NSE: DEEDEV · BSE: 544198
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)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 789 | 827 | 1,142 |
| EBITDA (ex other income) | 103 | 124 | 189 |
| margin % | 13.0 | 15.0 | 16.6 |
| Owners' profit | 26 | 44 | 77 |
| EPS, as reported (₹) | 4.94 | 6.68 | 11.16 |
| ROE % · ROCE % | 5.8 · 13.1 | 5.5 · 10.5 | 8.7 · 14.5 |
| Debt / equity (x) | 0.97 | 0.51 | 0.77 |
| Cash from operations | 103 | (60) | 20 |
| Capex | (134) | (163) | (184) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 194 | 162 | 286 | 224 | 270 | 287 | 362 | 294 |
| Profit before tax | 26 | (17) | 42 | 16 | 22 | 20 | 38 | 20 |
| Net profit | 22 | (13) | 32 | 13 | 18 | 19 | 28 | 16 |
| EPS (₹) | 3.62 | (2.08) | 4.56 | 1.91 | 2.57 | 2.68 | 4.00 | 2.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Piping division | 566 | 49.1 |
| Power Divison | 21 | 1.8 |
| Heavy Fabrication | 20 | 1.7 |
| Unallocated | 4 | 0.3 |
| Power division | 12 | 1.1 |
| Heavy fabrication | 31 | 2.7 |
| a) Piping division | 444 | 38.5 |
| b) Power division | 25 | 2.2 |
| c) Heavy fabrication | 29 | 2.5 |
| d) Unallocated | 0 | 0.0 |
| Total, before eliminations | 1,153 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Framework pact signed for nuclear power sector piping work | business updates | high | — | — |
| 15 Oct 2026 · DEE Development bags INR 46 Cr international orders from US EPC client | business updates | high | — | — |
| 9 Oct 2026 · Compliance certificate under SEBI DP Regulations for Q2 FY26 | compliance | minimal | — | — |
| 9 Oct 2026 · DEE Development Engineers monthly order book update for September 2026 | business updates | medium | — | — |
| 8 Oct 2026 · Subsidiary DEE Fabricom bags Rs 55 Crore order for Windmill Towers | business updates | high | — | — |
| 26 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · AGM results: Dividend Re 1 approved; director pay hike rejected | general | medium | — | — |
| 24 Sept 2026 · Authorised capital raised to Rs 95 crores, preference shares cancelled | general | medium | — | — |
| 24 Sept 2026 · AGM results: 8 of 9 resolutions passed; director pay hike rejected | compliance | minimal | — | — |
| 23 Sept 2026 · 37th AGM held; key items include dividend, loan-to-equity conversion, capital hike | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.