Dilip Buildcon Ltd(DBL)

NSE: DBLBSE: 540047

₹ 379.9+5.84%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 6,171 crWebsite: www.dilipbuildcon.comUpdated: 27 Oct 2026

About

Dilip Buildcon Ltd is an Indian infrastructure contractor active across civil construction, mining development operations (MDO), and hybrid annuity road assets. In FY26 it reported consolidated revenue of ₹8,983.93 crores across EPC, annuity, and coal-mining segments. The company holds an order book of ₹27,691 crores as of June 2026, spread across 12 verticals including roads, mining, irrigation, and renewable energy.^[1][2]

Business segments

EPC Projects & Road Infrastructure Maintenance contributed 68.3% of consolidated FY26 revenue at ₹6,133.75 crores, with a segment EBIT margin of 16.9%.^[3]
Annuity Projects & Others contributed 31.7% of consolidated FY26 revenue at ₹2,850.18 crores, with a higher EBIT margin of 33.1%, reflecting the HAM asset and MDO income mix.^[3]

Order book and inflow

Order book stood at ₹27,691 crores as of June 30, 2026, diversified across 12 verticals including mining, roads, irrigation, and renewable energy.^[2]
Q1 FY27 order inflow was ₹268 crores, seasonally weak; full-year FY27 inflow guidance is maintained at ₹10,000 - 12,000 crores with bids worth ₹15,000 - 20,000 crores awaiting opening.^[2]
FY26 full-year order inflows reached a record ₹18,548 crores, well above original guidance. Road concentration has fallen to 19% of the order book, while renewables are 18% and mining 20%.^[4]

Mining MDO operations

Total coal production in Q1 FY27 was 4.79 MMT: Siarmal 3.78 MMT and Pachhwara 1.01 MMT. FY27 full-year target for Siarmal is 27 MMT, revised down from the prior 30 - 35 MMT guidance.^[2]
Siarmal produced 22.35 MMT in FY26 (vs 18.53 MMT in FY25); Pachhwara produced 6.37 MMT, giving a consolidated FY26 coal total of 28.72 MMT. MDO EBITDA margin was 23% in FY26, down from 26% in FY25.^[4]
Mining MDO order book snapshot is ₹5,224 crores (3-year rolling); total balance contract value at current pricing is ~₹1.03 lakh crores.^[2]
MDO EBITDA margin held steady at 27% in Q1 FY27, matching Q1 FY26. Siarmal mining fee is currently 78% and will rise to 100% once the Barpali loop and coal handling plant (CHP) are operational.^[2][5]

HAM asset monetisation and InvIT platform

As of June 30, 2026, DBL holds ₹1,314 crores (face value) of units in Anantam Highway Trust and ₹207 crores in Shrem InvIT.^[2]
The next tranche of 11 HAM assets is expected to require less than ₹81 crores of incremental equity while generating ~₹1,750 crores of InvIT units; 4 assets are targeted for transfer in August 2026, with the balance by FY27 year-end or Q1 FY28.^[2]

Renewable energy and transmission expansion

The board approved selling a 49% co-investment stake to Alpha Alternatives in the under-construction solar and transmission projects (combined project cost ~₹8,400 crores); Alpha will contribute ~₹800 crores of the ~₹1,650 crores combined equity need during construction.^[2]
DBL was selected as successful bidder by REC Power Development and Consultancy Limited for a transmission project in Maharashtra valued at ₹1,151.47 crores (excluding GST), with a 24-month execution period.^[6]

Key operating numbers

Standalone EBITDA margin was 10.32% in Q1 FY27, up 21 bps from 10.11% in Q1 FY26. Consolidated EBITDA margin was 18.05% in Q1 FY27, down 181 bps YoY.^[2]
Standalone working capital days were 133 days in Q1 FY27, up from 131 days at March 2026. Standalone net debt rose to ₹2,106 crores at June 2026 from ₹1,880 crores at March 2026, reflecting seasonal working capital build; net debt/equity stood at 0.31x.^[2]
Three HAM packages of the Bengaluru - Vijayawada Expressway (combined EPC cost ₹1,700 crores) were completed ahead of scheduled COD in Q1 FY27, consistent with ~90% early-completion track record.^[2]
Employee headcount has been rationalised from a peak of 38,000 to ~19,000; annual standalone capex has moderated from ~₹500 crores at peak to ~₹100 crores.^[7]

Recent order wins and project completions

On 7 October 2026, DBL received a grant of authorisation from PNGRB for an LPG pipeline from Paradip, Odisha to Raipur, Chhattisgarh, valued at ₹1,800 crores (excluding GST), with a 3-year execution period and 25-year operation period.^[8]
On 7 October 2026, DBL received a Provisional Completion Certificate for a ₹1,647 crore hybrid annuity project on NH-563 in Telangana (68.015 km under Bharatmala Pariyojana), completed on the scheduled completion date of 7 September 2026.^[9]
On 28 September 2026, DBL was declared L-1 bidder for an NHAI order worth ₹688.23 crores to construct a 4-lane elevated corridor (9.66 km) on NH-65 in Solapur City, Maharashtra, with a 24-month execution period.^[10]

Expansion targets and capex

Siarmal coal production is targeted at 35 MMT in FY28 and 50 MMT post-CHP completion; combined MDO output is targeted at 57 MMT by FY29.^[2]
Siarmal CHP total capex is ~₹870 crores; completion is expected in approximately 1.5 years from Q1 FY27. Standalone FY27 capex is maintained at ~₹100 crores (replacement only).^[2][5]
By FY29, management targets 75% of profits to come from long-term assets (MDO and InvIT) versus 25% from EPC.^[4]

Market Cap

₹6,171 Cr

High / Low

₹528 / 354

Stock P/E

5.0

Price / Book

0.9

Book Value

₹420

EPS

₹80.2

No. of Shares

16.24 Cr

ROCE

13.3%

ROE

21.9%

OPM

20.9%

Debt / Equity

1.18

Sales

₹8,984 Cr

Net Profit

₹1,398 Cr

Promoter holding

63.1%

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Dilip Buildcon Ltd(DBL)

About

Business segments

Order book and inflow

Mining MDO operations

HAM asset monetisation and InvIT platform

Renewable energy and transmission expansion

Key operating numbers

Recent order wins and project completions

Expansion targets and capex

Signal history

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