Financial Performance – Q2FY27 (Consolidated Basis)

Revenue from Operations: ₹2,250 crore (up 17% YoY from ₹1,926 crore in Q2FY26)

EBITDA: ₹439 crore (excluding other income)

EBITDA Margin: 19.5% (improved from 18.1% in Q1FY27 and 17.1% in Q4FY26)

Profit before Exceptional Items and Tax: ₹176 crore (up 24% YoY from ₹142 crore)

Profit After Tax (PAT): ₹101 crore (compared with ₹214 crore in Q2FY26 which included exceptional items of ₹122 crore)

Finance Costs: Fell 22% year-on-year to ₹251 crore

H1FY27 Consolidated Performance

Revenue: ₹4,628 crore

EBITDA: ₹868 crore (margin 18.8%)

Profit before Exceptional Items and Tax: ₹334 crore (up 10% from ₹304 crore in H1FY26)

PAT: ₹229 crore

Finance Costs: Fell 39% to ₹496 crore from ₹818 crore

Financial Performance – Q2FY27 (Standalone Basis)

Revenue from Operations: ₹1,686 crore (up 19% YoY from ₹1,417 crore)

EBITDA: ₹175 crore (up 15% YoY from ₹152 crore)

EBITDA Margin: 10.4% (compared with 10.3% in Q1FY27 and 10.75% in Q2FY26)

Profit before Exceptional Items and Tax: ₹71 crore (nearly tripled from ₹23 crore in Q2FY26)

Profit After Tax (PAT): ₹52 crore (up 28% YoY from ₹41 crore which included exceptional gains of ₹42 crore)

H1FY27 Standalone Performance

Revenue: ₹3,615 crore

EBITDA: ₹374 crore (margin 10.3%)

Profit before Exceptional Items and Tax: ₹143 crore (up 77% from ₹81 crore in H1FY26)

Order Book Position

Order Book as of September 30, 2026: ₹33,081 crore (record high)

  • Up 19% from ₹27,691 crore as of June 30, 2026
  • Up 15% from ₹28,830 crore as of March 31, 2026

Order Book Composition:

  • Irrigation and Water: 20.7%
  • Mining: 16.9%
  • Roads and Highways: 15.6% (down from 17.1% in June)
  • Renewable Energy and Power Transmission: 27% combined
  • Other verticals (petroleum and gas, tunnels, special bridges, urban development, metro, railways, optical fibre): 46.8%

Order Inflow:

  • Q2FY27: ₹7,321 crore
  • H1FY27: ₹7,589 crore (already covers 76% of lower end of FY27 order inflow guidance of ₹10,000–12,000 crore)

Mining Business Performance

Coal Production:

  • Q2FY27: 6.1 million tonnes (up 27% sequentially from 4.79 million tonnes in Q1FY27)
  • H1FY27: 10.89 million tonnes

Mining Order Book:

  • Three-year rolling snapshot: ₹3,998 crore
  • Balance contract value: ₹98,618 crore at current prices

Target: Approximately 57 million tonnes of annual coal production by FY29, expected to generate around ₹1,000 crore of annual operating cash flow

Segmental Revenue Breakdown

Q2FY27 Segment Revenue:

  • EPC Business: ₹1,499 crore
  • Mining: ₹433 crore
  • Mining SPVs (H1FY27): ₹795 crore revenue at 25% EBITDA margin
  • Income from InvITs (consolidated): ₹37 crore

Debt Position

As of September 30, 2026:

  • Standalone Net Debt: ₹2,146 crore (compared with ₹2,106 crore as of June 30, 2026, ₹1,880 crore as of March 31, 2026, and ₹2,094 crore as of September 30, 2025)
  • Q2 Increase: ₹40 crore (compared with ₹226 crore increase in Q1FY27)
  • Standalone Net Debt-to-Equity: 0.31x
  • Consolidated Net Debt: ₹8,950 crore

Working Capital Target: Approximately 120 working capital days by end of FY27

Strategic Developments

Transmission and Solar Assets:

  • Signed definitive agreements with Alpha Alternatives Fund Advisors LLP and associates
  • Projects valued at ₹9,743 crore against project cost of ₹8,405 crore
  • Alpha Alternatives to co-invest 49% of equity during construction, funding approximately ₹820 crore of combined equity requirement of about ₹1,680 crore
  • Alpha to acquire DBL's remaining 51% stake after commissioning
  • EPC work of over ₹6,612 crore remains with DBL

Oil & Gas Entry:

  • Received Grant of Authorisation from PNGRB for Paradip–Raipur LPG pipeline
  • 25-year regulated-tariff concession
  • DBL will hold 100% of SPV and execute approximately ₹1,558 crore EPC component
  • Also secured Navgam, Gujarat to Sardar Vallabhbhai Patel International Airport, Gujarat Air Turbine Fuel pipeline

Management Commentary

Mr. Dilip Suryavanshi, Chairman and Managing Director:

  • DBL 2.0 moved from strategy to signed agreements and defined monetisation pathways
  • Transmission and solar transactions established value of ₹1,917 crore for assets
  • Business model: develop projects, execute EPC, bring partner to share equity commitment, recycle capital after commissioning
  • Confident of delivering industry leading standalone revenue growth for FY27

Mr. Devendra Jain, CEO:

  • Q2 profit built on operations (compared to exceptional items in base quarter)
  • Businesses beyond standalone EPC now contribute more than half of consolidated EBITDA
  • Group finance costs fell by over ₹300 crore in first half
  • Committed to become net debt-free on standalone basis by FY28
  • Mining operations and InvIT holdings expected to generate approximately ₹1,300 crore of annual cash flow

Company Overview

Dilip Buildcon Limited is a diversified infrastructure company with over three decades of execution experience across large-scale infrastructure development projects in India. Present across 20 states and 1 Union Territory, supported by 19,104 employees and over 8,697 equipment units. Through DBL 2.0, the company is transitioning from pure-play EPC contractor to diversified multi-asset infrastructure platform.