DEE Development Engineers Limited — Investor Meet, 04-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

DEE Development Engineers reported Q4 revenue at INR286 Cr, up 17.7% YoY and 76.8% QoQ; FY25 revenue grew 4.9% to INR827 Cr. EBITDA margin expanded to 22.2% in Q4 and 15% for FY25, with PAT margin at 10.9%. The order book stands at INR1,275 Cr. Expansion at Anjar will add 15,000 MT capacity by October 2025, and a new seamless pipe plant will start by January 2026. Management flagged tariff cuts on biomass power plants impacting revenue by INR38.5 Cr annually, with legal action underway. FY26 revenue is targeted around INR1,300 Cr with 19-20% EBITDA margins, though tariff revisions may pressure margins. Strong orders include a $50 million Dow Chemicals contract and a new ExxonMobil USA deal worth INR40-50 Cr. Execution spans 6-18 months, with efficiencies driven by specialized facilities and logistics savings. Management remains confident on growth amid a solid order book and capacity expansion.