Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4990 Cr.
Stock P/E
64.7
P/B
4.1
Current Price
₹663.2
Book Value
₹ 160
Face Value
10
52W High
₹760
52W Low
₹ 183.4
Dividend Yield
0.15%

Dee Development Eng. Overview

Business

Dee Development Engineers Ltd is an engineering company specializing in the design, engineering, fabrication, manufacturing, and erection of high-pressure piping systems. It primarily serves critical process industries such as oil & gas, power (nuclear, thermal), petrochemicals, chemicals, and fertilizers. The company operates largely on an Engineering, Procurement, and Construction (EPC) model for piping solutions, manufacturing complex components like pipe spools, high-pressure piping, and specialized fittings, and also provides site services including erection and installation. It makes money through project contracts, selling fabricated components, and providing related engineering and installation services.

Revenue Mix

The company's primary revenue streams are derived from:

Fabrication & Manufacturing: This involves the manufacturing of pipe spools, high-pressure piping, and other process piping components.

Project & Site Services (EPC): This segment includes engineering, procurement, fabrication, and erection/installation services for complete piping solutions at project sites.

While specific revenue percentages for these segments are not readily available without accessing detailed financial reports, the core business revolves around the specialized fabrication and execution of complex piping systems.

Industry

Dee Development Engineers Ltd operates in the industrial equipment and EPC sector within India, specifically focusing on critical process piping. This industry is characterized by high technical requirements, stringent quality standards, and often long project cycles. The company positions itself as a specialized player with capabilities in high-pressure and high-temperature piping solutions, catering to niche and demanding applications in sectors like nuclear power, refining, and petrochemicals. Its competitive landscape includes other fabrication and EPC contractors, but its specialization in complex piping offers a distinct focus.

MOAT

The company's competitive advantages primarily stem from:

Specialized Expertise & Certifications: Dee Development has a long track record and specialized technical know-how in manufacturing and erecting complex, high-pressure piping systems, including those requiring advanced welding techniques and materials. This is often backed by specific industry certifications and approvals from clients in highly regulated sectors.

Integrated Capabilities: The ability to offer a comprehensive range of services from design and engineering to fabrication and on-site erection provides a single-point solution for clients, enhancing project coordination and quality control.

Established Client Relationships: Long-standing relationships and approvals with blue-chip clients in critical infrastructure sectors (e.g., oil & gas majors, PSUs, large EPC players) indicate trust and reliability, which are difficult for new entrants to replicate quickly.

Manufacturing Infrastructure: Investment in manufacturing facilities equipped to handle specialized fabrication tasks contributes to consistent quality and capacity.

Growth Drivers

Infrastructure Spending & Industrialization: India's continued focus on infrastructure development, expansion of manufacturing capabilities, and industrial growth across sectors like oil & gas, power, and chemicals will drive demand for specialized engineering and piping solutions.

Energy Transition & Security: Investments in refinery upgrades, petrochemical expansions, nuclear power projects, and new energy infrastructure will create opportunities for the company's core services.

"Make in India" Initiative: Government impetus on local manufacturing and reduced reliance on imports can benefit domestic players with strong engineering and fabrication capabilities.

Technology Upgradation: As industries adopt newer technologies and processes, there will be demand for advanced and specialized piping systems, playing into Dee Development's strengths.

Export Opportunities: Leveraging its technical expertise and certifications to tap into international markets could be a growth avenue.

Risks

Project Execution Risks: Delays in project execution, cost overruns, and unexpected technical challenges can impact profitability and reputation in EPC-heavy businesses.

Client Concentration: Potential reliance on a few large clients or specific government projects could lead to revenue volatility if a major project is delayed or cancelled.

Raw Material Price Volatility: Fluctuations in the prices of steel, alloys, and other raw materials critical for piping fabrication can affect project margins, especially for fixed-price contracts.

Economic Downturns: Industrial equipment and EPC sectors are sensitive to economic cycles, with slower industrial growth potentially leading to reduced capital expenditure by clients.

Intense Competition: While specialized, the broader industrial equipment sector faces competition from both domestic and international players, which can put pressure on pricing and contract terms.

Regulatory & Environmental Risks: Changes in environmental regulations or industrial safety standards could necessitate costly compliance measures or project reconfigurations.

Management & Ownership

Dee Development Engineers Ltd is a promoter-led company. The promoter group, which includes Mr. Krishan Lal Gupta and his family, founded the company and holds a significant stake, indicating a strong alignment of interests. The management team likely possesses substantial industry experience given the company's long operational history and specialized nature of its business. The promoter's continued involvement provides stability and a clear strategic direction for the company.

Outlook

Dee Development Engineers Ltd operates in a fundamental sector benefiting from India's long-term industrial growth and infrastructure thrust. Its specialization in high-pressure and complex piping systems provides a niche advantage within demanding industries like oil & gas and nuclear power, which have high barriers to entry due to stringent technical requirements and certifications. This specialization, combined with established client relationships, offers a solid foundation for growth as industrial capital expenditure picks up. However, the company is susceptible to typical EPC risks such as project execution challenges, raw material price fluctuations, and the cyclical nature of its end-user industries. Its ability to manage these risks while capitalizing on the ongoing industrial expansion and diversifying its client base and service offerings will be key to its sustained performance.

Dee Development Eng. Share Price

Live · BSE / NSE · Inception: 1988
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Dee Development Eng. Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 243 185 194 162 286 224 270 287 362 294
Other Income 6 3 16 -1 3 4 5 6 2 2
Total Income 249 188 210 161 289 228 275 292 363 297
Total Expenditure 209 160 164 156 223 188 226 239 298 245
Operating Profit 40 28 46 5 66 40 49 53 65 52
Interest 12 11 7 10 12 11 14 15 16 17
Depreciation 12 13 13 12 12 13 13 14 14 15
Exceptional Income / Expenses 0 0 0 0 0 0 0 -4 2 0
Profit Before Tax 16 4 26 -17 42 16 22 20 38 20
Provision for Tax 5 1 4 -4 11 3 5 2 10 4
Profit After Tax 12 3 22 -13 32 13 18 19 28 16
Adjustments 0 0 -0 0 0 0 0 -0 0 0
Profit After Adjustments 12 3 22 -13 32 13 18 18 28 16
Adjusted Earnings Per Share 2.2 0.5 3.2 -1.9 4.6 1.9 2.6 2.6 4 2.3

Dee Development Eng. Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 673 519 542 547 723 495 461 595 789 827 1142 1213
Other Income 8 27 28 19 16 18 10 19 18 21 17 15
Total Income 682 545 569 565 739 513 471 614 807 848 1159 1227
Total Expenditure 581 463 475 469 636 439 394 522 680 699 946 1008
Operating Profit 101 83 94 97 103 74 77 92 127 150 212 219
Interest 47 30 32 36 43 30 28 34 47 45 61 62
Depreciation 20 20 21 25 33 36 36 38 45 49 53 56
Exceptional Income / Expenses 0 0 -19 0 0 0 0 0 0 0 -2 -2
Profit Before Tax 35 32 22 35 27 9 13 20 36 55 96 100
Provision for Tax 15 14 10 17 15 -5 5 7 9 12 19 21
Profit After Tax 20 18 12 18 13 14 8 13 26 44 77 81
Adjustments 1 0 0 0 1 0 0 0 0 0 0 0
Profit After Adjustments 21 18 12 18 13 14 8 13 26 44 77 80
Adjusted Earnings Per Share 2.7 2.3 1.6 2.3 1.7 1.8 1.5 2.4 4.9 6.3 11.1 11.5

Dee Development Eng. Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 373 391 406 423 438 454 412 424 451 801 890
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 42 71 72 76 72 51 47 62 85 71 133
Other Non-Current Liabilities 26 36 48 38 36 25 23 28 38 35 31
Total Current Liabilities 380 293 482 482 367 303 361 450 634 687 869
Total Liabilities 820 790 1009 1019 913 834 843 963 1208 1593 1924
Fixed Assets 261 264 315 340 388 365 354 381 414 422 654
Other Non-Current Assets 5 64 33 44 10 14 19 21 85 198 110
Total Current Assets 555 462 661 634 515 454 470 562 708 974 1160
Total Assets 820 790 1009 1019 913 834 843 963 1208 1593 1924

Dee Development Eng. Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 79 12 4 2 17 4 5 0 2 3 6
Cash Flow from Operating Activities 73 92 -29 131 71 96 67 14 103 -118 20
Cash Flow from Investing Activities 9 -57 -38 -47 -19 -7 -22 -52 -145 -164 -187
Cash Flow from Financing Activities -94 -42 64 -69 -65 -88 -50 40 43 285 201
Net Cash Inflow / Outflow -12 -8 -3 15 -13 1 -5 1 1 3 33
Closing Cash & Cash Equivalent 67 4 2 17 4 5 0 2 3 6 39

Dee Development Eng. Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 2.68 2.34 1.59 2.32 1.7 1.81 1.55 2.45 4.94 6.32 11.14
CEPS(Rs) 4.99 4.9 4.27 5.57 5.79 6.32 8.31 9.56 13.44 13.47 18.86
DPS(Rs) 0 0 0 0.1 0 0 0 0 0 0 1
Book NAV/Share(Rs) 47.48 49.84 51.77 53.96 55.81 57.9 77.67 79.87 84.55 115.06 128.2
Core EBITDA Margin(%) 13.59 10.81 12.24 14.3 11.96 11.38 14.62 12.36 13.77 15.57 17.14
EBIT Margin(%) 11.92 12.07 10.04 13.04 9.65 7.8 8.98 9.19 10.37 12.13 13.75
Pre Tax Margin(%) 5.09 6.21 4.12 6.37 3.76 1.78 2.88 3.42 4.48 6.69 8.43
PAT Margin (%) 2.87 3.54 2.29 3.33 1.75 2.84 1.78 2.18 3.31 5.27 6.76
Cash Profit Margin (%) 5.74 7.4 6.16 7.99 6.29 10.02 9.57 8.51 8.99 11.24 11.44
ROA(%) 2.32 2.28 1.38 1.8 1.31 1.61 0.98 1.44 2.41 3.12 4.39
ROE(%) 6.57 4.81 3.12 4.39 2.93 3.16 1.89 3.1 6.01 7.02 9.17
ROCE(%) 12.07 9.39 7.56 9.28 9.24 5.28 5.88 7.43 9.87 9.56 11.27
Receivable days 101.25 149.51 168.15 177.93 109.58 145.1 139.33 99.97 84.48 97.56 100.92
Inventory Days 130.58 126.6 135.53 178.64 135.46 159.24 168.79 162.8 158.68 217.27 185.53
Payable days 102.17 109.42 95.89 137.69 80.63 114.98 180.79 182.04 161.5 188.16 93.58
PER(x) 0 0 0 0 0 0 0 0 0 38.21 24.14
Price/Book(x) 0 0 0 0 0 0 0 0 0 2.1 2.1
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0.37
EV/Net Sales(x) 0.36 0.56 0.71 0.61 0.45 0.54 0.59 0.55 0.58 2.45 2.16
EV/Core EBITDA(x) 2.4 3.49 4.09 3.45 3.17 3.61 3.5 3.57 3.58 13.55 11.61
Net Sales Growth(%) 0.65 -22.96 4.39 0.97 32.12 -31.46 -6.93 29.2 32.45 4.89 38.03
EBIT Growth(%) -33.75 -22.92 -12.72 30.49 -2.22 -44.62 7.19 32.22 50.21 22.1 56.41
PAT Growth(%) -57.73 -6.12 -32.24 46.29 -30.66 11.51 -41.8 58.26 102.02 66.5 76.85
EPS Growth(%) -67.49 -12.46 -32.24 46.29 -26.63 6.28 -14.64 58.26 102.02 27.88 76.32
Debt/Equity(x) 0.78 0.71 0.92 0.79 0.72 0.57 0.69 0.83 0.98 0.51 0.77
Current Ratio(x) 1.46 1.58 1.37 1.32 1.4 1.5 1.3 1.25 1.12 1.42 1.33
Quick Ratio(x) 0.93 1.04 0.86 0.72 0.73 0.89 0.63 0.61 0.49 0.57 0.67
Interest Cover(x) 1.75 2.06 1.7 1.96 1.64 1.3 1.47 1.59 1.76 2.23 2.58
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0.25 0.37

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +38% +24% +18% +5%
Operating Profit CAGR +41% +32% +23% +8%
PAT CAGR +75% +81% +41% +14%
Share Price CAGR +145% — — —
ROE Average +9% +7% +5% +5%
ROCE Average +11% +10% +9% +9%

Dee Development Eng. Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 70.18 %
FII 2.17 %
DII (MF + Insurance) 10.79 %
Public (retail) 16.87 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 70.1770.1770.1770.2970.2170.2170.1870.1870.18
FII 5.852.230.830.650.810.790.780.982.17
DII 12.116.1716.5217.4317.3216.6114.8713.9110.79
Public 11.8711.4312.4711.6211.6512.3914.1814.9316.87
Others 000000000
Total 100100100100100100100100100

Dee Development Eng. Peer Comparison

Engineering - Industrial Equipments Edit Columns

Dee Development Eng. Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Dee Development Eng. Pros & Cons

Pros

  • Company has delivered good profit growth of 40% CAGR over last 5 years
  • Debtor days have improved from 188.16 to 93.58days.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • Stock is trading at 4.1 times its book value.
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