DEE DEVELOPMENT ENG LTD

Manufactures engineered piping systems, heavy fabricated structures and related process equipment, primarily for power generation and oil & gas customers. The Piping division — covering high-pressure piping, fittings and HRSG piping for steam and gas turbine systems — generated 96.2% of period segment revenue at a 14.8% segment EBIT margin. A newer Heavy Fabrication segment supplies large welded structures such as windmill towers (a Rs. 64 Cr order for fifteen 3.3MW towers was booked by subsidiary DEE Fabricom in June 2026), and the Power division runs small-scale generation through the Malwa Power subsidiary and contributed 3.8% of segment revenue. Operating facilities include the fully operational Anjar pipe fabrication facility, a newly commissioned seamless pipe plant targeted at 60-70% utilization in FY27, and a Thailand HRSG facility where Nooter Eriksen has reserved 60% of capacity. The order book closed at Rs. 2,428.20 Cr at end-June 2026, with FY27 inflow already at Rs. 780.87 Cr against an FY27 target of more than Rs. 2,000 Cr. The largest cost line is materials at 42.2% of revenue, followed by employee cost at 16.2% and other operating expenses at 25.1%; FY26 capex was 16.1% of revenue as the major Anjar and seamless pipe expansion cycle was completed. AR · MarketPing reader · 2026-08-03

Revenue streams, as the annual report describes them. Piping division (96%), Power division (4%), Heavy Fabrication. Order-driven, asset-heavy engineering manufacturer with a recently completed major capex cycle and a small non-core power generation business.

Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)