NSE: DBL · BSE: 540047
DILIP BUILDCON LIMITED
Builds roads, highways, tunnels, irrigation canals and other civil infrastructure under EPC contracts for central and state government clients, and now operates a three-vertical model spanning EPC execution, coal mining under MDO contracts, and long-term road assets held through InvITs. In FY26, EPC Projects & Road Infrastructure Maintenance contributed 68.3% of segment revenue at Rs 6,133.75 crore, while Annuity Projects & Others contributed 31.7% at Rs 2,850.18 crore. Beyond these reported segments, mining contributed Rs 1,692 crore to FY26 consolidated revenue from the Siarmal coal mine. Materials form the dominant cost at 74.9% of revenue, with capex at 36.0% of revenue. Recent order wins include a Rs 2,524.32 crore reservoir link canal in Chhattisgarh, a Rs 780.12 crore HAM expressway package in Andhra Pradesh, and an Rs 268 crore barrage project in Gujarat. Dilip Buildcon is transferring completed road assets into the Anantam Highways InvIT, with units worth Rs 1,600 crore on the balance sheet and 11 more HAM assets slated for transfer by FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC Projects & Road Infrastructure Maintenance (68%), Annuity Projects & Others (32%). Asset-heavy infrastructure, transitioning from pure EPC toward long-term asset ownership through mining and InvIT cash flows
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,566 | 10,644 | 12,012 | 11,317 | 8,984 |
| EBITDA (ex other income) | 715 | 1,335 | 1,739 | 2,440 | 2,646 |
| margin % | 7.5 | 12.5 | 14.5 | 21.6 | 29.5 |
| Owners' profit | (549) | (1) | 194 | 641 | 1,302 |
| EPS, as reported (₹) | (37.77) | (0.10) | 13.75 | 57.44 | 86.08 |
| ROE % · ROCE % | (15.5) · 3.5 | (0.0) · 11.8 | 4.6 · 15.3 | 16.0 · 17.1 | 20.1 · 22.2 |
| Debt / equity (x) | 2.47 | 1.67 | 1.66 | 1.81 | 1.16 |
| Cash from operations | 1,624 | 2,845 | 812 | (565) | 1,204 |
| Capex | (3,984) | (3,916) | (5,554) | (4,265) | (3,238) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,461 | 2,590 | 3,096 | 2,620 | 4,546 | 2,138 | 2,300 | 2,378 |
| Profit before tax | 309 | 208 | 350 | 331 | 595 | 713 | 153 | 157 |
| Net profit | 266 | 158 | 277 | 271 | 486 | 789 | 124 | 128 |
| EPS (₹) | 18.18 | 10.78 | 18.92 | 17.06 | 33.21 | 48.57 | 7.62 | 7.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC Projects & Road Infrastructure Maintenance | 1,444 | 12.4 |
| Annuity Projects & Others | 1,651 | 14.2 |
| (a) EPC Projects & Road Infrastructure Maintenance | 4,689 | 40.4 |
| (b) Annuity Projects & Others | 1,995 | 17.2 |
| Engineering, Procurement and Construction (EPC) | 1,825 | 15.7 |
| Total, before eliminations | 11,604 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.0 | 13.5 | 9 of 101 | 92% |
| P/B | 0.9 | 1.3 | 29 of 85 | 67% |
| ROCE | 11.3 | 10.0 | 50 of 107 | 54% |
| ROE | 20.1 | 9.1 | 12 of 87 | 87% |
| Debt / Equity | 1.2 | 0.4 | 80 of 87 | 8% |
| EBITDA margin | 20.0 | 12.4 | 19 of 88 | 79% |
| Revenue growth | (9.3) | 6.2 | 67 of 86 | 22% |
| Profit growth | (52.9) | 2.7 | 64 of 84 | 24% |
| Market cap | 6246 | 456 | 19 of 107 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Helium Services adds 0.15% encumbrance on Dilip Buildcon shares | ownership changes | high | — | — |
| 23 Oct 2026 · Helium Services encumbers 465,000 Dilip Buildcon shares | ownership changes | high | — | — |
| 21 Oct 2026 · Dilip Buildcon files quarterly RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Provisional completion certificate received for Karimnagar-Warangal highway project | business updates | high | — | — |
| 7 Oct 2026 · DBL gets PNGRB nod for Paradip-Raipur LPG pipeline; INR 1,800 cr EPC opportunity | business updates | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 FY26 results declared | compliance | minimal | — | — |
| 28 Sept 2026 · Dilip Buildcon Limited has been declared as L-1 bidder for 'Construction of 4 lane elevated corridor including approaches from Old Pune Naka to Boramani Naka on NH-65 in Solapur City in .... | business updates | high | — | — |
| 28 Sept 2026 · Dilip Buildcon wins L-1 bid for 400 KV Yavatmal transmission project worth Rs 1,151 cr | business updates | high | — | — |
| 23 Sept 2026 · 20th AGM results: all 19 resolutions passed, Re.1 dividend approved | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 20th AGM voting results: All 19 resolutions passed, including dividend, NCDs and RPTs | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.