Dee Development Engineers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dee Development Engineers Ltd filed with BSE on 27 May 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 FY26 revenue of Rs. 1,142 Cr, up 38% year-on-year, and PAT of Rs. 77.2 Cr, up 76.9% year-on-year, with EBITDA margin improving to 16.7% from 15.0% in FY25. Management said the Anjar pipe fabrication facility and seamless pipe plant were commissioned during the year, completing a major part of the capex cycle. The order book stood at Rs. 1,940 Cr to Rs. 2,040 Cr as cited at different points in the call, with power sector orders exceeding Rs. 1,000 Cr and management discussing tariff revisions at Malwa Power and a new biomass pallet facility in the non-core segment.
Numbers mentioned
Revenue from operations: Rs. 1,142 Cr (FY26)
p. 4
“And for the full year, FY26, it stood at Rs. 1,142 Cr, which again up by 38% year-on-year, driven by healthy execution momentum in the piping segment, supported by strong supply to the oil & gas and power sectors.”
Brham Yadav, page 4 of the filed PDF · View the filing
Revenue from operations: Rs. 361.6 Cr (Q4 FY26)
p. 4
“Revenue from operations for Q4 was Rs. 361.6 Cr, which again up by 26.3% year-on-year.”
Brham Yadav, page 4 of the filed PDF · View the filing
Operating EBITDA: Rs. 189.3 Cr (FY26)
p. 4
“For the full year, the operating EBITDA was Rs. 189.3 Cr, up by 52.9% year-on-year, supported by higher execution level and operating leverage in the core business, alongside the tariff division on the non-core side.”
Brham Yadav, page 4 of the filed PDF · View the filing
Operating EBITDA: Rs. 65.9 Cr (Q4 FY26)
p. 4
“Operating EBITDA for Q4 was Rs. 65.9 Cr.”
Brham Yadav, page 4 of the filed PDF · View the filing
EBITDA margin: 16.7% (FY26)
p. 4
“EBITDA margin was 16.7% for FY26 versus 15.0% in FY25.”
Brham Yadav, page 4 of the filed PDF · View the filing
PAT: Rs. 77.2 Cr (FY26)
p. 4
“For FY26, PAT increased 76.9% year-on-year to Rs. 77.2 Cr.”
Brham Yadav, page 4 of the filed PDF · View the filing
PAT: Rs. 27.7 Cr (Q4 FY26)
p. 4
“In line with our guidance, profit after tax for Q4 FY26 stood at Rs. 27.7 Cr, reflecting a stable performance on a high Q4 FY25 base.”
Brham Yadav, page 4 of the filed PDF · View the filing
Core business EBITDA (Inc. Other Income): Rs. 210.5 Cr (FY26)
p. 3
“I would like to highlight that core business EBITDA (Inc. Other Income) for FY26 was Rs. 210.5 Cr, up 64.2% year-on-year, reflecting better execution, improved utilization, and operating leverage across our facilities.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Order book: Rs. 2,040 Cr
p. 3
“Our order book stands at Rs. 2,040 Cr, giving us strong revenue visibility and a healthy project pipeline across key segments.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Order book: Rs. 1,940 Cr
p. 4
“Our Rs. 1,940 Cr order book provides strong multi-year revenue visibility, with execution weighted towards piping and fitting and heavy fabrication.”
Brham Yadav, page 4 of the filed PDF · View the filing
Malwa Power revised tariff: Rs. 5.22/KwH from Rs. 3.5/KwH
p. 3
“On the power side, specifically, the tariff at Malwa Power has been revised to Rs. 5.22 / KwH from Rs. 3.5 / KwH, with a retrospective recovery of almost around Rs. 5.52 Cr.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Combined power and biomass pallet revenue: Rs. 47.71 Cr (FY27)
p. 3
“Combined revenue from power and biomass pallet is expected to be around Rs. 47.71 Cr in FY27.”
Krishan Lalit Bansal, page 3 of the filed PDF · View the filing
Power sector order book: more than Rs. 1,000 Cr
p. 10
“That's more than Rs. 1,000 Cr even now, sir. That's more than Rs. 1,000 Cr. I think around Rs. 1,200 Cr exact numbers.”
Krishan Lalit Bansal, page 10 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.
Order inflow — more than Rs. 2,000 Cr · FY27
stated conditionally by Krishan Lalit Bansal
p. 14
“No, it's all what we are thinking is, it is definitely contingent to BHELs orders.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Order inflow — more than Rs. 2,000 Cr · FY27
stated firmly by Pankaj Agarwal
p. 7
“Let me reply that. Sir, we are expecting more than Rs. 2,000 Cr orders in this financial year.”
Pankaj Agarwal, page 7 of the filed PDF · View the filing
Revenue growth — Rs. 1,500 Cr · FY27
stated conditionally by Krishan Lalit Bansal
p. 10
“So, that's likely to increase. But you know, this is what I will like to say that this is what our commitment is for the coming year that we shall surely like to see that number on the board.”
Krishan Lalit Bansal, page 10 of the filed PDF · View the filing
Revenue target — Rs. 2,500 Cr · FY30
stated as an aspiration by Krishan Lalit Bansal
p. 11
“FY30 is our target. But with the increased flow of orders, if it happens, it can happen earlier also. But that's our target. At present, the target is Rs. 2,500 by FY2030.”
Krishan Lalit Bansal, page 11 of the filed PDF · View the filing
EBITDA margin (consolidated) — above 19%
stated firmly by Krishan Lalit Bansal
p. 7
“But you kindly consider that our console level EBITDA will be above 19% in any case.”
Krishan Lalit Bansal, page 7 of the filed PDF · View the filing
Power sector revenue contribution — 65 to 70 percent · FY27
stated firmly by Krishan Lalit Bansal
p. 10
“Sir, we are present, expecting that we in this year, we should be doing almost 65 to 70 percent of our revenue from the power sector.”
Krishan Lalit Bansal, page 10 of the filed PDF · View the filing
Working capital cycle — 180 days · FY27
stated firmly by Krishan Lalit Bansal
p. 16
“We are not saying 200 days. Our projection is 180 days only and that's our first target to achieve it and then ultimately, we will come to 150 days, that also is there.”
Krishan Lalit Bansal, page 16 of the filed PDF · View the filing
Inventory days — reduced by 15 to 20 days · FY2027
stated conditionally by Brham Yadav
p. 8
“In case of inventory days, we are targeting in FY2027 it will get reduced for further by 15 to 20 days.”
Brham Yadav, page 8 of the filed PDF · View the filing
Payable days — 70 to 75 days · FY2027
stated conditionally by Brham Yadav
p. 8
“We will improve on payable days, which is as of now 42 days, as we are paying in advance for the ordering of the some of the material. So, we are negotiating with the supplier and definitely will have a better negotiation and it will be above 70 to 75.”
Brham Yadav, page 8 of the filed PDF · View the filing
CAPEX — Rs. 20 to 30 Cr · FY27
stated firmly by Krishan Lalit Bansal
p. 13
“But right now, in FY27, the CAPEX may be lifted to 20 to 30 Cr.”
Krishan Lalit Bansal, page 13 of the filed PDF · View the filing
Seamless plant utilization — 60% to 70% · FY27
stated as an aspiration by Krishan Lalit Bansal
p. 7
“Seamless plant, we may be able to ramp up to maybe around 60% to 70%.”
Krishan Lalit Bansal, page 7 of the filed PDF · View the filing
Audit qualification on Malwa Power impairment — clean opinion · third quarter
stated conditionally by Brham Yadav
p. 15
“Yes, by third quarter. Okay, so in the audit qualification by the third quarter, right, we will get a clean opinion, not a qualified opinion from the auditor.”
Brham Yadav, page 15 of the filed PDF · View the filing
Growth rate — 20% CAGR, possibly 25-30%
stated as an aspiration by Krishan Lalit Bansal
p. 12
“Sir, as we are saying that our very, very conservative estimate is that we have to grow at 20% CAGR. But there is a possibility that this number from 20 may go up to 25 or 30 also.”
Krishan Lalit Bansal, page 12 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.
Management confirmed most overseas orders relate to the HRSG/gas turbine backlog, said Thailand operates mostly on a job work basis so revenue won't scale much higher, confirmed EBITDA margin above 20% on that revenue, and said no significant capex is needed.
Answered by Krishan Lalit Bansal
Asked by Pranay Chatterjee: Are the HRSG orders related to the global gas turbine backlog, and what is the EBITDA margin and capex needs for the Thailand order?
p. 5
“No, nothing is required for this particular unit or for this particular order. Except some normal machinery, this sometimes plus, sometimes minus.”
Krishan Lalit Bansal, page 5 of the filed PDF · View the filing
Management said quarter-on-quarter comparisons are difficult for a project-based business and attributed part of the dip to low-margin trading activity, then gave rough estimates of job work at around 30% and alloy mix around 55-60%.
Answered by Krishan Lalit Bansal
Asked by Vaibhav Shah: What explains the decline in gross margin and what is the current alloy mix versus job work contribution?
p. 6
“But broadly speaking, I will say that it may not be exact numbers, but job work values as of now will be less than 20% remaining are all with material orders. No, sorry. It will be around 30%.”
Krishan Lalit Bansal, page 6 of the filed PDF · View the filing
Management expects the fabrication facility to reach close to expected levels in FY27, while the seamless plant may ramp to 60-70%.
Answered by Krishan Lalit Bansal
Asked by Vaibhav Shah: What is the capacity utilization at the new Anjar plant and seamless pipeline, and when will they reach optimum levels?
p. 7
“We are quite confident that in FY27, we should be at the optimal level as far as the fabrication facility at Anjar is concerned and also for the seamless plant.”
Krishan Lalit Bansal, page 7 of the filed PDF · View the filing
Management expects more than Rs. 2,000 Cr in orders, with around 60% from power sector, and 60-65% domestic versus 35-40% export.
Answered by Pankaj Agarwal
Asked by Riken Gopani: What order inflow is expected in FY27 and which segments will contribute most?
p. 7
“Sir, we are expecting more than Rs. 2,000 Cr orders in this financial year. Out of that, the major contributor will be the power sector only. We are expecting around 60% jobs from power and rest from oil and gas.”
Pankaj Agarwal, page 7 of the filed PDF · View the filing
CFO said inventory days should reduce by 15-20 days, debtor days remain around 95-100 days, and payable days should improve to 70-75 days, bringing total working capital cycle to around 200 days.
Answered by Brham Yadav
Asked by Riken Gopani: How is working capital expected to shape up in FY27?
p. 8
“So, our total working capital cycle would be around 200 days in FY2027.”
Brham Yadav, page 8 of the filed PDF · View the filing
Management said the Rs. 1,500 Cr revenue figure was a conservative estimate and they may need to expand capacity, with the number for FY27 likely to increase beyond that.
Answered by Krishan Lalit Bansal
Asked by Dhwanil Desai: Given order book growth of 50% versus a projected 20-25% revenue growth roadmap to FY30, how should investors read this discrepancy?
p. 9
“Sir, my only request is that these are very, very conservative estimates. We may have to do a little bit more work also.”
Krishan Lalit Bansal, page 9 of the filed PDF · View the filing
Management said most capex is complete, remaining spend continues, capex may rise for nuclear sector opportunities under consideration, and the target of Rs. 2,500 Cr revenue is set for FY30.
Answered by Krishan Lalit Bansal
Asked by Ankit Soni: What is the CAPEX guidance for FY27 and what revenue could the existing facilities support after that capex?
p. 11
“Sir, it will be almost Rs. 2,500 Cr from quite some time. That whatever CAPEX has already been spent, whatever is balanced, we should be able to ramp up on this.”
Krishan Lalit Bansal, page 11 of the filed PDF · View the filing
Management said they cannot quantify the exact addressable share but see huge traction with limited competition, and confirmed active discussions and inquiries for metallic piping inside data centers though nothing has matured into an order.
Answered by Krishan Lalit Bansal
Asked by Chandresh Malpani: What is the market opportunity for HRSG piping among top OEMs, and is there also an opportunity inside data centers for rigid piping?
p. 12
“We are working on that also. But anything related with metallic piping, we are working. And as a matter of fact, we have a few active inquiries for that.”
Krishan Lalit Bansal, page 12 of the filed PDF · View the filing
Management said after commissioning the seamless pipeline they have largely localized supply from India, reducing import dependence, with a few approvals pending.
Answered by Krishan Lalit Bansal
Asked by Ankit Gupta: How is the availability of alloy steel like P-91, P-92, and is DEE still importing from China?
p. 12
“But after putting up our own seamless pipeline, which is part of, we have been able to establish the supply chain majorly from India.”
Krishan Lalit Bansal, page 12 of the filed PDF · View the filing
Management said the biomass pallet plant and tariff revision should mitigate the impairment issue and expects both plants to be marginally positive, so no contingency is being considered.
Answered by Krishan Lalit Bansal
Asked by Pratik Srivastava: What is being done about the Malwa Power impairment qualification, and is there financial exposure if the Appellate rules against the revised tariff?
p. 14
“Hence, there is no question of considering any impairment or any financial contingency in that.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Management said they remain on the drawing board deciding strategy and have not finalized anything yet.
Answered by Krishan Lalit Bansal
Asked by Kamlesh: Are there still plans to raise equity to reduce debt given the stock's performance?
p. 15
“Sir, we are on the drawing board, first of all, to decide on our strategy. So we shall not be able to say anything right now.”
Krishan Lalit Bansal, page 15 of the filed PDF · View the filing
Management said they are not holding back but are being deliberate since any capacity built needs to be sustainable for 10-15 years, and a decision is close.
Answered by Krishan Lalit Bansal
Asked by Chandresh Malpani: Given strong HRSG demand from GE and Siemens, why is the company holding back on further capex and capacity expansion?
p. 17
“So, we have to be little careful in deciding on all those aspects because whatever capacity we build, it has to be sustainable also.”
Krishan Lalit Bansal, page 17 of the filed PDF · View the filing
Risks flagged
BHEL order releases progressing slower than expected on domestic thermal projects
p. 14
“This thought is absolutely right. But BHEL is going a little slower, but L&T is trying to move very fast.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Order inflow guidance is contingent on BHEL orders materializing
p. 14
“No, it's all what we are thinking is, it is definitely contingent to BHELs orders.”
Krishan Lalit Bansal, page 14 of the filed PDF · View the filing
Uncertainty and fluidity around Middle East reconstruction opportunity due to ongoing disruption assessment
p. 9
“But as you have said, we do see it's a big opportunity which will come our way and we may have to do something out of the way also to grab that opportunity.”
Krishan Lalit Bansal, page 9 of the filed PDF · View the filing
Uncertainty over timing of fertilizer sector order maturing in the current financial year
p. 8
“We are expecting one job, but I am not pretty sure in this financial year whether it will be matured or not.”
Pankaj Agarwal, page 8 of the filed PDF · View the filing
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