Dee Development Engineers shifts from hydrogen to biomass at Malwa site

Dee Development Engineers is changing lanes. During its May 22 call, management confirmed it is abandoning its green hydrogen pilot project, opting instead to pursue biomass pellets at the Malwa site. The move accompanies a ramp-up in spending, with near-term capex guidance doubled to ₹20-30 crore. The order book is the growth engine here, sitting at ₹1,940 crore after a 50% increase. With FY27 revenue targeted at ₹1,500 crore and margins held above 19%, the firm is now signaling it may beat its own FY30 revenue goal of ₹2,500 crore. The strategy shift at Malwa is the primary departure from prior plans. How quickly the company converts its expanded order book into the cash flows needed for this higher capex is the next test.