About Company

• The company was incorporated as DE Development Engineers Pvt. Ltd. In 1988. Subsequently the name of the company was changed to ‘DEE Development Engineers Ltd’ in 2010. DEE Development Engineers is an engineering company providing specialized process piping solutions for industries such as oil and gas, power, chemicals and other process industries through engineering, procurement and manufacturing.
• DEE Development Engineers is ranked as one of the leading process pipe solution providers globally, in terms of technical capability to address complex process piping requirements arising from multiple industrial segments. Currently, the company is the largest player in process piping solutions in India, in terms of installed capacity.
• The company had an installed capacity of 94,500 MTPA in FY2023 and it has set up the Numaligarh Facility with a capacity of 6,000 MTPA, which began operating on February 25, 2024.
• The company manufactures and supply piping products such as high-pressure piping systems, piping spools, high frequency induction pipe bends, Longitudinally Submerged Arc Welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories including, boiler superheater coils, de-super heaters and other customized manufactured components.
• The company’s 7 manufacturing facilities are located at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan. Numaligarh in Assam and Bangkok in Thailand, with 3 Manufacturing Facilities located at Palwal, Haryana. The company also operates a temporary manufacturing facility in Barmer, Rajasthan which is dedicated to catering to the piping and erection requirements of the HPCL Rajasthan Refinery.
• The company has recently expanded into a new business vertical of design, engineering, fabrication and manufacturing of pilot plants. The company plans to provide a one-stop solution for the pilot plant requirements of its customers in the oil and gas, petrochemicals, refineries, specialty chemicals, pharmaceuticals and nuclear sectors.
• The company’s Revenues from Operations have grown to ? 595.50 Cr in FY23 from ? 495.22 Cr in FY21, while the EBITDA margins have improved to 11.62% from 10.84% during the same period. The company reported a PAT of ? 12.97 Cr in FY23 vs. Rs 14.21 CR in FY21. The company’s debt increased to ? 319.83 cr in FY23 from ? 224.68 Cr in FY21. For 9 months ended December ,2023, the company reported Revenues from Operations at ? 545.55 Cr, EBITDA margins of 12.45% and PAT at ? 14.34 Cr. The company’s order book has increased to ? 828.70 Cr as on December 31st, 2023 as against ? 335.68 Cr in FY21.

Strengths

Competitive Strength 

• Leading player in an industry with significant barriers to entry;
• Largest player in process piping solutions in India, providing specialized process piping solutions with strategically located state-of-the-art Manufacturing Facilities;
• Long standing customer relationships with a strong order book;
• Wide range of specialized product offerings and services, diversified customer base across geographies and sectors;
• Strong focus on automation and process excellence with an experienced engineering team to drive operational efficiencies;
• Experienced and dedicated promoter and professional management team with extensive domain knowledge.

Business Strategies 

• Leverage the market leading position in the industry to capitalize on the revival of capex cycle in the sectors;
• Drive automation across the facilities and processes to bring in operational efficiencies;
• Forging technology tie-ups with select global OEMs to derive consistent order flow and making us a preferred partner;
• Increasing focus on high margin products with additional contributions from modular skids and usage of high-grade materials which offers a better margin contribution to profitability;
• Launch the pilot plant offerings in the near future;

• Focus on deleveraging and maintaining financial flexibility.

Company Promoters

Company Financials

DEE Development Engineers Limited's revenue increased by 30.47% and profit after tax (PAT) rose by 58.25% between the financial year ending with March 31, 2023 and March 31, 2022.

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

1. Funding working capital requirements of the Company;
2. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and
3. General corporate purposes