#SRM - SRM Contractors
Concall Update:
📈 From a “JK-focused road contractor” → evolving into a niche high-margin hill infra + slope stabilization player.
Back in FY25:
• Mgmt said slope/tunnel mix will rise
• Said margins should improve
• Said they’ll avoid low-margin road EPC
• Wanted PAN India expansion in slope stabilization
• Mentioned intl. ambitions post FY25
FY26 update:
- Revenue crossed ₹1000 Cr
- PAT crossed ₹100 Cr
- Slope stabilization now 51% of OB
- Strike rate in slope = 33-50% vs roads = 5-7%
- Expanded beyond JK into Uttarakhand, Northeast, Maharashtra
- UAE branch opened, talks ongoing in Oman/UAE
- Orderbook now ~₹3000 Cr
- FY27 guidance still aggressive
Most important thing:
This is no longer looking like a generic EPC company.
Mgmt clearly understands where the moat is:
- difficult terrain
- slope stabilization
- border infra
- specialized execution
Interesting part:
Road projects are now more of a “selective opportunity” business for them, not the core identity anymore.
Also liked that promoter openly admitted:
• Roads are hyper competitive
• Slope has much better margins
• International still not mature enough
• FY27 capex/debt will stay elevated
No unnecessary hype on the call. No unrealistic commentary.
Things to monitor:
- Rising debt/capex
- Accounting reclassifications
- Working capital/unbilled revenue
- Execution while scaling this fast
But overall: promoter is walking the talk so far.
They guided ₹1000 Cr revenue + ₹100 Cr PAT earlier.
Delivered both.
THIS is how ideal management communication should look like.
#IFCI
- entered on 21st with PDL SL, got stopped out next day!
- biggest mistake was not giving the setup enough space
- second mistake was not taking the re-entry after no follow through selling
Obsession isn’t the typical horror movie. It’s a creepy-psychological horror, unsettling,with fantastic acting. A must-watch even if horror isn’t your genre.
i wish i could add the tune/music to this post🫢
Obsession isn’t the typical horror movie. It’s a creepy-psychological horror, unsettling,with fantastic acting. A must-watch even if horror isn’t your genre.
i wish i could add the tune/music to this post🫢
#DEEDEV - DEE Development Engineers Ltd
Already up ~115% for me since april, but the story now looks bigger which is also reflected in the price action.
FY26:
• Revenue +38% YoY
• EBITDA +53% YoY
• PAT +77% YoY
• Order book ₹1,940 Cr (+58%)
Most important part from concall:
Management confirmed recent HRSG/export orders are linked to the global gas turbine buildout cycle.
That means:
AI/data center power demand → more gas turbines globally → more HRSG demand → more piping/fabrication opportunity for DEEDEV.
Interesting signals:
-seamless pipe plant commissioned = backward integration + potential margin expansion
-thailand HRSG capacity getting reserved by global EPC players
-management expecting ₹2,000+ Cr order inflow in FY27
-power sector becoming ~60-70% of revenue mix
Still risks:
working capital heavy biz, execution critical, export cycle needs to sustain.
Very interesting industrial/power-capex proxy developing here.
#DEEDEV - DEE Development Engineers Ltd
DEE Development is India’s largest manufacturer of specialized process piping solutions by installed capacity. The core narrative here is a financial turnaround fueled by India's accelerating capex cycle, coupled with an aggressive backward integration strategy that is structurally expanding margins. The Q3 FY26 numbers validate a massive inflection point: Consolidated revenue surged 77% YoY to ₹286.7 Cr, and PAT flipped from a ₹13.3 Cr loss last year to a robust ₹18.55 Cr profit. Operating EBITDA margins expanded significantly to 16.6% in Q3 FY26, up from a suppressed 3.5% in the same quarter last year.
-> If execution sustains and margins stabilize at these expanded levels, DEEDEV is poised to transition from a pure turnaround story into a structurally higher-margin, compounding engineering play.
Growth Catalysts & Triggers
1. Backward Integration (The Margin Multiplier):
The biggest structural catalyst occurred just days ago. On March 19, 2026, DEEDEV commenced commercial production at its new ₹89 Cr, 7,000 MTPA Seamless Pipe plant in Anjar, Gujarat. Previously, the company had to import these high-wall-thickness alloy pipes to use as raw materials. Manufacturing them in-house is expected to improve EBITDA margins by reducing imported seamless pipe costs and freight dependency. The market validation was immediate: they secured a ₹58 Cr seamless pipe order from a power sector JV before the plant was even fully commissioned.
2. Explosive Order Book Momentum:
The company's order book is expanding aggressively, jumping from ₹1,319 Cr at the start of February to ₹1,913 Cr by February 28, 2026. This was driven by a massive ₹754 Cr inflow in February alone, highlighted by a $40+ million export order for Heat Recovery Steam Generator (HRSG) piping from a US-based OEM and strong domestic traction from PSU giants like BHEL. Execution is scaling concurrently; the Anjar facility’s base process piping capacity was recently doubled to 30,000 MTPA to handle this influx, with a large portion of this ₹1,913 Cr order book expected to execute over the next 2–3 years (FY26–FY28).
3. Long-Duration Optionality (Hydrogen & Pilot Plants):
While thermal power and oil & gas pay the bills today, DEEDEV is building early optionality in emerging hydrogen infrastructure. They have strategically entered the hydrogen sector via an MoU with an International Clean-Tech partner to build modular hydrogen production systems in India and Thailand. Additionally, they have opened a new, high-margin vertical: designing and fabricating small-scale "pilot plants" for chemical and nuclear companies to test R&D processes before full-scale commercialization.
Key Risks:
Biomass power segment litigation continues to drag consolidated margins. Long-gestation international HRSG orders expose the company to raw material price volatility and execution risks. The business remains working-capital intensive, and growth is highly dependent on sustained capex cycles in the Oil & Gas and Power sectors.
@Geetanjali_SB@mynameiskumar_ well i love dogs and would love to have one at home someday. but repeated stray dog attacks on people are a real public safety issue and pretending otherwise helps nobody.
@Geetanjali_SB@mynameiskumar_ a personal incident shared in pain and frustration doesn't need to prove itself to you. your skepticism says a lot more about you than about him.