Any current/future new fundraising through debt or equity?

Currently, the company plans to fulfill working capital needs through borrowings. Sameer Agarwal mentioned that for now, funding requirements will be met by debt. Going forward, depending on order inflow and revenue prospects, other funding options may be explored. Any future fundraising decisions will be discussed in Board meetings with support from consultants. No explicit plans for equity fundraising were stated at this time. The company is currently focusing on managing elevated working capital through borrowing rather than immediately seeking equity markets.

Any current/future capex/capital investment/strategic investment?

Q1 FY26 Capex: INR 25-30 crores already incurred. FY26 Planned Capex: Around INR 100 crores aimed to enhance capacities in process piping solutions and high-wall thickness seamless piping. Hydrogen Business: Planned small-scale in-house hydrogen plant (INR 10-15 crores) to demonstrate ultra-pure hydrogen production; further major capex likely by venture partner in Build-Own-Operate models. Anjar Facility Expansion: 15,000 MTPA capacity addition commissioning by August 2025, earlier than planned; expected depreciation post full capitalization INR 60-65 crores annually. High-wall seamless pipe p

Future growth expectations in sales/revenue/volumes?

The company anticipates a threefold increase in revenue over the next 3 to 5 years (confirmed by management). For FY 2026, revenue guidance stands around INR 1,300 crores, with expectations for further phenomenal growth in FY 2027. Capacity expansions at Anjar and Palwal facilities enable overall revenue potential of INR 2,500 to 3,000 crores at full utilization. Order pipeline is robust, with expected order inflow of approximately INR 1,200 crores by March 2026. Strong traction expected in Oil & Gas (around 45% of new orders) and Power sectors. Strategic entry into green hydrogen sector offer

Future growth expectations in earnings/operating earnings/profits/EPS?

DEE Development Engineers Limited expects a threefold increase in revenue over the next 3 to 5 years. For FY '26, the company anticipates booking orders worth around INR 1,200 crores with about 45% from the Oil & Gas sector. Revenue guidance for FY '26 is around INR 1,300 crores with operating EBITDA margins targeted between 19% to 20%. Operating performance is expected to improve as the new Anjar capacity becomes operational, increasing revenue potential to INR 2,500 - 3,000 crores overall. Margins may reach peak levels above the current 18%, but detailed medium-term guidance will be provided

Current/ Expected Orderbook/ Pending Orders?

Current order book as of July 31, 2025, stands robust at INR 1,226 crores. Anticipated order inflow of around INR 1,200 crores by March 2026, in addition to around INR 320 crores received in the first 4 months of FY26. Order pipeline for FY27 is strong with expectations of continued significant orders, especially from Oil & Gas and Power sectors. Presently, discussions and final negotiations are ongoing with multiple customers, underpinning confidence in order booking targets. Execution timelines for large Power sector orders range from 6 to 12 months. Opening order book for the next period is

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DEE Development Engineers LtdQ2 FY25

DEE Development Engineers Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹657P/E: 41.3Market Cap: ₹3.5K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company anticipates a threefold increase in revenue over the next 3 to 5 years (confirmed by management).
→For FY 2026, revenue guidance stands around INR 1,300 crores, with expectations for further phenomenal growth in FY 2027.
→Capacity expansions at Anjar and Palwal facilities enable overall revenue potential of INR 2,500 to 3,000 crores at full utilization.
→Order pipeline is robust, with expected order inflow of approximately INR 1,200 crores by March 2026.
→Strong traction expected in Oil & Gas (around 45% of new orders) and Power sectors.
→Strategic entry into green hydrogen sector offers new growth drivers, with business visibility and revenue build-up expected in 6-9 months.
→Operational efficiencies and backward integration efforts (e.g., new seamless pipe plant) to support margin improvement alongside volume growth.

Margin guidance

Category 3

→DEE Development Engineers Limited expects a threefold increase in revenue over the next 3 to 5 years.
→For FY '26, the company anticipates booking orders worth around INR 1,200 crores with about 45% from the Oil & Gas sector.
→Revenue guidance for FY '26 is around INR 1,300 crores with operating EBITDA margins targeted between 19% to 20%.
→Operating performance is expected to improve as the new Anjar capacity becomes operational, increasing revenue potential to INR 2,500 - 3,000 crores overall.
→Margins may reach peak levels above the current 18%, but detailed medium-term guidance will be provided in upcoming calls.
→Profit after tax grew significantly (314.3% YoY) in Q1 FY '26 with expectations of continued strong growth.
→Elevated working capital requirements will be funded primarily through borrowings initially, with other funding options considered based on future order inflows.

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Fundraise plans

Yes

→Currently, the company plans to fulfill working capital needs through borrowings.
→Sameer Agarwal mentioned that for now, funding requirements will be met by debt.
→Going forward, depending on order inflow and revenue prospects, other funding options may be explored.
→Any future fundraising decisions will be discussed in Board meetings with support from consultants.
→No explicit plans for equity fundraising were stated at this time.
→The company is currently focusing on managing elevated working capital through borrowing rather than immediately seeking equity markets.

Order book

Yes

→Current order book as of July 31, 2025, stands robust at INR 1,226 crores.
→Anticipated order inflow of around INR 1,200 crores by March 2026, in addition to around INR 320 crores received in the first 4 months of FY26.
→Order pipeline for FY27 is strong with expectations of continued significant orders, especially from Oil & Gas and Power sectors.
→Presently, discussions and final negotiations are ongoing with multiple customers, underpinning confidence in order booking targets.
→Execution timelines for large Power sector orders range from 6 to 12 months.
→Opening order book for the next period is expected to be INR 1,500+ crores.
→A share of about 2% of the current order book is to be shipped to the USA.
→Orders from ExxonMobil are not included in the INR 1,200 crores order inflow guidance.
→Overall outlook indicates a healthy and growing order book supporting revenue growth.

Capex plans

Yes

→Q1 FY26 Capex: INR 25-30 crores already incurred.
→FY26 Planned Capex: Around INR 100 crores aimed to enhance capacities in process piping solutions and high-wall thickness seamless piping.
→Hydrogen Business: Planned small-scale in-house hydrogen plant (INR 10-15 crores) to demonstrate ultra-pure hydrogen production; further major capex likely by venture partner in Build-Own-Operate models.
→Anjar Facility Expansion: 15,000 MTPA capacity addition commissioning by August 2025, earlier than planned; expected depreciation post full capitalization INR 60-65 crores annually.
→High-wall seamless pipe plant commercial production expected starting January 2026, part of backward integration strategy.
→Strategic Entry in Green Hydrogen via JV with international clean-tech partner and acquisition of Molsieve Designs enhancing technical capabilities, with no significant additional capex currently foreseen.

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