| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 307.08 | 35.8% | 27.1% |
| Total Income | 309.82 | 34.8% | 28.0% |
| Expenditure | 284.79 | 36.4% | 40.6% |
| PBT | 27.31 | 55.0% | 31.0% |
| Net Profit | 20.28 | 30.8% | 31.0% |
| OPM | 16.36% | 0.32pp | 7.41pp |
| NPM | 6.55% | 0.19pp | 5.58pp |
| EPS | 2.93 | 30.8% | 31.1% |
Dee Development FY26 Revenue Up 38% to ₹1,142 Cr
21 May 2026 · 21 May, 2:56 pm
Summary
DEE Development Engineers Limited reported a stellar performance for FY26, with revenue from operations growing by 38% year-on-year to ₹1,142 Cr. The company's Operating EBITDA surged by 54% to ₹191 Cr, resulting in a healthy 16.7% margin, while PAT registered a significant 77% increase to ₹77 Cr. The strong financial results were supported by robust execution in the piping segment and an improved tariff in the non-core business, which contributed to an impressive 57.9% year-on-year growth in the closing order book, reaching ₹1,940.07 crore. Management highlighted a positive outlook, anticipating improved operating leverage and margins from the ramp-up of new capacity additions and further tariff optimization in the power generation segment.
Key Highlights
- 1
Revenue from operations for FY26 stood at ₹1,142 Cr, registering a significant year-on-year growth of 38%.
- 2
Operating EBITDA surged to ₹191 Cr in FY26, marking a robust 54% increase year-on-year, with an EBITDA margin of 16.7%.
- 3
Profit After Tax (PAT) grew substantially by 77% year-on-year to ₹77 Cr for FY26.
- 4
The Company's closing order book reached ₹1,940.07 crore as of March 31, 2026, demonstrating a strong 57.9% year-on-year growth.
- 5
Q4 FY26 revenue from operations increased by 26.3% year-on-year to ₹361.6 Cr, driven by healthy execution momentum.
- 6
A reservation agreement was signed with an International EPC Company to book 60% of the total HRSG pipe spool fabrication capacity, ensuring a minimum annual job value of US$ 15.27 million.
- 7
Malwa Power's tariff was revised from ₹3.50 to ₹5.224 per kWh (+49.3%) during Q4 FY26, with a retrospective recovery of approximately ₹5.80 Cr.
Management Comments
Krishan Lalit Bansal
During FY26, we delivered a strong set of operating and financial results, with healthy growth in revenue, Operating EBITDA, and PAT, driven by robust execution in our piping segment catering to the oil & gas and power sector. At a macro level, India’s capital expenditure cycle is gaining momentum, with corporates across infrastructure, energy, and industrial segments expected to significantly ramp up investment in plant and equipment supporting demand for project delivery and capacity expansion. In our core business, the commencement of seamless pipe plant marks a key milestone in our growth trajectory strengthening our capabilities and capacity, expanding our presence in high-growth segments. As utilisation ramps up, the plant is expected to support operating leverage and margin improvement. The ramp-up of the 7,000 MTPA seamless pipe plant and the 30,000 MTPA Anjar pipe fabrication unit is expected to drive operating leverage and improve overall efficiencies. Margins in the core business are expected to benefit from a favorable shift in the power mix, leading to better cost efficiencies. We continue to maintain a robust order book of ₹ 1,940 Cr, providing strong revenue visibility and a healthy project pipeline across key segments, which underpins sustained execution momentum in the quarters ahead. In the non-core power generation segment, the tariff revision at Malwa Power to ₹5.22 per kWh (from ₹3.50) marks a meaningful improvement in revenue visibility, along with a retrospective recovery of ~₹5.80 crore. The business is expected to generate ~₹80 Cr in FY27 from power and biomass pellets combined. Our biomass pellet facility recently became operational, which is expected to offset the current cash burn, stabilize segment profitability, and support margin improvement going forward. The Company continues to evaluate an APTEL appeal for further tariff optimization, while progressing restructuring initiatives to enha
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