Dilip Buildcon Ltd

- No explicit mention of new fundraising through debt or equity currently planned in the near term. - The company aims to become debt-free at the standalone level, focusing on reducing existing debt rather than adding more. - Peak debt level has been reached and is expected to reduce going forward with no increase anticipated. - Future capital needs, especially for solar and new HAM projects, will be self-funded through cash flows and monetization of existing assets. - Equity partners are already committed for solar projects, mitigating the need for the company to raise fresh equity independently. - The company holds significant InvIT units and has liquid assets that can be monetized if capital is needed. - Overall strategy focuses on self-funding growth and reducing debt rather than raising new debt or equity.

- Total capex on Conveyor Belt and Coil and linked plant of Siarmal (CHP) is around INR870 crores including GST; planning and designing completed with no significant capex spent yet. - INR236 crores equity already invested in CHP, no further equity required for next 15 months; eligible to draw ~50% debt (INR600 crores); CHP expected to complete in 18-24 months. - Solar sector: Targeting 1 GW awards in next 2 years; equity partners committed; DBL's equity in recent 100 MW project is INR39 crores; DBL will execute full EPC work. - EPC capex significantly reduced from earlier INR500 crores to INR50-100 crores, mainly for smaller and replacement capex. - No further equity investment expected in the near term for CHP and coal MDO projects; focus on monetizing assets via InvIT platforms (Anantam Highways Trust) for cash flows and capital recycling.

- FY 2026 revenue expected around INR 8,000 crores, slightly down from earlier guidance of INR 8,500 crores due to slower order inflows. - FY 2027 revenue targeted at approximately INR 10,000 crores with improved order book fueling growth. - Order inflows for the year anticipated at INR 15,000 crores, supporting next year's revenue growth. - Coal MDO production to increase from 32 million metric tons in FY 2026 to 57 million metric tons by 2029, capturing 8-9% of India's coal output. - Diversification into solar energy with a target to secure around 1 gigawatt of solar projects in the next 1-2 years. - Long-term growth driven by consistent cash flows from HAM & coal MDO businesses, and new renewable energy ventures. - Expansion supported by strong pipeline and expected order awards in Q3 and Q4, including in roads, irrigation, metro, and solar sectors.

- FY '26 revenue expected around INR 8,000 crores (revised down from INR 8,500 crores) due to slower order inflows. - FY '27 revenue targeted at INR 10,000 crores, signaling strong growth. - EBITDA margin expected to hold around 10%-11% for the remainder of FY '26 and FY '27. - Profit after tax (PAT) showed INR 164 crores in H1 FY '26; Q2 standalone PAT was INR 41 crores. - Standalone debt reduction of around INR 500 crores targeted for FY '27, improving financial health. - Long-term cash flows expected to grow from coal MDO operations, InvIT assets, and new solar projects. - Around 75% of profits anticipated to come from long-term fixed assets, reducing cyclicality. - Solar segment aiming for 1 GW project awards in next 1-2 years, contributing to mid-teen IRRs. - Overall, the company is optimistic about consistent growth, improved margins, and enhanced profitability from diversified business verticals.

- Current order book stands at approximately INR18,600 crores. - New project AD (Advance) spending for recently won projects expected by Q4 FY26. - Order inflow guidance for FY26 is INR15,000 crores; around INR5,500 crores secured year-to-date. - Around INR15,000 crores worth of bids have been placed currently. - Bid pipeline includes INR1.5 lakh crores in road projects (MoRTH and NHAI) and INR25,000 crores in diversified sectors like dams, irrigation, Jal Jeevan Mission, and coal. - Expecting significant order awarding in Q3 and Q4 FY26, especially from roads, metro, and solar sectors. - For HAM and toll projects, NHAI has 124 projects pending over 6,000 km valued around INR3.5 lakh crores. - Confidence in winning profitable projects due to increased qualification criteria reducing competition.