Transcript of Earning Call held on 22nd May 2026
DEEDEV · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Dee Development Engineers reported strong FY26 results with revenue of Rs. 1,142 Cr (up 38% YoY) and PAT of Rs. 77.2 Cr (up 76.9% YoY). Core business EBITDA reached Rs. 210.5 Cr, up 64.2% YoY. The company separated operations into core (piping, heavy fabrication) and non-core (power) segments. Management guided consolidated EBITDA margins above 19% for FY27. The order book stands at Rs. 2,040 Cr providing multi-year revenue visibility. FY27 order inflow is projected above Rs. 2,000 Cr, with revenue target of Rs. 1,500 Cr (conservative). The company targets Rs. 2,500 Cr revenue by FY30. Key growth drivers include power sector orders (60% of FY27 expected revenue), HRSG piping demand from overseas customers like GE and Nooter Eriksen, and the recently commissioned seamless pipe plant for backward integration. Working capital cycle is expected to improve to 180 days in FY27. CAPEX for FY27 will be minimal (Rs. 20-30 Cr) as the major expansion cycle is complete.
Strong execution in core business and healthy order book position the company for continued growth. Management guidance of above 19% EBITDA margin and multi-year targets suggest sustained profitability improvements. However, BHEL's slower order release and qualified audit opinion on Malwa Power remain watch points for investors.