Dee Development Engineers Limited

DDEL is promoted and managed by Krishan Lalit Bansal having technical qualification and vast experience of nearly three decades in similar line of business. The company has been running operations since 1988 and is one of the leading players in prefabrication piping industry in India, and over the years, has also built-up its presence in the export market. Reputed client base despite exposed to concentration risk DDEL mainly caters multinational original equipment manufacturers (OEMs) of power g

DDEL mainly caters multinational original equipment manufacturers (OEMs) of power generation equipment, engineering, procurement and construction (EPC) contractors serving power, process and oil and gas industry. The company’s clientele includes companies such as General Electric (GE), Dangote, Nooter Eriksen, Toshiba, Doosan, L&T, and Thermax among others, which have been providing orders on repeat basis. Top 10 customers in FY25 contributed close to 58% in the company’s TOI compared

DDEL has healthy order book position as reflected from its unexecuted order book of ₹1260.87 crore as on September 01, 2025, compared to ₹1076.84 crore as on September 01, 2024. DDEL’s unexecuted order book is 1.96x of the last year’s TOI, which provides revenue visibility in the medium term. These orders are generally executed in ~12 months period. However, DDEL’s order book is concentrated with top two orders comprising ~75% (PY: ~65%) of the total order book, exposing its revenues and

DDEL’s financial risk profile has improved post initial public offer on June 26, 2024. DDEL received net proceed of ₹297.13 crore from IPO, which resulted in improvement in capital structure with overall gearing improving from 1.1 3x as on March 31, 2024, to ~0.72x on March 31, 2025. However, being in a capital-intensive industry, DDEL is in the process of raising additional debt to support its increased order book and business growth plans. The company has got sanction for enhanced working capi

DDEL’s TOI remained stable in FY25 at ₹644.07 crore in FY25 against TOI ₹648.97 crore in FY24. This was mainly considering holdup of material approvals in few major orders lead to a partial revenue shift to the next financial year. The company also operates a biomass power plant situated at Abohar, Punjab contributing ~6.53% of TOI in FY25 (PY: 6.53%) supplying power to Punjab State Power Corporation Limited (PSPCL) under long-term power purchase agreement (PPA) contract of 30 years valid till

DDEL has investments aggregating ₹110.36 crore as on March 31, 2025 (PY: ₹68.20 crore) in its subsidiary companies (MPPL, DFIPL and DEE Thailand). The company has also extended financial support to its subsidiaries in form of inter corporate loans which stood at ₹44.78 crore as on March 31, 2025 (PY: ₹86.91 crore) to service debt repayments and ramp -up of operational performance. Bank facilities of subsidiaries are backed by corporate guarantee provided by DDEL to the extent of ₹ 52.20 crore

The company’s operations are inherently working capital intensive , where it is required to procure ~40 -50% inventory of order value at the time it is awarded a new order . Given the 5–6 months execution timeline for most projects and absence of price escalation clauses in contracts, inventory period remains high. Inventory holding increased to 287 days (PY: 192 days) considering 2 CARE Ratings Ltd. Press Release higher raw material stocking, undertaken in line with the order book position to s

Major input material used by the company for fabrication is steel pipes, total cost of materials consumed constituted ~4 0.63% of TOI in FY25 (PY: 46.67%). Prices of steel pipes are linked to demand supply scenario of market, and the company generally enters fixed-price contracts with customers in piping segment, and hence, sharp variation in input costs may impact the company’s margins as there is no pass through. However, the risk is partially mitigated as DDEL makes back-to-back arrangements