Here's why DEE Development Engineers shares hit 5% upper circuit on bourses

Shares of DEE Development Engineers attracted strong buying interest from Dalal Street investors on Friday, May 22, after the engineering and piping solutions provider reported its results for the fourth quarter (Q4) and full financial year FY26.

 

Following the announcement, the stock rose as much as 4.9 per cent to hit the upper circuit of ₹523.80 on the NSE. The stock also surpassed its previous all-time high of ₹511, touched earlier on May 12, 2026. The counter has surged 186.23 per cent from its 52-week low of ₹183, recorded on January 27, 2026.

 

So far during the session, nearly 0.2 million equity shares of the company, worth around ₹8.75 crore, had changed hands on the NSE and BSE before trading was halted for the day. The company’s market capitalisation stood at ₹3,628.01 crore on the NSE as of May 22, 2026.

 

Q4FY26 results

During Q4FY26, the company’s revenue from operations rose 26.3 per cent year-on-year (Y-o-Y) to ₹361.6 crore from ₹286.4 crore reported in Q4FY25.

 

Profit after tax (PAT), however, declined 12.2 per cent Y-o-Y to ₹27.7 crore in Q4FY26 from ₹31.5 crore in the corresponding period last year.

 

Earnings before interest, tax, depreciation and amortisation (Ebitda) declined 0.2 per cent Y-o-Y to ₹63.6 crore from ₹63.5 crore in the same quarter of the previous fiscal year.   

 

Results highlights

• FY26 revenue grew 38 per cent Y-o-Y to ₹1,142 crore, driven by strong execution in the piping segment, supported by orders from the oil & gas and power sectors
• Operating Ebitda rose 54.5 per cent Y-o-Y to ₹191.2 crore, with Ebitda margin at 16.7 per cent, aided by higher execution and improved tariff in the non-core business
• Closing order book stood at ₹1,940 crore as on March 31, 2026, up 57.9 per cent Y-o-Y from ₹1,228 crore
• L1 position stood at ₹211 crore
• Biomass pellet capacity recently became operational, expected to offset cash burn and support margin stability
• During Q4FY26, Malwa Power’s tariff was revised from ₹3.50 to ₹5.224 per kWh, with a retrospective recovery of about ₹5.80 crore
• Entered into a reservation agreement with an international EPC company for booking 60 per cent of total capacity for HRSG pipe spool fabrication, with a minimum contract value of US$ 15.27 million per annum, effective June 1, 2027 to December 31, 2029

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Management outlook

Commenting on the results, Krishan Lalit Bansal, chairman & managing director, DEE Development Engineers said,  “During FY26, we delivered a strong set of operating and financial results, with healthy growth in revenue, Operating Ebitda, and PAT, driven by robust execution in our piping segment catering to the oil & gas and power sector. At a macro level, 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 demand for project delivery and capacity expansion. "