Dilip Buildcon Limited, through its joint venture DBL-RBL (JV), has secured a Letter of Award (LOA) for a significant infrastructure project in Gujarat. The order, valued at ₹268 crore, was issued by the Narmada Water Resources Water Supply & Kalpasar Department, Government of Gujarat.

Project Details

The awarded contract encompasses the Engineering, Procurement and Construction (EPC) work for the Designing and Construction of Ged Barrage. The scope includes protection work and other allied activities across the Sabarmati River, situated between the Hirpura barrage and Lakroda weir in Ta. Prantij, Dist. Sabarkantha. The project also mandates Operation and Maintenance services for a period of 10 years following construction.

Contract Terms

The project is classified as a domestic order and is to be executed on an EPC mode. The company has confirmed that the promoters or promoter group companies hold no interest in the entity awarding the contract. Furthermore, the order does not fall within related party transactions. In compliance with insider trading regulations, the trading window for insiders, designated persons, and their immediate relatives has been closed until 48 hours after the information was made available to the public.

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.