Dee Development Engineers has announced that its material subsidiary, DEE piping System (Thailand) Co. Limited, has secured a significant order from an international EPC company. The agreement involves the booking of facility capacity for Heat Recovery Steam Generator (HRSG) pipe spool fabrication. The contract is valued at a minimum of US$ 15.27 million per annum and is set to commence on June 1, 2027, extending through December 31, 2029.

Order Details

The following table summarizes the key parameters of the announced order:

Strategic Significance

This order represents a strategic milestone for the company, as it accounts for 60% of its total capacity for HRSG pipe spool production, including shop detailing, procurement, and manufacturing. The engagement underscores the company's capabilities in executing specialized, high-value fabrication projects for international clients. The long-term nature of the agreement, spanning over two years, provides visibility into future revenue streams and operational stability.

DEE Development Engineers Limited has disclosed its order book update for the period from 1st April, 2026 to 30th April, 2026, filed with the stock exchanges on 8th May, 2026. The company reported a total order inflow of ₹49.94 crore and executed orders aggregating ₹67.48 crore during the month. The closing order book stood at ₹1,909.82 crore, compared to an opening balance of ₹1,927.36 crore at the start of the period. The cumulative order inflow and execution for FY 2026-27 as of 30th April, 2026 stand at ₹49.94 crore and ₹67.48 crore, respectively. Notably, DEE India has also been identified as the lowest bidder (L1) for orders worth ₹211 crore from reputed clients, for which formal purchase orders are yet to be awarded and have not been included in the order book figures.

Order Book Summary — April 2026

The following table presents the consolidated order book movement across all business segments and entities for April 2026 (all figures in INR Crores):

Segment-Wise and Entity-Wise Order Book Details

The order book encompasses activity across the Pipings, Heavy Fabrication, Gas Plants, and Power segments. The detailed breakdown by entity, industry, and activity is presented below (all figures in INR Crores):

For DEE Thailand, exchange rates for existing export orders were considered at 1 THB = 2.91003 INR.

Additional Order Pipeline and Power Segment Developments

DEE India has disclosed that it is the lowest bidder (L1) for orders worth ₹211 crore from reputed clients, for which formal purchase orders are expected to be awarded. This amount has not been included in the order book table above.

Regarding the Power segment, there are Power Purchase Agreements (PPA) in place with Punjab State Power Corporation Limited for the Biomass Power Generation business. The average billing for the preceding two fiscal years has been ₹80 crore per year. The Punjab State Electricity Regulatory Commission (PSERC), via its final order dated 27th March, 2026, fixed the tariff rate for Malwa Power Private Limited for FY 2025-26 at Rs. 5.224/kWh (Rs. 0.97 fixed + Rs. 4.254 variable), with an annual escalation of 5% on variable cost. Accordingly, the tariff rate for FY 2026-27 shall be Rs. 5.437 per kWh with effect from 01.04.2027. The projected revenue for FY 27 is approximately Rs. 47.71 crore, which includes Rs. 23.4 crore from the pellet plant.

Tariff and Legal Developments — DEE India Power Division

The tariff of DEE Development Engineers Limited's Power Division was revised to Rs. 5.877 per unit by PSERC vide its order dated 20.08.2025. The company filed an appeal before the High Court of Punjab & Haryana against this order. The High Court, vide its order dated 23rd October, 2025, stayed the operation of the Commission's order. As a result of this stay:

• The company shall continue to supply electricity to PSPCL at the prevailing tariff of ₹7.47 per unit.
• Any recovery claimed by PSPCL on account of tariff differential shall remain withheld until the final disposal of the matter by the High Court.

The company has also noted that it may file an appeal before the Appellate Tribunal for Electricity (APTEL), New Delhi, to challenge the PSERC order determining the tariff for the Malwa Power plant, with a prayer to increase the tariff as per CERC Regulations.

Note on Revenue Recognition

The company has clarified that the total value of orders executed during the period represents the aggregate amount of invoices raised on customers. Revenue recognized under Indian GAAP (Ind AS 115 – Revenue from Contracts with Customers) may differ from the invoiced amount due to the application of various Incoterms and performance obligations under respective contracts. Revenue recognition is aligned with the transfer of control of goods or services to the customer, and not merely based on invoicing milestones. Accordingly, revenue recognized during the reporting period may be lower than the total invoiced value for the same period.