September 2026 order book closes at Rs. 2,531.04 crore; inflow Rs. 225.17 crore

September 2026 order update.

Fri 9 Oct 2026

Closing order book (30 Sep 2026)

Rs. 2,531.04 crore

New inflow in September

Rs. 225.17 crore

FY27 inflow so far

Rs. 1,178.65 crore

Monthly order book and execution update

The company shared its order book position for the period 1 September 2026 to 30 September 2026. All figures are in Indian rupees in crores.

The headline numbers

• Opening order book as on 1 September 2026: Rs. 2,435.61 crore
• Order inflow during September 2026, including amendments and currency fluctuations: Rs. 225.17 crore
• Orders executed during September 2026: Rs. 129.74 crore
• Closing order book as on 30 September 2026: Rs. 2,531.04 crore
• Cumulative order inflow for FY 2026-27 (as of 30 September 2026): Rs. 1,178.65 crore
• Cumulative order executed for FY 2026-27 (as of 30 September 2026): Rs. 591.52 crore

The closing figure ties to the opening figure: opening order book plus inflow minus executed value equals the closing order book.

How to read these words

• An order book is work the company has won but not yet completed. It is the value of pending orders.
• Inflow is fresh order value added during the month. Here it includes amendments to existing orders and currency fluctuations, so it is not purely new contracts won.
• Executed is work done during the month, measured as the aggregate invoices raised on customers.
• A closing order book higher than the opening order book means the value added during the month was more than the value completed.

Where the orders sit

The table splits the order book by the nature of activity (Pipings, Heavy Fabrication, and Gas Plants) and by the customer's industry (Power, Oil & Gas, and Others), across the company's India operations, DEE Thailand, DEE Fabricom India, Molsieve Designs Ltd, and power generation units of Malwa Power. The largest single block of the closing order book sits in the DEE India Power segment.

Tariff matters mentioned in the update

Malwa Power: The Punjab State Electricity Regulatory Commission fixed a tariff for FY 2025-26 with an annual escalation of 5% on variable cost, and the tariff rate for FY 2026-27 shall be Rs. 5.437 per kWh. The company has shared an appeal before the APTEL, New Delhi, challenging the PSERC order that determined the tariff for the plant, with a prayer to increase the tariff as per the CERC Regulations. The projected revenue for FY 27 is about Rs. 47.71 crores. Company power division: A tariff revision ordered by the PSERC was appealed by the company before the Hon'ble High Court of Punjab & Haryana, and the High Court has stayed the operation of the Commission's order. As a result, the company continues to supply electricity to PSPCL at the prevailing tariff, and any recovery claimed by PSPCL on account of tariff differential remains withheld until the final disposal of the matter by the High Court.

One more point on the numbers

Orders executed represent the aggregate amount of invoices raised on customers. Revenue recognised under Indian GAAP (Ind AS 115) may differ from the invoiced amount because of the Incoterms and performance obligations in individual contracts, since revenue is recognised when control of goods or services transfers to the customer and not merely on invoicing milestones. Revenue recognised for the period may therefore be lower than the total invoiced value.

What a reader may watch

• Whether the order book keeps adding more than the company executes each month.
• The outcome of the pending tariff appeals, which affect the power-related part of the business.

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