Any current/future new fundraising through debt or equity?

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 fundraisin

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

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 s

Future growth expectations in sales/revenue/volumes?

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 rem

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

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 meaningfull

Current/ Expected Orderbook/ Pending Orders?

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 gro

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Dilip Buildcon LtdQ1 FY26Construction

Dilip Buildcon Ltd Q1 FY26 Earnings Call Analysis

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 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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).

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