Dilip Buildcon Limited has secured a significant transmission infrastructure project in Karnataka, marking another milestone in the company's infrastructure development portfolio. The company announced on December 26, 2025, that it has been selected as the successful bidder by REC Power Development and Consultancy Limited (RECPDCL) for establishing transmission infrastructure in Belagavi District.

Project Overview

The project involves the establishment of a 400/220/33kV AIS sub-station at Mekhali along with associated 400kV and 220kV transmission lines. Dilip Buildcon will execute this project on a Build, Own, Operate and Transfer (BOOT) basis under the Tariff Based Competitive Bidding (TBCB) route.

Scope of Work

The comprehensive project scope encompasses multiple phases of infrastructure development. Dilip Buildcon will be responsible for development, financing, design, engineering, procurement, construction, testing, commissioning, operation and maintenance of the transmission assets. The company will acquire 100% equity of the Project SPV and act as Transmission Service Provider (TSP) for the development, ownership, operation, and maintenance of the Intra-State Transmission System.

Project Structure and Timeline

RECPDCL is acting as the Bid Process Coordinator (BPC) on behalf of the Government of Karnataka for this domestic infrastructure project. The project will be executed under a tariff-based annuity model, providing long-term revenue visibility for the company. Construction and commissioning activities must be completed within the stipulated 24-month timeline from the Effective Date as per the agreement terms.

Technical Specifications

The transmission infrastructure will feature advanced technical capabilities to serve Karnataka's power distribution network:

• 400/220/33kV Air Insulated Switchgear (AIS) sub-station
• Associated 400kV transmission lines
• Associated 220kV transmission lines
• Complete testing and commissioning infrastructure
• Long-term operation and maintenance systems

Regulatory Compliance

Dilip Buildcon has fulfilled all regulatory disclosure requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also implemented trading window restrictions for insiders, designated persons, and connected parties for 48 hours from the date of public disclosure, ensuring compliance with insider trading regulations.

Dilip Buildcon shares surged 5.58% on Friday following the company's announcement of securing a major infrastructure contract worth ₹3,400.00 crores from Adani Road Transport Limited. The stock reached ₹491.70 before paring gains to trade 3.11% higher at ₹480.20, significantly outperforming the NSE Nifty 50 Index which declined 0.34%.

Market Performance and Trading Activity

The stock's strong performance was accompanied by heightened trading activity, with total traded volume reaching 3.7 times its 30-day average. The relative strength index stood at 57, indicating moderate momentum. Over the past 12 months, the stock has gained 4.00%, while year-to-date performance shows gains of 5.50%.

Project Details and Contract Scope

The company received a letter of award from Adani Road Transport Limited for the execution of EPC works on a back-to-back basis for the construction of Ganga Path connecting Sultanganj-Bhagalpur-Sabour Road. The project employer is Bihar State Road Development Corporation Limited, with the comprehensive scope including design, engineering, procurement, construction, testing and commissioning.

Solar Power Project Development

Earlier this week, Dilip Buildcon was declared the lowest bidder by Madhya Pradesh Urja Vikas Nigam Limited to set up 1,365.55 MW (AC) grid-connected solar power capacity under the PM KUSUM-C (Feeder Solarisation) scheme. The project will be implemented via multiple special purpose vehicles and the firm will secure an EPC opportunity of around ₹4,900.00 crores, to be executed over 18 months.

The company will handle the development, design, engineering, supply, construction, testing, commissioning and operations and maintenance of the solar plants.

Analyst Outlook and Market Position

According to Bloomberg data, analyst sentiment remains mixed with six analysts covering the stock. One analyst maintains a 'buy' rating, four recommend 'hold,' and one suggests 'sell.' The average 12-month consensus price target implies an upside of 0.70% from current levels.

These contracts represent substantial additions to Dilip Buildcon's order book and provide long-term revenue visibility. The road infrastructure project contributes to Bihar's development while the solar project supports India's renewable energy goals, demonstrating the company's capability to secure large-scale projects across diverse infrastructure segments.