Company Overview

Dilip Buildcon Limited (DBL) is a multi-asset infrastructure developer that has evolved from a pure EPC player to a diversified infrastructure platform combining execution, asset ownership, and annuity cash flows. The company has presence across 20 states and 1 union territory.

Business Evolution Timeline

  • 1987-2000: Building core construction capability, started as proprietorship firm focused on real estate
  • 2001-2010: Transition from construction to infrastructure, forayed into road construction
  • 2011-2016: Building scale, sectors and capital, raised ₹75 Cr from BanyanTree Capital
  • 2017-2023: Asset creation and capital recycling, sold portfolio of 24 road assets (~₹10,500 Cr EV)
  • 2024 onwards: Multi-asset developer generating perpetual cash flows, net worth crossed ₹5,000 Cr

Current Business Structure

EPC Execution Engine

  • Proven in-house capabilities across 12 sectors
  • Strong pan-India presence across 20 states & 1 union territory
  • Foundation for other businesses like MDO & InvITs

MDO Business Performance

Siarmal MDO:

  • Q2FY27 OB Production: 4.86 Mn BCM
  • Q1FY27 OB Production: 7.00 Mn BCM
  • H1FY27 OB Production: 11.86 Mn BCM
  • H1FY26 OB Production: 9.37 Mn BCM

Pachhwara MDO:

  • Q2FY27 OB Production: 1.58 Mn BCM
  • Q2FY27 Coal Production: 0.97 Mn MT
  • H1FY27 OB Production: 5.70 Mn BCM
  • H1FY27 Coal Production: 1.98 Mn MT

Pottangi Bauxite Mine: Yet to start operations

MDO Financial Performance (₹ in Cr)

| Period | Revenue | EBITDA | EBITDA Margin | PAT | PAT Margin |

| Q2FY27 | 433 | 101 | 23% | 56 | 13% |

| Q1FY27 | 362 | 96 | 27% | 55 | 15% |

| Q2FY26 | 305 | 68 | 22% | 40 | 13% |

| H1FY27 | 795 | 197 | 25% | 111 | 14% |

| H1FY26 | 709 | 176 | 25% | 110 | 16% |

Order Book Status

Total Order Book as on September 30, 2026: ₹33,081 Cr

Sector-wise Breakdown:

  • Roads: ₹6,611 Cr (20.0%)
  • Mining: ₹5,581 Cr* (16.9%)
  • Irrigation: ₹5,033 Cr (15.2%)
  • Buildings: ₹3,905 Cr (11.8%)
  • Railways: ₹1,682 Cr (5.1%)
  • Water Supply: ₹1,570 Cr (4.7%)
  • Tunnels: ₹1,474 Cr (4.5%)
  • Metro: ₹1,134 Cr (3.4%)
  • Airports: ₹699 Cr (2.1%)
  • Others: ₹218 Cr (0.7%)

*Note: Only 3 years rolling orders from Mining MDOs worth ₹3,998 Cr included in order book

Investments & Asset Monetization

InvIT Platforms

Anantam Highways InvIT:

  • Sponsored by Alpha Alternatives Fund Advisors LLP
  • Initial portfolio includes 7 national highway projects in Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry

Shrem InvIT:

  • Focuses on infrastructure investment trust activities
  • Projects located in Madhya Pradesh, Maharashtra, Uttar Pradesh, Gujarat, and Karnataka

Renewable Energy Business (~2.1 GW)

100 MW Solar Project:

  • LOA Date: October 2025
  • Authority: Madhya Pradesh Jal Nigam
  • Location: Mandsaur District, MP
  • Land: ~322 Acres
  • Avg Tariff: ~2.09 PU
  • Construction Period: 24 months

1,977 MW Solar Project:

  • LOA Date: December 2025
  • Authority: MP Urja Vikas Nigam Ltd.
  • Capacity: 1,363.55 MW AC / 1,977.15 MW DC with 45% loading
  • Location: 163 locations in 16 districts of MP
  • Land: ~5,454 Acres
  • Avg Tariff: ~2.766 PU
  • PPA: 25 years till June 2052
  • Construction Period: 17 months from PPA

Transmission Business

Mehkhali Project:

  • Authority: REC Power Development and Consultancy Ltd.
  • Scope: 400KV sub-station at Mekhali with associated transmission lines
  • Length: 469.85 Km
  • Yearly Transmission Charges: ₹331.35 Cr
  • Construction Period: 24 months
  • Operation Period: 35 years from COD

Dharashiv Project:

  • Authority: Maharashtra State Transmission Utility
  • Scope: 400KV GIS Solapur/Paranda switching station
  • Length: 325.98 Km
  • Yearly Transmission Charges: ₹272.73 Cr
  • Construction Period: 24 months from TSA execution
  • Operation Period: 35 years from COD

Yavatmal Project:

  • Authority: Maharashtra State Transmission Utility
  • Scope: 400KV AIS Yavatmal (Babhulgaon)
  • Length: 326.39 Km
  • Yearly Transmission Charges: ₹213.31 Cr
  • Construction Period: 24 months from TSA execution
  • Operation Period: 35 years from COD

Equity Investment Tracker (₹ in Cr)

| Project Type | Equity Required | Invested till Sep-26 | Balance Equity | FY27 | FY28 | FY29 | FY30 |

| 11 Road HAM | 1,706 | 1,646 | 60 | 45 | 15 | - | - |

| 3 Road HAM | 269 | 88 | 181 | 25 | 77 | 71 | 8 |

| Water HAM | 343 | 81 | 262 | 6 | 138 | 118 | - |

| BOT Project | 244 | 7 | 237 | 50 | 43 | 94 | 50 |

| Coal MDO | 423 | 188 | - | - | From SPV Internal Accruals | - | - |

| Solar 100MW | 46 | 38 | 8 | - | 8 | - | - |

| Solar 1,364MW| 1,253 | 271 | 982 | 581 | 401 | - | - |

| Mehkhali | 429 | 107 | 321 | 107 | 214 | - | - |

| Yavatmal | 374 | - | 375 | 94 | 150 | 131 | - |

| Dharashiv | 491 | - | 491 | 123 | 171 | 197 | - |

| ATF Pipeline | 76 | 0.06 | 75 | - | 19 | 28 | 28 |

| LPG Pipeline | 645 | - | 645 | - | 61 | 292 | 292 |

| Total Outflows | 6,299 | 2,426 | 3,638 | 1,031 | 1,297 | 931 | 378 |

Expected Inflows (₹ in Cr)

| Source | Total | FY27 | FY28 | FY29 | FY30 |

| Shrem InvIT Distribution | 93 | 12 | 27 | 27 | 27 |

| Anantam InvIT Distribution | 1,149 | 102 | 309 | 369 | 369 |

| Solar Structured Equity | 1,093 | 743 | 350 | - | - |

| Transmission Structured Equity | 1,014 | 347 | 443 | 224 | - |

| Mehkhali Net Divestment | 345 | - | - | 345 | - |

| Total Inflows | 3,694 | 1,204 | 1,110 | 965 | 396 |

Projects Completed - H1FY27 (₹ in Cr)

| Client | Project Name | State | Type | EPC Cost | Completion Date |

| NHAI | Bengaluru-Vijayawada Expressway Package-1 | Andhra Pradesh | HAM | 453 | 02-05-2026 |

| NHAI | Bengaluru-Vijayawada Expressway Package-4 | Andhra Pradesh | HAM | 611 | 04-05-2026 |

| NHAI | Bengaluru-Vijayawada Expressway Package-7 | Andhra Pradesh | HAM | 636 | 02-06-2026 |

| NHAI | Karimnagar Warangal | Telangana | HAM | 1,231 | 07-09-2026 |

| Total Completed | 4 Projects | | | 2,931 | |

New Projects Won - H1FY27 (₹ in Cr)

| Project Description | Type | State | Value |

| Ged Barrage construction across river Sabarmati | EPC | Gujarat | 268 |

| Sikasar to Kodar Reservoir Link Canal pipeline | EPC | Chhattisgarh | 2,524 |

| LPG Pipeline from Paradip to Raipur | | Chhattisgarh | 1,558 |

| 400KV GIS Solapur/Paranda Switching Station | | Maharashtra | 1,518 |

| 400KV AIS Yavatmal (Babhulgaon) | BOT | Maharashtra | 1,136 |

| 4-lane elevated corridor on NH-65 in Solapur City | HAM | Maharashtra | 585 |

| Total New Orders | | | 7,589 |

Financial Highlights

Standalone Performance (₹ in Cr)

| Particulars | Q2FY27 | Q1FY27 | Q2FY26 | H1FY27 | H1FY26 | FY26 |

| Revenue | 1,686 | 1,930 | 1,417 | 3,615 | 3,427 | 7,005 |

| EBITDA | 175 | 199 | 152 | 374 | 355 | 734 |

| EBITDA Margin | 10.36% | 10.33% | 10.75% | 10.34% | 10.37% | 10.48% |

| PAT | 52 | 39 | 41 | 91 | 164 | 842 |

| PAT Margin | 3.10% | 2.01% | 2.88% | 2.52% | 4.77% | 12.02% |

Consolidated Performance (₹ in Cr)

| Particulars | Q2FY27 | Q1FY27 | Q2FY26 | H1FY27 | H1FY26 | FY26 |

| Revenue | 2,250 | 2,378 | 1,926 | 4,628 | 4,546 | 8,984 |

| EBITDA | 439 | 429 | 471 | 868 | 991 | 1,766 |

| EBITDA Margin | 19.50% | 18.06% | 24.45% | 18.76% | 21.81% | 19.65% |

| PAT | 101 | 128 | 214 | 229 | 486 | 1,398 |

| PAT Margin | 4.49% | 5.38% | 11.12% | 4.95% | 10.68% | 15.57% |

Balance Sheet Position (Standalone)

As of September 30, 2026 (₹ in Cr):

  • Total Assets: 13,334
  • Equity: 6,908 (Share Capital: 162, Other Equity: 6,746)
  • Non-current Liabilities: 549
  • Current Liabilities: 5,876
  • Net Debt: 2,146
  • Net Debt to Equity: 0.31

Working Capital: Days decreased from 133 days as on June 2026 to 130 days as on September 2026

HAM Portfolio Summary

Total Bid Project Cost: ₹51,639 Cr

Breakdown:

  • 34 Completed HAM Projects: ₹41,242 Cr
  • 6 HAM Projects Under Construction: ₹6,796 Cr
  • 1 Water HAM (Irrigation): ₹2,905 Cr
  • Zuari Observatory Towers: ₹696 Cr

Completed Projects Distribution:

  • 19 HAM Projects completed and divested (16 to Shrem InvIT, 3 to Cube Highways)
  • 15 HAM Projects completed with partial divestment to Alpha Alternatives, planned full divestment to Anantam InvIT by Dec-26/Sep-27

Leadership Team

  • Dilip Suryavanshi: Chairman & Managing Director (43+ years experience)
  • Devendra Jain: Managing Director & CEO (26+ years experience)
  • Rohan Suryavanshi: Head - Strategy & Planning (Wharton MBA)
  • Sanjay Bansal: Chief Financial Officer (Chartered Accountant, 24 years experience)
  • Karan Suryavanshi: Business Development