Dilip Buildcon announced its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors, meeting on May 14, 2026, approved the audited IndAS Standalone and Consolidated Financial Statements. The company reported a robust financial performance for the fiscal year, with the statutory auditor issuing an unmodified opinion on the results. Following the board meeting, an analyst and investor conference call was held on May 14, 2026, at 5:00 PM IST, and the transcript of the call has been released.

FY26 Financial Performance

For the financial year ended March 31, 2026, Dilip Buildcon reported strong results across both standalone and consolidated bases. While consolidated revenue from operations declined year-on-year, the company delivered a significant improvement in profitability, with consolidated PAT rising sharply. The following table summarises the key income statement metrics:

Q4 FY26 Results

In the fourth quarter of FY26, the company's performance reflected a year-on-year decline across key consolidated metrics. Consolidated revenue from operations came in at ₹2,300 Cr compared to ₹3,096 Cr in Q4 FY25, while consolidated EBITDA stood at ₹392 Cr versus ₹661 Cr in the prior-year period. EBITDA margin contracted to 17% from 21.35% in Q4 FY25. Consolidated net profit came in at ₹124 Cr against ₹277 Cr in Q4 FY25. The table below presents the full quarterly income statement highlights:

Management Guidance & Outlook

Management provided guidance for FY27, targeting a 30% to 40% growth in revenue from the FY26 base, with EBITDA margins expected between 11% and 12%. New order inflows are projected to be between ₹10,000 Cr and ₹12,000 Cr. The company aims to be a net debt-free balance sheet by FY28, supported by cash generation from EPC, MDO, and InvIT holdings. Outstanding debt as of March 31, 2026, stood at approximately ₹1,800 Cr at the standalone level and ₹7,082 Cr at the consolidated level.

MDO Business Performance

The Mining Development Operator (MDO) segment, a key pillar of the DBL 2.0 strategy, reported the following financials:

The MDO portfolio comprises three long-term contracts — Siarmal Coal Mines (1,091 Million Tonnes, 25 years, balance contract value ~₹49,239 Cr), Pachhwara Central Coal Mine (383 MMT, 55 years, balance contract value ~₹42,388 Cr), and Pottangi Bauxite Mine (84 MMT, 25 years, balance contract value ~₹4,891 Cr) — with a total MDO order book of ₹96,571 Cr at current prices. Management anticipates MDO revenue to increase to approximately ₹2,500 Cr in FY27 and reach around ₹4,000 Cr by FY29.

Dividend Declaration

Pursuant to Regulation 30 & 43 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Board of Directors has recommended a final dividend of ₹1 per share, equivalent to 10%, for the financial year 2025-26. This recommendation is subject to the approval of shareholders at the ensuing Annual General Meeting of the company.

Operational Highlights & Order Book

Dilip Buildcon's order book reached an all-time high of ₹28,830 Cr as of March 31, 2026, diversified across 11 verticals. New projects worth ₹18,548 Cr were won during FY26, while projects with a combined EPC cost of ₹2,812 Cr were completed. The company's standalone net debt stood at ₹1,889 Cr as of March 26, with the standalone net debt-to-equity ratio improving to 0.28 as of March 26 from 0.32 as of December 25. Working capital days decreased from 132 days as of December 25 to 131 days as of March 26.

New Projects Won – FY26

Projects Completed – FY26

DBL 2.0 Strategy & Multi-Asset Platform

Management emphasised its strategic transition under "DBL 2.0" into a multi-asset infrastructure platform combining EPC execution, MDO long-term cash flow generation, and InvIT-based asset monetisation. The company's consolidated net debt stood at ₹7,244 Cr as of March 31, 2026. The renewable energy pipeline stands at approximately 2.1 GW, with a renewable energy order book of ₹25,700 Cr and a transmission business order book of ₹11,600 Cr. The equity investment tracker indicates total outflows for the DBL Group of ₹4,543 Cr, of which ₹1,697 Cr has been invested up to March 26, with a balance of ₹2,848 Cr to be invested through completion. Total projected inflows from divestments, InvIT distributions, and structured equity partnerships amount to ₹2,874 Cr over the investment period.

Helium Services LLP has filed a disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reporting the creation of an encumbrance on 22,00,000 equity shares held by it in Dilip Buildcon Limited. The disclosure, signed by Designated Partner Janam Jain, is dated May 12, 2026, and pertains to an encumbrance event that took place on May 11, 2026.

Encumbrance Details

Helium Services LLP entered into a securities pledge agreement, pursuant to which it agreed to encumber 22,00,000 equity shares held by it in Dilip Buildcon Limited. The encumbrance was created by Helium Services LLP and represents 1.35% of the total share capital and total diluted share capital of the target company. No shares were acquired or sold as part of this transaction.

The following table summarises the key details of the disclosure:

Shareholding Position Before and After Encumbrance

The total shareholding of Helium Services LLP in Dilip Buildcon Limited remains unchanged at 1,62,29,862 shares following the encumbrance event. However, the net unencumbered holding has reduced to 1,40,29,862 shares. The table below provides a detailed comparison:

Persons Acting in Concert

Alpha Alternatives Financial Services Private Limited, Quanterra Strategeries LLP, and Spectrum Edge LLP have each been identified as Persons Acting in Concert (PAC) with Helium Services LLP. It has been specifically noted that none of these PAC entities have undertaken any encumbrance on the securities of Dilip Buildcon Limited.

Regulatory Context

The disclosure has been submitted to both the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited, where the shares of Dilip Buildcon Limited are listed on the main board. The filing is in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates disclosure of encumbrance of shares by acquirers holding shares in a listed target company.