Standalone Financial Performance (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 1,68,573.71 (19% increase YoY from 1,41,664.32)
  • Total Income: 1,73,900.44
  • Profit before Exceptional Items and Tax: 7,084.67 (206% increase YoY from 2,313.52)
  • Exceptional Items: Gain of 19.37 (from divestment of HAM projects)
  • Profit Before Tax: 7,104.04
  • Tax Expense: 1,881.23 (Current Tax: 2,787.20; Deferred Tax Credit: (905.97))
  • Profit After Tax: 5,222.81 (28% increase YoY from 4,084.78)
  • Basic EPS: ₹3.22 (vs ₹2.52 YoY)

Half Year Ended September 30, 2026:

  • Revenue from Operations: 3,61,530.33
  • Profit before Exceptional Items and Tax: 14,299.69 (77% increase YoY from 8,061.03)
  • Exceptional Items: Loss of (76.75)
  • Profit After Tax: 9,093.74
  • Basic EPS: ₹5.60

Consolidated Financial Performance (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 2,25,036.34 (17% increase YoY from 1,92,588.87)
  • Total Income: 2,31,232.77
  • Profit before Exceptional Items and Tax: 17,641.60 (24% increase YoY from 14,243.08)
  • Exceptional Items: Gain of 175.05 (from divestment of HAM projects)
  • Profit Before Tax: 17,816.65
  • Tax Expense: 7,716.05 (Current Tax: 4,626.75; Deferred Tax: 3,091.34; Prior Year Adjustment: (2.04))
  • Profit After Tax: 10,100.60
  • Share of Profit from Associate: 30.28
  • Total Comprehensive Income: 10,258.34
  • Basic EPS: ₹6.24 (vs ₹14.64 YoY)

Half Year Ended September 30, 2026:

  • Revenue from Operations: 4,62,814.01
  • Profit Before Tax: 33,531.23
  • Profit After Tax: 22,932.14
  • Basic EPS: ₹14.12

Key Financial Ratios (Standalone)

  • Debt Equity Ratio: 0.37x
  • Debt Service Coverage Ratio: 1.83x
  • Interest Service Coverage Ratio: 2.18x
  • Net Worth: ₹6,90,818.66 lakhs
  • Total Borrowings: ₹2,52,178.10 lakhs
  • Current Ratio: 1.57x
  • Operating Margin: 10.34%
  • Net Profit Margin: 2.45%

Strategic Developments and Divestments

HAM Project Divestments to Alpha Group:

  • During Q2 FY27: Divested partial equity stake & NCDs in 3 HAM projects (Maradgi S Andola-Baswantpur Highways, Sannur Bikarnakette Highways, Karimnagar Warangal Highways) for ₹442.78 lakhs, resulting in gain of ₹19.37 lakhs
  • During Q1 FY27: Divested stake in 8 HAM projects for ₹1,023.54 lakhs, resulting in loss of ₹96.12 lakhs
  • During FY26: Divested stake in 11 HAM projects for ₹36,422.23 lakhs, resulting in profit of ₹516.57 lakhs

Anantam Highways Trust Transaction:

  • During FY26: Transferred equity stake with NCDs in 7 HAM projects to Anantam Highways InvIT for aggregate consideration of ₹90,525.27 lakhs (received as 90,525,273 units at ₹100 per unit), resulting in profit of ₹59,343.10 lakhs

Recent Agreements with Alpha Group:

  • Mekhali Power Transmission Limited: Definitive agreement executed on September 8, 2026, for divestment of stake. Alpha Group will pay premium of 49% on COD achievement and acquire DBL's remaining 51% equity stake at overall enterprise value of ₹2,91,400.00 lakhs
  • Solar Portfolio: Definitive agreement executed on September 18, 2026, for divestment of stake in 10 under-construction solar SPVs through DBL Renewable Private Limited. Alpha Group to acquire DBRL's remaining 51% shareholding at overall estimated enterprise value of ₹6,82,900.00 lakhs

Order Book and Business Update

  • Order book reached record ₹33,081 crore as of September 30, 2026, up 19% QoQ and 15% YoY
  • Order book diversification: Irrigation and water (20.7%), mining (16.9%), roads and highways (15.6%), other verticals (46.8%)
  • Renewable energy and power transmission together account for 27% of order book
  • Fresh order inflow of ₹7,321 crore in Q2 FY27; H1 FY27 inflow of ₹7,589 crore
  • Mining operations: Coal production of 6.1 million tonnes in Q2 FY27 (27% sequential growth); H1 FY27 production of 10.89 million tonnes
  • Target of approximately 57 million tonnes annual coal production by FY29

Debt Position

  • Standalone net debt: ₹2,146 crore as of September 30, 2026 (₹2,106 crore as of June 30, 2026)
  • Standalone net debt-to-equity: 0.31x
  • Consolidated net debt: ₹8,950 crore
  • Finance costs: Consolidated ₹496 crore in H1 FY27 (39% decrease YoY)
  • Target to become net debt-free on standalone basis by FY28

Regulatory and Compliance Matters

  • Implementation of New Labour Codes effective November 21, 2025, resulted in one-time material increase in provisions for employee benefits of ₹916.15 lakh in FY26
  • Received approval for 'change in law' claim regarding GST for 10 HAM projects amounting to ₹14,000.00 lakhs (standalone)/₹23,500.00 lakhs (consolidated)
  • Received amounts against agreed claim: FY24: ₹6,424.00 lakhs, FY25: ₹891.62 lakhs, FY26: ₹6,684.38 lakhs (standalone)/₹16,184.38 lakhs (consolidated)

Segment Information (Consolidated)

Revenue Breakdown:

  • Engineering, Procurement and Construction (EPC): ₹1,49,871.37 lakhs (Q2 FY27)
  • Annuity Projects & Others: ₹75,164.97 lakhs (Q2 FY27)
  • Mining: ₹433 crore revenue in Q2 FY27

Segment Performance:

  • EPC Segment Results: ₹19,357.74 lakhs (Q2 FY27)
  • Annuity Projects & Others: ₹23,344.70 lakhs (Q2 FY27)
  • Mining SPVs: ₹795 crore revenue in H1 FY27 at 25% EBITDA margin

Auditor's Review

The financial results were reviewed by M.K. Dandeker & Co LLP, Chartered Accountants, who concluded that nothing has come to their attention that causes them to believe the statements contain any material misstatement. The review covered 32 subsidiaries and 1 associate company.

Press Release Highlights

  • Company confident of delivering industry-leading standalone revenue growth for FY27
  • DBL 2.0 strategy transitioning from pure-play EPC to diversified multi-asset infrastructure platform
  • Paradip–Raipur LPG pipeline authorization received from PNGRB (25-year regulated-tariff concession)
  • Consolidated EBITDA margin improved to 19.5% in Q2 FY27 from 18.1% in Q1 FY27 and 17.1% in Q4 FY26
  • Working capital target of approximately 120 days by end of FY27