DEE Development Engineers Limited — Q3 FY26
DEE Development Engineers delivered a strong Q3 FY26 with revenue of 286.7 crore (up 77% YoY) and EBITDA of 47.6 crore (up 741% YoY), driven by robust execution in the core pipi...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why is EBITDA impact 14.6 cr when power business is only 10% of revenue?
Asked by Kam Bagmar, Lotus Asset Managers
Management explained the loss mechanism but did not reconcile the 14.6 cr impact with the 10% revenue share math.
initially declined to comment on exact numbersprovided qualitative explanation but no reconciliation to revenue share
Read the exchange
Question
So why we are saying that the the Aida impact is roughly around 14.6 odd cr. So just wanted to understand that
Unnamed management (likely CFO or MD)
one of our plants was operate earlier operating at the rate of 8.57 and now we are operating it at 3.5 rupees that mean there is a loss of 5 rupees per unit... net effect translates to actually 14.3 which is the exact working which we have done on paper
Answered
High priority
Does core EBITDA of 45.8 cr include the 4.2 cr labor code impact?
Asked by Kam Bagmar, Lotus Asset Managers
Management clearly confirmed the labor code impact is included in the core EBITDA figure.
Read the exchange
Question
So does it include 4.2 cr of labor import or not sir? Because otherwise when...
Unnamed management
Yes. It it is already included.
Evasive
High priority
What is core EBITDA before labor code impact?
Asked by Kam Bagmar, Lotus Asset Managers
Management did not answer the specific question about the pre-labor-code EBITDA figure.
did not provide the numberpromised to send revised filing later
Read the exchange
Question
So can you uh tell the figure what is the sir abida core abida before this labor code impact
Unnamed management
anyway if there is any confusion anyway anyway kam if there is any confusion we will uh send the revised filing on the stock exchange
Answered
High priority
What is the margin guidance for core business in FY27?
Asked by Kam Bagmar, Lotus Asset Managers
Management reaffirmed the 18-20% margin guidance clearly.
Read the exchange
Question
So going forward in FI27 where do we see our 18 to 20% sir as we have been telling it
Unnamed management
will be 18 to 20% in this range there's absolutely no doubt on that 18 to 20%.
Partial answer
High priority
What is the size of new orders expected this quarter?
Asked by Kam Bagmar, Lotus Asset Managers
Management gave a ballpark but said they cannot disclose until formal orders are received.
could not disclose until formal orderballpark figure given but not firm
Read the exchange
Question
And lastly sir, what is the uh uh commentary on the orders new order coming in? So what level of orders we are seeing or to book in this particular uh quarter?
Unnamed management
Sir in this quarter you know we are well on track uh to get many orders. I mean many bids have been opened and we have been declared L1... ballpark size of those order like say uh maybe 300 to 400
Answered
Medium priority
Why is the tax rate so low this quarter and what is normalized tax rate?
Asked by Utkash Chanana, SMC Private Wells
Management provided the normalized tax rate clearly.
Read the exchange
Question
why is the current tax in this quarter so low and for future estim for future estimates can you guide what can be the tax we can assume for our estimates?
Unnamed management
22 uh% plus uh uh S and search charge it is 25.17%.
Answered
High priority
Will the power division be EBITDA neutral from FY27 after pellet plant?
Asked by Dash D, Nexa Securities
Management clearly stated the division will be EBITDA neutral.
Read the exchange
Question
So from FIA 27 it will will it be beta neutral or will it still be there will be some operating losses for the power division.
Unnamed management
It will be absolutely a beta neutral. It will be absolutely a beta neutral.
Partial answer
Medium priority
What operational efficiencies will achieve 3x revenue growth target?
Asked by Prisha Sha, RS Family Office
Management cited the new plant but did not quantify operational efficiencies or asset turn targets.
no specific efficiency metrics or targets provided
Read the exchange
Question
with the 3x revenue growth target which you have given for over 3 to 5 years. So what specific operational efficiencies are being implemented to ensure that our asset turn stays above 3x 5x range.
Unnamed management
our major angar expansion is going to be responsible for that... this being an absolutely new setup which has been set up considering all lean manufacturing principles. We expect a very huge operational leverage
Answered
Medium priority
Why is inventory holding period higher than peers?
Asked by Ripunjayal, Amar Alliance Equity Research Private Limited
Management explained the project-driven nature and inventory requirement relative to order book.
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Question
the inventory holding comes to a greater period of time as compared to other businesses. Would you please uh put some light on it sir?
Unnamed management
since we are a projectdriven company... we have to do everything as per the requirement of the projects... we have to have an inventory of almost 600 500 to 500 of our words just for raw material
Answered
High priority
What is the revenue potential at 90% capacity utilization?
Asked by Ripunjayal, Amar Alliance Equity Research Private Limited
Management provided a clear revenue range at high capacity utilization.
Read the exchange
Question
at the optimum utilization of our existing capacity what should be our top line at that level once we achieve above 90% of the production capacity sir
Unnamed management
2300 to 2500 sir 2300 to 2500 with the present facilities.
Partial answer
High priority
When will the power plant tariff issues be resolved?
Asked by Ram Modi, Praulias Leela
Management gave an update but no firm timeline for resolution.
no specific timeline givenuncertainty about court outcome
Read the exchange
Question
whether we see them getting resolved over next 6 months or it will take a longer time on the litigation side.
Unnamed management
final hearing with the PAC were held around 10 15 days back and we are expecting uh order at any given time... it should be at par with the tariff which we are getting at power division
Evasive
Medium priority
What is the PSU vs non-PSU split of the order book?
Asked by Prashant, Individual Investor
Management did not provide the current PSU/non-PSU split as asked.
did not provide current splitgave future estimate instead
Read the exchange
Question
could you please break it down into how much is PSU and how much is nonPSU split of this order book.
Unnamed management
That is difficult to answer immediately but you know in the coming year lot of PSU business will be there which may be almost around uh uh you know domestic revenue it may be around 40 to 60%
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Core piping and fabrication EBITDA margin 17.4% for 9 months | 17.4% | 17% | Matches filing |
| Total EBITDA for the quarter is 47.6 cr | ₹47.6 cr | ₹47.6 cr | Matches filing |
| Core business EBITDA is 45.8 cr | ₹45.8 cr | ₹47.6 cr | Understated vs filing |
| Revenue potential at 90% capacity is 2300-2500 cr | ₹2,400 cr | ₹287 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.