Dilip Buildcon Q2 FY27: PAT ₹39 & Rev ₹1,930 Cr

Investor Takeaways

Consolidated revenue reached ₹2,378 crores in Q1 FY27, reflecting 30-40% YoY growth.

Profit after tax was ₹128 crores for the quarter.

EBITDA margin improved to 18.05%.

Order book increased with a new Rs 2,524 crore order in Chhattisgarh.

Structured equity investment of ₹900 crores received from Alpha Alternatives.

Asset monetization via InvITs is underway, including coal and transmission assets.

CAPEX remains below ₹100 crores annually.

Debt reduction planned through InvIT proceeds and internal cash flows.

Value unlocking targeted for FY29.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,378 Cr	30-40%
Net Profit	₹128 Cr	N/A
EBITDA Margin	18.05%	Improved
EPS	Not available
OPM	Not directly provided

What Changed

Dilip Buildcon reported consolidated revenue of ₹2,378 crores for Q1 FY27, marking a 30-40% year-on-year increase. The company posted a profit after tax of ₹128 crores during the quarter. EBITDA margin improved to 18.05%, indicating better operational efficiency. The order book was strengthened by a new Rs 2,524 crore order in Chhattisgarh, contributing to future revenue visibility. Additionally, the company secured a structured equity investment of ₹900 crores from Alpha Alternatives, enhancing its capital position. Asset monetization efforts are progressing through InvITs, with planned transfers of coal and transmission assets. CAPEX remains constrained below ₹100 crores annually, supporting financial discipline. Management expects margin stability post-commissioning of the coal handling plant and targets value unlocking by FY29. The company also plans to reduce debt using InvIT proceeds and internal cash flows, which may improve leverage over time.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Dilip Buildcon Limited	11.41	Not available	Not available	7,171.94
Larsen & Toubro Limited	33.07	N/A	N/A	5,37,748.69
Rail Vikas Nigam Limited	45.43	N/A	N/A	59,006.07
NBCC (India) Limited	49.12	N/A	N/A	25,331.4

Dilip Buildcon trades at a significantly lower P/E multiple compared to its peers, suggesting potential undervaluation or higher perceived risk. However, peer ROE and ROCE data are not available for direct comparison.

Risks & Concerns

No specific risks were highlighted in the filing.

The company is focused on debt reduction and margin stability.

Execution risks related to large order delivery and asset monetization timelines remain unquantified.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	2,589.69	157.67	18.4
Q2FY25	2,461.35	265.86	20.3
Q1FY25	3,134.15	139.77	15.25
Q4FY24	3,365.62	2.66	9.8

The current quarter’s revenue of ₹2,378 crores is lower than the same period in the prior year, which reported ₹3,365.62 crores in Q4FY24. However, the sequential trend shows improvement from Q4FY24’s ₹2.66 crore profit to ₹128 crores in Q1FY27. OPM declined from 20.3% in Q2FY25 to 18.05% in Q1FY27, indicating margin pressure despite revenue growth. Net profit also decreased compared to ₹265.86 crores in Q2FY25, though it improved from ₹2.66 crores in Q4FY24. These fluctuations reflect timing of project executions and revenue recognition patterns.

CRITICAL: Quarterly trend data was provided in the context, so the section is included as required.

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About Dilip Buildcon Limited (DBL)

Construction · Infrastructure Developers & Operators · Listed on NSE

Market Cap: ₹6,560.33 Cr P/E: 5.1 ROE: 18.4% ROCE: 16.4% Div Yield: 0.25%

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