shipments to West Asia delayed due to closure of the Strait of Hormuz maritime route.
Domestic natural gas supply for industrial use capped at 80% by the Government of India.
Fertilizer plant gas supplies further restricted to 70% under the Essential Commodities Act framework.
Company maintains FY27 guidance, citing a healthy order book and stable financial position.
Management classifies the current disruptions as transient and entirely external to the business.
👀 What to Watch
Investors should monitor the duration of the West Asia conflict as prolonged shipping delays and gas rationing could impact quarterly revenue and margins. However, the maintenance of FY27 guidance suggests long-term fundamentals remain intact.
DEE Development Reports Operational Impact from West Asia Conflict and 20% Gas Supply Cap
DEE Development Engineers is facing operational headwinds due to the West Asia conflict and subsequent closure of the Strait of Hormuz, impacting export deliveries. The Indian Government has also capped industrial natural gas supplies at 80% of contracted volumes under the Natural Gas (Supply Regulation) Order, 2026, to prioritize domestic use. These developments have led the company to invoke Force Majeure for certain export contracts and anticipate delays in domestic client supplies. Despite these transient external pressures, the company maintains that its order book remains healthy and its financial position is stable.
Key Highlights
Export orders to West Asia are at risk of delay or non-fulfilment due to the closure of the Strait of Hormuz.
Force Majeure clauses invoked for export contracts following the military conflict that began in February 2026.
Government of India has capped industrial gas supply at 80% of contracted volumes, with fertilizer plants at 70%.
Domestic supply commitments to clients are expected to see a near-term impact due to energy constraints.
Management views the situation as transient and maintains that manufacturing capabilities remain fully intact.
👀 What to Watch
Investors should monitor the duration of the geopolitical conflict and gas supply caps, as prolonged disruptions may impact near-term revenue recognition. The stock remains a 'Watch' to see if these external factors lead to a significant downward revision in annual guidance.
DEE Development Order Book Surges to ₹1,913 Cr with ₹754 Cr Fresh Inflow in February
DEE Development Engineers reported a significant expansion in its order book, which reached ₹1,913.16 Crores as of February 28, 2026, up from ₹1,319.91 Crores at the start of the month. The company secured fresh orders worth ₹754.16 Crores during February, primarily driven by a massive ₹535.40 Crore inflow in the domestic Power segment. Additionally, the company is positioned as L1 for further orders worth ₹211 Crores. While legal disputes regarding power tariffs in Punjab continue, the company has secured a stay to maintain billing at the higher rate of ₹7.47 per unit.
Key Highlights
Total order book grew by approximately 45% in February to reach ₹1,913.16 Crores.
Monthly order inflow stood at ₹754.16 Crores, with the Power segment contributing over 70% of new orders.
Cumulative order inflow for FY 2025-26 reached ₹1,713.96 Crores as of February end.
Company holds L1 status for additional pending orders worth ₹211 Crores.
Legal stay obtained from High Court allows continued power supply at ₹7.47/unit vs proposed ₹5.877/unit.
👀 What to Watch
The robust order book growth provides strong revenue visibility for the next 12-18 months. Investors should track the execution pace and the final resolution of the Punjab power tariff litigation which impacts margins.
DEE Development Engineers Subsidiary Secures INR 20 Crore International Order for Taiwan Project
DEE Development Engineers Limited's material subsidiary in Thailand has secured a Letter of Intent for an international project in Taiwan. The contract involves the prefabrication and supply of HRSG piping and supports, valued at approximately Euro 1.9 million (INR 20 Crores). The project is scheduled for completion by May 2027, providing long-term revenue visibility for the subsidiary. This win strengthens the company's international footprint in the specialized piping segment.
Key Highlights
Order value of approximately Euro 1.9 million, equivalent to INR 20 Crores
Awarded to material subsidiary DEE Piping Systems (Thailand) Co. Ltd
Scope includes prefabrication and supply of piping and supports for a project in Taiwan
Execution timeline set for completion by May 2027
👀 What to Watch
Investors should view this as a positive development for the company's international order book. Monitor the execution timeline and future order inflows from the Thailand subsidiary to gauge growth momentum.
DEE Development Secures ₹58 Cr First Contract for Upcoming Anjar Seamless Pipe Plant
DEE Development Engineers has secured a ₹58 crore contract for alloy steel seamless pipes, marking the first commercial order for its upcoming Anjar facility in Gujarat. The contract, awarded by a power sector joint venture, is scheduled for completion by December 2026 and represents a strategic move toward backward integration. This facility will allow the company to manufacture high-specification pipes for supercritical power plants, reducing import dependence. The win adds to a strong quarterly order book that includes a recent $40 million international LOI and over ₹170 crore in other domestic and international mandates.
Key Highlights
Secured ₹58 crore contract for alloy steel seamless pipes from a power sector joint venture
First commercial mandate for the upcoming Anjar facility, which is nearing commissioning
Execution timeline for the contract is set for completion by December 2026
Part of a larger order momentum including a recent $40 million international LOI and ₹170 crore in other wins
👀 What to Watch
Investors should monitor the successful commissioning of the Anjar plant as it marks a significant step in backward integration and margin expansion. The steady flow of high-value orders suggests strong revenue visibility for the next two fiscal years.
DEE Development Secures First Seamless Pipe Orders Worth INR 58 Crores
DEE Development Engineers Limited has secured its first-ever contracts for the supply of alloy steel seamless pipes, totaling INR 58 Crores. These orders will be executed at the company's newly established forged seamless pipe plant in Anjar, Gujarat, validating the recent capacity expansion. The contracts were awarded by a joint venture involving an Indian and a foreign power sector conglomerate. The execution of these orders is expected to be completed by December 2026, providing clear revenue visibility for the segment.
Key Highlights
Secured first-ever contracts worth INR 58 Crores for seamless pipe supply
Orders to be manufactured at the newly established Anjar, Gujarat plant
Awarded by a JV of Indian and foreign power sector conglomerates
Project execution timeline set for completion by December 2026
👀 What to Watch
This order win is a positive trigger as it validates the commercial viability and technical capability of the new Anjar facility. Investors should track the execution progress and potential for higher-margin orders from this new product line.
DEE Development Engineers Bags $40 Million+ International Order for HRSG Piping
DEE Development Engineers Limited (DEEDEV) has secured a significant Letter of Intent (LoI) from a major US-based international OEM conglomerate in the power sector. The contract involves supplying process piping solutions for 16 units of Heat Recovery Steam Generators (HRSG). The total value of the orders is expected to exceed $40 million (approximately ₹332 crore). This international win from a new customer enhances the company's global footprint and provides revenue visibility through February 2027.
Key Highlights
Secured Letter of Intent for HRSG piping for 16 units from a US-based power sector OEM.
Aggregate order value exceeds $40 million (approximately ₹332 crore).
The contract is with a new international customer, expanding the company's global client base.
The Letter of Intent is valid for execution until February 18, 2027.
👀 What to Watch
This substantial order win provides strong revenue visibility and validates the company's specialized engineering capabilities. Investors should monitor the conversion of this LoI into firm revenue and its impact on EBITDA margins.
DEE Development Engineers Q3 PAT at ₹18.55 Cr; Revenue Surges 77% YoY
DEE Development Engineers reported a strong financial turnaround in Q3 FY26, posting a net profit of ₹18.55 crore compared to a loss of ₹13.33 crore in the year-ago period. Revenue from operations grew significantly by 76.9% YoY to ₹286.67 crore, driven primarily by the piping division. For the nine-month period ending December 2025, the company's profit surged to ₹49.49 crore from ₹12.12 crore. However, auditors have highlighted an inability to assess impairment for a subsidiary, Malwa Power, which holds assets worth ₹40.35 crore following an expired power purchase agreement.
Key Highlights
Revenue from operations increased 76.9% YoY to ₹286.67 crore in Q3 FY26.
Reported a PAT of ₹18.55 crore in Q3 FY26 against a loss of ₹13.33 crore in Q3 FY25.
Nine-month FY26 PAT surged to ₹49.49 crore, a nearly 4x increase from ₹12.12 crore YoY.
Piping division remains the core driver with Q3 revenue of ₹243.66 crore.
Auditor raised a qualification regarding impairment assessment for Malwa Power (assets of ₹40.35 crore).
👀 What to Watch
The company shows strong operational growth and a successful turnaround; however, investors should monitor the legal dispute regarding power tariffs and the potential impairment of the Malwa Power subsidiary.
DEE Development Q3 FY26 Revenue Jumps 77% to ₹286.7 Cr; 9M PAT Surges 308% YoY
DEE Development reported a robust performance for Q3 FY26 with revenue growing 77% YoY to ₹286.7 crore, driven by strong execution in its core process piping business. The 9M FY26 PAT saw a massive 308.2% increase to ₹49.5 crore, reflecting improved capacity utilization and operating leverage. While the core business remains highly profitable with an 18.04% adjusted EBITDA margin, the non-core power segment continues to face headwinds due to significant tariff revisions. The company is nearing the completion of its ₹90 crore seamless pipe plant, which is expected to generate ₹450 crore in peak annual revenue.
Key Highlights
Q3 FY26 revenue grew 77% YoY to ₹286.7 crore; 9M FY26 revenue reached ₹780.4 crore.
9M FY26 PAT surged 308.2% YoY to ₹49.5 crore with operating EBITDA margins improving to 15.8%.
Core business EBITDA for 9M FY26 stood at ₹129.8 crore, representing 175.5% YoY growth.
New ₹90 crore seamless pipe plant nearing commissioning with expected peak revenue of ₹450 crore and 30-35% IRR.
Non-core power segment impacted by tariff revision from ₹8.57 to ₹3.5 per unit, leading to monthly losses of ~₹2.5-3 crore.
👀 What to Watch
Investors should focus on the strong growth in the core piping business and the upcoming commissioning of the high-margin seamless pipe plant. The management's plan to ringfence the loss-making power segment via an InvIT structure is a key monitorable for long-term capital efficiency.
DEE Development Order Book Reaches ₹1,319.91 Cr; L1 Pipeline at ₹391 Cr
DEE Development Engineers reported a closing order book of ₹1,319.91 Crores as of January 31, 2026, reflecting steady growth from the opening balance of ₹1,302.73 Crores. The company secured new order inflows worth ₹92.77 Crores during the month while executing projects valued at ₹75.59 Crores. Furthermore, the company holds L1 status for additional orders worth ₹391 Crores, providing strong revenue visibility for the upcoming quarters. On the regulatory side, the company continues to supply power at a favorable tariff of ₹7.47 per unit due to a High Court stay on a proposed tariff reduction.
Key Highlights
Closing order book as of January 31, 2026, stands at ₹1,319.91 Crores.
Monthly order inflow of ₹92.77 Crores recorded for January 2026.
Identified as L1 bidder for additional contracts worth ₹391 Crores not yet in the order book.
Cumulative order inflow for FY 2025-26 reached ₹959.81 Crores as of January end.
Piping segment for Oil & Gas remains the largest component with a closing book of ₹751.57 Crores.
👀 What to Watch
Investors should take confidence in the growing order book and the substantial L1 pipeline which suggests continued momentum in the piping and fabrication segments. Monitor the legal proceedings regarding the biomass power tariff in Punjab, as the current favorable rate of ₹7.47 is subject to final court disposal.
DEEDEV Q3FY26: Revenue Jumps 77% YoY to ₹286.7 Cr; EBITDA Surges 666%
DEE Development Engineers reported a stellar Q3FY26 with revenue growing 77% YoY to ₹286.7 Cr, driven by strong execution in the Oil & Gas sector. Operating EBITDA saw a massive jump of 666.4% YoY to ₹43.40 Cr, despite a one-time ₹4.2 Cr hit from new labour code implementation. The company turned profitable with a PAT of ₹18.6 Cr compared to a loss in the previous year. With a robust order book of ₹1,302.73 Cr and the Anjar plant ramping up, the growth outlook remains strong.
Key Highlights
Revenue from operations increased 77% YoY to ₹286.7 Cr in Q3FY26.
Operating EBITDA surged 666.4% YoY to ₹43.40 Cr with margins expanding to 15.2%.
Order book remains strong at ₹1,302.73 Cr as of December 31, 2025.
One-time impact of ₹4.2 Cr due to new labor code adjustments; adjusted 9M EBITDA margin stands at 18.04%.
New order inflows of ₹251 Cr received during the quarter, primarily from the Power sector.
👀 What to Watch
Investors should focus on the significant margin expansion and strong order book which provide high revenue visibility. The successful ramp-up of the Anjar facility and the upcoming seamless pipe plant commercialization are key catalysts for future growth.
DEE Development Subsidiary Secures Record Rs 90 Crore Order for Windmill Towers
DEE Development Engineers Limited's wholly-owned subsidiary, DEE Fabricom India Private Limited, has secured a significant domestic order worth approximately Rs 90 crore. This contract for the supply of windmill towers marks the highest value order in the history of the subsidiary. The project is scheduled for execution between May 2026 and January 2027. This development highlights the company's growing presence and capability within the renewable energy infrastructure sector.
Key Highlights
Received a domestic order worth approximately Rs 90 Crores for the supply of windmill towers.
The contract represents the highest value order ever received by the subsidiary, DEE Fabricom India.
Execution of the order is slated to begin in May 2026 and conclude by January 2027.
The order strengthens the company's order book and visibility in the wind energy segment.
👀 What to Watch
Investors should monitor the company's execution capabilities as this record order provides strong revenue visibility for FY27. The diversification into wind energy infrastructure is a positive long-term growth driver.
DEE Development Q3 FY26 Revenue Jumps 77% YoY to ₹286.7 Cr; Core Business Grows 95%
DEE Development Engineers reported a robust Q3 FY26 with consolidated revenue growing 77% YoY to ₹286.7 crore, primarily driven by a 94.7% surge in its core process piping business. The company's 9M FY26 Operating EBITDA stood at ₹123.4 crore (15.8% margin), despite a one-time ₹4.2 crore liability related to new labour codes and a ₹6.4 crore loss in the non-core power segment. With a healthy order book of ₹1,303 crore and 63% of orders coming from exports, the company has strong multi-year revenue visibility. Management is focusing on high-margin segments and backward integration through its upcoming seamless pipe plant.
Key Highlights
Consolidated Q3 FY26 revenue reached ₹286.7 crore, up 77% YoY, with core business contributing ₹274.5 crore.
Order book stands at ₹1,303 crore as of Dec 2025, with ₹829 crore in new orders secured year-to-date.
Core business Operating EBITDA margin expanded to 16.7% in Q3 FY26 from 1.6% in the previous year's quarter.
Anjar Pipe Fabrication Unit is now fully operational, and the Seamless Pipe Plant is on track for commercialization this quarter.
Non-core power generation revenue declined 42.2% YoY to ₹12.14 crore due to ongoing tariff litigation.
👀 What to Watch
Investors should monitor the successful commissioning of the Anjar Seamless Pipe Plant, which is expected to enhance margins through backward integration. The strong export-heavy order book and leadership in specialized process piping make it a compelling play on the global energy capex cycle.
DEE Development Q3 FY26 Revenue Jumps 77% YoY to ₹286.7 Cr; Order Book at ₹1,303 Cr
DEE Development reported a robust Q3 FY26 with consolidated revenue growing 77% YoY to ₹286.7 crore, driven by an 86.8% surge in its core process piping business. The company's 9M FY26 Net Profit witnessed a massive 308.2% YoY increase to ₹49.5 crore, reflecting strong execution and operating leverage. While the non-core power generation segment saw a 42% revenue decline due to tariff litigations, the core business margins expanded significantly to 16.7%. With a healthy order book of ₹1,303 crore and the upcoming commercialization of the Anjar seamless pipe plant, the company is well-positioned for sustained growth.
Key Highlights
Consolidated Q3 FY26 revenue rose 77% YoY to ₹286.7 crore; 9M FY26 revenue up 44.3% to ₹780.4 crore.
Operating EBITDA for 9M FY26 grew 111.7% YoY to ₹127.6 crore, despite a ₹4.2 crore one-time labor code impact.
Total order book stands at ₹1,303 crore as of December 2025, providing multi-year revenue visibility.
Core business EBITDA margins improved to 16.7% in Q3 FY26 from 1.6% in the previous year's corresponding quarter.
The Anjar Seamless Pipe Plant is scheduled for commercialization in Q4 FY26 to enhance backward integration and margins.
👀 What to Watch
Investors should monitor the successful commissioning of the seamless pipe plant and the resolution of non-core power segment litigations. The strong order book and leadership in high-barrier process piping make this a compelling play on the industrial capex cycle.
DEE Development Q3 FY26 PAT Surges to ₹18.6 Cr; Revenue Up 77% YoY to ₹286.7 Cr
DEE Development Engineers reported a stellar Q3 FY26 performance with revenue growing 77% YoY to ₹286.7 Cr, driven by strong execution in the piping and fittings segment. Operating EBITDA saw a massive 741% YoY jump to ₹47.6 Cr, with margins expanding significantly to 16.6% from 3.5% in the previous year. The company turned profitable with a PAT of ₹18.6 Cr against a loss of ₹13.3 Cr in Q3 FY25. A robust order book of ₹1,302.73 Cr provides strong visibility for future revenue growth.
Key Highlights
Q3 FY26 Revenue grew 77% YoY to ₹286.7 Cr, supported by strong supplies to the Oil & Gas sector.
Operating EBITDA surged 741% YoY to ₹47.6 Cr, with margins expanding by 1310 bps to 16.6%.
Closing Order Book stands at ₹1,302.73 Cr as of December 31, 2025, with ₹251 Cr new inflows in Q3.
9M FY26 PAT grew by 308.2% YoY to ₹49.5 Cr compared to ₹12.1 Cr in the previous year.
Anjar Pipe Fabrication Unit is fully operational, and the Seamless Pipe Plant is on track for Q4 FY26 commercialization.
👀 What to Watch
Investors should take note of the significant margin expansion and the ramp-up of the Anjar facility which is driving operating leverage. The strong order book and upcoming capacity additions suggest continued growth momentum, though the litigation in the non-core power segment remains a minor watch point.
