Dilip Buildcon (DBL) – Latest Fundamental Update

Dilip Buildcon is undergoing a transition from a traditional EPC contractor toward a diversified infrastructure platform (“DBL 2.0”). Q1 FY27 consolidated revenue was around ₹2,378 crore, while EBITDA was ₹429 crore with an 18.1% EBITDA margin. PAT was ₹128 crore. The reported YoY profit comparison looks weak because the previous year benefited from a one-time asset-monetisation gain. The biggest positive is the ₹27,691 crore order book as of June 2026, diversified across roads & highways, irrigation/water, mining, rail, tunnels, urban infrastructure and other businesses. In July, DBL also won a ₹2,524 crore irrigation project in Chhattisgarh, which is not included in the June order-book figure. Another important growth driver is mining and long-duration contracted assets. Mining contributed about ₹392 crore of Q1 revenue, while the Siarmal and Pachhwara coal MDO projects and Pottangi bauxite MDO operations are being ramped up. Management expects mining, InvIT and other asset-based businesses to increasingly contribute to cash flows and profitability.