Financial Performance Summary (₹ Crore)

Q2 FY27 Performance

  • Revenue from Operations: ₹293.0 crore, up 8.5% YoY from ₹270.0 crore in Q2 FY26
  • Operating EBITDA: ₹58.9 crore, up 33.7% YoY from ₹44.1 crore
  • Operating EBITDA Margin: 20.1%, improved by 379 bps from 16.3%
  • PAT: ₹23.5 crore, up 31.8% YoY from ₹17.8 crore
  • PAT Margin: 8.0%, improved by 141 bps from 6.6%
  • Diluted EPS: ₹3.14, up 22.7% YoY from ₹2.56

H1 FY27 Performance

  • Revenue from Operations: ₹587.4 crore, up 19.0% YoY from ₹493.8 crore
  • Operating EBITDA: ₹108.6 crore, up 35.9% YoY from ₹79.9 crore
  • Operating EBITDA Margin: 18.5%, improved by 231 bps from 16.2%
  • PAT: ₹39.5 crore, up 27.8% YoY from ₹30.9 crore
  • PAT Margin: 6.7%, improved by 46 bps from 6.3%
  • Diluted EPS: ₹5.49, up 23.1% YoY from ₹4.46

Operational Highlights

Revenue Drivers

  • Growth driven by healthy execution in Piping & Fittings segment
  • Steady supplies to Power sector
  • Approximately 45% of H1 FY27 execution was job work where customers supplied material

Margin Improvement Factors

  • Operating leverage from higher utilization at Anjar facility and seamless pipe plant
  • Improved mix of Power sector orders
  • Contribution from non-core business
  • Finance costs declined QoQ after repayment of ₹225 crore debt from preferential issue proceeds

Nuclear Business Development

  • Signed Framework Agreement with domestic EPC player on October 16, 2026 to jointly pursue nuclear power projects in India (PHWR, LWR and SMR)
  • DEE to support only shop-manufactured piping in the partnership
  • Talks with global partner on nuclear piping joint venture at advanced stage, closure expected by end of FY2027
  • Nuclear piping manufacturing plant under construction

Credit Rating Update

  • CareEdge upgraded credit rating on November 3, 2026
  • Long-term bank facilities: CARE A; Stable (upgraded from CARE A-; Stable)
  • Short-term facilities: CARE A1 (upgraded from CARE A2+)
  • Total rated facilities: ₹1,474.19 crore

Order Book & Inflow

  • Closing order book as on September 30, 2026: ₹2,531.04 crore, up 93.5% YoY from ₹1,308.09 crore
  • Order book composition:
  • Power sector: ₹1,475.69 crore
  • Oil & Gas sector: ₹870.56 crore
  • H1 FY27 order inflow: ₹1,178.65 crore, up 97.1% YoY from ₹598.04 crore

Management Commentary

Mr. Krishan Lalit Bansal, Chairman & Managing Director

  • Company positioned as key enabler of 'Make in India' vision during industrial capex supercycle
  • Recent mandates from industry leaders like Reliance Industries
  • Strategic pivot into high-margin nuclear piping sector accelerating
  • 7,000-tonne seamless pipe capacity at Anjar facility fully operational
  • Import substitution strategy being fast-tracked
  • Confirmed FY27 revenue guidance of ₹1,500 crore
  • Moving beyond conventional piping to highly engineered, backward-integrated solutions

Mrs. Shikha Bansal, Whole-time Director

  • H1 performance reflects disciplined approach to project execution and profitability
  • Margins strengthened by higher share of job work (45% of executed volume)
  • Future execution mix to pivot toward comprehensive 'with material' contracts
  • ₹300 crore capital raise in July allowed aggressive debt repayment
  • Working capital cycle optimized
  • Rating upgrade to translate into lower borrowing costs and reduced interest burden
  • Optimized capital structure with clear top-line visibility

Company Background

DEE Development Engineers Limited is a leading engineering company providing customized process piping solutions with strategically located state-of-the-art manufacturing facilities. Services include engineering, procurement and manufacturing for oil and gas, power (including nuclear), process industries and chemicals. Products include high-pressure piping systems, piping spools, high frequency induction pipe bends, LSAW pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories. Specializes in handling complex metals including carbon steel, stainless steel, super duplex stainless steel, alloy steel, Inconel and Hastelloy.