The company, on Monday, February 23, said it won contracts worth ₹173 crore for itself and its unit combined.
The first contract is a letter of intent from Bharat Heavy Electricals Ltd. (BHEL) for the manufacture and supply of critical piping solutions on a job work basis. It is worth ₹26 crore, and the delivery is to be completed in a year.DEE Development won its second contract worth ₹42 crore, which is a letter of intent for the manufacture of critical piping solutions. The customer is a joint venture of an Indian and a foreign conglomerate of the power sector, but the name cannot be disclosed due to commercial reasons, the company said. The delivery of this contract is also in a year.
Its material subsidiary DEE Piping Systems (Thailand) Co. Ltd. from a US-based original equipment manufacturer in the power sector. The work involves manufacturing HRSG piping on a job work basis for 11 units, which have to be delivered by December 2028. The order is worth nearly $8 million.
The contract also involves the manufacturing of pipe fittings and flanges with a material basis for seven units for around $1.5 million. The delivery of the same will be by December 2027, the company said.
Another contract is worth ₹20 crore from an Indian conglomerate in the power sector for the manufacturing of piping solutions. The delivery period for the same is six to eight months.On Friday, DEE Development received an order worth $40 million for the supply of HRSG piping for 16 units from an international entity, following which the stock surged 10%.
The company said it had secured the letter of intent from one of the largest international OEM conglomerates in the power sector, headquartered in the US. The letter of intent was valid till February 18, 2027.
Last month, DEE Development’s board of directors approved a change in the top finance leadership by accepting the resignation of Sameer Agarwal and appointing Brham Prakash Yadav as the new chief financial officer (CFO).
Shares of DEE Development Engineers are trading 15.5% higher after the order win at ₹266.35. The stock is rebounding after having retested its IPO price of ₹209 last week. The stock is up 40% in the last one month.
Shares worth ₹600 crore have already been traded for DEE Development Engineers as of 12:30 PM. The figure is already higher than the company’s free float market capitalization of ₹550 crore.
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