Result for the Quarter and Financial year ended 31st March 2026 (standalone & Consolidated)
DEEDEV · price
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Dee Development Engineers reported strong FY2026 results with standalone revenue of Rs 91,856 Lacs (up 44% YoY) and consolidated revenue of Rs 1,14,200 Lacs (up 38% YoY). Standalone PAT grew 141% to Rs 5,622 Lacs while consolidated PAT reached Rs 7,717 Lacs (up 77% YoY). EBITDA margin expanded from 14.1% to 16.4% on standalone basis. However, the consolidated auditor issued a qualified opinion due to Malwa Power subsidiary (assets Rs 4,762 Lacs) where the PPA expired in April 2025 and management failed to conduct impairment assessment. The company also faces an ongoing tariff dispute with PSPCL where retrospective tariff reduction is being challenged in courts. Standalone operating cash flow was negative at Rs 4,450 Lacs due to higher working capital requirements.
Strong revenue and profit growth is positive, but the qualified audit opinion on the subsidiary's asset impairment and negative standalone operating cash flow are concerns for investors. The ongoing PSPCL tariff dispute adds regulatory uncertainty for the power segment.