DEE Development Engineers logo

DEE Development Engineers

DEEDEV NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹4,820 Cr
Volatility
Moderate
P/E Ratio
55.16
EBITDA
₹208 Cr
Return on Equity
8.67%
Debt to Equity
0.87
Book Value
₹158.21
52W High
₹760
52W Low
₹183

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 40.8% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 4.97 times its book value
  • Promoter holding has decreased over last quarter: -5.05%
  • Company has a low return on equity of 7.80% over last 3 years.

Growth Rate

Revenue Growth
36.58% higher than 3Y
Net Income Growth
77.06% lower than 3Y
Cash Flow Change
117% higher than 3Y
ROE
59.08% higher than 3Y
ROCE
37.49% higher than 3Y
EBITDA Margin (Avg.)
5.22% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

DEE Development Engineers Ltd is a ₹4,792 Cr market cap process piping solutions company trading at a P/E of 63.6x with strong revenue and profit momentum — FY26 revenue of ₹1,142 Cr (up 38% YoY) and PAT of ₹77 Cr (up 77% YoY) — but carries a modest return on equity of around 8-9% and pays no dividend despite consistent profitability.

Bull Case 8
  • FY26 revenue grew 38% YoY to ₹1,142 Cr, reflecting strong execution and demand across energy and industrial infrastructure sectors
  • FY26 PAT surged 77% YoY to ₹77 Cr, with 5-year profit CAGR of 40.8%, demonstrating sustained earnings acceleration
  • Closing order book stood at ₹1,940 Cr as of March 2026, providing roughly 1.7x FY26 revenue visibility
  • FY26 operating EBITDA grew 54% YoY to ₹191 Cr, indicating improving operating leverage and margin expansion
  • Fresh order inflows remain robust — ₹631.91 Cr in May 2026 alone, with large contracts including a ₹386.83 Cr BPCL order in June 2026
  • Diversified client base across oil & gas, power (including nuclear), chemicals, and process industries with both domestic and international (Thailand) operations
  • Stock has delivered 125% return over the past 1 year, reflecting market recognition of the business transformation
  • Compounded sales CAGR of 24% over 3 years and 18% over 5 years shows consistent top-line growth trajectory
Bear Case 8
  • P/E of 63.6x is elevated for an industrial/EPC company, pricing in significant future growth and leaving limited margin of safety
  • Return on equity remains low at 7.81% over 3 years and 9% in the latest year, suggesting capital is not being deployed efficiently relative to the valuation premium
  • Zero dividend payout despite reporting repeated profits, offering no income return to shareholders
  • P/B ratio of 5.51x is high for an engineering company, indicating the stock is priced well above its asset base
  • 3-year and 5-year ROE of only 6-8% suggests the recent profit surge may not yet translate into structurally superior returns on capital
  • Heavy dependence on order inflows from cyclical sectors like oil & gas and power — any capex slowdown could impact the pipeline
  • At ₹4,792 Cr market cap with ₹77 Cr PAT, the company needs to sustain 40%+ profit growth for multiple years to justify current valuation multiples
  • 10-year historical growth data is sparse, limiting ability to assess long-term consistency through full business cycles

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Headwinds 3
  • P/E at 62 vs industry 29.9 Jun 08

    Stock trades at a P/E ratio of 62.1, more than double the industry average of 29.9, suggesting stretched valuations after a 285% surge from its 52-week low of ₹183.

  • Tariff revision risk on power Jun 08

    Regulator revised DEE's power tariff down to ₹5.877/unit from ₹7.47/unit; company is challenging in Punjab & Haryana High Court with interim relief, but adverse ruling could cut power revenue significantly.

  • ₹300 crore equity dilution Jun 18

    Company plans to issue 59,76,096 shares at ₹502/share to raise ₹300 crore via preferential allotment, diluting existing shareholders to repay borrowings and for general corporate purposes.

Positives 6
  • Order book surges to ₹2,434 Cr Jun 08

    Consolidated closing order book reached ₹2,433.90 crore as of May 31, 2026, up from ₹1,909.82 crore opening, with monthly inflows of ₹631.91 crore and cumulative FY27 inflows of ₹681.85 crore.

  • ₹64 Cr windmill tower order Jun 23

    Subsidiary secured a ₹64 crore order from Ganeko Solar to manufacture 15 towers for 3.3MW windmills, with delivery by January 2027.

  • Stock hits 5% upper circuit Jun 08

    Shares surged 5% to ₹707.95 hitting upper circuit on order book update, with 0.23 million shares worth ₹18.20 crore traded before halt.

  • Power segment leads at ₹1,251 Cr Jun 08

    DEE India Power's closing order book rose to ₹1,251.42 crore from ₹1,011.53 crore with monthly inflows of ₹274.79 crore, making it the largest segment contributor.

  • Oil & gas inflows of ₹358 Cr Jun 08

    DEE India Oil & Gas received ₹358.49 crore in monthly order inflows with a closing order book of ₹881.18 crore as of May 2026.

  • Malwa Power FY27 revenue ~₹47.7 Cr Jun 08

    With tariff fixed at ₹5.437/kWh for FY27 including 5% annual escalation on variable cost, projected revenue is approximately ₹47.7 crore including ₹23.4 crore from pellet plant operations.

Neutral 2
  • EGM on Jun 27 for fundraise Jun 08

    Record date set as June 20, 2026 for EGM scheduled June 27 via video conferencing to approve the ₹300 crore preferential share issue.

  • Palwal plant visit for analysts Jun 08

    Company hosted an investor and analyst plant visit at its Palwal, Haryana facility on June 17, 2026.

TL;DR: DEE Development Engineers is firing on all cylinders with its order book jumping 27% in a single month to ₹2,434 crore, driven by strong power and oil & gas inflows. The stock has rallied 285% from its January low but now trades at a steep premium to the sector at 62x P/E. The ₹300 crore fundraise will dilute equity but strengthen the balance sheet, while the tariff litigation outcome remains a key monitorable. Momentum is clearly positive on order wins, but valuation and execution on a swelling backlog are the risks to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
157
179
210
243
185
194
162
286
224
270
287
362
294
Expenses
143
155
180
209
160
164
156
223
188
226
239
298
245
Operating Profit
14
24
30
35
25
30
6
64
36
44
48
64
50
OPM %
9%
13%
14%
14%
13%
15%
3.5%
22%
16%
16%
17%
18%
17%
Other Income
2
8
3
6
3
16
-1
3
4
5
1
4
2
Interest
8
10
10
12
11
7
10
12
11
14
15
16
17
Depreciation
11
11
12
12
13
13
12
12
13
13
14
14
15
PBT
-3
11
11
16
4
26
-17
42
16
22
20
38
20
Tax %
78%
9%
16%
28%
28%
15%
-24%
26%
17%
20%
8%
27%
20%
Net Profit
-5
10
9
12
3
22
-13
32
13
18
19
28
16
EPS in Rs
-4.32
1.86
1.7
2.24
0.46
3.22
-1.93
4.56
1.91
2.58
2.64
4.04
2.33
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
723
495
461
596
789
827
1,142
1,213
Expenses
635
439
393
522
679
698
946
1,008
Operating Profit
87
57
68
74
109
129
196
205
OPM %
12%
11%
15%
12%
14%
16%
17%
17%
Other Income
16
18
10
19
18
21
15
13
Interest
43
30
28
34
47
45
61
62
Depreciation
33
36
36
38
45
49
53
56
PBT
27
9
13
20
36
55
96
101
Tax %
54%
-60%
38%
36%
26%
21%
20%
—
Net Profit
13
14
8
13
26
44
77
80
EPS in Rs
8.52
9.06
7.73
12.23
4.94
6.32
11.14
11.59
Div. Payout %
6%
0%
0%
0%
0%
0%
9%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
16
11
11
53
69
69
Reserves
422
439
401
413
398
732
821
Borrowings
313
257
290
364
460
512
771
Other Liabilities
162
122
141
176
296
281
262
Total Liabilities
913
834
843
963
1,208
1,594
1,924
Fixed Assets
388
365
354
381
414
422
654
CWIP
2
2
4
3
66
148
84
Investments
0
0
0
0
0
0
0
Other Assets
523
467
484
579
727
1,024
1,185
Total Assets
913
834
843
963
1,208
1,594
1,924
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
71
96
67
14
103
-118
20
Investing
-19
-7
-22
-52
-145
-164
-187
Financing
-65
-88
-50
40
43
285
201
Net Cash Flow
-13
1
-5
1
1
3
33
Free Cash Flow
35
80
43
-42
-31
-282
-165
CFO/OP
101
181
109
27
103
-84
19
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
99
146
122
106
90
109
123
Inventory Days
226
284
514
555
533
738
439
Days Payable
65
120
220
253
300
210
75
Cash Conversion Cycle
259
311
416
407
323
637
486
Working Capital Days
73
108
66
49
18
106
66
ROCE %
—
5%
6%
7%
10%
9%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs2.17%Promot.70.18%Others3.09%DIIs10.79%Public13.77%As ofJun 2026

Documents

Frequently Asked Questions about DEE Development Engineers

What does DEE Development Engineers Ltd do?
DEE Development Engineers Ltd is a design -led engineering and manufacturing company supplying specialised high-pressure process piping systems, pipe spools, fittings and bends, modular skids, pressure vessels and heavy-fabrication products. It serves power -including nuclear - oil & gas, refinin...
Where is DEE Development Engineers Ltd (DEEDEV) listed?
DEE Development Engineers Ltd trades as DEEDEV on the NSE and under code 544198 on the BSE.
Which sector does DEE Development Engineers Ltd belong to?
DEE Development Engineers Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the market capitalisation of DEE Development Engineers Ltd?
DEE Development Engineers Ltd has a market capitalisation of ₹4,820 Cr, which places it in the Small Cap band.
What is the PE ratio of DEE Development Engineers Ltd?
DEE Development Engineers Ltd trades at a PE ratio of 55.16, against a book value of ₹158.21 per share.
What is the 52-week high and low of DEE Development Engineers Ltd?
Over the last 52 weeks DEE Development Engineers Ltd has traded between ₹183 and ₹760.
Does DEE Development Engineers Ltd pay dividends?
DEE Development Engineers Ltd has a dividend yield of 0.15%.
What is the Return on Equity (ROE) of DEE Development Engineers Ltd?
DEE Development Engineers Ltd reported a return on equity of 8.67%. Its debt-to-equity ratio is 0.87.

Company Information

DEE Development Engineers Ltd is a design -led engineering and manufacturing company supplying specialised high-pressure process piping systems, pipe spools, fittings and bends, modular skids, pressure vessels and heavy-fabrication products. It serves power -including nuclear - oil & gas, refining, petrochemical, chemical and fertiliser industries, with manufacturing operations in India and Thailand.[1] [2]

Website deepiping.com
CEO Mr. Krishan Lalit Bansal
Employees 1,048
Listed 2024-06-26
Face Value ₹ 10
Issued Size 6,92,63,342

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