DEE Development Engineers Ltd

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DEE Development Engineers Ltd

₹ 634 -1.80%
24 Aug - close price
deepiping.com BSE: 544198 NSE: DEEDEV
About

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]

Key Points

Business Overview:[1]
DEE is a leading engineering company specializing in process piping solutions.
It is India’s largest player in this segment
by installed capacity and among the global leaders in technical capability. The company offers comprehensive design-led manufacturing services for complex industrial piping requirements across the power, oil & gas, petrochemicals, chemicals, and nuclear sectors.

Website BSE NSE
  • Market Cap ₹ 4,774 Cr.
  • Current Price ₹ 634
  • High / Low ₹ 760 / 183
  • Stock P/E 78.4
  • Book Value ₹ 128
  • Dividend Yield 0.16 %
  • ROCE 9.24 %
  • ROE 6.68 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 20.8% CAGR over last 5 years

Cons

  • Stock is trading at 4.95 times its book value
  • Promoter holding has decreased over last quarter: -5.05%
  • Company has a low return on equity of 5.01% over last 3 years.
  • Debtor days have increased from 113 to 136 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
130 146 167 201 144 149 104 242 170 216 226 307 238
118 132 148 176 129 131 109 184 143 181 185 259 200
Operating Profit 12 14 20 25 15 18 -5 57 27 35 41 48 39
OPM % 9% 10% 12% 12% 11% 12% -4.9% 24% 16% 16% 18% 16% 16%
3 9 4 5 4 7 5 1 2 5 0 5 3
Interest 7 8 8 8 10 6 9 10 10 13 14 16 16
Depreciation 7 7 8 11 9 9 8 8 9 9 10 10 11
Profit before tax 0 7 7 11 1 10 -18 40 10 18 18 27 14
Tax % 445% 6% 16% 27% 30% 26% -24% 26% 26% 26% 12% 26% 26%
-1 7 6 8 0 7 -14 29 7 13 16 20 11
EPS in Rs -1.23 1.31 1.12 1.55 0.06 1.03 -1.96 4.25 1.03 1.92 2.24 2.93 1.52
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
519 620 411 370 503 644 639 919 987
447 543 363 329 447 568 549 768 825
Operating Profit 72 77 49 42 56 76 90 151 162
OPM % 14% 12% 12% 11% 11% 12% 14% 16% 16%
19 18 16 18 23 21 16 13 13
Interest 25 34 22 22 29 40 40 53 58
Depreciation 19 21 22 22 24 31 34 38 40
Profit before tax 47 40 21 16 26 26 32 72 77
Tax % 33% 30% -5% 21% 27% 24% 27% 22%
32 28 22 12 19 20 23 56 60
EPS in Rs 20.21 17.57 14.10 11.60 17.52 3.74 3.38 8.12 8.61
Dividend Payout % 0% 3% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 22%
TTM: 49%
Compounded Profit Growth
10 Years: %
5 Years: 21%
3 Years: 49%
TTM: 102%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 130%
Return on Equity
10 Years: %
5 Years: 4%
3 Years: 5%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 16 16 16 11 11 53 69 69
Reserves 430 456 479 446 464 443 755 818
237 204 169 211 277 381 368 653
230 142 105 123 156 271 332 299
Total Liabilities 913 819 768 790 908 1,147 1,524 1,839
220 226 215 211 248 291 301 529
CWIP 8 2 1 4 3 64 148 80
Investments 56 57 57 68 68 68 110 117
629 534 494 506 589 724 965 1,114
Total Assets 913 819 768 790 908 1,147 1,524 1,839

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
133 72 69 56 21 84 -96 -44
-38 -26 -10 -32 -52 -140 -149 -162
-82 -60 -55 -27 32 56 250 216
Net Cash Flow 14 -14 3 -4 0 0 5 10
Free Cash Flow 100 56 60 32 -29 -45 -248 -213
CFO/OP 208% 114% 154% 146% 46% 121% -97% -19%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 161 105 160 126 99 87 116 136
Inventory Days 344 222 280 476 490 487 708 434
Days Payable 126 60 111 190 221 285 309 122
Cash Conversion Cycle 379 267 330 412 368 288 515 448
Working Capital Days 266 92 150 89 44 6 108 65
ROCE % 11% 6% 6% 7% 8% 7% 9%

Insights

In beta
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Capacity Utilization
%

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Core Business Revenue (Piping + Heavy Fabrication)
% of Total Revenue
Domestic Revenue Share
% of Total Revenue
Installed Capacity (Process Piping + Heavy Fabrication)
MTPA
Order Book (Closing)
INR Crore
Top 10 Customer Concentration
% of Revenue
Power Sector Share of Order Book
% of Order Book
Order Inflow
INR Crore

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Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
70.18% 70.17% 70.17% 70.29% 70.22% 70.22% 70.18% 70.18% 70.18% 65.13%
5.85% 2.23% 0.83% 0.65% 0.81% 0.79% 0.78% 0.99% 2.17% 4.67%
12.11% 16.16% 16.53% 17.43% 17.33% 16.60% 14.87% 13.91% 10.79% 14.16%
11.86% 11.43% 12.46% 11.63% 11.65% 12.39% 14.17% 14.93% 16.87% 16.04%
No. of Shareholders 67,13655,24654,60951,11650,03949,09848,03450,14344,16544,179

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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