Dilip Buildcon Ltd
NSE:DBL
Dilip Buildcon Ltd
Dilip Buildcon Ltd. is a holding company, which engages in the provision of construction business. The company is headquartered in Bhopal, Madhya Pradesh. The company went IPO on 2016-08-11. The firm's projects are in the area of roads and highways, sewage treatment, dams, rails & metro, airport, mining, irrigation, tunnel, special bridges, commercial buildings and urban development. The firm undertakes contracts from various government and other parties and special purpose vehicles promoted by the Company. Its subsidiaries include DBL Hassan Periyapatna Tollways Limited, Jalpa Devi Engineering Private Limited, Bhavya Infra & Systems Private Limited, DBL Chandikhole Bhadrak Highways Private Limited, DBL Anandapuram Anakapalli Highways Private Limited, DBL Bangalore Nidagatta Highways Private Limited, DBL Gorhar Khairatunda Highways Private Limited, DBL Nidagatta Mysore Highways Private Limited, and others.
Dilip Buildcon Ltd. is a holding company, which engages in the provision of construction business. The company is headquartered in Bhopal, Madhya Pradesh. The company went IPO on 2016-08-11. The firm's projects are in the area of roads and highways, sewage treatment, dams, rails & metro, airport, mining, irrigation, tunnel, special bridges, commercial buildings and urban development. The firm undertakes contracts from various government and other parties and special purpose vehicles promoted by the Company. Its subsidiaries include DBL Hassan Periyapatna Tollways Limited, Jalpa Devi Engineering Private Limited, Bhavya Infra & Systems Private Limited, DBL Chandikhole Bhadrak Highways Private Limited, DBL Anandapuram Anakapalli Highways Private Limited, DBL Bangalore Nidagatta Highways Private Limited, DBL Gorhar Khairatunda Highways Private Limited, DBL Nidagatta Mysore Highways Private Limited, and others.
Order Book: DBL reported its highest ever and most diversified order book at the end of Q3, now standing at INR 29,300 crores.
Revenue Decline: Revenue declined significantly YoY for the 9 months ended December 2025, down 23.09% stand-alone and 18.69% consolidated, due to muted execution and lower order inflows earlier in the year.
Profit Surge: Profit after tax jumped sharply (up 193.56% stand-alone, 126% consolidated), mainly due to exceptional gains from flipping assets to the Anantam InvIT.
Guidance: Management expects FY '26 revenue to close between INR 7,000–7,500 crores, with FY '27 revenue projected around INR 10,000 crores, implying 30–40% growth.
Margins: EBITDA margin is expected to remain stable in Q4 but improve to 12–13% in FY '27 as execution picks up.
Debt Levels: Net debt stands at INR 2,100 crores and is expected to stay around this level at year-end; management aims to reduce debt by INR 700–800 crores next year.
Asset Monetization: Seven HAM assets have been transferred to InvIT; further assets are planned for transfer in FY '27, supporting deleveraging.
Mining Update: Coal mining operations are on track, with total production expected at 30 million tonnes for FY '26 and mid-teens EBITDA margins at SPV level.
