Dilip Buildcon Ltd

Dilip Buildcon Ltd: Trading window closed from 01 October 2026 till 48 hours after the declaration of financial results for the quarter and half year ended September 30, 2026; trading window to re-open 48 hours after declaration.

Order details

• NHAI declared Dilip Buildcon as the L-1 bidder for HAM project.
• Project: construction of 4-lane elevated corridor on NH-65 in Solapur, Maharashtra.
• Contract value: ₹688.23 crore, excluding GST.
• Mode: Hybrid Annuity Mode (HAM); General Contract (L1).
• Execution period: 24 months; Operation period: 15 years from COD.
• Length: 9.66 km.
• Domestic entity; promoter group none; no related party transactions.

Award details

• Awarding entity: RECPDCL for Maharashtra State Transmission Utility.
• Scope: Development, ownership, operation and maintenance of intra-state 400 kV AIS Yavatmal project under BOOT.
• Contract model: Tariff Based Competitive Bidding with TSA.
• Term: 35-year duration from COD after a 24-month construction period.
• Award value: INR 1151.47 crore excluding GST.
• Domestic award; project in Maharashtra, India; no promoter group interest.

AGM details

• AGM held on September 22, 2026; voting results disclosed.

AGM details

• Date: 22 September 2026; mode: video conferencing/AV means.

AGM Details

• Held on 22 September 2026 at 11:00 AM via VC/OAVM.
• Quorum of 30+ members met; Chairman presided the meeting.
• Scrutinizer for e-voting: Piyush Bindal & Associates.

Key Resolutions

• Adoption of Audited Financial Statements for FY2026 – Ordinary.
• Final dividend of Re.1 per equity share – Ordinary.
• Re-appointment of Devendra Jain by rotation – Ordinary.
• Ratification of cost auditor remuneration for FY2026-27 – Ordinary.
• Increase in remuneration of Tarishi Jain, Financial Analyst – Ordinary.
• Approval of material RPT with DBL Neemuch Renewable Limited – Ordinary.
• Approval of material RPT with DBL Shajapur Solar Limited – Ordinary.
• Approval of material RPT with Mekhali Power Transmission Limited – Ordinary.
• Enhancement of RPT limits with DBL Bhopal Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Dhar Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Guna Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Mandsaur Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Mandvi Ratlam Renewable Limited – Ordinary.
• Enhancement of RPT limits with DBL Rajgarh Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Sukheda Ratlam Solar Limited – Ordinary.
• Enhancement of RPT limits with DBL Vidisha Solar Limited – Ordinary.
• Issuance of Non-Convertible Debentures on private placement up to Rs 1000 Cr – Special.
• Issuance of Commercial Paper on private placement up to Rs 1000 Cr – Special.
• Continuation of Chairman & MD office by Dilip Suryavanshi – Special.

Key transaction details

• Definitive agreements executed with Alpha Alternatives to divest stake in 10 SPVs.
• Portfolio total cost estimated at INR 6,263 crore; equity ~INR 1,253 crore.
• Equity funding split 51:49 during construction.
• Enterprise value of the transaction approximately INR 6,829 crore.
• Commercial operations targeted to commence around September 2027.
• DBL 2.0 strategy supports asset-light model, deleveraging and capital recycling.

Order details

• Awarding entity: REC Power Development and Consultancy Limited (RECPDCL) on behalf of Maharashtra State Transmission Utility.
• Nature and scope: BOOT-based build, own, operate, transfer of 400 kV GIS Solapur/Paranda Switching Station.
• Contract value: INR 1265 crore excluding GST.
• Execution window: 24 months construction and commissioning from Effective Date.
• Contract form: Build-Own-Operate-Transfer (BOOT) under Tariff Based Competitive Bidding (TBCB).
• Promoter/related party: No promoter group interest; not a related party.
• Project tenor: 35-year concession from COD.
• Domestic: Awarding entity is domestic.

Transaction highlights

• Definitive agreements executed Sep 8, 2026 to divest 51% stake in Mekhali Power Transmission
• Project cost estimated at INR 2,171 crore
• Equity funding split 51:49 between DBL and Alpha Alternatives
• Alpha to fully acquire DBL's 51% stake after commissioning
• Enterprise value estimated at INR 2,914 crore, subject to adjustments

Deal structure and economics

• Equity investment of INR 429 crore to be funded 51:49 by DBL and Alpha
• Project is BOOT-based with KPTCL; mid-2028 commercial operations target
• Subject to definitive terms, closing conditions, and regulatory approvals

Strategic rationale and outlook

• Divestment aligns with asset-light DBL 2.0 strategy and capital recycling
• Aims to deleverage balance sheet and deepen partnership with Alpha Alternatives
• Project includes 400 kV/220 kV, ~470 circuit kilometres in Karnataka
• Regulatory approvals and closing conditions required

LOI details

• Domestic PNGRB awards LOI for LPG pipeline authorization from Paradip, Odisha to Raipur, Chhattisgarh.
• DBL to design, finance, construct, operate and maintain the LPG pipeline via SPV.
• Contract value approx INR 1800 crore, excluding GST.
• Execution period: 3 years; operation period: 25 years.
• EPC works proposed to DBL; SPV to be 100% owned by DBL.
• Revenue via PNGRB LPG transportation tariff; project operates as a common carrier.
• DBL will not engage in LPG procurement, trading, distribution or marketing.
• No promoter group interest; not a related-party transaction.