Dee Development Engineers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dee Development Engineers Ltd filed with BSE on 11 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
DEE Development Engineers reported Q1 FY27 revenue of Rs 294.5 crore, up 31.6% year-on-year, with operating EBITDA of Rs 49.7 crore at a 16.9% margin and profit after tax of Rs 16.1 crore. Management said around Rs 25 crore of dispatches scheduled for the quarter were pushed to Q2 due to deferred take-offs by export customers amid the Middle East situation, and highlighted a Rs 386.82 crore order from Bharat Petroleum. The company also discussed completion of its Rs 300 crore preferential issue, commissioning of the biomass pellet plant, and updates on GE, Siemens and Nooter Eriksen piping business.
Numbers mentioned
Revenue from operations: Rs. 294.5 crores (Q1 FY27)
p. 3
“Revenue from operations for Q1 FY27 was Rs. 294.5 crores up 31.6% year-on-year, driven by continued execution momentum in the piping segment, supported by supplies to the power and oil and gas sector.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Operating EBITDA: Rs. 49.7 crores, 16.9% margin (Q1 FY27)
p. 3
“Operating EBITDA for the quarter was Rs. 49.7 crores with a margin of 16.9% compared with 16% in Q1FY26 and it is up by 38.7% year-on-year.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 16.1 crores (Q1 FY27)
p. 3
“Profit after tax for the quarter stood at Rs. 16.1 crores up Rs. 22.4% year-on-year.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Deferred dispatches: Rs. 25 crores (Q1 FY27)
p. 3
“Around Rs. 25 crores of dispatches scheduled for Q1 got pushed into Q2 primarily on the oil and gas side, where a few of our export customers deferred take-offs given the situation in the Middle East.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Bharat Petroleum order: Rs. 386.82 crores
p. 3
“A notable highlight during the quarter was the receipt of a domestic purchase order of Rs. 386.82 crores from Bharat Petroleum Corporation Limited for manufacturing and supply of piping.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Order book: Rs. 2,428 crores (as of 30 June 2026)
p. 5
“Improving operating cash flows are expected to support a gradual reduction in debt levels through the year with a strong order book of Rs. 2,428 crores as of 30 June 2026, which gives us strong revenue visibility and a healthy project pipeline across key segments.”
Krishan Lalit Bansal, page 5 of the filed PDF · View the filing
Net debt: Rs. 718 crores (Q1 FY27 closing)
p. 12
“So, the net debt as on Q1 FY27 closing was around Rs. 718 crores while it was Rs. 733 crores on FY25-26 closing.”
Krishan Lalit Bansal, page 12 of the filed PDF · View the filing
Preferential issue net proceeds: Rs. 293 crores
p. 4
“On the net proceeds of approximately Rs. 293 crores, around Rs. 225 crores is earmarked for repayment or prepayment of borrowings with a balance towards general corporate purposes.”
Krishan Lalit Bansal, page 4 of the filed PDF · View the filing
Thailand facility revenue: Rs. 130 crores (last year)
p. 6
“Sir, as we have been telling, last year we did around Rs. 130 crores, and the intention is that we have to keep that unit busy and target to achieve anything between Rs. 170 crores to Rs. 200 crores.”
Krishan Lalit Bansal, page 6 of the filed PDF · View the filing
Asset turnover: 1.39 (Q1 FY27)
p. 17
“Yes, it is 1.39. As compared to Q4, it was 1.33. Now, it is 1.39.”
Brham Yadav, page 17 of the filed PDF · View the filing
Standalone effective tax rate: 25.17%
p. 16
“So, we actually, for our industry, we are providing the tax at the rate of 25.17%.”
Brham Yadav, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs. 1,500 crores plus · FY27
stated firmly by Krishan Lalit Bansal
p. 9
“As we have told earlier, you know, we remain fully committed, fully committed for our top line of Rs. 1.500 crores plus and EBIDTA margin of more than 19%.”
Krishan Lalit Bansal, page 9 of the filed PDF · View the filing
EBITDA margin — more than 19% · FY27
stated firmly by Krishan Lalit Bansal
p. 9
“100% without any doubt in that.”
Krishan Lalit Bansal, page 9 of the filed PDF · View the filing
Order inflow — more than Rs. 2,000 crores · FY27
stated firmly by Krishan Lalit Bansal
p. 7
“Your first question, definitely yes, it may increase also. But your first question is absolutely inline, we are likely to get more than 2000 crores worth of inflow in this particular year.”
Krishan Lalit Bansal, page 7 of the filed PDF · View the filing
Net debt — not more than Rs. 400-425 crores · close of FY27
stated conditionally by Krishan Lalit Bansal
p. 12
“So, we do expect that with the introduction of this, the net debt by close of this FY27 should not be more than Rs. 400-425 crores and there is no plan, absolutely no plan for any new debt in this particular year.”
Krishan Lalit Bansal, page 12 of the filed PDF · View the filing
Revenue — Rs. 2,500 crores · FY29
stated as an aspiration by Krishan Lalit Bansal
p. 14
“We are targeting that we should be reaching 2,500 crores. Although we have said FY30, but we are trying that it should happen in FY29 only.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Anjar facility peak revenue — Rs. 1,500 crores · FY28-29
stated as an aspiration by Krishan Lalit Bansal
p. 17
“So, our plan is around Rs. 1,500 crores from Anjar facility only and by ‘28-29, we should be able to do it.”
Krishan Lalit Bansal, page 17 of the filed PDF · View the filing
Anjar facility utilization — 100% of available capacity · by end of next year
stated as an aspiration by Krishan Lalit Bansal
p. 8
“And our plan is that by the end of next year, we should be utilizing almost 100% of the available capacity at Anjar.”
Krishan Lalit Bansal, page 8 of the filed PDF · View the filing
Nuclear sector partnership agreement — Q2
stated conditionally by Krishan Lalit Bansal
p. 11
“target is to close the discussion and formalize the agreement in Q2 under any circumstances.”
Krishan Lalit Bansal, page 11 of the filed PDF · View the filing
Debtor/creditor total working capital days — between 180 to 200 days
stated as an aspiration by Krishan Lalit Bansal
p. 16
“And our aim is that these 260 days should be hovering somewhere between 180 to 200 days.”
Krishan Lalit Bansal, page 16 of the filed PDF · View the filing
Inventory days — around 160 days or 150 days · by end of Q2
stated conditionally by Krishan Lalit Bansal
p. 16
“And inventory days is falling considerably and we do expect that, maybe by end of Q2 or maybe within Q2 also, it should be going somewhere around 160 days or 150 days also, it's possible.”
Krishan Lalit Bansal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
GE HRSG order delayed but not impacting top line due to Nooter Eriksen orders; Siemens MOM signed with phased unit ramp-up.
Answered by Krishan Lalit Bansal
Asked by Anirudh Agarwal: Update on HRSG orders from GE and Siemens discussions.
p. 5
“However, the HRSG order from GE is yet to come, although we have an agreement with them that they will award us around 15 to 16 units in this particular unit.”
Krishan Lalit Bansal, page 5 of the filed PDF · View the filing
Operating leverage expected to continue due to Anjar operationalization and reduced headcount.
Answered by Krishan Lalit Bansal
Asked by Anirudh Agarwal: Cost base trend given revenue growth without proportional cost increase.
p. 6
“I have been telling earlier also that there has been a considerable reduction in the manpower headcount and we do not expect any major recruitment and hence the trend will continue as it is”
Krishan Lalit Bansal, page 6 of the filed PDF · View the filing
BHEL is moving slower than expected but other customers like L&T, JSW are compensating; Rs 2,000 crore guidance maintained.
Answered by Krishan Lalit Bansal
Asked by Pranay Roop Chatterjee: Status of BHEL domestic power orders and whether Rs 2,000 crore order inflow guidance still holds.
p. 6
“Sir, the speed is not as expected but definitely they are moving with their own pace. Last quarter also we got around Rs. 200 crores worth of order and few more tenders are in the preparation stage.”
Krishan Lalit Bansal, page 6 of the filed PDF · View the filing
Fuel was allocated to ramp up the pellet plant rather than the power plant, affecting PPA division profitability temporarily.
Answered by Krishan Lalit Bansal
Asked by Pranay Roop Chatterjee: Why did the PPA division EBIT swing negative quarter on quarter?
p. 7
“So, our focus was more on now pellet plant just to establish the business and just to be sure that we shall be able to do that.”
Krishan Lalit Bansal, page 7 of the filed PDF · View the filing
Piping segment expected to contribute Rs 1,150-1,250 crore of the targeted Rs 1,500 crore, with the rest from subsidiaries including Thailand.
Answered by Krishan Lalit Bansal
Asked by Aditya Sahu: What is the revenue split expected between piping segment and other segments for FY27?
p. 8
“you know, what we are planning is that we should be doing anything between Rs. 1,150 crores to Rs. 1,250 crores from our piping segment.”
Krishan Lalit Bansal, page 8 of the filed PDF · View the filing
Management said the plan is to exceed the guidance, calling Rs 1,500 crore the bare minimum.
Answered by Krishan Lalit Bansal
Asked by Chandresh: Could the company exceed its Rs 1,500 crore revenue guidance given strong Q1 growth despite spillover?
p. 10
“Plan is for that only, sir, to exceed that guidance. And again, I am saying that the Rs. 1,500 crores which we are saying is the bare minimum numbers which must be there on our top-line balance sheet.”
Krishan Lalit Bansal, page 10 of the filed PDF · View the filing
Higher material cost for power sector jobs versus job-work-only Thailand business is affecting gross margin, though EBITDA margin guidance is maintained.
Answered by Krishan Lalit Bansal
Asked by Chandresh: Why has gross margin been volatile year-on-year?
p. 11
“Sir, the gross margin may be falling slightly because, the material cost for power sector jobs is higher compared to your oil and gas or, you know, when job work is there, then we are considering that there is absolutely no material cost.”
Krishan Lalit Bansal, page 11 of the filed PDF · View the filing
Net debt should decline following the preferential issue proceeds, with no plans for new debt.
Answered by Krishan Lalit Bansal
Asked by Akash Rawal: How is debt and working capital expected to evolve given the order book size?
p. 12
“So, the net debt as on Q1 FY27 closing was around Rs. 718 crores while it was Rs. 733 crores on FY25-26 closing.”
Krishan Lalit Bansal, page 12 of the filed PDF · View the filing
HRSG business for India is around Rs 400 crore and about Rs 200 crore from Thailand within the order book.
Answered by Krishan Lalit Bansal
Asked by Kaushal Sharma: Breakdown of order book between HRSG/combined cycle piping and other segments.
p. 13
“Sir, in this order book, the HRSG business for India is around Rs. 400 crores only. And I think around Rs. 200 crores is from Thailand.”
Krishan Lalit Bansal, page 13 of the filed PDF · View the filing
Management expects BHEL and JSW orders with material, while L&T and Adani orders likely job work basis, though this is guesswork.
Answered by Krishan Lalit Bansal
Asked by Ankit Gupta: Outlook on order pipeline and whether large power orders will be job work or with material.
p. 14
“what we are expecting is that, particularly from BHEL and people like JSW, we should be getting the jobs with material only now onwards.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Management said the company is already booked over one and a half years and not worried about the GE order, citing Siemens, Nooter Eriksen and Mitsubishi as alternatives.
Answered by Krishan Lalit Bansal
Asked by Dhwanil Desai: If GE does not place further orders, how will next year's order flow be affected?
p. 15
“We are already booked for more than one and a half years even now. And we are expecting another inflow for almost Rs. 1,800 crores to Rs. 2,000 crores in this remaining part of the year.”
Krishan Lalit Bansal, page 15 of the filed PDF · View the filing
Inventory days decreased, debtor days increased slightly, and creditor days fell as the company pays vendors faster to gain purchase leverage.
Answered by Krishan Lalit Bansal
Asked by Vignesh Iyer: What is the working capital cycle trend for Q1 FY27?
p. 16
“the earlier inventory days were 243, while in Q1 FY27 they are 174. Debtor days were in 99 earlier and now it is 123.”
Krishan Lalit Bansal, page 16 of the filed PDF · View the filing
Not directly yet; inquiries are going through OEMs first, and no such orders are factored into projections.
Answered by Krishan Lalit Bansal
Asked by Nishant Bhatt: Has the company seen RFQs from Gulf reconstruction activity?
p. 17
“Sir, not yet as far as we are concerned directly. However, people have started talking to their original manufacturers who have supplied the original plants.”
Krishan Lalit Bansal, page 17 of the filed PDF · View the filing
Risks flagged
Export customers in the Middle East deferred take-offs, pushing dispatches into the next quarter.
p. 3
“Around Rs. 25 crores of dispatches scheduled for Q1 got pushed into Q2 primarily on the oil and gas side, where a few of our export customers deferred take-offs given the situation in the Middle East.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
GE HRSG order award is delayed relative to the agreed unit commitment.
p. 5
“However, the HRSG order from GE is yet to come, although we have an agreement with them that they will award us around 15 to 16 units in this particular unit. We do expect that there may be some delay in that.”
Krishan Lalit Bansal, page 5 of the filed PDF · View the filing
BHEL order finalization is moving slower than the company's expectations.
p. 6
“Sir, the speed is not as expected but definitely they are moving with their own pace.”
Krishan Lalit Bansal, page 6 of the filed PDF · View the filing
A fertilizer project opportunity with a foreign customer was lost to a local competitor.
p. 9
“We had been discussing with one of the foreign customers, but that foreign customer has awarded to some local person in that country only. That opportunity has been missed.”
Krishan Lalit Bansal, page 9 of the filed PDF · View the filing
Higher material cost for power sector jobs is compressing gross margin.
p. 18
“Second part is the material cost will be increasing because of the power sector jobs.”
Krishan Lalit Bansal, page 18 of the filed PDF · View the filing
Nuclear sector export work requires a partner and pre-qualification not yet finalized.
p. 11
“However, for Indian jobs, we are well qualified but since Indian jobs are right now moving slowly but in coming years, they will pick up.”
Krishan Lalit Bansal, page 11 of the filed PDF · View the filing
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