DEE Development shares ended 11.28% higher at ₹256.52 apiece on the NSE on Monday, February 23, following the announcement of orders aggregating to over ₹170 crore across domestic and overseas operations. According to Upstox, the stock has demonstrated strong momentum with gains extending for the second consecutive day. The significant price movement reflects strong investor confidence in the company's expanding order book and business prospects in the power sector.
On Monday, February 23, DEE Development announced it has secured orders aggregating to over ₹170 crore from prominent domestic and international industrial players across the energy and industrial infrastructure sectors. As reported by Upstox, the first two orders, valued at ₹62 crore combined, have been awarded by leading Indian multinational conglomerates operating in the power sector. The company secured domestic contracts aggregating to approximately ₹88 crore, with the scope of work including manufacturing critical piping systems for infrastructure applications with delivery timelines ranging from 6-8 months up to a year.
The second order, valued at ₹26 crore, has been awarded by Bharat Heavy Electricals Ltd (BHEL), India's largest government-owned engineering and manufacturing enterprise in the power sector. According to Upstox, the mandate includes the manufacturing and supply of specialised headers and vessels for industrial use. The contract will be executed on a job-work basis, with materials supplied by the customers and manufacturing undertaken at DEE Development Engineers' manufacturing facilities in India, with delivery scheduled within one year.
The company's material subsidiary DEE Piping Systems (Thailand) Co. Ltd. secured a significant $8 million order from a US-based original equipment manufacturer for manufacturing HRSG piping on job work basis for 11 units, with delivery by December 2028. Additionally, the subsidiary won a contract worth $1.5 million for manufacturing pipe fittings and flanges for seven units, with delivery by December 2027. On Friday, DEE Development received a $40 million order for HRSG piping supply for 16 units from an international entity, which had initially driven the stock up 10%.
Chairman and Managing Director K L Bansal stated that these orders reinforce the company's position as a trusted manufacturing partner for leading power and industrial infrastructure companies. As per Upstox, DEE Development Engineers is engaged in providing specialised process piping solutions for industries such as oil and gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing. The company operates manufacturing facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan, and Bangkok in Thailand, with international contracts aggregating to about $9.5 million.
