DEE DEVELOPMENT ENGINEERS LIMITED — Investor Presentation 2024

Nov 12, 2024

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Date: 12[th] November, 2024

Listing Compliance Department

BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai – 400001 ScripCode:544198	The National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051 Symbol:DEEDEV

Sub: Investor Presentation for the Quarter/Half Year ended on 30[th] September, 2024

Dear Sir/ Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investor Presentation for the Quarter/Half Year ended on 30[th] September, 2024.

The above information is also available on the website of the Company at www.deepiping.com.

This is for your information and record please.

Yours faithfully,

For DEE Development Engineers Limited

Digitally signed by RANJAN RANJAN KUMAR KUMAR SARANGI SARANGI Date: 2024.11.12 17:21:39 +05'30'

__________ Ranjan Kumar Sarangi Company Secretary and Compliance Officer Membership No.: F8604 Address: Unit 1, Prithla - Tatarpur Road, Village Tatarpur Dist. Palwal, Faridabad, Haryana – 121 102

DEE DEVELOPMENT ENGINEERS LIMITED

Regd. Office: Unit 1, Prithla-Tatarpur Road, Village Tatarpur, Dist. Palwal, Haryana- 121102, India Works: Unit 1, 2 & 3, Village Tatarpur, Dist. Palwal, Haryana- 121102, India T: +91 1275 248200, F: +91 1275 248314, E: info@deepiping.com, W: www.deepiping.com CIN: L74140HR1988PLC030225 GST Registration No . 06AACCD0207H1ZA

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DEE Development Engineers Limited

Q2 & H1 FY25 Earnings Presentation

Safe Harbor Statement

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This presentation may contain certain “forward-looking statements” within the meaning of applicable securities laws and regulations, which may include those describing the Company’s strategies, strategic direction, objectives, future projects and/or prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions of future events over which the Company exercises no control. Therefore, there can be no guarantee as to their accuracy and readers are advised not to place any undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward-looking statements. Such risks and uncertainties include, but are not limited to; growth, competition, acquisitions, domestic and international economic conditions affecting demand, supply and price conditions in the various business's verticals in the Company’s portfolio, changes in Government regulations, laws, statutes, judicial pronouncement, tax regimes, and the ability to attract and retain high quality human resource.

2

Agenda

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About DEE

Key Financial Highlights

Why DEE

Shareholding Summary

Annexures

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Management Commentary

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“We are pleased to report that the company demonstrated robust growth in the quarter gone by, with Revenue from Operations increasing by 4.9% QoQ & 8.6% YoY to ₹ 1,940 Mn and by 12.8% YoY in H1 FY25, reaching ₹ 3,790 Mn. The order book as on 30th September 2024 stood at ₹ 11,921 Mn as against ₹ 8,001 Mn as on 30th June 2024.

Operating EBITDA surged significantly, with a 20.2% QoQ & 24.5% YoY growth to ₹ 298 Mn, and 43.6% YoY increase in H1 FY25 to ₹ 546 Mn. Operating EBITDA Margin was at 15.4% for Q2 FY25 and 14.4% for H1 FY25.

The company’s PAT reached ₹ 223 Mn in Q2 FY25, growing at 598.8% QoQ & 125.2% YoY, with a PAT Margin of 10.6%. For H1 FY25, PAT increased by 379.4% YoY to ₹ 255 Mn, with a PAT Margin of 6.4%.

Our company remains steadfast in its dedication to automation and expanding capacity. We are currently setting up the New Anjar Facility II, which will scale our production capacity from 6,000 MT to 15,000 MT, increasing our total capacity to 1,12,500 MT. This facility will be commissioned by the end of Q3 FY25 and will play a pivotal role in reducing logistics costs, enhancing production efficiency, and lowering manpower cost.

New Anjar Facility II is purpose-built to handle orders for the Oil and Gas sector, allowing our Palwal Facility to focus exclusively on the Power sector. This strategic allocation of operations will streamline logistics and optimize our supply chain, leveraging Anjar’s proximity to the Kandla Port in Gujarat.

We are actively strengthening our infrastructure and capabilities to support the increasing capital expenditure in the Power and Oil & Gas sectors, positioning ourselves to meet the rising demand in these key industries. As part of this strategy, we have obtained approval from our Board of Directors to establish a plant for manufacturing seamless pipes, with an annual capacity of 7,000 tonnes, involving a capital expenditure of ₹ 900 Mn. This plant will manufacture forged seamless pipes of thicknesses up to 120 mm, using high-alloy steel and stainless steel (SS) grades. The pipes will be used in critical applications such as thermal power plants of more than 660 MW and subsea projects, where the requirement for high-quality, durable materials is critical. Thank you again for your continued trust. We look forward to this journey together.”

Shri Krishan Lalit Bansal Chairman & Managing Director 4

About DEE

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DEE | An engineering company providing specialized process piping solutions

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DEE Development Engineers Limited was Incorporated by the Chairman & Managing Director Mr. K.L. Bansal in the year 1988.

Largest player in process piping solutions in India, in terms of installed capacity*

DEE currently is ranked as one of the leading process pipe solution providers in the world, in terms of technical capability*

Wide range of specialized product offerings and services making DEE a comprehensive solution provider for its diversified customers spread across geographies and sectors

Long-standing customer relationships

7 strategically located manufacturing facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam, Bangkok in Thailand, with three manufacturing facilities located at Palwal, Haryana. Recently started operations at the New Anjar Facility I

Integrated manufacturing partner providing ‘design-led-manufacturing’ solutions

Over three and a half decades

Of manufacturing experience

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India
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Thailand

Thermax

JGC Babcock & Wilcox Energy Solutions Ltd. Mitsubishi Toshiba JSW Power Heavy Industries Systems Pvt. Ltd.

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₹ 1,940 Mn ₹ 298 Mn Summary Revenue from Operations (Q2FY25) Op EBITDA (Q2FY25) Financials ₹ 3,790 Mn ₹ 546 Mn Revenue from Operations (H1FY25) Op EBITDA (H1FY25)

₹ 223 Mn 3.24x Profit for the year (Q2FY25) Net Debt : Op. EBITDA (H1FY25) ₹ 255 Mn 0.45x Profit for the period (H1FY25) Net Debt : Total Equity (H1FY25)

Net Debt : Total Equity (H1FY25)

*Source : D&B Report;

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Major events and milestones

2020

• Commenced business operations at Anjar Heavy Fabrication Facility in Gujarat

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2024

• Commenced business operations at Numaligarh Facility in Assam.

• Recently started operations at the New Anjar Facility I

2014

• Commenced receiving orders for production of HP piping from a client for a power project at Meja

2010

• Established Unit II, Palwal Facility

• Listed on 26[th] June 2024 on BSE & NSE

2023

• Collaboration agreement with a multinational oil and gas company which is expected to have a positive impact on revenue on a sustainable basis

2022

• Commenced business operations at Anjar Facility I in Gujarat

• Commenced business operations at the Barmer Facility in Rajasthan

2017

  - Commenced business operations at Bangkok Facility

• Commenced supply of piping material for a petroleum refinery and polypropylene plant in Nigeria

• 2013

• Established Unit III, Palwal Facility

• Commenced receiving orders for production of HP piping from a client for a power project at Solapur

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2006
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• Established Unit I, Palwal Facility

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1988
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• Originally incorporated as “DE Development Engineers Private Limited”

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Key Financial Highlights Q2 & H1 FY25

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Financial Highlights – Q2 & H1 FY25

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In INR Millions

Particulars	Revenue from Operations	Operating EBITDA	Profit Before Tax	Profit After Tax	Cash Profit1
Q2 FY25	1,940	298	261	223	348
Growth (YOY)	8.6%	24.5%	141.0%	125.2%	69.7%
Growth (QOQ)	4.9%	20.2%	494.8%	598.8%	121.5%
Margin2(%)		15.4%	12.4%	10.6%
H1 FY25	3,790	546	305	255	505
Growth (YOY)	12.8%	43.6%	269.0%	379.4%	89.1%
Margin2(%)		14.4%	7.7%	6.4%
EPS/CEPS3				4.11	8.16

Note : 1. Cash Profit = PAT add Depreciation 2. Op EBITDA Margins calculated on Revenue from Operations 3. EPS figures are not annualized

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Financial Highlights – Q2 & H1 FY25

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In INR Millions

Note:

	6.1% 2.1% 8.4% RONW(%)2,5 Mar'24 Jun'24 Sep'24	6.1% 2.1% 8.4% RONW(%)2,5 Mar'24 Jun'24 Sep'24		8.7% 6.0% 9.3% ROCE(%)2,4 Mar'24 Jun'24 Sep'24
Particulars 31-Mar-24 30-June-24 30-Sep-24 Net Worth5 4,415 7,462 7,717 Total Borrowings 4,384 3,390 3,502 Total Lease Liabilities 221 230 225 Cash & Cash Equivalents1 25 95 188 Net Debt 4,579 3,525 3,539 Net Current Assets3 4,290 6,121 6,056 Net Fixed Assets 4,801 4,926 5,139 Total Assets 12,092 14,370 13,891 Total Asset Turnover 0.73 0.56 0.58 Sales/Capital Employed4 0.91 0.72 0.72 Cash Conversion Cycle5 162 172 213 1.02 0.47 0.45 Net Debt/Equity Mar'24 Jun'24 Sep'24 6.1% 2.1% 8.4% RONW(%)2,5 Mar'24 Jun'24 Sep'24	6.1% 2.1% 8.4% RONW(%)2,5 Mar'24 Jun'24 Sep'24
			4.47 3.56 3.24 Net Debt/Operating EBITDA2 Mar'24 Jun'24 Sep'24
	1.02 0.47 0.45 Net Debt/Equity Mar'24 Jun'24 Sep'24

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ROCE(%) [2,4]
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9.3%
8.7%
6.0%
Mar'24 Jun'24 Sep'24
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Net ​Debt/Operating EBITDA[2]

4.47 3.56 3.24 Mar'24 Jun'24 Sep'24

1. Excludes unutilized IPO proceeds as of Jun’24 and Sep’24;

2. Profit figures are YTD annualized; Net Worth : Total Equity - Capital Redemption Reserve - Foreign Currency Reserve;

3. Net Current Assets : Current Asset - Current Liabilities +Short Term Borrowings + Short Term Lease Liabilities – Cash & Cash Equivalents;

4. Capital Employed : Total Equity +Total Borrowings + Total Lease Liabilities + Deferred Tax Liabilities - Deferred Tax Assets; 5: Cash Conversion Cycle based on Revenue from Operations;

5. Net Worth : Total Net Worth – Capital Redemption Reserve – Foreign Currency Translation Reserve

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In INR Millions

Financial Highlights – Segmental Revenue Breakup

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Particulars	Piping Division	Power Division	Heavy Fabrication
Q2 FY25	1,588	217	134
Sales Contribution	81.9%	11.2%	6.9%
Q1 FY25	1,492	208	149
Sales Contribution	80.7%	11.3%	8.1%
Q2 FY24	1,567	193	26
Sales Contribution	87.8%	10.8%	1.4%
H1 FY25	3,080	426	284
Sales Contribution	81.3%	11.2%	7.5%
H1 FY24	2,897	402	61
Sales Contribution	86.2%	12.0%	1.8%

Note : Revenue is net of inter-segmental sales

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Summary of Profit and Loss Statement

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In INR Millions

Particulars	Q2 FY25	Q2 FY24	YoY Change	Q1 FY25	QoQ	H1 FY25	H1 FY24	YoY Change	FY24
Revenue from Operations	1,940	1,786	8.6%	1,850	4.9%	3,790	3,359	12.8%	7,888
Operating EBITDA	298	239	24.5%	248	20.2%	546	380	43.6%	1,025
Operating EBITDA1 (%)	15.4%	13.4%	195 bps	13.4%	196 bps	14.4%	11.3%	309 bps	13.0%
Other Income	160	76	111.1%	32	398.7%	192	97	98.1%	181
Finance Cost	71	100	(29.1%)	111	(35.7%)	182	180	0.9%	400
Depreciation	125	106	17.9%	125	0.0%	250	214	17.1%	451
PBT	261	108	141.0%	44	494.8%	305	83	269.0%	355
PAT	223	99	125.2%	32	598.8%	255	53	379.4%	262
PAT (%)	10.6%	5.3%	529 bps	1.7%	891 bps	6.4%	1.5%	486 bps	3.2%
Diluted EPS2(₹)	3.60	1.86	93.1%	0.60	499.6%	4.11	1.00	310.4%	4.92

Note : 1. Op EBITDA Margins calculated on Revenue from Operations 2. EPS figures are not annualized

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Why DEE

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Diverse Portfolio
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Wide range of specialized product offerings and services making DEE a comprehensive solution provider

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Positive Outlook
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Strong Outlook supported by strategic initiatives and competitive market position

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Industry Tailwinds
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Powerful Industry Tailwinds driving growth, profitability and market expansion

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Financial Resilience
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Robust Financial Performance showing consistent revenue growth and strong Cash flow

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Industry Leader
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Leading Indian manufacturer of specialized process piping solutions, known for its extensive production capabilities and significant entry barriers in the industry.

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Established Clientele
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Long standing customer relationships with a strong order book with sustained customer loyalty and reliable stream of future revenues

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Operational Excellence
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Significant focus on automation and process excellence with an experienced engineering team to drive operational efficiencies

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Strong & Experienced Management
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Experienced and dedicated promoter and professional management team with extensive domain knowledge

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Wide range of specialized product offerings and services…

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Piping Spools

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Modular Piping (Skids and Modules)

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Induction Pipe Bends

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Industrial Pipe Fittings

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Industrial Stacks and Wind Turbine Towers

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Pressure Vessels

DEE handles complex metals such as varying grades of carbon steel, stainless steel, super duplex stainless steel, alloy steel and other materials including inconel and hastelloy in manufacturing processes

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…across a spectrum of industries

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Oil & Gas

Power (including Nuclear)

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Process industries (incl. sugar, specialty chemicals & distilleries) Chemical

Recently expanded into new business vertical of design, engineering, fabrication and manufacturing of Pilot Plants. DEE intends to develop pilot plants which cater to the R&D needs of companies in the Oil and Gas, Petrochemicals, Refineries, Specialty Chemicals, Pharmaceuticals and Nuclear sectors, as well towards the R&D needs of educational research institutions

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Leading player in an industry with significant barriers to entry (1/2)

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Leadership

Largest player in process piping solutions in India, in terms of installed capacity[*]

Currently ranked as one of the leading process pipe solution providers in the world , in terms of technical capability to address complex process piping requirement arising from multiple industrial segments.[*]

Scale

7 strategically located Manufacturing facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand, with three manufacturing facilities located at Palwal, Haryana

Commenced operations at the New Anjar Facility I and in the process of enhancing manufacturing capabilities by setting up a new manufacturing facility at the New Anjar Facility II

Cumulative installed capacity of 103,500 MT per annum[#]

Served customers across Canada, Thailand, United States of America, Switzerland, Italy, Malaysia, Nigeria, Germany, Japan

*Source : D&B Report #As on 30[th] September 2024

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Leading player in an industry with significant barriers to entry (2/2)

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Barriers to entry

DEE

Requirement of skilled labour with complex manufacturing technology

Manufacturing Facilities have a good mix of automation and manual processes

High capital investment

Presence of robust design and execution capability

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DEE has made and expects to continue making capital expenditure

As of September 30, 2024, DEE has a team of over 650 personnel working on design, engineering and product development

High quality standards and stringent specifications of customers & resources and time involved for a customer to change its suppliers are relatively high

Through the three and a half decades of business operations, DEE has established long-term relationships with customers across industries

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Long standing customer relationships with a strong order book…

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Length of Relationship in years with key customers

As on Sep 30, 2024 – DEE had an order book of INR 11,921 Mn

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12 years
Mitsubishi
12 years
Heavy Industries
11 years
10 years
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10 years
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10 years
8 years
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Toshiba JSW Power Systems Pvt. Ltd.

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Order Book Contribution across Sectors in which DEE’s customers operate –
Figures in INR Mn
62.9
1,786.0 Oil and gas
INR
Power (including nuclear)
11,921
Mn
Process Industries
10,072.5
Order Book Contribution from Domestic & Overseas Customers
Figures in INR Mn
Domestic Customers
INR
6,010.0 11,921 5,911.4
Mn Overseas Customers
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Long-term association with customers offers DEE significant competitive advantages such as revenue visibility, industry goodwill, a deep understanding of the requirements of DEE’s customers and is a testament to the quality of the Company’s products and services.

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…supplemented by diversified customers spread across geographies and sectors

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As of Sep 30, 2024, DEE has served customers across 27 countries

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Select Countries served in September’24
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Revenue from Operations Split by Geography (H1 FY25)

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Split by Geography (H1 FY25)
42.3%
57.7% INR
Germany
Switzerland 3,790
Italy Mn
USA Japan
India
In India Outside India
Thailand
Malaysia Revenue from Operations
Split by Sectors served (H1 FY25)
38.8%
0.0%
10.3%
INR
"This map is only for the purpose of 3,790
representation and is not to be considered an
accurate geopolitical representation." 11.1% Mn
39.8%
DEE’s Products and engineering services have applications across a spectrum of industries such as oil and gas, power Oil & Gas Power (including nuclear)
(including nuclear), Process Industries and chemicals Power Generation Process Industries
Chemical
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Note : *Including sugar, specialty chemicals and distilleries

DEE operates through strategically located state-of-the-art manufacturing facilities…

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Seven strategically located Manufacturing Facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand

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Manufacturing Facility
Heavy Fabrication Facility
89,000 MT Engineering Facility
Installed Capacity for Ports
H1 FY 2025 for
Facilities in India
Palwal
Barmer Bangkok
Port
Numaligarh [#]
Anjar [#]
Mundra
Port Kandla Bangkok Bangkok
Port
Port
14,500 MT
Bangkok Facility
Installed Capacity
for H1 FY 2025
Chennai
Anjar Facility I, Anjar Heavy Fabrication Facility, New Anjar Facility I, proposed New Anjar Facility II in Gujarat and Bangkok Facility are strategically located
with access to ports to cater to overseas customers
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The facility at Numaligarh has become operational and has an annual installed capacity of 6,000 MT. DEE has recently started operations at the New Anjar Facility I on April 30, 2024 with an installed capacity of 3,000 MT

Note : *Palwal Facility I,II,III , Barmer Facility, Anjar Facility I, Anjar Heavy Fabrication Facility

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…equipped with a good mix of automation and manual processes

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DEE’s manufacturing facilities have a good mix of automation and manual processes

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Fully automated robotic welding systems

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Automatic GMAW Welding System

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Fully CNC heat treatment furnaces (gas and electric)

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Semi-automatic shot blasting In-house non-destructive and painting machines examination facilities

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Induction bending process

Automation capabilities enable DEE to combine operations and eliminate multiple operators in the production process to increase productivity, while controlling costs and maintaining consistent product quality

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CURRENT

Installed Capacity & Capacity Utilization

Facilities	H1 FY25	H1 FY25	FY 2024	FY 2024
	Installed Capacity (in MT)	Capacity Utilization (in %)*	Installed Capacity (in MT)	Capacity Utilization (in %)
Palwal FacilityI	9,000	6.3%	9,000	5.7%
Palwal FacilityII	3,000	50.9%	3,000	54.2%
Palwal FacilityIII	24,000	73.0%	24,000	94.1%
Barmer Facility	5,000	24.5%	5,000	76.5%
Anjar FacilityI	3,000	16.1%	3,000	58.1%
Bangkok Facility	14,500	30.4%	14,500	43.1%
Anjar Heavy Fabrication Facility	36,000	44.5%	36,000	27.4%
Numaligarh	6,000	5.2%	6,000	NA
New Anjar Facility I	3,000	33.7%	NA	NA
Total	1,03,500 41.6% 1,00,500 46.2%
Facilities	H1 FY25		FY 2024
	Installed Capacity (in MW*)	Capacity Utilization (in %)*	Installed Capacity (in MW)	Capacity Utilization (in %)
Abohar Biomass	8	80.6%	8	80.0%
Muktsar Biomass	6	96.0%	6	96.9%
Total	14	87.2%	14	87.2%

		H1	FY25	FY	2024
	Facilities	Installed Capacity*	Capacity Utilization*	Installed Capacity	Capacity Utilization
Abohar	Biomass	(in MW) 8	(in %) 80.6%	(in MW) 8	(in %) 80.0%
Muktsar Biomass		6	96.0%	6	96.9%
Total		14	87.2%	14	87.2%

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Capacity : 103,500 MT

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1,88,990 Square Meters

Acquired Land

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FUTURE

Capacity : 112,500 MT

• •

• Setting up the New Anjar Facility II cost

• • • Increase in capacity Efficiency in from 6,000 MT to production 15,000 MT • Reduction in manpower cost

• •

• Reduction in logistics Manufacturing of: cost 1. Industrial pipe fittings

• Efficiency in 2. Modular Skids production • Provide Engineering

• • Reduction in supply & process manpower cost piping solutions

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Note : *Annualized

Experienced & dedicated promoter and skilled management team with deep domain expertise (1/2)

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Krishan Lalit Bansal - Promoter, Chairman & Managing Director

• ❖ Has been associated with the Company since its inception in 1988 and has experience in prefabricated piping systems and bio-mass power sector

• ❖ He has been conferred with various awards including ‘ Business Leader of the Year ’ in 2011 and ‘ Lifetime Achievement Award ’ in 2016 by the Faridabad Industrial Association

• ❖ He was also conferred with the ‘ Business Excellence Award ’ by International Study Circle and the ‘ Rashtriya Rattan Award ’ by the All-India National Unity Council for his contributions to the industry

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Ashima Bansal - Whole-time Director

• ❖ She has been associated with the Company since April 30, 2007

• ❖ She holds a bachelors’ degree in Education and a masters’ degree in Arts

Shikha Bansal - Whole-time Director

• ❖ She has been associated with the Company since December 1, 2020

• ❖ She holds a bachelors’ degree in Commerce and Masters' degree in Commerce

Bhisham Kumar Gupta - Independent Director

• ❖ He holds a Bachelors of Science degree in Engineering

• ❖ He was previously associated with Engineers India Limited as the Executive Director

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Shilpi Barar – Independent Director

• ❖ She holds a Bachelors’ degree in Commerce

• ❖ She was previously associated with Sita Singh & Sons Private Limited as the Head of Operations

Ashwani Kumar Prabhakar – Independent Director

• ❖ He holds a Bachelors of Science degree in Engineering and is registered with the Institute of Cost Works Accountant of India

• ❖ He was previously associated with Ministry of Defence, Kolkata, Government of India as the Director General of Ordnance Factories and Chairman of the Ordnance Factory Board

24

Experienced & dedicated promoter and skilled management team with deep domain expertise (2/2)

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Pankaj Agarwal – Chief Operating Officer

• ❖ He has been associated with the Company since July 25, 1994 and is involved in the strategic, financial, and operational development of the Company

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Charu Agarwal– Vice President (Accounts)

• ❖ She is involved in strategic planning for the development of long-term goals for the Company

• ❖ She holds a bachelors’ degree in Commerce and is registered with the Institute of Chartered Accountants of India

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Sameer Agarwal – Chief Financial Officer

• ❖ He holds a bachelors’ degree in Science and is registered with the Institute of Chartered Accounts of India

• ❖ Prior to joining the Company, He was associated with Jugal Arora and Company, Chartered Accountants.

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Shruti Aggarwal – Vice-President (Operations)

• ❖ She is involved in the budgeting, forecasting, costing & profitability analysis and management reporting for the Company

• ❖ She holds a bachelors’ degree in Commerce and is a CFA (ICFAI, Tripura); she also holds a post graduate diploma in management with a specialization in finance

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Ranjan Kumar Sarangi – CS & Compliance Officer

• ❖ He holds a bachelors’ degree in Science (Hons.) and a bachelors’ degree in Law. He is also registered with the Institute of Company Secretaries of India

• ❖ Prior to joining the Company, he was associated with MGRM Medicare Limited, Delhi and Gold Plus Toughened Glass Limited, Delhi

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Pawan Arora – Associate Vice President, Vendor Relations Department

• ❖ He holds a bachelors’ degree in Mechanical Engineering; a post graduate diploma in materials management from the Indian Institute of Materials Management, Mumbai and a post graduate diploma in management from the Management Development Institute, Gurgaon

• ❖ Prior to joining the Company, he was associated with Carrier AirConditioning and Refrigeration Limited

25

Resilient Financials

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In INR Millions

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----- Start of picture text -----

Revenue from operations Op. EBITDA & Op. EBITDA Margin PAT & PAT Margin
Op EBITDA Op EBITDA Margin (%)
PAT (INR Mn) PAT Margin (%)
16.8%
6.4%
24.1% 14.4%
14.0% 22.6%
3.2%
11.6%
10.8% 13.0%
2.8% 2.1%
1.7%
FY21 FY22 FY23 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25
ROCE & ROE (%) Net Debt to Operating EBITDA Net Debt to Equity
ROCE (%) ROE (%)
12.0%
9.3%
10.0% 8.7%
8.0% 6.6%
6.1%
5.3% 8.4%
6.0%
3.2%
4.0% 1.9%
2.0%
0.0%
FY22 FY23 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25
7,888
262 255
5,955
4,952 692
4,609 646
537 546 142
3,790 130
1,025 82
1.02x
5.23x
4.79x 4.49x 4.47x 0.85x
0.70x
3.24x 0.57x
0.45x
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Credit CARE A- CARE A2+ Rating Long Term Short Term

Note : *Quarterly figures annualized,

26

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Powerful Industry Tailwinds

The global market for process piping systems is expected to reach USD 54.5bn by 2030[] Demand for process piping is triggered by capacity expansion Global Process Piping solutions market is valued at ~USD projects in industrial sector 39.2bn in 2023E*

Global Process Piping solutions market is valued at ~USD 39.2bn in 2023E

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Year-on-Year Change : Global Capital Spending v/s Process Piping Global Process Piping Industry (in USD bn)
60.0
Industry Turnover (%)
15.0% 13.5% CAGR 4.8% 54.5
50.0
10.0%
42.4
39.2
40.0
4.9% 6.1%
5.0%
4.8%
3.2%
2.0% 30.0
0.0%
2019 2020 2021 2022
20.0
-3.7%
-5.0%
-6.0%
10.0
-10.0%
-
Y-o-Y Change in Global Capex
Y-o-Y Change in Process Piping Market Size 2023E 2025F 2030F
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Note : *as per D&B Report

27

Powerful Industry Tailwinds

Indian process piping solutions market is expected to register a CAGR of nearly 6.1% between FY2023 and FY2030[*]

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By 2030, Indian market for process piping solutions is expected to reach INR 38,400 crs

Indian Process Piping Industry – segmentation

Indian Process Piping Industry (in INR 000 crore)

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CAGR 6.1%
38.4
28.1
25.4
2023E 2025F 2030F
Key demand driver
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Improving capital expenditure landscape in India with new capital investment projects worth INR 31,23,000 crore announced in FY2023

Indian Process Piping Industry – Segmentation by EndUse Industry (2023)

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4%
23%
25%
INR 25,400 crore
19%
15%
14%
Oil Refineries
F&B Manufacturing Plants
Paper Mills
Power Plants
Chemical & Pharmaceutical
Others
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Note : *as per D&B Report

28

Powerful Industry Tailwinds Growth driven by new wave of Capital Expenditure in the Oil & Gas, Petroleum and Power Sectors

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Indian Power Project Pipeline– INR Crore [1]
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Till FY26 4,27,000 3,39,000 7,66,000
Beyond FY26 5,25,000 6,88,000 12,13,000
Power Generation Petroleum Refining
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The Government of India plans to add at least 80 GW of coal-based capacity by 2031-32, with an estimated cost of Rs 6,67,200 crore at 2021-22 prices. The capital cost per MW is Rs 8.34 crore.[3]

• India, the second-largest refiner in Asia , has established itself as a global powerhouse in oil processing. With an extensive refining capacity of approximately 249 Million Tonnes per year, equivalent to around 5 Million Barrels per day, the nation is well-positioned for continued growth.

• With petroleum product consumption expected to rise by 112 MTPA by FY30 (from 254 MTPA in FY23) , Refining Capacity must expand similarly. India's Refining Capacity is projected to reach 450 MTPA by FY30, growing at a CAGR of 9% between FY23 and FY30[1]

• The bulk of the proposed capital investments target refining capability improvements . This robust project pipeline offers attractive opportunities for Process Plant solution providers.

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FY25 Power Project Pipeline in India [2] Installed Refinery Capacity in India [2] India Power Industry – Installed Capacity Trend [2]
State-wise Number of Units in MMTPA in GW
618
8.5% 8.2%
450
4.7%
416
3.5%
254
305
193
24
2
24
2
Powered b Bin
eo ames icrosoft om om FY12 FY23 FY30P FY16 FY23 FY28P
29 Source: 1: D&B Analysts; 2: India Climate & Energy Dashboard; 3: Ministry of Power
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Powerful Industry Tailwinds

…and strong capital built up in the Indian Chemical and Pharmaceutical Sectors

Indian Chemicals & Pharmaceuticals Capex Pipeline – INR Crore[1]

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Till FY26 77,648 1,58,906 2,36,554
Beyond FY26 49,994 2,23,902 2,73,896
Pharmaceuticals Chemical Manufacturing
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▪ To support the anticipated growth in demand & production, India will have to scale up its installed Chemical Production Capability to nearly 29 MTPA and Petrochemical Production Capability to 80 MTPA by FY30

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Indian Chemical Industry [2]
In USD $ billion
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8.5%
349
297
7.4% 252
231
178
163
107
FY11 FY18 FY19 FY22 FY23 FY25P FY27P
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Chemical & Petrochemical Production in India [1]
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----- Start of picture text -----

in MTPA
5.9% 22.6
70.6
7.5%
12.7
44.6
11.0
20.2
FY22 FY23 FY30P
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Indian Chemical Industry by Sub-Segments [1]
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CAGR
FY23 - FY27P
16% 7.5%
29%
15%
31% 9.5%
FY27P
FY23
27%
27% 8.5%
28%
27% 9.5%
Bulk chemicals Petrochemicals Specialty Chemicals Fertlizers
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Source: 1: D&B Analysts; 2: CRISIL

30

Robust Growth Outlook

DEE’s strategy to capitalize on the accelerating Capex Cycle in its Key Sectors

Launch pilot plant offerings in the near future

Leverage market leadership to capitalize on the accelerating Capex Cycle in key sectors, driving growth.

Shift focus to high-margin products, i.e. Modular Skids, and Premium materials for enhanced profitability.

Drive automation across the facilities and processes to bring in operational efficiencies

Forge technology partnerships with Global OEMs for consistent orders and integrated piping solutions.

Focus on deleveraging and maintaining financial flexibility

Strategic capital allocation to expand and enhance capacity and competency.

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DEE’s Capital Expenditure in line with the Industry Capex Cycle

Anticipating growth in the power sector, DEE had invested in expanding its capacity, positioning itself to capitalize on future opportunities	Anticipating growth in the power sector, DEE had invested in expanding its capacity, positioning itself to capitalize on future opportunities
Growth in Power Capacity addition from FY13 - FY16	11.6% CAGR
Strategic capital expenditure by DEE during FY13 & FY14 in anticipation of the growth	₹ , 4 Million
DEE's revenue growth aligned with the Power Industry's capacity expansion from FY13 to FY16	20.0% CAGR

DEE has prepared itself by swiftly expanding its capacity, to capitalize upon the anticipated growth in the power sector Anticipated growth in Power Capacity addition from FY23 - FY28 8.2% CAGR Strategic capital expenditure by DEE during FY23 & FY24 in anticipation of the growth ₹ ,39 Million DEE has recently set up the Numaligarh Facility with a capacity of 6,000 MTPA , which began operating on February 25, 2024

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Recently started operations at the New Anjar Facility I with an installed capacity of 3,000 MT

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Setting up the New Anjar Facility II which will be operational by Q3 FY25, and will increase the total capacity of the Anjar facilities (excluding heavy fabrication capacity) from 6,000 MTPA to 15,000 MTPA

The New Anjar II facility will focus on the Oil and Gas Sector, freeing up capacity at the Palwal Facility for the Power Sector and significantly reducing logistics costs due to its proximity to the Kandla Port

31 Source: 1: D&B Analysts; 2: India Climate & Energy Dashboard

Robust Growth Outlook

Expansion into adjacent business verticals

DEE recently expanded its business by entering a new business vertical of design, engineering, fabrication and manufacturing of pilot plants

As part of DEE’s growth strategy , the Company has recently expanded its business by entering a new business vertical of design, engineering, fabrication and manufacturing of pilot plants which acts as a pre-commercial production system to evaluate the feasibility of certain processes before the start of full-scale production

Pilot plants are small-scale process plants which act as a pre-commercial production system to evaluate the feasibility of certain processes before the start of full-scale production

DEE intends to develop pilot plants which cater to the research and development needs of companies in the oil and gas, petrochemicals, refineries, specialty chemicals, pharmaceuticals and nuclear sectors , as well towards the research and development needs of educational research institutions

Intend to provide a one stop solution for pilot plant requirements of DEE’s customers which will range from conceptualisation to commissioning of a pilot plant , and will include 3-D modelling, process simulation, control engineering, design, fabrication and construction of a pilot plant, followed by installation of the pilot plant at the site specified by the customer

DEE believes it has the required technical capabilities and infrastructure set up which enables it to bid for projects in the pilot plant sector

DEE’s order book from pilot plants as of Sep 30, 2024 is ₹ 73.97 million

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Process to manufacture pilot plants

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ACCEPTANCE OF
PURCHASE ORDER
PREPARE BASIC ENGINEERING PACKAGE
(BEP)
SUMBISSION OF BEP
BEP REVIEW
MEETING Not Approved REVISE BEP AFTER CLIENT
FOR COMMENTS
APPROVAL
Approved
SUMBISSION OF FINAL BEP AND
APPROVAL OF BEP
EQUIPMENT ORDERING AND UNIT
ASSEMBLY
UNIT READY FOR INSPECTION AND CLIENT
CALL FOR FACTORY ACCEPTANCE TEST
FACTORY ACCEPTANCE TEST BY CLIENT
REPRESENTATIVE
DISPATCH OF UNIT AFTR CLIENT WRITTEN
ACCEPTANCE
FINAL INSTALLATION AND
COMMINSSION OF THE UNIT AT CLIENT
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32

Shareholding Pattern (Sep 2024)

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Non-Promoter Shareholding

Key Institutional Shareholders

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FIIs Kotak Mahindra Mutual Fund
7.5%
Mutual Funds / AIF
LIC Mutual Fund
37.0%
Banks, NBFCs & Insurance
Aditya Birla Mutual Fund
Body Corporate 54.2%
Total Shareholding Tata Mutual Fund
Others 0.0%
1.3%
0.4% HDFC Mutual Fund
0.0% 11.1%
JM Financial Mutual Fund
2.2%
16.2% Citigroup Global Markets
Promoter Group
FIIs Natixis International Fund
Mutual Funds / AIF
70.2% Aurigin Master Fund
Banks, NBFCs and Insurance
Body Corporate
Pinebridge Global Fund
Others
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33

Thank You!

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Investor Relations Advisor
Chief Financial Officer
Sanjeev Sancheti
Sameer Agarwal
sameer.agarwal@deepiping.com ir@uirtus.in
www.deepiping.com www.uirtus.in
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Annexures

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IPO Fund Utilization

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			In INR Millions
Objects of the Issue as per Prospectus	Amount to be utilized from Net Proceeds*	Amount Utilized as on 30.09.2024	Total Un-utilized amount as on 30.09.2024
Funding Working Capital requirements of our Company	750.00	750.00	-
Prepayment or repayment of all or a portion of certain	1,750.00	1,750.00	-
outstanding borrowings availed by our company
General corporate purposes	471.29	269.25	202.04
Total	2,971.29*	2,769.25	202.04

*Net of IPO Expenses of 278.71 Million

36

Overview of Process Piping

A process piping system is a specialized piping system that is exclusively used in an industrial plant for transporting input materials that goes into the actual production process.

Process piping system typically consists of a network of interlinked piping system comprising different components such as pipes, tubes, pressure hoses, valves, separators, traps, flanges, fittings, gaskets, strainers, and control instruments among others.

Process

Piping

Depending on their application process piping systems may be simple and limited in scope, or extensive and complex.

Process piping systems are widely used across diverse industries such as chemical and pharmaceutical, oil & gas, semiconductor, paper, textiles etc.

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37

Manufacturing Facilities (1/2) - Largest player in process piping solutions in India providing specialized process solutions

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in terms of installed capacity

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Anjar Heavy
Palwal Facility I Palwal Facility II Palwal Facility III Barmer Facility Anjar Facility I Bangkok Facility Numaligarh Facility New Anjar Facility I
Fabrication Facility
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Strategically located manufacturing facilities

• ✓ The Barmer Satellite Facility is a dedicated facility set up to cater to the piping and erection requirements of the HPCL Rajasthan Refinery Limited.

• ✓ Facilities at Anjar, Gujarat are located at a distance of approximately 24 kms from the Deendayal Port Trust (Kandla Port ) and at a distance of approximately 75 kms from the Adani Ports and Special Economic Zone (Mundra Port).

Equipped with modern equipment and systems

• ✓ Fully automated robotic welding systems

• ✓ In-house non-destructive examination facilities

• ✓ Semi-automatic shot blasting machines

• ✓ Fabrication shops for stainless steel and a clean room/ dust free manufacturing facility

• ✓ Chennai Engineering Facility is focused on engineering of specialized process piping solutions

Stringent quality and safety standards and processes

• ✓ Multiple ISO certifications

• ✓ National Accreditation Board for Testing and Calibration Laboratories accredited physical and chemical testing laboratory

• ✓ Manufacture industrial pipe fittings registered under the Canadian Registration Number

• ✓ Quality assurance certificates with respect to the Pressure Equipment Directive 2014/68/EU

• ✓ Bangkok Facility is located at a distance of approximately 62 kms from the Bangkok Port.

38

Manufacturing Facilities (2/2) – Two biomass power generation plants

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Abohar Biomass Power Plant

Muktsar Biomass Power Plant

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• Abohar Biomass Power Plant spans an area of approximately 205,681.48 square meters.

• Muktsar Biomass Power Plant spans an area of approximately 141,829.67 square meters.

• Aggregate capacity of Abohar Biomass Power Plant is 8 MW which is fully contracted for under the Power Purchase Agreement (“PPA”) entered into with the Punjab State Power Corporation Limited (“PSPCL”) on March 4, 2011.

• PPA is valid for 30 years commencing February 5, 2009.

• PSPCL has permitted the Company to interconnect the Abohar Biomass Power Plant and operate it in parallel with the PSPCL’s / Punjab State Transmission Corporation Limited’s (“PS CL”) system.

• Operated by DEE’s wholly owned subsidiary, MPPL.

• Aggregate capacity`y of Muktsar Biomass Power Plant is 6 MW which is fully contracted for under the PPA entered into by MPPL with the Punjab State Electricity Board on February 19, 2004.

• The PPA is valid for 20 years commencing April 27, 2005.

• PSPCL has permitted the biomass power plant to interconnect the Muktsar Biomass Power Plant and operate it in parallel with the PSPCL’s system.

39