Shares of DEE Development Engineers Ltd surged as much as 9% on Thursday, March 5, after the company said its material subsidiary has received a Letter of Intent (LoI) for an international piping supply project.

In an exchange filing, the company said its subsidiary DEE Piping Systems (Thailand) Co., Ltd has secured the LoI for the supply of Heat Recovery Steam Generator (HRSG) piping for an overseas customer.

The contract involves the prefabrication and supply of piping and supports for a Taiwan-based project. The company said the name of the customer has not been disclosed due to commercial considerations.

The order is valued at approximately €1.9 million (about ₹20 crore) and is scheduled to be executed by May 2027, according to the filing.

DEE Development Engineers clarified that the order has been awarded by an international entity and does not involve any related party transactions. The company also confirmed that neither the promoter nor the promoter group has any interest in the entity awarding the contract.

Last month, the company won an order worth $40 million 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.

Following the announcement, shares of DEE Development Engineers rose sharply, gaining nearly 9% and hitting the intraday high of ₹285. The stock has delivered 35.83% returns over the last one year.