Dee Development Engineers Ltd

Book closure details

• Book closure from Sep 17 to Sep 23, 2026, inclusive, for the AGM.
• Register of Members and share transfer books closed during the AGM window.

Dividend record date

• Record date for dividend eligibility: September 16, 2026.
• Final dividend: Rs 1.00 per equity share for FY 2025-26.
• Entitlement for physical shares: names in Register of Members as of Sept 16, 2026.
• Entitlement for electronic shares: beneficiaries on NSDL/CDSL records as of end of business hours Sept 16, 2026.
• Subject to approval by the Annual General Meeting.

Dividend details

• Final dividend recommended: Re. 1 per equity share (Rs 10 face value).
• For financial year ended 31 March 2026.
• Record date for final dividend: 16 September 2026.
• Payment after 23 September 2026, if approved at AGM.
• Electronic-mode payments; Beneficial Owners list as of 16 September 2026.

Order details

• Awarding entity: Reliance Industries Ltd (Domestic)
• Nature: Purchase Order for Pipe Shop Fabrication work
• Value: Approximately INR 36 Crore inclusive of GST
• Execution: to be completed within 9 months
• Contract type: Job work basis for pipe shop fabrication
• Domestic order; no promoter group interest
• Not a related-party transaction; arms-length basis

Meeting Details

• Board meeting on 21 August 2026 at 10:00 AM via video conferencing.

Key Agenda Items

• Consider and recommend final dividend on equity shares for FY ended 31 March 2026, subject to AGM approval.

Other Notes

• Trading window for designated persons remains closed until 48 hours after the outcome is publicly disclosed.

Meeting Details

• Date: Tuesday, 25 August 2026.
• Meeting type and mode: Physical, one-on-one and group meetings.
• Organized by Systematix Group.
• Venue: The Capital - BKC, Mumbai.
• Name of Investor Meet: Recycled Materials & Steel Infrastructure Summit 2026.
• Key participants from the company: Company Secretary and Compliance Officer.
• Purpose: Analyst/Institutional investor meet; based on public information; no presentation.
• Recording/presentation: No presentation; no recording mentioned.

Meeting Details

• Date: 14 August 2026; Physical meetings (one-on-one and group) at Sofitel BKC, Mumbai.
• Event type: Conference.
• Organized by: Equirus Securities (P) Limited.

Participants

• Key company participants: Company Secretary and Compliance Officer.

Purpose

• Purpose: Analyst/Institutional Investor Meet; discussions based on publicly available information; no presentation.

Financial Performance

• Q1 FY27 revenue Rs 294.5 cr, up 31.6% YoY.
• EBITDA Rs 49.7 cr, margin 16.9%, up 38.7% YoY.
• PAT Rs 16.1 cr, up 22.4% YoY.
• Rs 25 cr dispatches moved to Q2 due to Middle East tensions.
• Underlying performance on track; revenue guidance for the year remains intact.
• Margin up driven by capacity utilization, operating leverage, and seamless-pipe plant gains.
• Anjar facility operational; enhanced ability to execute large, complex projects.
• Domestic Bharat Petroleum piping order Rs 386.82 cr.
• Order book Rs 2,428 cr as of 30 Jun 2026.
• Overall demand healthy; strong pipeline across key end markets.

Operational Update

• Seamless pipe plant commissioned; Thailand facility 100% utilized.
• Biomass pellet plant commissioned; 72,000 MT per annum; collocated with Malwa Power.
• FY26 non-core revenue target around Rs 80 cr; Malwa tariff 5.44/kWh.
• Pellet plant to ramp utilization; expect long-term off-take tie-ups with thermal power producers.
• Thailand capacity no expansion planned; showcase unit; no capex expansion.
• Siemens GT piping: 10 units next year; 15 following; 25-30 third year.
• Nooter Eriksen awarded; Thailand facility fully booked for three years.
• Per GT-piping unit value around 1–1.5 million euros.
• Anjar utilization target 60-65% this year; near 100% by end-FY28/29.
• Piping revenue split: Rs 1,150-1,250 cr from piping; rest from subsidiaries incl Thailand.
• Tax: consolidated 20-21%; standalone 25.17%.

Balance Sheet and Cash Flows

• Debt net of preferential issue around Rs 400-425 cr by year-end.
• Net debt at Q1 FY27 end ~ Rs 718 cr; post-issue expected Rs 400-425 cr.
• FY27 focus: asset turns, cash generation, return ratios.
• Consolidated asset turnover 1.39 vs 1.33 earlier.
• Working capital: inventory days 174 vs 243; debtor days 123 vs 99; creditors days 34 vs 66.
• Total working capital days around 263; target 180-200 by year-end.
• Thailand not expanding; India capex focus.
• Standalone tax rate 25.17%; consolidated ~20-21%.

Outlook and Guidance

• FY27 piping revenue target Rs 1,150-1,250 cr; rest from subsidiaries incl Thailand.
• Total revenue target Rs 1,500 cr+; EBITDA margin >19%.
• Total inflow guidance: at least Rs 2,000 cr for the year; Rs 700 cr booked.
• Remainder inflow expected 1,300-1,800 cr for the year.
• Anjar utilization 60-65% this year; 100% by end of next year.

Q&A Highlights

• GE HRSG orders may delay; top line unaffected due to other orders.
• Siemens: 10 GT units next year; 15 following; 25-30 third year.
• Nooter Ericsson orders secured; Thailand facility nearly booked for three years.
• Per-unit GT piping revenue around 1–1.5 million euros.
• Total inflow guidance: ≥ Rs 2,000 cr; Rs 700 cr booked; remainder 1,300-1,800 cr.
• Domestic BHEL inflow slower; L&T, JSW, Hindustan Energy opportunities.
• Nuclear and data center sectors require approvals; partnerships in progress.

Risks and Watchpoints

• Execution depends on drawings and information releases; delays shift timelines.
• Nuclear and data center ventures require approvals and partners; execution risk.
• Pellet-offtake ties uncertain; regulatory framework provides comfort but risk remains.
• Fertilizer project in Assam not material this year.
• FX exposure details not quantified; no hedge clarity provided.

Promoter shareholding change

• Promoter's post-issue stake: 47.31% after 3,98,406 shares via preferential allotment.
• Previous holding: 50.82% (35,200,366 shares).
• Acquired 3,98,406 shares for 199,999,812.00.
• Listing approval received on 23.07.2026; trading approval on 28.07.2026; shares credited 29.07.2026.
• Promoter: Krishan Lalit Bansal (Chairman and MD).
• Company issued 59,76,096 equity shares via preferential allotment.

Promoter stake change via preferential allotment

• DEE issued 59,76,096 equity shares via preferential allotment to several allottees.
• Promoter holding of Mr. Krishan Lalit Bansal reduced by over 2% of post-issue capital.
• Listing approval received on 23.07.2026; trading approval on 28.07.2026.
• Mode of acquisition: Preferential allotment.
• Date of credit of shares after approvals: 29.07.2026.
• Pre-acquisition holding: 35,200,366 shares, 50.82% VR.
• Post-acquisition holding: 35,598,772 shares, 47.31% VR.
• Acquired 398,406 shares (3.51% VR) via preferential allotment.
• Pre- and post-issue capital: before 69,26,33,420; after 75,23,94,380.