Rs 1,302.73 Crore Order Book: Engineering Stock Surges 9% on New International Contract

Shares of DEE Development Engineers Limited jumped 9 per cent to close at Rs 283, moving closer to its 52-week high of Rs 336.20, while the stock’s 52-week low stands at Rs 183.00, after the company announced that its subsidiary has received an order from Thailand.

Order Details

DEE Development Engineers Limited has issued a statement that the material subsidiary of the company, DEE Piping Systems (Thailand) Co., Ltd., has been issued a Letter of Intent (LoI) by an international customer for a project in Taiwan. The order is for the prefabrication and supply of the piping materials along with the supports. The order value of the project is approximately EUR 1.9 million, which is around Rs 20 crore. As of now, DEE Development Engineers Limited has orders in hand worth Rs 1,302.73 crore.

The project involves the fabrication and supply of the piping materials to the international customer’s facility. The company has mentioned that the name of the international customer has not been revealed, as it is a commercial decision not to disclose the same. The execution of the project is to be completed by May 2027.

Last month, the company won an order worth Rs 332 crore for the supply of HRSG piping for 16 units from one of the largest international OEM conglomerates in the power sector, headquartered in the US.

DEE Development Engineers clarified that the order has been awarded by an international entity and does not involve any related party transactions.

Impact on Share Price

Following the announcement, shares of DEE Development Engineers Limited increased around 9 per cent and touched an Intraday high of Rs 285. The stock has delivered about 35.83 per cent returns over the past year.

About the Company

DEE Development Engineers Limited is engaged in the design, engineering, and fabrication of complex piping systems, pressure vessels, and heat exchangers used in sectors such as oil and gas, power, and process industries. The company provides specialised process piping solutions and fabrication services for industrial projects. It has a market capitalisation of around Rs 1,960 crore. The company has reported profit growth at a CAGR of 26.3 per cent over the last five years.

Disclaimer: The article is for informational purposes only and not investment advice.