Whalesbook
DEE Development Engineers: Kya chal raha hai?
DEE Development Engineers ke share aaj 4.9% bhag kar ₹523.80 ke naye record high par pahunch gaye. Yeh sab company ke Q4 FY26 ke results ke karan hua hai. Revenue 26.3% saal-dar-saal badh kar ₹361.6 crore ho gaya. Par ek interesting baat ye hai ki net profit 12.2% gir kar ₹27.7 crore ho gaya. Iska matlab company revenue badhane par zyada focus kar rahi hai, haalanki margins par thoda pressure hai.
EBITDA lagbhag flat raha, 0.2% gir kar ₹63.6 crore ho gaya. Full-year FY26 mein, revenue 38% badhkar ₹1,142 crore pahunch gaya. Yeh growth mainly oil & gas aur power sectors ke piping segment se aayi hai. Operating EBITDA 54.5% badh kar ₹191.2 crore ho gaya, aur EBITDA margins 16.7% tak pahunch gaye. Yeh improvement better execution aur non-core businesses mein revised tariffs ke karan hai.
Company ka order book bhi 57.9% badh kar FY26 ke end mein ₹1,940 crore ho gaya hai. Ek badi khabar ye hai ki company ne ek international EPC firm ke saath HRSG pipe spool fabrication ke liye ek agreement sign kiya hai, jo June 1, 2027 se start hoga aur iski minimum annual value US$15.27 million hogi. Malwa Power ke liye tariff revision se ₹5.80 crore ka retrospective recovery bhi hua hai.
Valuation aur Future Outlook
DEE Development Engineers ka P/E ratio 43-50 ke aas-paas hai, jo kuch competitors jaise ISGEC Heavy Engineering (P/E 24.12) se zyada hai. Lekin sector mein growth prospects ke karan kai companies isi range mein trade kar rahi hain. PEG ratio 0.53 hai, jo earnings growth ke hisab se potential undervaluation bata raha hai. India mein infrastructure aur energy sector mein badhti capital expenditure ki wajah se DEE ke products ki demand badhne ki umeed hai.
Dhyan Rakhne wali baatein
Stock record high par hai aur revenue bhi badh raha hai, lekin Q4 mein profit mein kami aur 123.65% ka high debt-to-equity ratio thodi chinta ki baat hai. Interest coverage ratio bhi sirf 2.22 hai. Ek naya biomass pellet plant margins stabilize kar sakta hai, par uska effect abhi dekhna hoga. Stock 138.31% badh chuka hai, isliye valuation ab 'expensive' territory mein hai aur future growth kaafi kuch already priced in hai. Bade contracts par reliance execution risk la sakta hai.
Chairman & Managing Director Krishan Lalit Bansal ka kehna hai ki India mein capex cycle strong hai aur infrastructure mein investment badhegi, jisse DEE ko fayda hoga. MarketsMOJO ne rating ko 'Hold' kiya hai, jo cautious optimism dikhata hai.