Future growth expectations in sales/revenue/volumes?

FY '25 revenue expected to be in the same range as FY '24, even with zero new order inflow, due to current order book execution. Revenue growth beyond this depends on new order inflows post-election and their timing. Company targeting order inflow of INR 10,000 to 12,000 crores in FY '25 across sectors (EPC and HAM). Additional revenue expected from recently won INR 1,000 crores railway contract and other sectors. Long-term revenue visibility strengthened through coal MDO assets and InvIT assets providing steady cash flow. EBITA margin guidance for FY '25 at 12%-14%, with capex planned at INR

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue for FY25 is expected to be in the same range as FY24, with potential growth depending on order inflow post-elections. FY26 growth guidance is not provided yet; clarity will come as new orders materialize. EBITDA margins targeted between 12% to 14%. Profit after tax (PAT) showed a significant rise in FY24 and is expected to sustain growth with improving margins. Company aims to reduce net debt significantly, targeting net debt free status on a standalone basis by FY25-FY26. Increased focus on generating free cash flow and enhancing return on equity (ROE) and return on capital employed (

Current/ Expected Orderbook/ Pending Orders?

As of FY23-24, Dilip Buildcon Limited won orders worth INR 3,602 crores, with 42% in irrigation, 35% in water supply, 15% in roads, and 8% in urban development. Total orders floated by NHAI and MORTH level alone exceed INR 1,20,000 crores, currently stalled due to election code of conduct. Post-election, a significant flurry of new orders is expected across ministries. For FY24-25, the company targets an order inflow of INR 10,000 to 12,000 crores across sectors, encompassing a mix of EPC and HAM projects. Even with zero new inflow, revenue from the current order book is expected to be similar

Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the current financial year. The company aims to become net debt-free on a standalone basis by FY25-FY26, focusing on reducing existing debt rather than raising new debt. Finance cost guidance for FY25 is INR 350 crores, down from INR 500+ crores, reflecting planned debt reduction. Warrants worth INR 533 crores were issued to Alpha Alternatives, with INR 133 crores received by December 2023; remaining INR 400 crores expected by June 2025. This relates to earlier fundraising, not new. Divestment in HAM projects to Alpha Alternative

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Dilip Buildcon LtdQ1 FY24Construction

Dilip Buildcon Ltd Q1 FY24 Earnings Call Analysis

Q: Any current/future capex/capital investment/strategic investment?

**Capex guidance for FY25:** INR 50-70 crores. Equipment debt currently around INR 170 crores, about 80% of which will be repaid in the financial year. Net debt expected to reduce by INR 500+ crores in FY25, targeting net debt below INR 1,000 crores by year-end. Strategic investment focus on: - Asset business expansion in coal MDO and InvIT assets, providing long-term revenue visibility. - Coal business aiming significant production growth (Siarmal coal mine production target 15 million tons next year, 50 million tons/year long-term). - InvIT assets to generate INR 400-500 crores free ca

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹460P/E: 11.7Market Cap: ₹7.2K CrSector: Construction

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 4

→FY '25 revenue expected to be in the same range as FY '24, even with zero new order inflow, due to current order book execution.
→Revenue growth beyond this depends on new order inflows post-election and their timing.
→Company targeting order inflow of INR 10,000 to 12,000 crores in FY '25 across sectors (EPC and HAM).
→Additional revenue expected from recently won INR 1,000 crores railway contract and other sectors.
→Long-term revenue visibility strengthened through coal MDO assets and InvIT assets providing steady cash flow.
→EBITA margin guidance for FY '25 at 12%-14%, with capex planned at INR 50-70 crores.
→Post-election flurry of orders expected, with significant government focus on infrastructure spending after elections.
→Overall growth visibility to improve as order book clarity increases in coming quarters.

Margin guidance

Category 3

→Revenue for FY25 is expected to be in the same range as FY24, with potential growth depending on order inflow post-elections.
→FY26 growth guidance is not provided yet; clarity will come as new orders materialize.
→EBITDA margins targeted between 12% to 14%.
→Profit after tax (PAT) showed a significant rise in FY24 and is expected to sustain growth with improving margins.
→Company aims to reduce net debt significantly, targeting net debt free status on a standalone basis by FY25-FY26.
→Increased focus on generating free cash flow and enhancing return on equity (ROE) and return on capital employed (ROCE).
→CRISIL upgraded outlook to positive; an actual rating upgrade is expected in 12-15 months, which could reduce finance costs and boost profitability.
→Long-term revenues expected from InvIT and Coal MDO businesses, supplementing EPC short-term revenue streams.

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Fundraise plans

Yes

→No explicit mention of new fundraising through debt or equity in the current financial year.
→The company aims to become net debt-free on a standalone basis by FY25-FY26, focusing on reducing existing debt rather than raising new debt.
→Finance cost guidance for FY25 is INR 350 crores, down from INR 500+ crores, reflecting planned debt reduction.
→Warrants worth INR 533 crores were issued to Alpha Alternatives, with INR 133 crores received by December 2023; remaining INR 400 crores expected by June 2025. This relates to earlier fundraising, not new.
→Divestment in HAM projects to Alpha Alternatives expected to bring INR 508 crores in H1 FY25.
→No explicit plans for fresh equity or debt fundraising mentioned in the call transcript.

Order book

→As of FY23-24, Dilip Buildcon Limited won orders worth INR 3,602 crores, with 42% in irrigation, 35% in water supply, 15% in roads, and 8% in urban development.
→Total orders floated by NHAI and MORTH level alone exceed INR 1,20,000 crores, currently stalled due to election code of conduct.
→Post-election, a significant flurry of new orders is expected across ministries.
→For FY24-25, the company targets an order inflow of INR 10,000 to 12,000 crores across sectors, encompassing a mix of EPC and HAM projects.
→Even with zero new inflow, revenue from the current order book is expected to be similar to FY23-24 levels, indicating a healthy backlog.
→The company is diversifying sectors to mitigate concentration risk, ensuring steady order pipeline visibility.

Capex plans

Yes

- **Capex guidance for FY25:** INR 50-70 crores. - Equipment debt currently around INR 170 crores, about 80% of which will be repaid in the financial year. - Net debt expected to reduce by INR 500+ crores in FY25, targeting net debt below INR 1,000 crores by year-end. - Strategic investment focus on: - Asset business expansion in coal MDO and InvIT assets, providing long-term revenue visibility. - Coal business aiming significant production growth (Siarmal coal mine production target 15 million tons next year, 50 million tons/year long-term). - InvIT assets to generate INR 400-500 crores free cash flow annually from dividends and principal repayments. - Alpha Alternatives deal involves warrant money inflow (INR 400 crores expected by June 2025) and divestment of 26% stake in HAM projects to monetize assets. No additional large-scale capex disclosed beyond the above strategic asset investments and EPC business maintenance.

How does Dilip Buildcon Ltd rank vs peers in Construction?

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