This article first appeared on GuruFocus .
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Order Inflows:Approximately INR17,900 crores year-to-date FY26.
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Standalone Revenue:Decreased by 23.09% to INR5,145 crores for nine months ended December 31, 2025.
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Standalone EBITDA:Decreased by 22.91% to INR535 crores.
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Standalone Profit After Tax:Increased by 193.56% to INR775 crores, mainly due to exceptional gain from asset flipping to Anantam InvIT.
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Consolidated Revenue:Decreased by 18.69% to INR6,684 crores for the first nine months.
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Consolidated EBITDA:Decreased by 7.82% to INR1,373 crores.
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Consolidated Profit After Tax:Increased by 126% to INR1,275 crores, primarily due to exceptional item from divestment to InvIT.
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Coal Production:Expected approximately 30 million tonnes in FY26.
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Net Debt:Stands at around INR2,100 crores.
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Employee Strength:Reduced to 19,000 from a peak of 38,000.
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Annual CapEx:Moderated to around INR100 crores from peak levels of INR500 crores.
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Warning! GuruFocus has detected 8 Warning Signs with BOM:540047.
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Release Date: February 10, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Dilip Buildcon Ltd ( BOM:540047 ) reported its highest order book in the company's history, showcasing a diversified portfolio across multiple sectors.
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The company secured order inflows of approximately INR17,900 crores during FY26 year-to-date, surpassing its full-year order inflow guidance.
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Dilip Buildcon Ltd ( BOM:540047 ) has successfully listed Anantam Highways InvIT, viewing it as a long-term annuity platform providing predictable distributions.
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The company's coal MDO operations are scaling up steadily, with a consolidated coal production expected to reach approximately 30 million tonnes in FY26.
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Dilip Buildcon Ltd ( BOM:540047 ) has achieved a significant reduction in employee strength and annual CapEx, reflecting disciplined capital allocation and cost optimization.
Negative Points
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The company's revenue decreased by 23.09% on a standalone basis and 18.69% on a consolidated basis for the nine months ended December 31, 2025.
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Dilip Buildcon Ltd ( BOM:540047 ) experienced lower execution volumes due to a subdued order book, impacting operating leverage and efficiency.
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Debt levels remain elevated, with net debt standing at around INR2,100 crores, primarily due to lower execution and delayed asset monetization.
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The company's inventory days have increased significantly, attributed to reduced revenue rather than an increase in inventory levels.
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Despite a strong order book, the company anticipates that debt levels will remain around current levels by the end of the financial year, delaying expected debt reduction.
Q & A Highlights
Q: With the order book at its highest level, how do you see execution and revenue growth in FY27? A: Rohan Suryavanshi, Head of Strategy & Planning, stated that the order book is the most diversified in the company's history, providing optimism for the next year. They expect around INR10,000 crores in revenue for the next financial year, indicating a 30% to 40% growth from this year's numbers.
Q: Will the debt levels be reduced by the end of this financial year as previously guided? A: Rohan Suryavanshi mentioned that debt levels are expected to remain around the current level due to muted execution. However, they plan to reduce debt by INR700 crores to INR800 crores next year, leveraging the strong order book.
Q: What are the expected margins for FY27? A: Rohan Suryavanshi indicated that while margins for Q4 will remain in line with this year's performance, they expect EBITDA margins to increase to 12% to 13% in FY27.
Q: How much order inflow is expected by the end of March, and what is the target for next year? A: Rohan Suryavanshi stated that they are targeting INR10,000 crores to INR15,000 crores of new order inflow next year. However, the exact amount by March will depend on the bidding environment and other players' aggressiveness.
Q: What is the strategy regarding the InvIT units and potential monetization? A: Rohan Suryavanshi explained that the strategy is to hold the InvIT units and use the distributions for internal debt reduction or new project investments. The goal is to grow the InvIT platform into one of the larger ones in India.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
