DEE Development Engineers
DEE Development Engineers (DEEDEV) share price was ₹547.20 at the 28 Oct 2026 close; market capitalisation ₹4,117 Cr; P/E (TTM) 47.21; sector Capital Goods. The share price rose 116.4% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 31.6% year on year to ₹294.5 Cr and net profit rose 22.9% year on year to ₹16.1 Cr (compared with Jun 2025). Promoters held 65.13% of DEE Development Engineers in Sep 2026, down 5.05 percentage points from Jun 2026. Its Tapetide Score is 49/100 (Average) as of 28 Oct 2026.
Key Fundamentals
MicrocapIndustrial ManufacturingCapital GoodsPrice-based figures as of 28 Oct 2026, 15:31 IST · EPS basis: Consolidated · TTM
Peer Comparison
Industrials › Capital Goods › Industrial Products
| ₹3,979.00 | 98.08 | 47,072 Cr | 14.45 | 0.04% | 19.61% | 25.98% | 4,896 Cr | 477 Cr | |
| ₹1,563.00 | 81.83 | 30,139 Cr | 10.53 | 0.10% | 11.28% | 14.83% | 5,510 Cr | 401 Cr | |
| ₹30,595.00 | 49.08 | 27,051 Cr | 6.06 | 0.35% | 11.76% | 15.68% | 4,959 Cr | 552 Cr | |
| ₹929.20 | 65.71 | 21,132 Cr | 10.56 | 0.00% | 16.79% | 22.04% | 2,236 Cr | 323 Cr | |
| ₹3,140.00 | 60.89 | 21,049 Cr | 4.45 | 0.00% | 7.64% | 12.03% | 4,043 Cr | 345 Cr | |
| ₹16,390.00 | 100.18 | 17,509 Cr | 5.76 | 0.21% | 4.56% | 5.85% | 3,824 Cr | 176 Cr | |
| DEE Development Engineers (this company) | ₹547.20 | 47.21 | 4,117 Cr | 3.46 | 0.18% | 8.67% | 14.45% | 1,230 Cr | 81 Cr |
| Median 7 companies | ₹3,140.00 | 65.71 | 21,132 Cr | 6.06 | 0.10% | 11.28% | 14.83% | 4,043 Cr | 345 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100. How it works →
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The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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 4.17 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.
Technical Indicators
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 17% · Jun 2026
AI Analysis — Bull vs Bear
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.
- 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
- 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
- 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.
- 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.
- 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | -0.86 | 1.86 | 1.7 | 2.24 | 0.46 | 3.22 | -1.93 | 4.56 | 1.91 | 2.58 | 2.64 | 4.04 | 2.33 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 1.7 | 1.81 | 1.55 | 2.45 | 4.94 | 6.32 | 11.14 | 11.59 |
| Div. Payout % | 6% | 0% | 0% | 0% | 0% | 0% | 9% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/EBITDA | 101 | 181 | 109 | 27 | 103 | -84 | 19 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY19–FY27.
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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]
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