Smallcap Stock Soars 16% After Bagging Multiple Orders Worth ₹173 Cr from BHEL and Others

Synopsis: A company with a 74 percent three-year profit CAGR has now bagged fresh orders worth Rs 173 crore, boosting its order book of Rs 1,300 crore.

A small-cap engineering stock engaged in process piping and heavy fabrication solutions has secured multiple domestic and international orders worth Rs 173 crore, including a major order from BHEL, covering critical piping systems for power sector projects, export contracts through its Thailand subsidiary, and long-term deliveries extending up to 2028, strengthening its order visibility and global footprint.

With a market cap of more than Rs 1,800 Cr, DEE Development Engineers Ltd saw its stock hit an intraday high of Rs 268 which is 16 percent higher than the previous close of Rs 231. 

What’s the News?

DEE Development Engineers Limited has secured new contracts aggregating around Rs 173 crore, including domestic and international orders. The company received job work-based manufacturing contracts, while its Thailand-based subsidiary bagged export orders. These wins strengthen its presence in critical piping solutions for the power sector across multiple geographies.

The first order from Bharat Heavy Electrical Limited is a Rs 26 crore Letter of Intent for the manufacturing and supply of critical piping solutions on a job work basis, to be executed within one year. The second domestic order, worth over Rs 42 crore, is from a power sector joint venture for similar critical piping solutions, which is also to be delivered within a year.

The company has also received a domestic letter of intent from an Indian power sector conglomerate for the manufacturing and supply of piping solutions. The contract value exceeds Rs 20 crore, with execution scheduled over 6-8 months. 

The international order has been awarded to DEE Piping Systems (Thailand) Co., Ltd. by a US-based power sector OEM. It includes HRSG piping manufacturing worth about US$8 million or Rs 72 Crore for 11 units and pipe fittings and flanges worth US$1.5 million or Rs 13 Crore, with deliveries scheduled through December 2028.

The Order Book 

In 9MFY26, DEE Development Engineers reported YTD order intake of Rs 829 crore. Order inflow was dominated by Process Piping Solutions at 93 percent, while Heavy Fabrication had only 7 percent. This reflects strong dependence on core piping projects. While in the same period of time the company has executed orders worth about Rs 793 Cr.

As of December 2025, DEE’s closing order book stood at Rs 1,303 crore. Process Piping Solutions formed Rs 1,262 crore, Heavy Fabrication Rs 41 crore, and Gas Rs 1 crore. The mix included 37 percent domestic and 63 percent export orders, indicating strong international exposure. In 9M FY26 the company has secured orders aggregating to Rs 239 crore from reputed Public Sector Undertakings.

Business & Financial Overview

DEE Development Engineers Ltd, incorporated in 1988 and headquartered in Gurugram, Haryana, is an engineering solutions company specializing in process piping systems, heavy fabrication, and modular skid packages. 

It serves oil & gas, power, chemicals, and fertilizers, offering end-to-end services from design and engineering to manufacturing, testing, and project execution in domestic and international markets, with a client list including Reliance Industries Limited, Andritz, HMEL, Honeywell UOP, Toshiba JSW, Numaligarh Refinery Limited, and MAN Energy Solutions.

In the latest quarterly result the company has seen its revenue from operations increase by 77 percent YoY, from Rs 162 Cr in Q3FY25 to Rs 287 Cr in Q3FY26, while the QoQ increased by 6 percent from Rs 270 Cr. The company had made a net loss of Rs 13 Cr in Q3FY25 which turned around to a net profit of Rs 19 Cr in Q3FY26, while the QoQ increased by 5 percent from Q2FY26’s Rs 18 Cr.

The company has a 3-year sales CAGR of 22 percent, while the TTM is at 36 percent. The company’s 3-year profit CAGR is at 74 percent, while the TTM number is at 251 percent. The company also has an ROCE of 9 percent and an ROE of 7 percent.

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