DEE DEVELOPMENT ENGINEERS LIMITED — Investor Presentation 2026

Feb 4, 2026

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Date: 4[th] February, 2026

Listing Compliance Department

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

Sub: Investor Presentation for the Quarter Ended on 31[st] December 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 31[st] December, 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

Digitally signed by RANJAN KUMAR RANJAN KUMAR SARANGI SARANGI Date: 2026.02.04 18:15:21 +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

INVESTOR PRESENTATION Q3 & 9MFY26

Contents

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01
About DEE
02
Business Overview
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03
Financial Overview
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About DEE

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About DEE: A Scaled, Integrated Process Piping Leader
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A design-led manufacturing partner delivering end-to-end solutions for complex industrial applications

WHO WE ARE

• Founded in 1988 by Mr. K. L. Bansal , DEE has built a proven track record of 38 years in specialized process piping solutions for Power , Oil & Gas and other sectors.

• Market leader in India by installed capacity, with growing global recognition

• Known for engineering, manufacturing excellence, and customized solutions for complex projects.

WHAT WE DO

• Integrated solutions across specialized process piping systems, engineered products, and allied services

• Strong exposure to Power, Oil & Gas, Petrochemicals, Power, Fertilizers, Chemicals, and Infrastructure

• Preferred partner to marquee domestic and global customers , supported by long-standing relationships and living up to the company tag line of Make every customer a repeat customer.

MANUFACTURING & SCALE

• 7 manufacturing facilities across India and Thailand

• Strategically located footprint enables scale, faster execution, and cost optimization

• New Anjar facility commissioned , enhancing capacity and growth visibility

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1988
Year of
incorporation
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7 manufacturing facilities across India and Thailand

38 Years of operational experience

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Amongst Top 5
players in the world
by installed process
piping capacity
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Translating Engineering Leadership into Long-Term Value Creation
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Capacity Expansion & Scalability

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Financial Resilience

Unveiling the Margin Improvement Dimensions of Supply-chain efficiency–led margins Backward integration benefits Investment Core segment–led margin profile Rationale

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Growth Visibility & Profitability Outlook

New Revenue Drivers

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High-Barrier Market Leadership

₹ 1,302.73 Cr Orders in Hand Multi-year revenue visibility

₹ 792.92 Cr 9M FY26 Order Executed Proven Execution Capability

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A Multi-Decade Journey of Consistent Execution
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Scale-Up, Visibility & Capacity
Foundation & Capability
Expansion (2023–2025)
Build-Up (1988-2012)
Bangkok Ops &
Supply to Anjar Numaligarh
Palwal Petroleum Commenced Ops Facility
Units I & II refinery in Nigeria
2006-10 2017 2022 2024
1988 2012-14 2020 2023 BSE/NSE Listing 2025
Incorporation Power Project Anjar Heavy Multinational Anjar Capacity
Wins (Meja,) Fabrication Oil Co. Strategic ramped up to
Commenced Collab 30K MTPА
Geographic Expansion & Project
Execution (2017-2022)
Operating History: Manufacturing Footprint: Installed Capacity:
38 Years Multiple locations in India + overseas execution 87,000 МТPA
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Board Of Directors
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Krishan Lalit Bansal

Promoter, Chairman & Managing Director

• Founded the company in 1988

• Extensive experience across prefabricated piping systems and the biomass power sector

• Recipient of Business Leader of the Year (2011) and Lifetime Achievement Award (2016) from the Faridabad Industrial Association

• Also honoured with the Business Excellence Award by the International Study Circle and the Rashtriya Rattan Award by the All-India National Unity Council for contributions to the industry

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Shruti Aggarwal Whole-time Director

Shikha Bansal

Whole-time Director

• Leads strategy, finance, HR, operations, and marketing of the group

• Holds CFA (ICFAI, Tripura) degree

• Oversee budgeting, forecasting, costing, profitability analysis, and management reporting for the Company

• Post Graduate Diploma in Management with a specialization in Finance

• Director since December 1, 2020

• Leads Operation, project execution and strategic purchase of DEE Piping, India

• Holds a Bachelor’s and Master’s degree in Commerce

• Executive Certification in Business Finance from IIM, Raipur

• Oversee functions of Heavy Fabrication and

• Postgraduate Program in Human Resource Management & Analytics from Amity Future Academy

• Oversee functions of Biomass Power generation division

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Ashwani Kumar Prabhakar Independent Director

Bhisham Kumar Gupta Independent Director Holds a Bachelor’s degree in Engineering and previously served as Executive Director at Engineers India Limited

Shilpi Barar Independent Director

Holds a Bachelor’s degree in Commerce and previously served as Head of Operations at Sita Singh & Sons Private Limited

Bachelor’s degree in Engineering; registered with the Institute of Cost Accountants of India; formerly Director General of Ordnance Factories and Chairman, Ordnance Factory Board, Ministry of Defense, Government of India

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Experienced Leadership
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Krishan Lalit Bansal Promoter, Chairman & Managing Director

Pankaj Agarwal Chief Operating Officer Brham Prakash Yadav Chief Financial Officer

Pawan Arora AVP – Vendor Relations Ranjan Kumar Sarangi CS & Compliance Officer

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Design-to-Delivery Execution Model
DEE qualifies through audits and wins
Companies require specialized high-pressure
orders via technical-commercial bidding
piping for large industrial projects
Client DEE wins In-house engineers design and obtain
order approval for customized piping layouts
Pipes are precision-bent, welded, and
Project-specific carbon, alloy, or stainless
assembled using advanced manufacturing
steel is procured globally
Pipe Sourcing Raw
Piping Engineering Solutions
Material Procurement
Each component undergoes
Payments are received with
stringent quality inspections
ongoing warranty and
performance responsibility
Finished pipe spools are exported efficiently Final Product
Delivered
through port-adjacent facilities
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Management Commentary
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Krishan Lalit Bansal Promoter, Chairman & Managing Director

“During Q3 FY26, we delivered a strong set of operating and financial results, with healthy growth in revenue, Operating EBITDA, and PAT, driven by robust execution in our core business segment catering to the Power and oil & gas sector. At a macro level, India’s capital expenditure cycle is gaining momentum, with corporates across infrastructure, energy, and industrial segments expected to significantly ramp up investment in plant and equipment supporting demand for project delivery and capacity expansion. Additionally, the implementation of India’s new labour codes had a one time accounting impact in earnings this quarter as past service obligations had to be adjusted, we believe these changes should translate into a more resilient workforce and strengthen employee security over time.

In our core business, excluding the power generation division, the Anjar Pipe Fabrication Unit, which commenced operations in September 2025, was fully operational during the quarter and is consistently benefiting from operating leverage as utilization ramps up, supporting margin expansion. The Anjar Seamless Pipe Plant remains on schedule for commercialization in the current quarter and will further strengthen our capacity for execution in high growth segments. We also see encouraging visibility for order flows in the coming months from the power segment, particularly in the process piping business, underpinning a healthy project funnel and sustained execution momentum.

In the non core power generation segment, tariff revision matters are currently under litigation, and the company is strategically working on restructuring initiatives, and the pellet is under commissioning which shall improve long term sustainability and operational efficiency, positioning the business for future stability.

As a leading player in engineering and piping solutions, Dee Development Engineers leverages indepth technical expertise, rich industry experience, and a proven track record of successfully executing complex projects across diverse geographies. With a strong footprint across energy, infrastructure, and industrial end markets, we remain confident in our ability to deliver sustainable growth and create long term value for our stakeholders in the quarters ahead.”

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Business Overview

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Diversified Business Portfolio
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Piping Spools

Pre-assembled pipe sections delivered ready-to-install, reducing on-site work and speeding up project execution.

Industrial pipe fittings

Critical connectors that join, resize, or redirect pipes, including custom bends for power and oil & gas projects.

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Heavy Fabrication

Large steel structures for emissions control and wind energy, manufactured to customer specifications.

Others

We manufactures PSA nitrogen, oxygen, and hydrogen gas plants, along with air dryers and industrial gas piping solutions.

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Modular Piping (Skids and Modules)

Plug-and-play piping systems fully assembled offsite, enabling faster installation and lower project costs.

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Power Generation

We operates two biomass power plants (Abohar & Muktsar) fueled by agricultural residues, primarily paddy straw and rice husk.

12

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Quarterly & 9M Snapshot Consolidated
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3M

9M

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Revenue
286.7
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Op.EBIDTA
47.6
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Net
Profit
18.6
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INR Cr 77% YoY ROCE 11.0% 6.2% QoQ

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Op.EBIDTA
Margin
16.6%
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740.9% YoY
8.1% QoQ

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Net Profit
Margin
6.5%
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NAYoY
4.2% QoQ

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Revenue
780.4
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Op.EBIDTA
127.6
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Net
Profit
49.5
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44.3%
YoY
111.7%
YoY
308.2%
YoY

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INR Cr
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ROCE
9.7%
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Op.EBIDTA
Margin
16.3%
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Net Profit
Margin
6.3%
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*Consolidated Operating EBITDA of ₹127.57 crore includes Operating EBITDA loss of ₹14.64 crore in Non Core Business for 9M FY26 and additional one time liability on account of Labour Code of ₹ 4.2 crore

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9MFY26 Order Inflow and Closing Orderbook
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Order Inflow (in %)

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0%
7%
₹ 829 cr.
YTD Order Intake
93%
Process Piping Solutions Heavy Fabrication Gas
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Closing Order book ( ₹in Cr)

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Domestic – 37%
1 Export – 63%
41
₹ 1303 cr.
as on Dec’25
1262
Process Piping Solutions Heavy Fabrication Gas
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We have secured orders aggregating ₹239 crore from reputed PSU’s in 9M FY26

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Segmental Highlights –Q3 & 9MFY26
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Business	Q3 FY26	Q2 FY26	Q-o-Q	Q3 FY25	Y-o-Y	9M FY26	9M FY25	Y-o-Y
Core - Business	275	259	6.0%	141	94.7%	744	477	55.9%
Non Core - Business	12	11	10.7%	21	-42.2%	36	64	-43.2%
Total Revenue	287	270	6.3%	162	77.1%	780	541	44.2%

Key Highlights

Core Business-:

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% Q3FY26 Revenue from Operations
Split
Core
96%
Non Core
4%
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Process Piping Solutions : Recorded revenue of ₹243.65 crore in Q3 FY26 , in comparison to ₹130.43 crore in Q3 FY25, reflecting a YoY growth of 86.81% driven by higher execution in oil & gas sector.

Heavy Fabrications : Q3 FY26 revenue stood at ₹31.1 crore in comparison to ₹11.91 crore in Q3 FY25 , up 161.16% YoY , led by ramp-up in windmill tower execution and structural fabrication.

Non-Core Business :-

Power generation : Q3 FY26 revenue stood at ₹12.14 crore , in comparison to ₹21.02 crore in Q3 FY25 , with -42.21% YoY decline . While tariffs impacted near-term margins, management’s pivot to biomass pellets is expected to offset cash burn and drive long-term ESG-led value creation.

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% Q3FY26 Core Revenue
Split
89%
Process Piping
Solutions
Heavy
Fabrication
11%
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Core Business Performance
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Robust Core Business Performance Driving Value Creation

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INR Cr
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Revenue
Core Business 3M 9M 706 745
(₹ in Cr) 521
Revenue 274.5 744.2 Steady Revenue FY23 FY24 FY25
Growth
94.7% YoY 55.9% YoY
Op.EBITDA
105
Solid Profitability 85
56
Op.EBIDTA 45.8 129.8
FY23 FY24 FY25
1968.5% 175.5%
YoY YoY Sustained High
Margin
Op.PBT
Op.EBIDTA
16.7% 17.4% 21.8
5.4
Margin % -6.8
1511bps 757 bps FY23 FY24 FY25
YoY YoY
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Core Business Highlights
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Positioned for global capex
upcycle , enabling sustained
volume and order inflow
growth
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Largest process piping capacity in India (87,000 MTPA) , supporting scale-led execution and market leadership

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Diversification into heavy
fabrication and sunrise sectors
expands addressable market and
long-term growth runway
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Strong engineering depth
(730+ specialists) creates
high entry barriers, pricing
power, and customer retention
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Healthy order book of ₹1,303
crore ensures strong revenue
visibility and execution stability
through FY26 and beyond
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Backward integration via seamless pipe plant (Ongoing) reduces import dependence and enhances gross margins

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Core Business – Specialized Process Piping Solutions
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DEE is India’s largest player in process piping solutions in terms of installed capacity, providing end-to-end design-led-manufacturing.

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Diverse Product Portfolio

Manufactures high-pressure piping systems, piping spools, industrial pipe fittings, induction pipe bends, and pressure vessels.

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Material Expertise

Specialises in handling complex metals including carbon steel, stainless steel, super duplex stainless steel, alloy steel, and high-performance materials like Inconel and Hastelloy

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Sector Focus & Global Reach

Primarily serves the Oil & Gas, Power (including Nuclear), and Chemical sectors across 27+ countries, including Canada, the USA, Italy, and Japan.

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Operational Excellence

Utilises automated systems like robotic welding and high-frequency induction bending to ensure high-quality standards and cost-efficiency.

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Comprehensive Services

Offers a full suite of services including pre-bid, basic, and detailed engineering; pre-fabrication services (cutting, CNC bevelling, and robotic welding); and advanced nondestructive examination (NDE) such as digital radiography.

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Core Business – Heavy Fabrication & Infrastructure
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This segment supports the renewable energy sector-wind and critical industrial infrastructure through large-scale engineering and assembly.

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Wind Turbine Towers

Manufactures custom tubular steel windmill towers delivered in sections (12 to 33 metres) with integrated working platforms and fall protection systems.

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Industrial Stacks

Produces chimney stacks ranging from 30 to 140 metres for exhausting flue gases in oil, gas, and process industries.

Core operations are handled by the wholly-owned subsidiary DEE Fabricom India Private Limited (DFIPL) at its dedicated facility in Anjar, Gujarat.

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Manufacturing Base

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Strategic Expansion & Integration:

Capacity Growth: Total process piping capacity is increasing to 30,000 MTPA at the Anjar facility to meet growing domestic and export demand.

Backward Integration: Establishing a Seamless Pipe Manufacturing Plant at Anjar to produce high-wall thickness pipes, currently a 100% import-dependent item in India.

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Strategically Positioned Global Manufacturing & Service Footprint
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INDIA

1. Palwal, Haryana

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THAILAND
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Operates three units with a combined capacity of 36,000 MT Unit I focuses on high-pressure piping and induction bends – 9,000 MT

Unit II handles industrial fittings – 3,000 MT

Unit III is dedicated to piping spools and systems. - 24,000 MT

2. Anjar, Gujarat

Anjar Support & Structure Fabrication Unit – 3,000 MT Anjar Heavy Fabrication – 36,000 MT Anjar - Pipe Fabrication Unit – 30,,000 MT

3. Numaligarh (Assam)

Numaligarh Pipe Fabrication Unit - 6,000 MT

5. Bangkok, Thailand

4. Chennai

Fabrication – 14,500 MTPA

Engineering Service

5. Punjab

Power Generation Abohar Biomass – 8 MW Muktsar Biomass – 6 MW

The company operates India’s largest process piping capacity across seven facilities in India and Thailand, with installed capacity of 1,12,500 MT per annum, targeted to expand to 127,500 MT per annum.

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Scaling Up Through New Facilities
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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, enhancing 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 - Seamless Pipe Plant

Anjar - Pipe Fabrication Unit

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Strategic backward
integration to
strengthen core
manufacturing
Cost optimization
through in-house
production
7,000 MTPA 30,000 MTPA
Supply security and
Capacity Capacity
reduced dependency
Seamless Pipe on external vendors Pipe Fabrication
Lead time reduction
enabling faster project
execution
Improved control with
tighter quality process
monitoring
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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 Dedicated to the Oil & Gas sector, it frees up the Palwal facility for the Power sector and improving its operational efficiency and resource allocation

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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DEE has strong diversified customer base across geographies
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Focus on Domestic and Developed Markets

Served 27+ countries Served 4+ continents

Diverse Clientele Across Critical

Industries

Some of the Marquee Clientele

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Industries Served –Q3 FY26

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Refinery & Chillers & Cooling
LNG
Petrochemical System
Pulp & Paper Pharmaceuticals Hydrogen
Chemicals & Pipeline for
Sugar
Gas & Water
Fertilizers
Thermal Power Carbon Capture
Oil & Gas
Semiconductors
Exploration
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Non Core Business – Power Generation
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Abohar Biomass Power Plant
• Plant spans 205,681.48 sqm area with 8 MW
aggregate capacity, fully contracted under 30-
year PPA signed March 4, 2011 with Punjab State
Power Corporation Limited (PSPCL).
• PPA commenced February 5, 2009; PSPCL
authorizes grid interconnection and parallel
operation with PSPCL/Punjab State Transmission
Corporation Limited (PSTCL) systems.
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Revenue – Q3 FY26
21.02
12.2
Q3FY25 Q3FY26
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Muktsar Biomass Power Plant
• Plant Spans 141,829.67 sqm area with 6 MW
aggregate capacity, fully contracted under 20-
year PPA signed February 19, 2004 by DEE's
wholly-owned subsidiary MPPL with Punjab State
Electricity Board.
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Highlights

• Total 14 MW operational capacity across Abohar (8 MW) and Muktsar (6 MW) plants, fully contracted under long-term PPAs with PSPCL

• Power supplied at contracted PPA tariff rates of ₹7.47/unit and ₹3.5/unit at Abohar and Muktsar plants respectively currently

• Company pursuing actively to secure enhanced tariff rates per unit

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Non Core – Highlights
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Management agility
demonstrated by pivoting from
power-only biomass operations to
high-margin biomass pellet
manufacturing with minimal
incremental capex
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Proactive turnaround of noncore assets , where near-term losses from tariff revisions are being addressed through swift business model recalibration

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Pellet plant initiative
expected to offset current
cash burn , stabilize segment
profitability, and restore
historical margin levels
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Developing a new pellet
capacity, targeted to be
operational by Q1 FY27,
enhancing integration and
long-term growth visibility.
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The additional pellet capacity
is proposed to be housed
under the InVIT, enabling
efficient capital deployment
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Sustainability-led biomass platform continues to deliver ESG value, with over 191,067 tons of CO ₂ emissions reduced , strengthening longterm relevance

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Financial Overview

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Q3 & 9MFY26 – Consolidated P&L
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INR Cr

Particulars (₹ Cr.)	Q3 FY26	Q2 FY26	% Change QoQ	**Q3 FY25 **	% Change YoY	9MFY26	**9MFY25 **	% Change YoY
Revenue from Operations	286.7	270	6.2%	162	77.0%	780.4	541	44.3%
Op. EBITDA	47.6	44.1	8.1%	5.7	740.9%	127.6	60.3	111.7%
Op. EBITDA margin (%)	16.6	16.3	30 bps	3.5	1310 bps	16.3%	11.1%	520 bps
Add: Other Income	5.6	5.2	8.9%	-0.9	-	14.9	18.3	-18.6%
Less: Interest Expenses	15.1	13.7	9.8%	9.9	52.3%	40.3	28.1	43.3%
Less: Depreciation & Amortisation	13.7	13.2	4.3%	12.4	11.1%	39.6	37.4	5.9%
PBT	20.3	22.3	-9.4%	-17.5	-	58.4	13.1	347.1%
Taxes	1.7	4.5	-62.6%	-4.2	-	8.9	0.9	855.0%
Profit After Tax	18.6	17.8	4.2%	-13.3	-	49.5	12.1	308.2%
Profit After Tax margin (%)	6.5	6.6	-10 bps	-8.3%	-	6.3%	2.2%	410 bps
EPS (Diluted)	2.67	2.56	4.3%	-2.08	-	7.13	1.88	279.3%

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Q3 & 9MFY26 Key Performance Indicators
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REVENUE from Operations (₹ cr.)

Op.EBITDA (₹ cr.) and Op.EBITDA Margins (%)

PAT (₹ cr.) and PAT Margins (%)

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▲ 77% YoY ▲ 6.2% QoQ ▲ 740.9% YoY ▲ 8.1% QoQ ▲ 4.2% QoQ
30 25.00%
17.8 18.6
44 48 20 20.00%
15.00%
10
-13.3 6.60% 6.50% 10.00%
0
5.00%
Q3FY25 Q2FY26 Q3FY26
-10
162 270 287 6 -8.20% 0.00%
16.30% 16.60% -20 -5.00%
3.50%
Q3FY25 Q2FY26 Q3FY26 -30 -10.00%
Q3FY25 Q2FY26 Q3FY26
▲ 44.3% YoY ▲ 111.7% YoY ▲ 308.2% YoY
128
20.00%
780 18.00%
16.00%
541 14.00%
12.00%
60 6.30% 10.00%
8.00%
2.20% 6.00%4.00%
11.10% 16.30% 2.00%
0.00%
9MFY25 9MFY26 9MFY25 9MFY26
9MFY25 9MFY26
Quarterly
Nine Monthly
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Q3 & 9MFY26 Key Performance Indicators
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Debt to Equity (x)

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1.02
0.85
0.70
0.53
FY22 FY23 FY24 FY25
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Net Debt to EBITDA (x)

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5.23 6.00
4.49 4.47 5.00
3.43 4.00
3.00
2.00
1.00
0.00
FY22 FY23 FY24 FY25
Net Debt to EBITDA
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Return on Capital Employed (%)

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8.70% 8.70%
6.60%
5.30%
FY22 FY23 FY24 FY25
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Return on Equity (%)

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6.10% 7.10%
3.20%
1.90%
FY22 FY23 FY24 FY25
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Capital Market Overview
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Shareholding Pattern
Public
14%
FII + DII
16%
Promoters
70%
Promoters FII + DII Public
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	~~Marquee Investors~~	~~Marquee Investors~~
Current Market Price*		INR 209.6
52 Week High / Low		INR 336 / 167
Market Capitalization		1,450 Cr.
No. Shares Outstanding		6.92 Cr.
NSE		DEEDEV
BSE		544198

As of Dec 2025

Thank You

For further queries, Please contact: Investor Relations Advisors : Adfactors PR Pvt. Ltd.