Dilip Buildcon Ltd

Financial Performance

• Standalone Q1 FY27 revenue Rs 1,930 cr; EBITDA Rs 199 cr; margin 10.32%
• Standalone PAT Rs 39 cr; base quarter included Rs 98 cr exceptional divestment gain
• Consolidated Q1 FY27 revenue Rs 2,378 cr; EBITDA (excl other income) Rs 429 cr; margin 18.05%
• Consolidated PAT Rs 128 cr vs Rs 271 cr in Q1 FY26
• Order book Rs 27,691 cr; MDO Rs 5,224 cr; mining balance Rs 1.03 lakh cr
• Order inflow Q1 FY27 Rs 268 cr; bid pipeline Rs 1.5 lakh cr
• L1 for Sikasar-Kodar Canal project in Chhattisgarh; Rs 2,524 cr

Execution and Orders

• HAM projects completed worth Rs 1,700 cr on Bengaluru–Vijayawada Expressway (AP), ahead of COD
• Coal production Q1 FY27 4.79 million tonnes; Pachhwara 7 million tonnes; CHP ramp expected
• FY29 coal target remains 57 million tonnes; CHP completion to unlock higher coal revenue
• Anantam Highway Trust holdings: DBL ~Rs 1,314 cr; Shrem InvIT ~Rs 207 cr; total ~Rs 1,521 cr
• 11 HAM assets to InvIT; 4 flipped this month; COD 4 done; COD 3 by Sept; 18 assets by year-end/Q1 next year
• 1977 MW solar mandate and Mekhali Interstate Transmission Project to feed recurring income

Balance Sheet and Cash Flow

• Standalone net debt Rs 2,106 cr as of 30 Jun 2026; 31 Mar 2026: Rs 1,880 cr
• Working capital days 133; expected to normalize to ~120 by year-end
• Consolidated net debt Rs 7,801 cr as of 30 Jun 2026
• Standalone net debt/equity 0.31x
• InvIT holdings: Anantam Highway Trust ~Rs 1,314 cr; Shrem InvIT ~Rs 207 cr; total ~Rs 1,521 cr
• Gross block ~Rs 3,600 cr; net block ~Rs 800 cr; debt-free on net block note

Projects and Multi-Asset Platform

• InvIT transfer plan: assets flipped in InvIT; mix of HAM, EPC, water and solar assets
• Multi-asset pipeline includes 1977 MW solar plant mandate and Mekhali Transmission Project
• Water HAM and oil & gas portfolio to InvIT for long-term cash flow visibility

Guidance and Outlook

• EBITDA margin guidance reaffirmed at 10–12% for FY27
• Revenue growth guidance reaffirmed at 30–40% for FY27
• Debt reduction guidance: Rs 600–800 cr in FY27; net-debt-positive on standalone by FY28
• NHAI pipeline: bid inflows and project awards expected to improve in H2 FY27
• Alpha stake sale: strategic equity structure to reduce DBL equity commitment; co-invest 49% by Alpha

Record date and book closure

• Record date fixed for dividend entitlement on 15 September 2026.
• Book closure from 16 September 2026 to 22 September 2026 (inclusive) for AGM.
• Dividend timing contingent on shareholder approval and dividend declaration at the AGM.

Notice

• Audio conference call recording link for quarter ended June 30, 2026, held Aug 11, 2026 at 11:00 IST.

Meeting Details

• Date and time: 14 August 2026, 10:00 AM onwards.
• Nature of meeting: 1x1/Group Meeting; mode: in-person in Mumbai.
• Organised by: Emkay Global Financial Services Ltd.
• Participants: company officials (management) attending.
• Purpose: discussions based on public information; no UPSI to be discussed.

Financial highlights

• Consolidated revenue from operations ₹2,378 crore; PAT ₹128 crore in Q1FY27.
• EBITDA ₹429 crore; margin 18.1% in Q1FY27.
• Standalone revenue ₹1,930 crore; EBITDA ₹199 crore; margin 10.3%.
• Standalone net debt ₹2,106 crore on June 30, 2026, up from ₹1,880 crore Mar 31, 2026.
• InvIT income ₹34.77 crore in Q1FY27.

Order book and new work

• Order book stood at ₹27,691 crore as of June 30, 2026.
• Fresh order inflow ₹517.2 crore in quarter, including ₹268 crore EPC win.
• Ged Barrage EPC project in Gujarat; DBL-RBL JV received LOA.
• Diversified across roads, irrigation, mining, and other verticals at 17.1%, 18.1%, 20.9%, 43.9%.

Outlook and capital structure

• FY28 net debt-free target reaffirmed; focus on collections and operating cash flows.
• Debt position: standalone net debt ₹2,106 crore as of 30 Jun 2026; up from ₹1,880 crore.
• DBL 2.0 continues to drive long-duration, contracted revenue mix.

Transaction details

• Board approved divestment of stake in Mekhli Power Transmission Limited and DBL Renewable Private Limited to Alpha Alternatives.
• Combined project cost of the two assets is approximately ₹8,400 crore.
• Mekhali project comprises 400 kV transmission and ~470 ckm in Belagavi, Karnataka.
• DBL Renewable portfolio: 1,363 MW AC / 1,977 MWp solar across Madhya Pradesh.
• Consideration will be determined via phased subscription; definitive agreements yet to be signed.
• Transaction supports asset-light DBL 2.0 strategy and balance-sheet deleveraging.
• Subject to definitive agreements, terms, and regulatory approvals.
• JM Financial is exclusive financial advisor; Khaitan & Co is legal advisor.

Impact and strategic rationale

• Divestment enables capital recycling and reinforces balance sheet strength.
• Advances DBL 2.0 toward a multi-asset platform with long-duration contracted assets.
• Deepens long-term partnership with Alpha Alternatives.

Regulatory conditions and advisory

• Transaction subject to execution of definitive agreements and regulatory approvals.

Business Overview

• DBL is a pan-India multi-asset infra developer transitioning from EPC to MDO and InvIT platforms.

Key Operational Highlights

• Order book stands at Rs 27,691 Cr as of 30 June 2026.
• New irrigation project won in July 2026 in Chhattisgarh worth Rs 2,524 Cr.
• Q1FY27 new project Ged Barrage in Gujarat worth Rs 268 Cr.
• MDO revenue for Q1FY27 was Rs 362 Cr with 27% EBITDA margin.
• HAM portfolio includes completed and under-construction projects; several assets to InvITs.
• Consolidated Q1 FY27 revenue Rs 2,378 Cr; PAT Rs 128 Cr.

Financial Performance

• Standalone Q1FY27 revenue Rs 1,930 Cr; EBITDA Rs 199 Cr; EBITDA margin 10.32%.
• Standalone PAT Rs 39 Cr; PAT margin 2.01%.
• Consolidated Q1FY27 revenue Rs 2,378 Cr; EBITDA Rs 429 Cr; PAT Rs 128 Cr; margin 5.39%.
• Order book as of 30 Jun 2026 Rs 27,691 Cr.
• Net debt to equity 0.31; working capital days 133.

Capital Structure & Liquidity

• Net debt on Jun-26 Rs 2,106 Cr; equity Rs 6,873 Cr; debt-to-equity 0.31.
• Balance sheet deleveraging via InvITs and asset recycling strategy.
• Standalone net debt positive target stated in Way Ahead.

Strategic Priorities & Outlook

• Focus on scale-driven growth with margin-led, selective bidding.
• Increase asset-light segments: Water, Urban, Renewables, Transmission.
• Target net debt positivity on standalone basis; diversify EPC platform.
• Ramp up mining MDO volumes; leverage InvITs for capital recycling.

Risks & Governance

• Macro, demand and execution risks; forward-looking statements disclosed.

Governance & Leadership

• Chairman/MD: Dilip Suryavanshi; MD/CEO: Devendra Jain.
• CFO: Sanjay Bansal; Head Strategy: Rohan Suryavanshi.

Financial results

• Unaudited IndAS standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Report and press release accompany the results.

Debt and funding plans

• Issuance of Non-Convertible Debentures on private placement up to Rs 1,000 crore approved.
• Issuance of Commercial Paper on private placement up to Rs 1,000 crore approved.

AGM and shareholder timing

• 20th AGM to be conducted via VC/OAVM on Sep 22, 2026.
• Register of Members and Share Transfer Books to close Sep 16–22, 2026.
• Close for dividend distribution for FY2025-26 approved.

Strategic divestment

• Approved stake sale of under-construction power transmission and solar projects to Alpha Alternatives.
• Combined project cost approximately ₹8,400 crore.
• Transaction subject to definitive agreements and regulatory approvals.