DEE DEVELOPMENT ENGINEERS LIMITED — Investor Presentation 2025

Nov 5, 2025

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Date: 5[th] November, 2025

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 ended on 30[th] September 2025

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 ended on 30[th] September, 2025.

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

RANJAN KUMAR Digitally signed by RANJAN KUMAR SARANGI SARANGI Date: 2025.11.05 22:05:02 +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 FY26 Earnings Presentation

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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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3

Management Commentary

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“We are pleased to announce a very strong performance for the quarter and half year ended September 30, 2025, underscored by robust revenue growth and consistent operational execution.

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Shri Krishan Lalit Bansal Chairman & Managing Director

Operating Income for the quarter stood at ₹2,700 Million, reflecting a strong year-on-year growth of 39.2% and a sequential increase of 20.7%. Operating EBITDA for the quarter rose 47.9% year-on-year to ₹441 Million, with margins expanding by 96 bps to 16.3%. Q2 FY26 PAT stood at ₹179 Million, with a margin of 6.5%. The year-on-year fall in PAT was primarily attributable to an exceptionally high other income of ₹160 Million in Q2 FY25, arising from non-recurring items. Adjusting for this, the normalized Operating PBT for Q2 FY25 would have been ₹102 Million as against ₹172 Million in Q2FY26, reflecting a growth of 69% in the underlying operational profitability.

For H1 FY26, Revenue from Operations grew 30.3% year-on-year to ₹4,938 Million. Operating EBITDA increased 46.4% to ₹799 Million, with margins expanding by 179 bps to 16.2%. PAT for H1 FY26 stood at ₹311 Million, up 22.1% year-on-year.

The Company continues to witness traction in the power sector, with new orders received of ₹170 Crores from leading thermal power players. Supported by healthy demand from the oil and gas segment and an order book of ₹1,308 Crores as on 30th September 2025, the Company remains well positioned for sustained growth.

On the operational front, the Company commissioned its production capacity of 30,000 MT at its Anjar facility on 8th September 2025, marking a key milestone in its expansion journey. Commissioning of 7,000 MT Seamless Pipe Plant is on track for commissioning by the end of Q3 FY26 and is on course to commence commercial production by January 2026, further strengthening backward integration and cost competitiveness.

Looking ahead, the Company remains focused on execution excellence, expanding capacities, and capitalizing on emerging opportunities to drive sustainable growth and long-term value for all stakeholders.”

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 II

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

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Over three and a half decades
Of manufacturing experience
India Thailand
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Thermax
JGC Babcock & Wilcox
Energy Solutions Ltd.
Mitsubishi Toshiba JSW Power
Heavy Industries Systems Pvt. Ltd.
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₹ 2,700 Mn ₹ 441 Mn ₹ 179 Mn 3.36 Summary Revenue from Operations (Q2FY26) Op EBITDA (Q2FY26) Profit for the period (Q2FY26) Net Debt : Op. EBITDA (H1 FY26) Financials ₹ 4,938 Mn ₹ 799 Mn ₹ 311 Mn 0.64 Revenue from Operations (H1FY26) Op EBITDA (H1FY26) Profit for the year (H1FY26) Net Debt : Total Equity (H1 FY26)

*Source : D&B Report;

6

Major events and milestones

2020

• Commenced business operations at Anjar Heavy Fabrication Facility in Gujarat

2014

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

2010

• Established Unit II, Palwal Facility

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                 - **2025**

                 - ● Commissioned the additional 15,000 MTPA in Sept’25 taking the total capacity to 30,000 MTPA in Anjar

                 - **2024**

                 - Commenced operations at Numaligarh Facility

              - Started operations at the New Anjar Facility I

              - **2023** ● Listed on **26[th] June 2024** on BSE & NSE

              - ● Collaboration agreement with a multinational oil and gas company which is expected to have a

              - **2022** positive impact on revenue on a sustainable basis

           - 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

• 2006

• Established Unit I, Palwal Facility

• 1988

• Originally incorporated as “DE Development Engineers Private Limited”

7

Key Financial Highlights Q2 & H1 FY26

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Financial Highlights – Q2 & H1 FY26

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					In INR Millions
	Particulars	Revenue from Operations	Operating EBITDA	Profit Before Tax	Profit After Tax2
	Q2 FY26	2,700	441	223	179
	Growth (YOY)	39.2%	47.9%	(14.5%)	(19.8%)
	Growth (QOQ)	20.7%	22.8%	41.6%	35.3%
	Margin1(%)		16.3%	8.1%	6.5%
	Margin - YoY Expansion/(Contraction)		96 bps	(433 bps)	(411 bps)
	EPS*				2.56
	H1 FY26	4,938	799	381	311
	Growth (YOY)	30.3%	46.4%	24.9%	22.1%
	Margin1(%)		16.2%	7.6%	6.2%
	EPS*				4.48
	Note : 1.Op EBITDA Margin calculated on Revenue from Operations; 2: PAT attributable to the Owners of the Company				*Not annualised

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Financial Highlights – Q2 & H1 FY26

			In INR Millions
Particulars	31-Mar-25	30-June-25	30-Sept-25
Net Worth1	7,902	8,047	8,235
Total Borrowings	4,090	4,495	5,653
Total Lease Liabilities	217	204	194
Cash & Cash Equivalents2	59	3	479
Net Debt	4,248	4,696	5,369
Net Current Assets3	6,239	6,489	6,968
Net Fixed Assets	5,700	5,858	6,688
Total Assets	15,935	16,419	18,316
Total Asset Turnover #	0.59	0.55	0.58
Sales/Capital Employed #	0.76	0.70	0.73
**Cash Conversion Cycle4 **	210	247	243

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RONW(%) [1]
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7.7%
7.1%
6.6%
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Mar'25 Jun'25 Sept'25

Net Debt/Equity

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0.64
0.58
0.53
Mar'25 Jun'25 Sept'25
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ROCE(%) [5]
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9.4%
8.7%
8.5%
Mar'25 Jun'25 Sept'25
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Net Debt/Opera�ng EBITDA[#]

3.43 3.36 3.27 Mar'25 Jun'25 Sept'25

Note:

1. Net Worth : Total Net Worth – Capital Redemption Reserve – Foreign Currency Translation Reserve - Non-controlling interests; 2. Cash & Cash Equivalents include cash that is free from any lien

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

3. 4: Cash Conversion Cycle based on Revenue from Operations;

4. Capital Employed : Total Equity +Total Borrowings + Total Lease Liabilities + Deferred Tax Liabilities - Deferred Tax Assets;

Annualized

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Financial Highlights – Segmental Revenue Breakup

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				In INR Millions
Particulars	Piping Division	Power Division	Heavy Fabrication	Gas Plants
Q2 FY26	2,440	110	146	4
Sales Contribution	90.4%	4.1%	5.4%	0.2%
Q1 FY26	1,945	145	148	0
Sales Contribution	86.9%	6.5%	6.6%	0.0%
Q2 FY25	1,588	217	134	Nil
Sales Contribution	81.9%	11.2%	6.9%	Nil
H1FY26	4,385	254	294	5
Sales Contribution	88.8%	5.2%	5.9%	0.1%
H1FY25	3,080	426	284	Nil
Sales contribution	81.3%	11.2%	7.5%	Nil

Note : Revenue is net of inter-segmental sales

11

Summary of Profit and Loss Statement

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In INR Millions

Particulars	Q2 FY26	Q2 FY25	YoY Change	Q1 FY26	QoQ	H1 FY26	H1FY25	YoY Change	FY25
Revenue from Operations	2,700	1,940	39.2%	2,238	20.7%	4,938	3,790	30.3%	8,274
Operating EBITDA	441	298	47.9%	359	22.8%	799	546	46.4%	1,238
Operating EBITDA1 (%)	16.3%	15.4%	96 bps	16.0%	29 bps	16.2%	14.4%	179 bps	15.0%
Other Income	52	160	(67.6%)	41	26.5%	93	192	(51.7%)	209
Finance Cost	137	71	92.8%	115	19.9%	252	182	38.4%	399
Depreciation	132	125	5.1%	127	3.3%	259	250	3.4%	494
PBT	223	261	(14.5%)	158	41.6%	381	305	24.9%	554
PBT (without Other Income)	172	102	69.1%	117	46.9%	289	113	154.4%	345
PAT2	179	223	(19.8%)	132	35.3%	311	255	22.1%	436
PAT (%)	6.5%	10.6%	(411 bps)	5.8%	70 bps	6.2%	6.4%	(22 bps)	5.1%
Diluted EPS* (₹)	2.56	3.60	(28.7%)	1.90	35.0%	4.46	4.11	8.5%	6.65

Note : 1. Op EBITDA Margins calculated on Revenue from Operations ; 2: PAT attributable to the owners of the Company *Not annualised

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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 manufacturings and services…

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They connect pipes, adapt Modular skid-mounted to different sizes or systems comprising materials, and redirect piping, instrumentation, flow in piping systems. electricals, cable trays, Used in Pipe Spool valves, & meters fabrication & supplied to preassembled on a OEMs. We also produce structure. Placed on-site, custom 'Y' pieces & long connected to input/output, 'U' bends for power and & ready to use minimizing oil & gas sectors. installation time & cost overruns significantly.

Custom wind turbine

Prefabricated pipe assemblies with flanges or weld ends, used to connect pipe sections. Made offsite and

towers (20-33 meters) with tubular steel sections, platforms, ladders, & fall protection. Industrial stacks (30-140 meters) produced for flue gas emission, using carbon & stainless steel, for oil, gas, & processing industries .

delivered pre-mounted, they simplify installation in tight spaces and fastpaced projects.

Piping Spools Industrial Pipe Fittings Modular Piping (Skids Industrial Stacks and and Modules) Wind Turbine Towers

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Weld-less pipes shaped at specific angles using high-frequency heating. We offer bends in carbon

Weld-less pipes shaped Containers designed to at specific angles using hold gases or liquids at high-frequency heating. pressures different from We offer bends in carbon ambient levels. Key steel, alloy steel components include the (P91/P92), stainless steel, shell, head, nozzle, super duplex, and incoloy supports (skirt/legs), and for use in power, oil & internals. We manufacture gas, petrochemical, and various types based on other industries. customer specifications.

Induction Pipe Bends

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

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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.[*]

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Scale

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• 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

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Commissioned the New Anjar Facility II in September 2025 to enhance manufacturing capabilities

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• Cumulative installed capacity of 1,27,500 MT per annum[#]

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

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*Source : D&B Report #As on 30[th] September 2025

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

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Barriers to entry

DEE

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Requirement of skilled labour with complex manufacturing technology High capital investment Presence of robust design and execution capability High quality standards and stringent specifications of customers & resources and time involved for a customer to change its suppliers are relatively high

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Manufacturing Facilities have a good mix of automation and manual processes

DEE has made and expects to continue making capital expenditure As of September 30, 2025, DEE has a team of over 730 personnel working on design, engineering and product development 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, 2025 – DEE has an order book of INR 13,081 Mn
Order Book Contribution across Sectors in which DEE’s customers operate –
Figures in INR Mn
13 years 60
Oil and gas
3,988
Mitsubishi
13 years INR
Heavy Industries
Power (including nuclear)
13,081
Mn
12 years 9,033 Process Industries
11 years
Order Book Contribution from Domestic & Overseas Customers
Figures in INR Mn
11 years
Domestic Customers
Toshiba JSW Power 11 years INR 5,181
Systems Pvt. Ltd.
7,900 13,081
Mn Overseas Customers
9 years
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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, 2025, DEE has served customers across 27 countries

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Select Countries served Revenue from Operations
Split by Geography (H1 FY26)
62.3%
INR
Germany
Switzerland 4,938
Italy Mn 37.7%
USA Japan
India
In India Outside India
Thailand
Malaysia Revenue from Operations
Split by Sectors served (H1 FY26)
49.8%
0.0%
6.5%
INR
" 4.8%
This map is only for the purpose of 4,938
representation and is not to be considered an
Mn
accurate geopolitical representation."
38.9%
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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20 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
1,13,000 MT Engineering Facility
Installed Capacity as Ports
on Sept’25
Facilities in India
Palwal
Barmer Bangkok
Port
Numaligarh [#]
Anjar [#]
Mundra Port Kandla Port Bangkok Port Bangkok
14,500 MT
Bangkok Facility
Installed Capacity
as on Sept’25
Chennai
Anjar Facility I, Anjar Heavy Fabrication Facility, New Anjar Facility I, New Anjar Facility II in Gujarat and Bangkok Facility are strategically located with access
to ports to cater to overseas customers
#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 in September, 2025 with an installed capacity of 30,000 MT
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Background & Challenges

Until FY16, the Palwal facility was dedicated to the Power sector. Following a downturn, the company began Oil & Gas operations at the same site, leading to operational inefficiencies and higher logistics costs due to complex material handling.

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Mixed Operations at Palwal

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• Workflow Misalignment - Combining Power and Oil & Gas operations led to conflicting workflows, creating significant operational inefficiencies, especially for Oil & Gas activities

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• Increased Logistics Costs - Heavy volumes of Oil & Gas raw materials posed a requirement of extra land to be rented for inventory storage. Additionally , sourcing from western regions and imports added to logistics burdens

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Handling complex materials - The facility, suited for low-volume, high-thickness Power materials, lacked the optimization needed for handling high-volume, low-thickness Oil & Gas pipes lowering overall productivity

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• Infrastructural Limitations - The Palwal facility was not designed with the layout and capacity required for efficient Oil & Gas material flow leading to inefficient storage arrangement and frequent material movement increased handling time and reducing operational efficiency

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- Sector-Specific Cost Burden Operational inefficiencies and overheads mainly affected the Oil & Gas division. Though the Palwal facility supported this segment, its high overheads reduced the company’s potential profitability

Strategic Solution & Outcome

To address these issues, a dedicated Oil & Gas Facility was established in Anjar, this allowed the Palwal Facility to refocus on the Power Sector. This realignment led to reduced costs & enhanced operational efficiency

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Anjar Facility: Our Growth Driver

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1,13,000 MT
Installed Capacity as
on Sept’25
Facilities in India
Palwal
Barmer
Numaligarh [#]
Anjar [#]
Mundra
Port Kandla Port
Manufacturing Facility
Heavy Fabrication Facility
Chennai
Engineering Facility
Ports
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The U-shaped plant design enables efficient material handling, reducing time and costs. Advanced automation and technology minimize manual labour dependency, enchancing productivity and optimizing expenses

Strategically located near Kandla and Mundra Ports , the facility enables quick import/export turnaround, cutting inland transport costs & transit time optimizing logistics and boosting profitability.

Anjar’s production capacity (excluding heavy fabrication) grew from 6,000 to 30,000 MTPA by September’25, which will enhance output and strengthening market responsiveness.

Dedicated to the Oil & Gas sector, it frees up the Palwal facility for the Power sector and improving its operational efficiency and resource allocation

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Anjar Facility is a modern U-shaped manufacturing unit strategically located near Kandla & Mundra Port, enhancing export-import efficiency and reducing operational overheads.

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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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Semi-automatic shot blasting and painting machines

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Automatic GMAW Welding System

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In-house non-destructive examination facilities

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Fully CNC heat treatment furnaces (gas and electric)

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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

24

Installed Capacity & Capacity Utilization

Facilities	H1 FY26	H1 FY26	FY25	FY25
	Installed Capacity (in MT)#	Capacity Utilization (in %)*	Installed Capacity (in MT)*	Capacity Utilization (in %)*
Palwal Facility I	9,000	6.8%	9,000	6.2%
Palwal Facility II	3,000	32.1%	3,000	44.6%
Palwal Facility III	24,000	45.6%	24,000	67.8%
Barmer Facility	5,000	0.0%	5,000	19.9%
Anjar Facility I	3,000	0.0%	3,000	34.3%
Bangkok Facility	14,500	32.1%	14,500	35.9%
Anjar Heavy Fabrication Facility	36,000	57.8%	36,000	48.6%
Numaligarh	6,000	55.9%	6,000	20.3%
New Anjar Facility I	3,000	10.8%	3,000	17.4%
New Anjar Facility II	24,000	26.6%	9,000	NA..
Total	1,27,500	39.0%	1,12,500	39.7%
Facilities	H1 FY26		FY25
	Installed Capacity (in MW)*	Capacity Utilization (in %)*	Installed Capacity (in MW)*	Capacity Utilization (in %)*
Abohar Biomass	4	73.6%	8	80.5%
Muktsar Biomass	3	71.8%	6	96.6%
Total	7	72.8%	14	87.4%

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• Anjar Facilities (excluding heavy fabrication): 15,000 MT additional capacity commissioned in September’25, taking the total capacity to 30,000 MT

• Reduction in logistics cost

• Efficiency in production

• Reduction in manpower cost

• Manufacturing of: 1. Industrial pipe fittings 2. Modular Skids

• Provide Engineering supply & process piping solutions

• Annualised; # As on Sept’25

25

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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Shruti Aggarwal – Whole-time Director

• 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

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

26

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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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

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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

27

Resilient Financials

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In INR Millions
Revenue from operations Op. EBITDA & Op. EBITDA Margin PAT & PAT Margin
Op EBITDA Op EBITDA Margin (%) PAT (INR Mn) PAT Margin (%)
21.5%
24.2%
6.5%
74.6% 6.2%
16.2%
17.1% 15.0% 5.1%
16.3% 14.0% 13.0%
11.6% 3.8%
3.2%
2.1%
1.7%
FY14 FY15 FY22 FY23 FY24 FY25 H1 FY14 FY15 FY22 FY23 FY24 FY25 H1 FY26 FY14 FY15 FY22 FY23 FY24 FY25 H1
FY26 FY26
ROCE & ROE (%) Net Debt to Operating EBITDA Net Debt to Equity
ROCE (%) ROE (%)
12.0%
9.4%
10.0% 8.7% 8.7%
8.0% 6.6% 7.7%
6.1%
5.3%
6.0% 7.1%
4.0% 1.9% 3.2%
2.0%
0.0%
FY22 FY23 FY24 FY25 H1 FY26 FY22 FY23 FY24 FY25 H1 FY26 FY22 FY23 FY24 FY25 H1 FY26
Credit CARE A- CARE A2+
Rating Long Term Short Term
28 Note : Quarterly figures annualized
8,274
7,888
6,854
5,955 453
5,106 4,938 1,172 799 436
4,609 830 1,238 311
646 692 1,025 262
194
82 130
5.23x 1.02x
4.49x 4.47x 0.85x
3.43x 3.36x 0.70x 0.64x
0.53x
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Powerful Industry Tailwinds

The global market for process piping systems is expected to reach USD 54.5bn by 2030[*]

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Demand for process piping is triggered by capacity expansion projects in industrial sector

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)
Industry Turnover (%) 60.0
15.0% 13.5% CAGR 4.8% 54.5
50.0
10.0%
42.4
40.0 39.2
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
Note : as per D&B Report
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29

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Powerful Industry Tailwinds

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

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

Indian Process Piping Industry – segmentation

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Indian Process Piping Industry (in INR 000 crore)
45.0
40.0 CAGR 6.1% 38.4
35.0
30.0 28.1
25.4
25.0
20.0
15.0
10.0
5.0
-
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

30

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]
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
7
4.7%
416
85 17
8 3.5%
254
17 16 305
193
24
26
24
20
Powered by Bing
© GeoNames, Microsoft, TomTom FY12 FY23 FY30P FY16 FY23 FY28P
31 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
8.5%
349
297
7.4% 252
231
178
163
107
FY11 FY18 FY19 FY22 FY23 FY25P FY27P
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Indian Chemical Industry by Sub-Segments [1]
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Chemical & Petrochemical Production in India [1]
in MTPA CAGR
FY23 - FY27P
5.9% 22.6
16% 7.5%
70.6 15% 29%
31%
12.7 7.5% 9.5%
FY27P
FY23
27%
44.6 27% 8.5%
11.0
20.2 27% 28% 9.5%
FY22 FY23 FY30P Bulk chemicals Petrochemicals Specialty Chemicals Fertlizers
32 Source: 1: D&B Analysts; 2: CRISIL
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Robust Growth Outlook

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

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

	DEE’s Capital Expenditure in line with the Industry Capex Cycle	DEE’s Capital Expenditure in line with the Industry Capex Cycle
Launchpilot plant offeringsin the near future Leveragemarket leadership to capitalize on theaccelerating Capex Cyclein key sectors, driving growth. Shift focus to high-margin products, i.e. Modular Skids,andPremium materialsfor enhanced profitability. Drive automationacross the facilities and processes to bring inoperational efficiencies Forgetechnology partnershipswith Global OEMsforconsistent orders and integrated piping solutions. Focus ondeleveragingand maintainingfinancial flexibility Strategiccapital allocationto expand and enhancecapacity and competency.
	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	₹ 1,164 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	₹ 1,398 Million
	Set up theNumaligarh Facility with a capacity of 6,000 MTPA, which began operating on February 25, 2024 Started operations at theNew Anjar Facility I with an installed capacity of 3,000 MT The New Anjar Facility Ilwas commissioned inSeptember 2025, increasing the total capacity of the Anjar facilities (excluding heavy fabrication capacity) from6,000 MTPAto30,000 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 33 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

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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

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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

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

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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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34

Shareholding Pattern (September 2025)

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Non-Promoter Shareholding

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2.65%
FIIs
Key Institutional Shareholders
Mutual Funds / AIF
40.16%
Banks, NBFCs & Insurance Kotak Mahindra Mutual Fund
55.75%
Body Corporate
LIC Mutual Fund
Others Total Shareholding
1.44%
Tata Mutual Fund
0.00%
0.43%
0.00% 11.96%
Aditya Birla Mutual Fund
HDFC Mutual Fund
16.61%
Promoter Group
FIIs
Mavira AMC
Mutual Funds / AIF 0.79%
70.21%
Banks, NBFCs and Insurance
Body Corporate
Others
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35

Thank You!

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

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Cash Conversion Cycle Break-up

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	Sept’25 Jun’25 Mar’25 Particulars 104 99 98 Receivable Days 223 243 217 Inventory Days 83 96 104 Payable days 243 247 210 Cash Conversion Cycle
38	Note : Based on Revenue from Operations

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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39

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

Equipped with modern equipment and systems

Stringent quality and safety standards and processes

• 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).

• 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

• 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.

40

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 (“PSTCL”) 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.

41