DEE Development Engineers Limited (DEEDEV)
₹570.55 -0.72% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, DEE Development's revenue was ₹294 Cr (+31.6% year on year, -18.7% on the previous quarter), and net profit ₹16.1 Cr (+22.4% year on year); the operating margin was 16.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹294 | +31.6% | -18.7% |
| Operating profit | ₹49.7 | +88.4% | -22.3% |
| Net profit | ₹16.1 | +22.4% | -42.6% |
| EPS (₹) | 2.33 | +22.0% | -42.3% |
| Operating margin | 16.9% | — | — |
DEEDEV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.74% of the DEEDEV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.83%. That is lower than usual for this stock. It traded 2.1 times its average daily volume. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 48.2% · 54.5% · 60.4% · 58.2% · 44.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
DEE Development Engineers has entered into a framework agreement with an undisclosed domestic EPC contractor to jointly pursue piping opportunities in India's nuclear power sector. The partnership covers PHWR, LWR, and SMR reactor designs across both Nuclear Island and Turbine Island packages. Crucially, this agreement carries no committed order value or fixed execution period; commercial orders will materialize only if and when projects are secured by the EPC partner. The company currently generates Rs 1,213 Cr in TTM revenue with an existing unexecuted order book of Rs 1,260.87 Cr.
- Entered framework agreement with a domestic EPC contractor on October 16, 2026
- Carries no committed order value or execution period until tenders are awarded
- Scope targets Nuclear Island (primary piping) and Turbine Island across PHWR, LWR, and SMR technologies
- Counterparty name withheld citing commercial and confidentiality reasons
DEE Development Engineers Limited has secured international contracts valued at approximately ₹46 Crore from an undisclosed EPC company based in the United States. The contract scope covers the manufacturing of modules and off-skid piping fabrication, scheduled for completion by July 2027. Relative to DEE's TTM revenue of ₹1,213 Crore, the order represents approximately 3.8%, providing steady addition to the company's international project pipeline. The order confirms the company's continued push to expand presence in high-margin export markets.
- Secured contract aggregating approximately ₹46 Crores from an international entity.
- Client is a US-based EPC company (name undisclosed for commercial reasons).
- Scope entails manufacturing of Modules and Off-skid Piping Fabrication.
- Execution timeline scheduled for completion with delivery by July 2027.
DEE Development Engineers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that securities received for dematerialisation during the quarter were duly processed, verified, and listed on the respective stock exchanges. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate filed under Regulation 74(5) for the quarter ended 30th September, 2026
- Issued by RTA MUFG Intime India Private Limited on 03-10-2026
- Company filing submitted to BSE and NSE on 09th October, 2026
- Confirms dematerialised shares have been confirmed/mutilated and listed on stock exchanges
DEE Development Engineers reported an unexecuted order book of ₹2,531.04 Cr as of September 30, 2026, representing approximately 2.09x its TTM revenue of ₹1,213 Cr. During September 2026, the company recorded new order inflows of ₹225.17 Cr and executed orders worth ₹129.74 Cr. Cumulative order execution for FY27 (H1) stands at ₹591.52 Cr against cumulative inflows of ₹1,178.65 Cr. In its power generation segment, legal and regulatory stays have maintained power tariffs at ₹7.47/unit for DEE India pending High Court disposal.
- Closing order book reached ₹2,531.04 Cr as of September 30, 2026 (approx. 2.09x TTM revenue)
- New order inflows stood at ₹225.17 Cr during September 2026
- Monthly execution (invoiced value) was ₹129.74 Cr in September 2026
- Cumulative FY27 (H1) order execution totaled ₹591.52 Cr, while inflows reached ₹1,178.65 Cr
- Punjab & Haryana High Court stayed PSERC order, keeping DEE India's power tariff at ₹7.47 per unit
DEE Development Engineers' wholly-owned subsidiary, DEE Fabricom India Private Limited, has received an intent email for an order worth approximately ₹55 Crores (exclusive of GST). The contract entails the supply of Windmill Towers (ENV 5 mw) to a domestic client. The execution is scheduled to be completed by August 2027. Relative to DEEDEV's TTM revenue of ₹1,213 Crores, this order win represents approximately 4.5%.
- Order size of approximately ₹55 Crores (exclusive of GST)
- Execution timeline set through August 2027
- Scope covers supply of Windmill Tower, ENV 5 mw
- Awarded by an undisclosed domestic customer
DEE Development Engineers announced that shareholders at its 37th AGM approved all proposed resolutions, including a final dividend of ₹1 per equity share (face value ₹10) for FY26. Shareholders also approved an increase in authorised share capital from ₹85 crore to ₹95 crore. Additionally, a special resolution was passed enabling lenders (Bank of India consortium) to convert outstanding loans into equity in the event of default, addressing terms on company debt which stands at ₹653 crore. The continuation of Independent Director Bhisham Kumar Gupta beyond 75 years of age was also ratified.
- Approved final dividend declaration of ₹1 per equity share of ₹10 each for FY25-26
- Authorised share capital increased from ₹85 crore to ₹95 crore
- Special resolution passed approving conversion of outstanding loan into equity upon an event of default by consortium lenders led by Bank of India
- Approved continuation of Independent Director Mr. Bhisham Kumar Gupta until July 11, 2028 (attaining 75 years on June 5, 2027)
DEE Development Engineers Limited announced shareholder approval at its AGM on September 23, 2026, to alter the Capital Clause (Clause V) of its Memorandum of Association. The company increased its authorised share capital from ₹85 crore to ₹95 crore, consisting solely of 9.5 crore equity shares of ₹10 each. This was executed by reclassifying and cancelling 62.5 lakh unissued preference shares into equity, and adding 1 crore new equity shares. The change is aimed at accommodating future growth and funding requirements, though no specific fundraise or issue terms have been announced yet.
- Authorised share capital increased from ₹85,00,00,000 to ₹95,00,00,000
- Total authorized equity shares expanded to 9,50,00,000 shares of ₹10 each
- Cancelled and reclassified 62,50,000 unissued preference shares of ₹10 each into equity
- Creation of 1,00,00,000 additional equity shares approved via Ordinary Resolution on September 23, 2026
DEE Development Engineers concluded its 37th Annual General Meeting held on September 23, 2026, with all 9 resolutions passed. Key approvals include a final dividend of ₹1 per equity share of ₹10 face value for FY25-26 and an increase in authorised share capital from ₹85 crore to ₹95 crore. Shareholders also passed an enabling special resolution permitting the conversion of outstanding bank loans into equity upon an event of default.
- Declared final dividend of ₹1 per equity share of ₹10 each for FY25-26
- Authorised share capital reclassified and increased from ₹85 crore to ₹95 crore
- Passed special resolution approving potential conversion of Bank of India loan into equity in event of default
- 78.82% of outstanding shares (59,303,945 votes) polled on Resolution 1, with 99.46% votes in favour
DEE Development Engineers reported a total closing order book of ₹2,435.61 Cr as of August 31, 2026, representing approximately 2.0x of its TTM revenue (₹1,213 Cr). During August 2026, the company logged order inflows of ₹94.18 Cr and executed orders worth ₹87.37 Cr. Cumulative order inflow for FY 2026-27 stands at ₹955.46 Cr, with cumulative executions reaching ₹461.55 Cr. The company also noted ongoing tariff litigations for its power units, maintaining electricity supply at ₹7.47 per unit under a High Court stay.
- Closing order book stood at ₹2,435.61 Cr as on August 31, 2026 (~2.0x TTM revenue)
- Order inflows during August 2026 stood at ₹94.18 Cr against monthly execution of ₹87.37 Cr
- Cumulative FY27 inflows reached ₹955.46 Cr with cumulative execution at ₹461.55 Cr
- DEE India piping dominates the order book at ₹1,205.07 Cr (Power) and ₹841.32 Cr (Oil & Gas)
- Electricity supply to PSPCL continues at interim tariff of ₹7.47/unit under Punjab & Haryana High Court stay
DEE Development Engineers reported an order book closing at ₹2,454.12 Cr as of August 31, 2026, which represents approximately 2.0x of its TTM revenue (₹1,213 Cr). During August 2026, the company recorded total order inflows of ₹95.59 Cr and executed orders worth ₹70.26 Cr. For FY27 year-to-date (up to August 31, 2026), cumulative execution stands at ₹444.45 Cr with cumulative inflows reaching ₹956.87 Cr. Additionally, regulatory updates noted an ongoing appeal at APTEL regarding Malwa Power tariffs, alongside an existing High Court stay securing power billing at ₹7.47 per unit.
- Closing order book stood at ₹2,454.12 Cr as of August 31, 2026
- August 2026 order inflow was ₹95.59 Cr, while ₹70.26 Cr was executed during the month
- Cumulative execution for FY 2026-27 (up to Aug 31) reached ₹444.45 Cr
- Oil & Gas piping added ₹54.44 Cr in monthly inflows, with a closing book of ₹859.83 Cr
- Power division tariff dispute remains stayed by High Court, maintaining billing at ₹7.47 per unit
DEE Development Engineers Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI Listing Regulations. The report details that pre-fabrication of pipes and pipe fittings accounted for 96% of turnover, while electricity generation contributed 4%. Exports accounted for 37.49% of the company's total turnover across 45 international countries. The filing is a standard annual statutory compliance submission with no direct impact on ongoing operations or financial projections.
- Pre-fabrication of pipes and fittings contributed 96% of total revenue, while power generation contributed 4%
- Exports contributed 37.487% of total turnover, covering 45 international countries and 28 Indian states
- Company operates 7 national plants and 1 international plant, supported by 2 national and 1 international office
- Workforce comprises 1,144 employees (988 permanent) and 2,306 workers (2,183 contractual)
DEE Development Engineers Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The filing details that pre-fabrication of pipes and pipe fittings accounted for 96% of turnover, while electricity generation contributed 4%. Exports formed 37.49% of total turnover across 45 international countries. The company operated 7 manufacturing plants in India and 1 international plant, with a total workforce comprising 1,144 employees and 2,306 workers.
- Pipes and pipe fittings pre-fabrication contributed 96% of total revenue, with electricity generation at 4%
- Exports contributed 37.487% of total turnover across 45 international destination countries
- Operational footprint comprises 7 national plants and 1 international manufacturing plant
- Total workforce stands at 1,144 employees (988 permanent) and 2,306 workers (123 permanent)
- Paid-up capital reported at Rs 69.26 cr and net worth at Rs 887.07 cr as of FY26
DEE Development Engineers Limited has submitted a compliance filing under Regulation 36(1)(b) of the SEBI LODR Regulations, 2015. The company has shared the web-link and access path for the Notice of the 37th Annual General Meeting (AGM) and Annual Report for FY 2025-26. This notification is sent to shareholders who have not registered their email addresses with the company, depository, or RTA. This is a purely procedural regulatory disclosure with no impact on operations or financials.
- Compliance filing submitted pursuant to SEBI LODR Regulation 36(1)(b) on August 27, 2026
- Pertains to dispatch of web-link for Notice of the 37th Annual General Meeting (AGM)
- Includes access details for the Annual Report for the Financial Year 2025-26
- Targeted at shareholders with unregistered email addresses with RTA/depository
DEE Development Engineers Limited has issued the notice for its 37th Annual General Meeting (AGM) scheduled for September 23, 2026. Key agenda items include shareholder approval for a final dividend of ₹1 per equity share (face value ₹10) for FY26 and an increase in authorised share capital from ₹85 crore to ₹95 crore. The company is also seeking approval for an enabling clause permitting lenders to convert outstanding debt into equity in the event of default under a consortium facility that may be enhanced up to ₹2,000 crore (existing sanctioned limit is ₹1,110 crore).
- 37th AGM scheduled for September 23, 2026, with remote e-voting cut-off set for September 16, 2026
- Final dividend recommendation of ₹1 per equity share of ₹10 face value for FY25-26
- Proposed hike in authorised share capital from ₹85.00 crore to ₹95.00 crore (9.50 crore equity shares)
- Enabling resolution for consortium lenders led by Bank of India to convert debt into equity only upon an event of default (facility expandable up to ₹2,000 crore from existing ₹1,110 crore)
- Revision in remuneration for Whole-time Director Ms. Shikha Bansal to ₹1.38 crore per annum effective April 1, 2026
DEE Development Engineers Limited has announced the closure of its Register of Members and Share Transfer Books from September 17, 2026, to September 23, 2026 (both days inclusive). The closure is scheduled pursuant to Regulation 42 of SEBI LODR Regulations, 2015, for conducting the Annual General Meeting (AGM). This is a routine administrative compliance filing with no operational or financial impact on the company.
- Book closure begins on Thursday, September 17, 2026
- Book closure ends on Wednesday, September 23, 2026 (both days inclusive)
- Closure purpose is defined for the upcoming Annual General Meeting (AGM)
- Filing submitted under Regulation 42 of SEBI LODR Regulations, 2015
Financial Performance
Revenue Growth by Segment
The Piping Division is the primary driver, contributing 88.8% of H1 FY26 revenue (INR 4,385 Million), growing 42.4% YoY from INR 3,080 Million. Heavy Fabrication contributed 5.9% (INR 294 Million), growing 3.5% YoY. The Power Division contributed 5.2% (INR 254 Million), declining 40.4% YoY from INR 426 Million due to lower biomass power tariffs. Gas Plants contributed 0.1% (INR 5 Million).
Geographic Revenue Split
While specific percentage splits are not disclosed, the company is expanding its presence in the Middle East, Southeast Asia, and North America to shorten delivery cycles and improve competitiveness in overseas EPC tenders.
Profitability Margins
Operating EBITDA margins improved to 16.3% in Q2 FY26, up 96 bps YoY from 15.4%. PAT margin for Q2 FY26 stood at 6.5%, a decline from 10.6% in Q2 FY25 due to higher finance costs and lower other income. Management targets 18-20% margins by FY27 as high-margin power sector orders and the seamless piping facility scale up.
EBITDA Margin
Operating EBITDA margin was 16.2% for H1 FY26, a 179 bps improvement YoY. Core profitability is driven by operating leverage and a shift toward higher-margin power sector projects, though biomass power revenue dropped from INR 8.5/unit to INR 3.5/unit, impacting the power segment's contribution.
Capital Expenditure
The company is undertaking two major projects with a total cost of approximately INR 144 Cr: setting up a new seamless piping plant and expanding existing piping solution capacities to support the growing order book.
Credit Rating & Borrowing
CareEdge Ratings assigned a 'Stable' outlook. Borrowing costs are reflected in a finance cost of INR 137 Million for Q2 FY26, a 92.8% increase YoY from INR 71 Million, driven by increased working capital utilization for project execution.
Operational Drivers
Raw Materials
Steel and specialized metals are the primary raw materials. While specific percentage of total cost is not disclosed, volatility in these metals is cited as a primary risk to profit margins.
Import Sources
Not specifically disclosed, though the company operates globally and mentions exposure to international trade restrictions and tariffs.
Capacity Expansion
The Anjar facility is now fully operational. Planned expansion includes a seamless piping plant and expanded piping solutions with a total investment of INR 144 Cr to meet the INR 1,260.87 Cr order book demand.
Raw Material Costs
Raw material costs are subject to high volatility; management uses risk management strategies to mitigate the impact of price fluctuations in steel and specialized metals which can pressure the 16-18% EBITDA margin target.
Manufacturing Efficiency
Efficiency is being driven by increased automation, digital integration, and the full operationalization of the Anjar facility, which is expected to improve internal accruals and cash generation.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company is strategically locating facilities like Anjar to improve competitiveness in global EPC tenders.
Strategic Growth
Expected Growth Rate
40-45%
Growth Strategy
Growth will be achieved through the execution of a healthy INR 1,260.87 Cr order book (1.96x TOI), the operationalization of the seamless piping plant, and a focus on high-margin thermal power projects for export markets. The company aims for a turnover of INR 1,300 Cr by FY26.
Products & Services
Prefabricated piping systems, seamless pipes, heavy fabrication products, gas plant components, and biomass power generation.
Brand Portfolio
DEE Piping Systems, DEE Development Engineers Limited.
New Products/Services
Expansion into seamless piping production is expected to be a major contributor to the targeted 18-20% EBITDA margins in FY27.
Market Expansion
Targeting increased market share in the Middle East, Southeast Asia, and North America to leverage global demand for process and clean energy infrastructure.
Market Share & Ranking
DEE is one of the leading players in the prefabrication piping industry in India with a growing presence in export markets since 1988.
Strategic Alliances
The company operates through wholly owned subsidiaries: Malwa Power Private Limited (MPPL), DEE Fabricom (India) Private Limited (DFIPL), and DEE Piping Systems (Thailand) Co. Ltd.
External Factors
Industry Trends
The industry is shifting toward clean energy infrastructure and automation. DEE is positioning itself by expanding into process and clean energy segments and increasing its unexecuted order book to INR 1,260.87 Cr.
Competitive Landscape
Highly competitive with rapid technological advancements; DEE competes by investing in capacity (Anjar, seamless pipes) and maintaining a reputed client base.
Competitive Moat
Moat is built on a 35-year track record, specialized engineering capabilities, and high entry barriers in the prefabrication piping industry. Sustainability is supported by long-term client loyalty and a 1.96x order-book-to-sales ratio.
Macro Economic Sensitivity
Sensitive to global economic slowdowns, interest rate changes, and currency fluctuations which affect demand for process piping in oil, gas, and energy sectors.
Consumer Behavior
Shift in global energy demand toward more efficient thermal and clean energy process piping is driving the company's order book growth.
Geopolitical Risks
The Ukraine conflict and trade restrictions/tariffs are cited as factors that can disrupt supply chains and impact energy market input costs.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent global regulatory and compliance standards for process piping; non-compliance risks include penalties and project delays.
Environmental Compliance
The company is involved in 'Clean Energy Infrastructure' and biomass power, aligning with ESG trends, though specific compliance costs are not listed.
Taxation Policy Impact
Not specifically disclosed, but the company adheres to standard corporate tax regimes in India and international jurisdictions.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (steel) and potential delays in the execution of the highly concentrated order book (top 2 orders = 75%) are the primary uncertainties.
Geographic Concentration Risk
While expanding globally, a significant portion of operations remains standalone in India, with exposure to subsidiaries in Thailand.
Third Party Dependencies
High dependency on a few large customers for the majority of the order book, exposing the company to customer-specific procurement policy changes.
Technology Obsolescence Risk
Mitigated by ongoing investments in automation and the new seamless piping facility to stay ahead of technological advancements in the piping industry.
Credit & Counterparty Risk
Receivable days are high at 104 days, contributing to an elongated operating cycle of 243 days, which constrains liquidity.
