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DBL - Dilip Buildcon

📊 NSE: DBL 🏢 Construction 📅 Last Updated: 12/13/2025 21:35

📢 Recent Corporate Announcements

Dilip Buildcon Declared L-1 Bidder for ₹160.20 Crore Road Project in Odisha

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 14 Mar 2026, 12:45 PM

Dilip Buildcon Limited (DBL) has been declared the lowest (L-1) bidder for a road construction project in Odisha worth ₹160.20 Crores. The project, awarded by the Odisha Bridge & Construction Corporation Limited (OBCCL), involves building a 6-lane diversion road with a service road in the Sundargarh district. The contract will be executed on an EPC basis with a completion timeline of 18 months. This win strengthens DBL's order book and provides revenue visibility for the medium term.

Declared L-1 bidder for a road project worth ₹160.20 Crores excluding GST
Project involves construction of a 6-lane diversion road from Duduka to Toparia in Odisha
Awarded by Odisha Bridge & Construction Corporation Limited (OBCCL) on EPC mode
The execution period for the project is set at 18 months

💡 Investors should view this as a positive development for the company's order book. Monitor the formal awarding of the contract and the company's ability to maintain margins during the 18-month execution period.

Dilip Buildcon Wins ₹1,850 Crore Power Transmission Project in Karnataka

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 11 Mar 2026, 11:46 AM

Dilip Buildcon Limited (DBL) has received a Letter of Intent (LOI) from REC Power Development and Consultancy Limited for a major power transmission project in Karnataka. The project involves establishing a 400 kV sub-station at Mekhali and associated transmission lines on a Build, Own, Operate, and Transfer (BOOT) basis. With an estimated EPC value of ₹1,850 crore, the project includes a 24-month construction period and a long-term concession of 35 years. This win strengthens DBL's order book and demonstrates its growing footprint in the power infrastructure sector.

Total EPC value for the project is approximately ₹1,850 Crore excluding GST
Project involves a 400 kV sub-station and transmission lines in Belagavi, Karnataka
Construction and commissioning to be completed within a 24-month timeline
Concession period spans 35 years from the Commercial Operation Date (COD)
Awarded through Tariff Based Competitive Bidding (TBCB) for 100% equity in the Project SPV

💡 Investors should view this as a positive development for DBL's order book and long-term revenue visibility. Monitor the company's ability to maintain margins during the 24-month execution phase of this large-scale transmission asset.

Dilip Buildcon Declared L-1 Bidder for Rs 668.02 Cr Narmada Flood Protection Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 17 Feb 2026, 07:09 PM

Dilip Buildcon Limited (DBL) has been declared the L-1 bidder for a significant infrastructure project in Gujarat worth Rs 668.02 Crores. The project involves the construction of a flood protection embankment on the Narmada river in Bharuch district. Awarded by the Government of Gujarat, the contract will be executed on an EPC basis within a 24-month timeline. This win strengthens DBL's order book and provides revenue visibility for the next two fiscal years.

Declared L-1 bidder for a project worth Rs 668.02 Crores excluding GST
Project involves flood protection embankment construction on the Narmada river in Gujarat
The contract is awarded by the Narmada Water Resources Water Supply & Kalpasar Department
Execution timeline is set for 24 months on an EPC (Engineering, Procurement and Construction) basis

💡 This order win enhances revenue visibility and demonstrates DBL's competitive bidding strength in the EPC space. Investors should maintain a positive outlook while monitoring the project's margin profile and execution efficiency.

Dilip Buildcon Declared L-1 Bidder for Rs 668.02 Cr Narmada Flood Protection Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 17 Feb 2026, 05:04 PM

Dilip Buildcon Limited (DBL) has been declared the L-1 bidder for a significant infrastructure project in Gujarat worth Rs 668.02 Crores. The project involves the construction of a flood protection embankment on the Narmada River in Bharuch district on an EPC basis. Awarded by the Government of Gujarat, the contract is expected to be completed within 24 months. This win strengthens the company's order book and provides revenue visibility for the next two fiscal years.

Declared L-1 bidder for a project worth Rs 668.02 Crores excluding GST
Project involves flood protection embankment construction on river Narmada in Gujarat
Contract awarded by Narmada Water Resources Water Supply & Kalpasar Department
Execution to be completed within a 24-month timeframe on EPC basis
The order win enhances the company's presence in the water resource infrastructure segment

💡 Investors should view this as a positive development for the company's order book; however, keep an eye on the formal contract award and execution margins.

DBL Q3 FY26: Record Order Book of ₹17,900 Cr; PAT Surges 193% on InvIT Gains

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 06:11 PM

Dilip Buildcon Limited (DBL) reported a record order book with FY26 YTD inflows of ₹17,900 crores, already exceeding its full-year guidance. While standalone 9M revenue declined 23% YoY to ₹5,145 crores due to lower execution volumes, standalone PAT surged 193% to ₹775 crores, driven by exceptional gains from transferring 7 assets to the Anantam InvIT. The company is aggressively deleveraging, targeting a ₹700-800 crore debt reduction next year with a goal to be net debt-free by FY28. Mining operations are scaling significantly, with a 30 million ton coal production target for FY26.

Secured FY26 YTD order inflows of ₹17,900 crores, surpassing the full-year target within 10 months.
Standalone 9M PAT rose 193.56% YoY to ₹775 crores, primarily due to exceptional gains from asset monetization.
Coal mining production expected to reach 30 million tons in FY26 and 57 million tons by FY29.
Net debt stands at ₹2,100 crores, with plans to reduce it by ₹700-800 crores in the next financial year.
Operational efficiency improved by rationalizing workforce from 38,000 to 19,000 employees while maintaining revenue capacity.

💡 Investors should focus on the company's transition to an asset-light model and the scaling of high-margin mining operations. The record order book provides strong revenue visibility for FY27, making the current debt-reduction phase a critical monitoring point for long-term value.

Dilip Buildcon Bags INR 124 Crore ATF Pipeline Project from PNGRB in Gujarat

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Feb 2026, 11:33 AM

Dilip Buildcon Limited (DBL) has received a Letter of Award from the Petroleum and Natural Gas Regulatory Board (PNGRB) for an Air Turbine Fuel (ATF) pipeline project in Gujarat. The project involves laying and operating a pipeline from Navgam to Sardar Vallabhbhai Patel International Airport for a period of 25 years. The EPC component of the project is valued at approximately INR 124.00 crore and is expected to be completed within 24 months. DBL will execute this through a 100% owned Special Purpose Vehicle, ensuring both construction revenue and long-term tariff-based income.

EPC contract value of INR 124.00 crore excluding GST
25-year exclusive license for development, operation, and tariff collection
Project execution timeline of 24 months for the EPC phase
100% equity holding in the Special Purpose Vehicle (SPV) for the project
Strategic infrastructure link between Navgam and Ahmedabad International Airport

💡 Investors should view this as a positive diversification move into energy infrastructure beyond traditional road construction. Monitor the timely execution of the EPC phase and the project's potential for steady long-term cash flows.

Dilip Buildcon Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 11:30 PM

Dilip Buildcon Limited (DBL) has officially released the audio recording link for its analyst and investor conference call held on February 10, 2026. The call was dedicated to discussing the company's financial performance for the third quarter ended December 31, 2025. This disclosure is a standard regulatory requirement following the earnings announcement. Investors can access the recording via the company's official investor relations website to review management's commentary.

Audio recording of the Q3 FY26 earnings call is now available for public access.
The conference call was conducted on February 10, 2026, at 5:00 PM IST.
Discussion focused on financial results for the quarter ended December 31, 2025.
The disclosure follows the initial meeting notification sent on February 05, 2026.

💡 Investors should listen to the recording to gain insights into management's outlook on the order book and debt levels. No immediate action is required as this is a routine compliance filing.

Dilip Buildcon Q3 PAT Jumps to ₹789 Cr; Order Book Hits Record ₹29,372 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 03:32 PM

Dilip Buildcon reported a consolidated PAT of ₹789 crore for Q3 FY26, significantly aided by a one-time gain of ₹585 crore. The company's order book reached an all-time high of ₹29,372 crore, reflecting strong diversification across infrastructure segments and improved tendering activity. While 9M FY26 revenue declined to ₹6,684 crore from ₹8,221 crore YoY, the company maintained a healthy 9M consolidated EBITDA margin of 20.54%. Strategic progress was marked by the successful listing of the Anantam Highways InvIT, facilitating capital recycling and debt reduction.

Consolidated PAT of ₹789 Cr for Q3 FY26, boosted by a one-time gain of ₹585 Cr.
Order book reached a record high of ₹29,372 Cr, well-diversified across roads, mining, and irrigation.
Consolidated EBITDA margin for Q3 FY26 stood at 17.87% with revenue at ₹2,138 Cr.
Net debt significantly reduced from its peak of ₹3,392 Cr through disciplined capex and asset-light strategies.
Successful listing of Anantam Highways InvIT in a 74:26 partnership with Alpha Alternatives.

💡 Investors should view the record order book and successful InvIT listing as strong indicators of future execution and balance sheet health. Monitor the company's ability to convert the massive order book into revenue growth in the coming quarters.

DBL Q3 FY26 Consolidated PAT Surges 399% YoY to ₹789 Cr; Order Book Robust at ₹29,372 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 01:49 PM

Dilip Buildcon (DBL) reported a significant 399.37% YoY growth in consolidated PAT to ₹789 Cr for Q3 FY26, primarily boosted by exceptional gains from asset divestments. While consolidated revenue declined 17.45% YoY to ₹2,138 Cr, the company maintained a healthy order book of ₹29,372 Cr. DBL continues its strategy of capital recycling, having divested stakes in several HAM projects to InvITs. The order book is increasingly diversified, with significant contributions from Mining (20%), Roads (19%), and Renewable Energy (18%).

Consolidated PAT rose to ₹789 Cr in Q3 FY26 from ₹158 Cr in Q3 FY25, a 399% increase driven by divestments.
Order book reached ₹29,372 Cr as of Dec 31, 2025, with ₹17,565 Cr in new wins during YTD FY26.
Exceptional items contributed ₹585 Cr to the consolidated profit before tax in Q3 FY26.
Standalone EBITDA margin stood at 10.42%, showing slight improvement over the previous year's 9.74%.
Diversified order mix includes Mining (19.92%), Roads & Highways (19.37%), and Renewable Energy (17.63%).

💡 The surge in profit is largely due to one-time asset sales, so investors should monitor core execution and revenue growth in the coming quarters. The strong order book and successful capital recycling provide good long-term visibility.

DBL Q3 FY26: PAT Surges to ₹789 Cr on One-time Gain; Order Book Hits Record ₹29,372 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 01:44 PM

Dilip Buildcon (DBL) reported a consolidated PAT of ₹789 crore for Q3 FY26, which includes a significant one-time gain of ₹585 crore. The company achieved its highest-ever order book of ₹29,372 crore, reflecting strong diversification across infrastructure segments like mining, metro, and roads. Revenue for the quarter stood at ₹2,138 crore with a healthy consolidated EBITDA margin of 17.87%. Management's focus on deleveraging is evident as net debt remains significantly lower than its historical peak of ₹3,392 crore.

Consolidated PAT of ₹789 crore includes a one-time gain of ₹585 crore for the quarter.
Order book reached an all-time high of ₹29,372 crore, diversified across multiple infrastructure verticals.
Consolidated EBITDA stood at ₹382 crore with a margin of 17.87%.
Net debt significantly reduced from peak levels of ₹3,392 crore through disciplined capital allocation.
Successful listing of Anantam Highways InvIT enables capital recycling and asset-light growth.

💡 Investors should look past the one-time gain and focus on the record-high order book and successful debt reduction. The company's transition to a leaner, asset-backed platform through InvITs suggests improved long-term earnings quality and return metrics.

Dilip Buildcon to Host Q3 & 9M FY26 Earnings Conference Call on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 05 Feb 2026, 11:46 AM

Dilip Buildcon Limited (DBL) has scheduled a conference call for analysts and investors on Tuesday, February 10, 2026, at 5:00 PM IST. The purpose of the call is to discuss the company's financial and operational performance for the third quarter and nine months ended December 31, 2025. Key management personnel, including the MD & CEO, CFO, and Head of Strategy, will be present to interact with participants. This follows the standard regulatory requirement to discuss quarterly results with the investment community.

Conference call scheduled for February 10, 2026, at 5:00 PM IST following Q3 FY26 results.
Management team including MD & CEO Devendra Jain and CFO Sanjay Bansal will lead the discussion.
The call will cover both operational and financial performance for the 9-month period ending December 2025.
Universal dial-in numbers provided are +91 22 6280 1423 and +91 22 7115 8271.

💡 Investors should attend or review the transcript of the call to understand management's guidance on the order book and execution timelines. No immediate action is required as this is a routine scheduling announcement.

Dilip Buildcon Shareholders Approve Material Related Party Transactions with 97.35% Majority

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 20 Jan 2026, 05:42 PM

Dilip Buildcon Limited (DBL) has successfully passed an ordinary resolution via postal ballot to approve material related party transactions with its subsidiary, DBL ERCP Bandh Baretha Private Limited. The resolution was passed with a 97.35% majority of the total votes polled, ensuring regulatory compliance for ongoing operations. While promoters and retail investors voted overwhelmingly in favor, institutional investors showed significant dissent, with 47.75% of their segment voting against the proposal. This approval allows the company to proceed with financial and operational engagements with the specified subsidiary.

Resolution for Material Related Party Transactions with subsidiary DBL ERCP Bandh Baretha Private Limited approved.
Total voter turnout stood at 77.45% with 125.81 million votes polled out of 162.44 million shares.
The resolution received 122.48 million votes (97.35%) in favor and 3.33 million votes (2.65%) against.
Institutional investors were divided, with 52.25% in favor and 47.75% voting against the resolution.
Promoter group and non-institutional public shareholders voted nearly 100% in favor of the proposal.

💡 Investors should note the high institutional dissent (47.75%) regarding this related party transaction and monitor future disclosures for transaction terms. No immediate action is required as the resolution has been legally passed with the requisite majority.

Dilip Buildcon Shareholders Approve Material Related Party Transactions with 97.35% Majority

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 20 Jan 2026, 05:01 PM

Dilip Buildcon Limited (DBL) has successfully passed an ordinary resolution via postal ballot for material related party transactions with its subsidiary, DBL ERCP Bandh Baretha Private Limited. The resolution received 97.35% approval from the total votes polled, ensuring operational continuity for the project-specific subsidiary. Notably, while the resolution passed, public institutional investors showed significant dissent, with 47.75% of their votes cast against the proposal. Overall, 77.45% of the total shareholding participated in the remote e-voting process which concluded on January 17, 2026.

Approval granted for Material Related Party Transactions with subsidiary DBL ERCP Bandh Baretha Private Limited.
Resolution passed with 122,480,091 votes (97.35%) in favor and 3,334,707 votes (2.65%) against.
Promoter group voted 100% in favor, accounting for 102,571,259 of the total votes.
Public institutional voting reflected significant dissent with 47.75% of their polled votes (3,334,689 shares) against the resolution.
Total voter turnout represented 77.45% of the company's outstanding 162,444,833 shares.

💡 Investors should monitor the specific terms of these related party transactions to ensure they remain at arm's length, particularly given the high level of institutional dissent. No immediate portfolio action is required as the resolution has been legally passed with the requisite majority.

Dilip Buildcon Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Jan 2026, 06:03 PM

Dilip Buildcon Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialization were processed and listed on stock exchanges. It also verifies that physical certificates were mutilated and cancelled as per regulatory requirements. This is a standard procedural filing ensuring the integrity of shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025
Confirmation provided by Registrar and Transfer Agent MUFG Intime India Private Limited
Securities received for dematerialization were processed and listed on relevant exchanges
Physical security certificates were mutilated and cancelled within prescribed timelines
Name of depositories substituted in the register of members as registered owners

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's project execution and upcoming quarterly financial results.

Dilip Buildcon Declared L-1 Bidder for ₹1,850 Cr Karnataka Power Transmission Project

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 26 Dec 2025, 11:27 AM

Dilip Buildcon Limited (DBL) has been selected as the successful bidder for a major power transmission project in Karnataka by REC Power Development and Consultancy Limited. The project involves establishing a 400 kV sub-station and associated lines on a Build, Own, Operate and Transfer (BOOT) basis. The EPC value for DBL is estimated at ₹1,850 crore (excluding GST), with a construction timeline of 24 months. This win provides the company with a long-term operational role for 35 years, enhancing its revenue visibility and diversifying its infrastructure portfolio.

Declared L-1 bidder for the Mekhali 400 kV sub-station and transmission lines project in Karnataka.
The EPC contract value for the company is approximately ₹1,850 crore excluding GST.
Project to be executed on a BOOT basis under the Tariff Based Competitive Bidding (TBCB) route.
Construction and commissioning are scheduled to be completed within 24 months from the effective date.
DBL will acquire 100% equity of the Project SPV and operate the asset for 35 years from the COD.

💡 Investors should consider this a positive development as it significantly boosts DBL's order book and provides long-term annuity-style revenue. Monitor the company's leverage and execution progress over the 24-month construction period.

View All DBL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 was INR 1,417 Cr. The company has a capability to execute INR 10,000 Cr+ revenue annually. The order book stood at INR 14,923 Cr as of March 31, 2025, a 14.4% decrease from INR 17,432 Cr in FY24. Mining and HAM segments are targeted to provide 75% of future profitability.

Geographic Revenue Split

DBL has a pan-India presence with operations across 20 states and 1 Union Territory. Specific percentage split by region is not disclosed in available documents.

Profitability Margins

Net margin was 3.5% for FY25, with a medium-term target to improve to ~5% through debt reduction and refinancing. Operating margins contracted to 10.2% in FY25 from 11.6% in FY24 due to high fixed costs and lower scale.

EBITDA Margin

Operating margin (EBITDA) was 10.2% in FY25, down 140 bps YoY from 11.6% in FY24. The company targets a recovery to ~12% in the near-to-medium term through cost streamlining.

Capital Expenditure

DBL operates a capex-intensive model with an owned fleet of 10,600+ GPS-enabled equipment. While specific future INR Cr capex is not disclosed, the company is shifting toward an asset-light model via monetisation and targets a standalone debt reduction of INR 500 Cr in FY26.

Credit Rating & Borrowing

Crisil Rating: Stable. Interest coverage ratio is expected to remain modest, sustaining below 3.0 times over the medium term. Upward rating sensitivity requires improvement to above 3.5 times.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, cement, and fuel (bitumen/diesel). Specific percentage of total cost for each is not disclosed, but they are subject to price volatility mitigated by contract escalation clauses.

Import Sources

Sourced primarily from within India; the company operates its own crushers and sources aggregates from in-house facilities to ensure supply stability.

Key Suppliers

Sourced directly from market leaders to ensure price and supply stability; specific company names are not disclosed in available documents.

Capacity Expansion

Current execution capacity is INR 10,000 Cr+ revenue. Coal MDO production target is 32 MMT for FY26 (25 MMT from one mine, 7 MMT from Pachhwara), expanding to 57 MMT by 2029 (representing 8-9% of India's total coal output). Solar capacity: 100 MW won, targeting 1 GW expansion.

Raw Material Costs

Raw material costs are managed through direct sourcing and in-house aggregate production. Contracts include cost escalation clauses to absorb price increases, though volatility still impacts margins.

Manufacturing Efficiency

Efficiency is driven by an integrated model managing the entire project lifecycle. Early delivery bonuses are a key contributor to profitability, reflecting high execution speed.

Logistics & Distribution

Managed through an in-house fleet of 10,600+ equipment units to maintain control over timelines and costs.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved by targeting INR 15,000 Cr of new order inflows in FY26, diversifying into solar energy (1 GW target), and scaling coal MDO production to 57 MMT by 2029. The company is also utilizing an InvIT partnership with Alpha Alternatives to unlock capital and reduce standalone debt.

Products & Services

EPC construction services for roads, dams, tunnels, and metros; Coal mining services (MDO); Hybrid Annuity Model (HAM) road assets; Solar power generation.

Brand Portfolio

DBL (Dilip Buildcon Limited).

New Products/Services

Solar energy (100 MW project won, targeting 1 GW); expansion into digital infrastructure and optical fibre projects.

Market Expansion

Expanding presence across 20 states to mitigate region-specific policy risks; entering the renewable energy sector.

Market Share & Ranking

DBL is one of the top producers of coal in India (targeting 8-9% of national output by 2029) and a leading player in the road EPC sector.

Strategic Alliances

Strategic partnership with Alpha Alternatives (AA) for asset monetisation and financial structuring of the HAM portfolio.

🌍 External Factors

Industry Trends

The industry is seeing a tightening of eligibility criteria for EPC and HAM projects, which favors experienced players like DBL. There is a shift toward diversified infra (water, tunnels, solar) away from pure-play roads.

Competitive Landscape

Intense competition from both large and small players, though recent regulatory tightening of bidding norms is alleviating competitive pressure.

Competitive Moat

Moat consists of a massive in-house fleet (10,600+ units) and a large workforce (23,504), allowing for better control over quality and timelines compared to sub-contracting peers. This is sustainable due to the high capital cost for competitors to replicate.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and cyclicality in the construction industry. Reduced order inflows over the last 2 years led to lower free cash flows.

Geopolitical Risks

Trade barriers affecting fuel or equipment parts could impact operational costs, though the company relies heavily on an in-house fleet.

⚖️ Regulatory & Governance

Industry Regulations

Tightening of prequalification norms for NHAI/EPC bidding; compliance with HAM/BOT model regulations and mining safety standards.

Environmental Compliance

Mining operations (MDO) require strict adherence to environmental clearances and coal production norms.

⚠️ Risk Analysis

Key Uncertainties

Order book visibility (currently 1.65x revenue, target >2.0x); execution delays in complex projects like tunnels; working capital cycle stretch (285 days GCA).