Dilip Buildcon Ltd

- Dilip Buildcon plans to raise around 85% of the equity required for transmission and solar projects from external investors; DBL will contribute the remaining 15%. - The company is actively looking for investors to divest equity in transmission and solar SPVs during the construction phase to meet its short-term goal of becoming net debt-free by FY28. - Discussions with potential investors are ongoing, with structuring to balance investor returns and company goals. - The company aims to reduce net debt by INR600-800 crores in FY27 and become near net debt-free by FY28. - No specific new debt fundraising mentioned; however, in-principle approvals from lenders for SPVs are in place. - The InvIT platform continues to monetize road assets, with 11 more assets planned for transfer, raising InvIT units valued around INR1,800 crores.

- Dilip Buildcon plans equity investment of about INR1,600 crores in solar (INR1,200 crores) and transmission (INR400 crores) projects during FY27 and FY28. - The company aims to raise 85% of this equity from external investors, with DBL contributing the remaining 15%. - These investments are structured via separate SPVs for solar and transmission projects. - For 11 road assets to be transferred to Anantam InvIT, approximately INR169 crores of additional investment is needed for completion. - Capex focus includes building these assets with an eye on monetization and divestment to achieve net debt-free status by FY28. - Total capex for standalone operations was not explicitly stated but implied through these strategic investments. - Commissioning deadline for the new projects is approximately 2 years from the start date (around April 2026 onwards).

- FY27 standalone revenue is targeted to grow by 30% to 40% compared to FY26 revenue of INR7,005 crores. - Coal mining revenue is expected to increase from INR1,600 crores in FY26 to about INR2,500 crores in FY27, and further to INR3,000+ crores in FY28. - By FY29, coal production is targeted at around 57 million metric tons, scaling up the mining business significantly. - Overall coal business revenue is projected to reach approximately INR4,000 crores by FY29. - The order inflow target for FY27 is INR10,000 crores to INR12,000 crores, providing visibility up to FY30. - EBITDA margins are expected to remain around 11%-12% in EPC. - Mining margins are stabilizing around 24%-25%, with potential for improvement due to economies of scale and new coal handling plant. - By FY29, about 75% of profits are expected from long-term assets, with only 25% from EPC.

- DBL targets 30% to 40% revenue growth in FY27 from FY26 levels, supported by a healthy order book of ~INR28,000 crores. - EBITDA margin guidance is maintained at 11-12% for FY27. - Profit after tax surged to INR841 crores in FY26 from INR311 crores in FY25, indicating strong earnings growth. - By FY29, ~75% of profits are expected from long-term assets (MDO and Asset verticals), with only ~25% from EPC, reflecting improved profitability and cash flow visibility. - Coal MDO business expected to achieve full capacity by FY29 with annual coal production of ~57 million MT, contributing meaningfully to EBITDA and profits. - Debt reduction of INR600-800 crores in FY27 aims to lower interest costs. - Projected steady improvement in EBIT margins and scaling of asset revenues expected to drive EPS growth.

- As of May 14, 2026, Dilip Buildcon Limited's current order book stands at approximately INR28,800 crores. - The standalone EPC order book is healthy and diversified with strong execution visibility across multiple infrastructure segments. - The company secured total order inflows of INR18,548 crores in FY26, exceeding their original guidance. - They are targeting new order inflow of about INR10,000 to INR12,000 crores for FY27 to maintain revenue visibility up to FY30. - The company focuses on selective tendering prioritizing profitability, cash flow visibility, and return ratios over pure topline growth. - Order backlog includes government contracts and orders from coal business, which is growing with increasing volumes. - The order book actively updates quarterly due to ongoing projects and business expansion.