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The report is Corporate Overview 06 intended to provide detailed information to all stakeholders. FY26 at a Glance 08 Chairman's Message 10 Reporting Frameworks and Guidelines Key Company Information The Anjar Story: Scaling for Tomorrow Feature 14 Manufacturing Excellence 24 The Annual Report of FY 2025-26 has been DEE Development Engineers Limited Product Portfolio & Engineering Capability 26 published in line with the following: ISIN : INE841101016 BSE Code : 544198 Our People 32 • The Companies Act, 2013; NSE Symbol : DEEDEV Awards 33 • Indian Accounting Standards; CIN : L74140HR1988PLC030225 CSR Initiatives 34 • The Securities and Exchange Board of India (Listing Obligations and Disclosure Sustainability & ESG 36 Requirements) Regulations, 2015 Board of Directors 40 • The Secretarial Standards issued by the Institute Corporate information 42 of Company Secretaries of India; • Business Responsibility and Sustainability Reporting (BRSR) on voluntary basis in Notice of 37th AGM 44 accordance with the requirements of the Board’s Report 65 Securities and Exchange Board of India. Report on Corporate Governance 82 Management Discussion & Analysis 118 Business Responsibility and Sustainability Report 124 Standalone Financial Statements 165 Consolidated Financial Statements 272 02 DEE PIPING SYSTEMS ANNUAL REPORT 2025-26 03 ENGINEERING Momentum is not a single number. It is what commercial production, completing a happens when growth, order intake, and capacity backward-integration journey that strengthens all move in the same direction, at the same time. everything DEE builds downstream of it. MOMENTUM In FY26, DEE Piping Systems recorded its strongest This report is built around that idea. Engineering year on record, revenue up 38%, profit after tax up Momentum is financial momentum. It is 72.8%, and a closing order book that crossed order-book momentum. And, most visibly, it is ₹1,940 crore, up 58% year-on-year. Behind these capacity momentum; converted, brick by brick numbers stands a physical transformation four and pipe by pipe, into scale, by a workforce decades in the making: the Anjar facility scaled to and a manufacturing base that has been built 30,000 MTPA ahead of schedule, and India's first over 40+ years, not overnight. seamless pipe plant of its kind commenced 04 DEE PIPING SYSTEMS ANNUAL REPORT 2025-26 05 Corporate Overview About DEE Development Engineers DEE Development Engineers Limited (DEE Piping Today, a workforce of 1100+ employees, including Systems) is one of India's largest process piping production and welding engineers, project players by installed capacity, a position built over engineers, QA/QC engineers and design & more than 40 years, since the Company began engineering professionals, supports a life in 1983 as a modest engineering consultancy manufacturing base recognised across the and grew into a one-stop shop for the world for quality and reliability of delivery, a engineering, procurement, manufacturing and reputation the Company distils into a single supply of piping systems. operating philosophy: “Make every customer a repeat customer.” DEE's diversified customer base spans: Power Oil & Gas Petrochemicals & thermal, and an upstream, midstream and Chemicals increasing focus on downstream process piping for nuclear energy, where infrastructure, refinery and complex, DEE's induction-bent pipe petrochemical piping high-specification products are qualified by plants the Nuclear Power Corporation of India Limited (NPCIL) DEE primarily serves national and multinational With seven manufacturing facilities across India OEMs, EPCs, PMCs and EPMCs, with customer support and Thailand and a combined installed capacity organised across three global regions: Asia Pacific that has scaled meaningfully through FY26; most (India, Thailand, Japan), North America & Europe notably the Anjar facility's ramp-up and the (USA, Switzerland) and the Middle East & MENA commissioning of India's first seamless pipe plant of (Egypt, Qatar, Kuwait), a footprint reflected in a its kind, DEE has built one of the widest and deepest marquee customer list that includes Reliance, manufacturing bases in its industry, underpinned by Data Centre Emerging energy ADNOC, Tata Projects, Adani Power, HMEL, Technip an all-round certification stack: ISO 9001:2015, ISO Energies, JGC, McDermott, John Cockerill, Valmet 3834-2, ISO 14001, ISO 45001, PED and PED Module-H, Precision-engineered piping including a newly signed and Tecnicas Reunidas, among others. ASME “PP”, “S”, “U” and “U2” Stamps, and EN 1090-2. fabrication solutions for data green hydrogen partnership centre applications, supporting and an established biomass efficient cooling and reliable energy business operations 06 DEE PIPING SYSTEMS ANNUAL REPORT 2025-26 07 FY26 at a Glance Mission Financial Highlights (Consolidated) Our mission is to be the partner of choice for global engineering solutions, delivering Revenue Core Business Revenue excellence through innovation, sustainable from Operations practices, and a relentless focus on customer ₹1,086.5 Cr satisfaction. ₹1,142 Cr Vision FY 2024-25 ₹744.8 Cr FY 2024-25 ₹827 Cr FY 2023-24 ₹706.7 Cr FY 2023-24 ₹788.8 Cr To lead the industry in engineering solutions by driving innovation, expanding our global footprint, and contributing to a sustainable future. Operating EBITDA ₹191.2 Cr FY 2024-25 ₹123.7 Cr FY 2023-24 ₹102.5 Cr OPERATIONAL METRICS OF CORE BUSINESS EBITDA Margin • Anjar facility scaled to 30,000 MTPA, commissioned ahead of schedule 16.7% • Commissioning of India's first seamless pipe plant (7,000 MTPA installed) — commercial FY 2024-25 ~15.0% production commenced March 19, 2026 FY 2023-24 13% • 7 manufacturing facilities across India and Thailand, plus a dedicated engineering division in Chennai Profit After Tax (PAT) • Total welding capacity in excess of 17,000 inch-diameter per day across facilities, Core Values ₹77.2 Cr translating to 900+ finished piping spools per day and 550+ containers shipped per month • 2,000+ skilled and semi-skilled workforce FY 2024-25 ₹43.7 Cr supporting manufacturing operations 1. Customer Focus: Ensuring that our clients’ needs are at the centre of everything we do. FY 2023-24 ₹26.2 Cr 2. Integrity: Upholding the highest ethical standards in all our operations. 3. Innovation: Continuously seeking new ways t [Showing first 8,000 characters — download PDF for full document]