DEE Development Engineers Limited, India’s largest integrated process piping solutions provider, announced its financial and operational results for the quarter and nine months ended 31st December 2025, reflecting strong performance across its core business segments. During Q3 FY26, the company reported revenue of ₹286.7 crore, marking a 77 percent year-on-year increase. This growth was driven by robust execution in the Piping & Fittings segment, supported by strong supply deliveries to the Oil & Gas sector. Operating EBITDA for the quarter surged by 740.9 percent year-on-year, reflecting operating leverage achieved through higher execution levels and improved capacity utilization.
While the company reported an operating EBITDA loss of ₹14.64 crore for the nine-month period, overall EBITDA stood at ₹127.57 crore, representing a margin of 16.35 percent. Excluding the impact of this loss, EBITDA would have been ₹142.21 crore, with a margin of 19.14 percent. The company’s core business received new order inflows of ₹251 crore during the quarter, demonstrating sustained demand from the power sector. During Q3 FY26, the implementation of India’s new labour codes resulted in a one-time operational impact of ₹4.2 crore.
Commenting on the results, Mr. Krishan Lalit Bansal, Chairman of DEE Development Engineers Limited, said that the company delivered a strong set of operating and financial outcomes in Q3 FY26, with healthy growth in revenue, operating EBITDA, and PAT, largely driven by robust execution in the pipe and fitting segment serving the Oil & Gas sector. At a macro level, he noted that India’s capital expenditure cycle is gaining momentum, with corporates across infrastructure, energy, and industrial segments expected to significantly ramp up investment in plant and equipment, supporting sustained demand for project delivery and capacity expansion. He added that the new labour codes had a one-time accounting impact in the quarter as past service obligations were adjusted, but these changes are expected to contribute to a more resilient workforce and strengthen employee security over time.
In the core business, excluding the power generation division, the Anjar Pipe Fabrication Unit, which commenced operations in September 2025, was fully operational during the quarter. The unit is benefiting from operating leverage as utilisation ramps up, supporting margin expansion. The Anjar Seamless Pipe Plant remains on schedule for commercialisation in the current quarter and is expected to further enhance the company’s capacity to execute projects in high-growth segments. The company also noted encouraging visibility for upcoming order flows from the power segment, particularly in the piping and fitting business, which underpins a healthy project pipeline and sustained execution momentum.
In the non-core power generation segment, tariff revision matters are currently under litigation. The company is strategically pursuing restructuring initiatives to improve long-term sustainability and operational efficiency, positioning the business for greater stability in the future. As a leading player in engineering and piping solutions, DEE Development Engineers leverages deep technical expertise, extensive industry experience, and a proven track record in executing complex projects across diverse geographies. With a strong presence in the energy, infrastructure, and industrial sectors, the company remains confident in its ability to deliver sustainable growth and create long-term value for its stakeholders in the quarters ahead.
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