This article first appeared on GuruFocus .
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Core Business EBITDA:INR210.5 crore, up 64.2% year-on-year.
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Revenue from Operations (Q4):INR361.6 crore, up 26.3% year-on-year.
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Revenue from Operations (FY26):INR1,142 crore, up 38% year-on-year.
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Operating EBITDA (Q4):INR65.9 crore.
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Operating EBITDA (FY26):INR189.3 crore, up 52.9% year-on-year.
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EBITDA Margin (FY26):16.7%, up from 15.0% in FY25.
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Profit After Tax (Q4 FY26):INR27.7 crore.
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Profit After Tax (FY26):INR77.2 crore, up 76.9% year-on-year.
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Order Book:INR1,940 crore, providing strong revenue visibility.
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Release Date: May 22, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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DEE Development Engineers Ltd ( NSE:DEEDEV ) reported a strong year with a 64.2% year-on-year increase in core business EBITDA, reaching INR210.5 crore.
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The company completed significant growth CapEx, including the operationalization of the Anjar Pipe Fabrication Facility and commissioning of the seamless pipe plant.
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The order book stands at INR1,940 crore, providing strong revenue visibility and a healthy project pipeline across key segments.
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The company is strategically pivoting towards biomass pellet manufacturing, enhancing capital efficiency and building a more sustainable business model.
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The seamless pipe plant's backward integration is expected to strengthen capabilities, improve supply security, support margins, and reduce lead times.
Negative Points
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The noncore power segment continues to reflect losses at the consolidated level, impacting overall financial performance.
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Gross margins have declined on a quarterly and full-year basis, partly due to commodity inflation and product mix changes.
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The company faces challenges in managing working capital, with a target to reduce the cycle to 180 days, down from the current 200 days.
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There is uncertainty regarding the resolution of the Malwa power tariff issue, which has resulted in a qualified audit opinion for the second year.
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BHEL's slow movement on order releases poses a risk to the timely execution of domestic thermal projects.
Q & A Highlights
Q: Are the recent HRSG orders related to the multiyear backlog of gas turbines, and do you have sufficient capacity to execute these orders? A: Yes, the orders are related to the HRSG market. The revenue mentioned is primarily for job work, and we have sufficient capacity to execute these orders without significant additional CapEx. - Krishan Bansal, Managing Director
Q: What is the current capacity utilization at the new Anjar plant and the seamless pipe plant, and when do you expect optimal utilization? A: We expect optimal utilization at the Anjar fabrication facility in FY27 and aim for 60-70% utilization at the seamless pipe plant. - Krishan Bansal, Managing Director
Q: What is the expected order inflow for FY27, and which segments will be the major contributors? A: We expect more than INR2,000 crore in orders, with 60% from the power sector and the rest from oil and gas. Approximately 60% will be domestic, and 35-40% will be export orders. - Pankaj Agarwal, Chief Operating Officer
Q: How do you see working capital shaping up in FY27? A: We aim to reduce inventory days by 15-20 days and improve payable days, targeting a total working capital cycle of around 200 days. - Brham Yadav, Chief Financial Officer
Q: What is the status of the HRSG orders from GE Vernova, and are you expecting similar orders in the future? A: We have a good order book from GE and expect more GT piping orders. We are also in discussions with other companies like Siemens for HRSG piping. - Pankaj Agarwal, Chief Operating Officer
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
