DEE Development Engineers Ltd(DEEDEV)

NSE: DEEDEVBSE: 544198

₹ 536.5-0.23%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,037 crWebsite: www.deepiping.comUpdated: 24 Oct 2026

About

DEE Development Engineers Limited (DEE Piping Systems) is one of India's largest process piping players by installed capacity, built over more than 40 years since 1983, serving power, oil & gas, petrochemicals, and emerging energy sectors. The company reported FY26 revenue of ₹1,142 crores with an order book of ₹1,940 crore at FY26 close, up 58% year-on-year.^[1][2]

Business segments

Piping Division contributed 87.9% of FY26 revenue at ₹1,009.4 crores, with a 15.1% EBIT margin, covering process pipe fabrication, induction bends, fittings and skids.^[3]
Heavy Fabrication contributed 7.0% of FY26 revenue at ₹80.49 crores with a 23.4% EBIT margin, driven by windmill tower manufacturing.^[3]
Power Division contributed 5.1% of FY26 revenue at ₹58.84 crores but recorded a negative EBIT margin of -15.7% (EBIT loss ₹9.26 crores) in FY26.^[3]

Products and capabilities

DEE manufactures process piping systems including pipe fabrication, induction bends, pipe fittings, skids, and seamless pipes in the 6" to 40" range across carbon steel, alloy steel and stainless steel.^[1]
The seamless pipe plant uses trepanning and hot-expansion processes (pull-boring, push-boring, trepanning) and already carries NTPC approval and foreign-OEM qualification.^[1]
DEE's induction-bent pipe products are qualified by the Nuclear Power Corporation of India Limited (NPCIL).^[1]
DEE holds ISO 9001:2015, ISO 3834-2, ISO 14001, ISO 45001, PED and PED Module-H, ASME 'PP', 'S', 'U' and 'U2' Stamps, and EN 1090-2 certifications.^[1]

Manufacturing operations

Palwal (HQ), Haryana: Units I, II & III span 36 acres with 36,000 MT/yr fabrication capacity and 6,000 MT of fittings.^[1]
Anjar Pipe Fabrication Unit, Gujarat: 45 acres, 30,000 MT/yr capacity, 30 km from Kandla port and 60 km from Mundra port, scaled ahead of schedule.^[1]
Anjar seamless pipe plant: 7,000 MTPA installed capacity; commercial production commenced March 19, 2026 - described as India's first plant of its kind.^[1]
Numaligarh facility, Assam: 18 acres, 6,000 MT/yr pipe fabrication capacity.^[1]
Bangpakong facility, Thailand: 13 acres, 14,500 MT/yr shop-fabricated piping, 55 km from Laem Chabang sea port.^[1]
DEE Fabricom India wind tower division, Anjar, Gujarat: 50 acres, 32,400 MT/yr capacity.^[1]
Total welding capacity exceeds 17,000 inch-diameter per day across facilities, translating to 900+ finished piping spools per day and 550+ containers shipped per month.^[1]

Key operating numbers

Order book stood at ₹2,428.20 crores in Q1 FY27, up from ₹1,940.07 crores at FY26 close (+58% YoY at FY26 close).^[4]
Order inflow (YTD) was ₹780.87 crores in Q1 FY27; FY26 full-year order intake was ₹1,869.67 crores.^[4]
Anjar facility utilisation was ~50% in Q1 FY27; total capacity utilisation was 39.0% in H1 FY26.^[4]
Working capital days were 263 days in Q1 FY27, down from 276 days in Q1 FY26; inventory days fell to 174 days from 243 days over the same period.^[4]

Customers and distribution

Named customers include Reliance, ADNOC, Tata Projects, Adani Power, HMEL, Technip Energies, JGC, McDermott, John Cockerill, Valmet and Tecnicas Reunidas.^[1]
DEE primarily serves national and multinational OEMs, EPCs, PMCs and EPMCs across power, oil & gas, petrochemicals, data centre and emerging energy sectors.^[1]
Customer support is organised across Asia Pacific (India, Thailand, Japan), North America & Europe (USA, Switzerland) and Middle East & MENA (Egypt, Qatar, Kuwait).^[1]
Thailand facility (Bangpakong) is practically 100% booked for the next three years via fresh orders from Nooter Eriksen; revenue target raised to ₹170 - 200 crores from ~₹130 crores in FY26.^[4]
An international EPC signed a reservation agreement for 60% of total HRSG pipe spool fabrication capacity with a minimum annual job value of US$ 15.27 million.^[5]

Expansion and capex

Seamless pipe plant (7,000 MTPA, Anjar): capex ~₹90 crore; commercial production commenced March 19, 2026; targets peak annual revenue of ~₹450 crore and IRR of 30 - 35% at optimal utilisation.^[6]
Biomass pellet facility at Muktsar (72,000 MTPA) co-located with Malwa Power Plant commenced commercial operations mid-Q1 FY27; full quarterly contribution expected from Q2 FY27.^[4]
Siemens GT piping MOU signed: ~10 units in FY28, ~15 units in FY29, ~25 - 30 units in FY30 at approximately €1 - 1.5 million per unit; Siemens scheduled to audit the Anjar facility in August 2026.^[4]
Future growth capex cycle is substantially complete; maintenance capex guided at ₹15 - 20 crores per year going forward.^[4]
Anjar facility utilisation targeted at 60 - 65% in FY27 and near 100% by end of FY28, with peak revenue potential of ₹1,500 crores by FY28 - 29.^[4]
FY25: acquired a 70% equity stake in Molsieve Design Ltd to enter hydrogen and industrial gas.^[7]

Recent developments

15 Oct 2026: Secured an international contract worth INR 46 Crores from an EPC company of the USA for manufacturing modules and off-skid piping fabrication, with delivery by July 2027.^[8]
October 2026: DEE Fabricom India received a domestic contract for supply of 5 MW ENV windmill towers worth approximately ₹55 crores, with execution by August 2027.^[9]
August 2026: Secured a ₹36 crore pipe shop fabrication order from Reliance Industries Ltd., to be completed within 9 months.^[10]
July 2026: Order inflow of ₹81.06 crores and execution of ₹80.46 crores for the month; an additional ₹42 crore order was pending formal PO award.^[11]
July 2026: Power division tariff revised to ₹5.224/kWh (₹0.97 fixed + ₹4.254 variable) with 5% annual escalation; FY27 projected revenue for the power segment is ₹47.71 crores.^[11]
July 8, 2026: ₹300 crore preferential issue allotted (net proceeds ~₹293 crores) to institutional investors including WhiteOak, Kotak, 360 ONE and ValueQuest; ₹225 crores applied to repay working capital borrowings.^[4]
Q1 FY27: Received a domestic purchase order of ₹386.82 crores from BPCL for manufacturing and supply of piping, described as one of the largest single orders in recent history.^[4]

Market Cap

₹4,037 Cr

High / Low

₹760 / 183

Stock P/E

49.7

Price / Book

4.5

Book Value

₹129

EPS

₹11.2

No. of Shares

6.93 Cr

ROCE

11.0%

ROE

9.2%

OPM

13.3%

Debt / Equity

0.77

Sales

₹1,142 Cr

Net Profit

₹77 Cr

Promoter holding

70.2%

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DEE Development Engineers Ltd(DEEDEV)

About

Business segments

Products and capabilities

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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