DEE Development Engineers Limited has informed the Exchange about Transcript
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DEE Development Engineers reported Q1 FY-26 operating income of ₹223.8 crore, up 21% year-on-year, with EBITDA up 44.7% to ₹35.9 crore and margins expanding 263 basis points to 16%. Profit after tax jumped 314% to ₹13.2 crore. Order book stood at ₹1,226.7 crore as of July 31, 2025, with management guiding for an additional ₹1,200 crore of order inflow by March 2026, taking opening order book for FY-27 to ₹1,500+ crore. The Anjar facility expansion of 15,000 MTPA is set to commission by end-August 2025, two months ahead of schedule, and a high-wall seamless pipe plant will start commercial production by January 2026. The company also entered a green hydrogen joint venture and recently acquired a majority stake in Molsieve Designs Limited. Revenue guidance for FY-26 is maintained at ₹1,300 crore with EBITDA margin guidance of 19-20%, but the CFO warned that if the pending biomass tariff review goes against the company, margins could drop to 16-18%.
Strong Q1 results with broad-based margin expansion and a robust order pipeline support the growth story, though the unresolved biomass tariff issue and rising cash conversion cycle (210 to 247 days) are near-term watchpoints. Investors should monitor the commission's order expected within a month, as an adverse ruling could compress FY-26 EBITDA margins by 200-300 basis points versus current guidance.