Operating EBITDA rises sharply to ₹47.6 crore as improved utilisation and order inflows support profitability turnaround
Mumbai, 3 February 2026: DEE Development Engineers Limited announced its financial results for the quarter and nine months ended 31 December 2025, reporting a strong improvement across revenue, operating profitability, and earnings, supported by healthy execution momentum in its core piping and fittings business.
Revenue from operations for Q3 FY26 stood at ₹286.7 crore, marking a year on year increase of 77 percent compared with ₹162 crore in the corresponding quarter of the previous year. Sequentially, revenue grew 6.2 percent from ₹270 crore in Q2 FY26. For the nine month period ended December 2025, revenue rose 44.3 percent year on year to ₹780.4 crore.
Operating EBITDA for the quarter increased sharply to ₹47.6 crore from ₹5.7 crore in Q3 FY25, reflecting year on year growth of 740.9 percent. Operating EBITDA margin expanded to 16.6 percent from 3.5 percent a year earlier, driven by operating leverage, higher execution levels, and improved capacity utilisation. For the nine month period, operating EBITDA stood at ₹127.6 crore with a margin of 16.3 percent.
Profit after tax for Q3 FY26 was reported at ₹18.6 crore, compared with a loss of ₹13.3 crore in the same quarter last year. For the nine month period, profit after tax increased to ₹49.5 crore from ₹12.1 crore in 9M FY25. Diluted earnings per share for the quarter stood at ₹2.7.
During the quarter, the company received new order inflows of ₹251 crore, underscoring sustained demand from the power sector. As of 31 December 2025, the closing order book stood at ₹1,302.73 crore, providing strong visibility for execution in the coming quarters.
DEE Development Engineers recorded a one time operational impact of ₹4.2 crore during Q3 FY26 due to the implementation of India’s new labour codes. Despite this impact, the company reported healthy profitability, supported by scale benefits and operating efficiencies. Excluding this adjustment, operating EBITDA and margins for the nine month period would have been higher.
Commenting on the performance, Krishan Lalit Bansal, Chairman of DEE Development Engineers Limited, said, “During Q3 FY26, we delivered a strong set of operating and financial results, with healthy growth in revenue, Operating EBITDA, and PAT, driven by robust execution in our pipe and fitting segment catering to the oil and gas sector. At a macro level, India’s capital expenditure cycle is gaining momentum across infrastructure, energy, and industrial segments, supporting demand for project execution and capacity expansion.”
He added that while the new labour codes resulted in a one time accounting impact during the quarter, the changes are expected to support workforce resilience and employee security over time.
In the core business excluding the power generation division, the Anjar Pipe Fabrication Unit, which commenced operations in September 2025, was fully operational during the quarter and benefited from rising utilisation levels, supporting margin expansion. The Anjar Seamless Pipe Plant remains on track for commercialisation in the current quarter, which is expected to further strengthen execution capacity in high growth segments.
In the non core power generation segment, tariff revision matters remain under litigation, and the company is pursuing restructuring initiatives aimed at improving long term sustainability and operational efficiency.
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