Dilip Buildcon (DBL) — Financial Results

Investor Takeaways

Realized ₹2,914 crores from divestment of 51% stake in Mekhali Power Transmission.

Asset-light strategy advanced through strategic stake sale.

⚠️ No specific risks identified in this filing.

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	Not available	N/A
Net Profit	Not available	N/A
EBITDA	Not available	N/A
EPS	Not available
OPM	Not available

What Changed

Dilip Buildcon Ltd completed the sale of its 51% stake in Mekhali Power Transmission to Alpha Alternatives, realizing an enterprise value of approximately ₹2,914 crores. This transaction supports the company’s asset-light DBL 2.0 strategy by monetizing non-core assets and enabling capital recycling. The divestment is expected to contribute to balance sheet deleveraging and strengthen financial flexibility. The company maintains a promoter holding of 63.14% and a debt-to-equity ratio of 1.18, indicating moderate leverage. Peer comparisons show a lower P/E ratio of 5.18 compared to sector peers such as Larsen & Toubro (32.8), Altius Telecom Infrastructure Trust (42.48), and Rail Vikas Nigam Ltd (47.65), suggesting relative valuation compression. Return on equity stands at 18.37% and return on capital employed at 16.39%, reflecting efficient capital utilization. The quarterly trend reveals fluctuating profitability, with net profit declining from ₹214.07 crores in Q2FY26 to ₹789 crores in Q3FY26, followed by a rebound to ₹123.83 crores in Q4FY26 and ₹127.89 crores in Q1FY27. However, operating profit margin varied between 14.11% and 20.45% over the period, indicating operational volatility. The transaction enhances investor appeal through improved capital structure and strategic focus.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Dilip Buildcon Ltd	5.18	18.37%	16.39%	6,622.06
Larsen & Toubro Ltd	32.8	18.13%	17.79%	5,44,100.89
Altius Telecom Infrastructure Trust	42.48	8.61%	9.65%	57,367.1
Rail Vikas Nigam Ltd	47.65	9.12%	11.15%	42,815.89

Dilip Buildcon trades at a significant discount to peers on P/E basis, with comparable ROE and ROCE figures.

Risks & Concerns

No specific risks identified in this filing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	2,377.78	127.89	14.93
Q4FY26	2,299.81	123.83	14.11
Q3FY26	2,137.9	789	14.36
Q2FY26	1,925.89	214.07	20.45

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About Dilip Buildcon Ltd (DBL)

Construction · Infrastructure Developers & Operators · Listed on BSE

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

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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