Dilip Buildcon LimitedInfrastructure & ConstructionDBL
Q1 FY27 concall · earnings callDilip Buildcon Limited
Steady execution and progress on strategic asset monetization and MDO ramp-up set the stage for significant revenue growth and debt reduction.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone Revenue | ₹1,930 Cr | — | |
| Standalone EBITDA Margin | 10.32% | marginally expanded from 10.11% in Quarter 1 FY26 | |
| Standalone PAT | ₹39 Cr | — | |
| Consolidated Revenue | ₹2,378 Cr | — | |
| Order Book | ₹27,691 Cr | — | |
| Q1 Order Inflow | ₹268 Cr | — | |
| Q1 Coal Production | 4.79 million tonnes | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,589.69 Cr-10% YoY+5.2% QoQ | ₹157.67 Cr+39.7% YoY-40.7% QoQ | ₹10.78+39.6% YoY-40.7% QoQ |
| Q2 FY25 | ₹2,461.35 Cr-13.6% YoY-21.5% QoQ | ₹265.86 Cr+263.1% YoY+90.2% QoQ | ₹18.18+262.9% YoY+90.2% QoQ |
| Q1 FY25 | ₹3,134.15 Cr+7.3% YoY-6.9% QoQ | ₹139.77 Cr+1035.4% YoY+5154.5% QoQ | ₹9.56+1038.1% YoY+5211.1% QoQ |
| Q4 FY24 | ₹3,365.62 Cr+18.5% YoY+17% QoQ | ₹2.66 CrTurned profitable YoY-97.6% QoQ | ₹0.18Turned positive YoY-97.7% QoQ |
| Q3 FY24 | ₹2,876.84 Cr+23.9% YoY+1% QoQ | ₹112.87 Cr+2.4% YoY+54.2% QoQ | ₹7.72+2.4% YoY+54.1% QoQ |
TL;DR
- Order book at Rs. 27,691 crores, diversified across 12 verticals.
- Quarterly order inflow soft at ~Rs. 268 crores, but full-year guidance of Rs. 10,000-12,000 crores new order maintained.
- Coal production at 4.79 million tonnes in Q1; on track for ~57 million tonnes by FY29.
- Board approved stake sale in under-construction power transmission and solar projects (combined cost ~Rs. 8,400 crores) to Alpha Alternatives.
- Standalone net debt at Rs. 2,106 crores; guidance to reduce debt by Rs. 600-800 crores and revenue growth of 30%-40% for the year on track.
- Standalone EBITDA margin at 10.32%; margin guidance of 10%-12% unchanged.
Said on the call
“Our goal to reach net debt positive on a standalone balance sheet by FY28 remains firmly on track.”
From the Q&A
| Topic | What management said |
|---|---|
| MDO Revenue & Production | Management affirmed full-year coal production targets (27 million tonnes in Siarmal, 7 million in Pachhwara) and explained revenue recognition complexities, noting a significant margin jump will come only after the coal handling plant is operational in FY29. |
| Asset Transfers to InvIT | Out of 11 HAM assets, 4 will be flipped this month, with the rest transferred by FY27 end or Q1 FY28, generating InvIT units valued at ~Rs. 1,700-1,800 crores. |
| Debt Reduction & Working Capital | Guidance to reduce standalone debt by Rs. 600-800 crores and reduce working capital days to ~120 by year-end is on track, supported by internal accruals and InvIT distributions. |
| Deal with Alpha Alternatives | Alpha will co-invest 49% in transmission and solar projects, reducing DBL's equity commitment; structured equity of Rs. 900 crores is also arranged, aiming to use free cash for debt reduction. |
| Kerala Tunnel Incident | Management stated a committee report deemed it a natural calamity, with no impact on technical scores or future tunneling bids, and construction is resuming. |
| Finance Cost & Other Income | Full-year finance cost targeted at ~Rs. 350 crores. Q1 other income of Rs. 40 crores included Rs. 31 crores from InvIT distributions, with a thumb rule of two-thirds as dividend/interest and one-third as principal return. |
Guidance
- Revenue growth of 30%-40% for the year.
- New order inflow of Rs. 10,000-12,000 crores for FY27.
- EBITDA margin of 10%-12%.
- Standalone debt reduction of Rs. 600-800 crores.
- Coal production target of ~57 million tonnes by FY29.
- Working capital days to reduce to ~120 by year-end.
- Finance cost of ~Rs. 350 crores for the full year.
Source
Summary written from the transcript filed by Dilip Buildcon Limited for the call held on 11 Aug 2026; published 21 Aug 2026, 20:05 IST.
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