DEE Development Engineers Ltd Q2FY26 Concall Decoded: Boilers, Pipelines, and (Maybe) Hydrogen Dreams
Opening Hook When everyone was whining about global headwinds, DEE decided to double its Anjar capacity instead. Because why not—industrial growth is the new flex. The management sounded so confident, even the pipelines in the background probably stood at attention. And if that wasn’t enough, they’re flirting with hydrogen too—because every engineering company now needs a green badge. Keep reading, because between power tariffs, biomass pivots, and a mystery “paper” on sector load-sharing, things get delightfully spicy.
At a Glance
Revenue up 39.2%: Apparently, spreadsheets can show happiness too.
EBITDA up 47.9%: Margins bulked up—finally, protein in the balance sheet.
PAT at ₹179 Cr (down YoY): Blame last year’s “one-time fairy.”
Order book ₹1,308 Cr: Enough work to keep welders busy till FY27.
Stock outlook: Investors heard “hydrogen” and probably stopped listening after that.
Guidance: Still aiming for 40–45% growth. Management clearly didn’t get the recession memo.
Management’s Key Commentary
“Revenue grew 39.2% YoY to ₹2,700 Mn; EBITDA margins at 16.3%.” (Translation: The Anjar plant’s finally earning its lunch money 😎)
“Order book stands at ₹1,308 Cr; new ₹170 Cr thermal power order bagged.” (Translation: Power sector just turned into the company’s favorite child.)
“Seamless pipe plant to start by January 2026.” (Translation: Steel pipes are the new Teslas—everyone’s excited, no one knows why.)
“Cash conversion cycle improved to 243 days.” (Translation: Still long enough to age whisky, but hey, it’s progress.)
“We’ve suspended equity raise; banks love us again.” (Translation: The CFO finally got some sleep.)
“Hydrogen pilot plant under planning; purification up to 99.9999%.” (Translation: They’re literally chasing perfection—down to the last molecule.)
“Power tariff cuts hit margins, but we’ll pivot to biomass pellets if needed.” (Translation: If the government won’t pay for power, we’ll just sell the fuel 🔥)
