Dilip Buildcon Limited (DBL)
Micro CapInfra stocks · Micro cap · NSE
Pan-India listed infrastructure company combining Execution, Asset Ownership and Annuity Cash Flows. Evolved from legacy EPC to a multi-asset developer with focus on ROIC, PPP assets under InvITs, and Mine Developer & Operator (MDO) contracts. Operates across 11 verticals in 20 states and 1 Union Territory.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -9% YoY · PAT -53% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,378 Cr | -9.2% | +3.4% |
| EBITDA | ₹429 Cr | -17.7% | +9.4% |
| Operating margin | 18.0% | -200 bps | +100 bps |
| PAT | ₹128 Cr | -52.8% | +3.2% |
| PAT margin | 5.4% | -496 bps | -1 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated FY26 revenue declined 20.6% YoY to Rs 8,984 Cr, with EBITDA margin improving to 19.7%. Q4 FY26 revenue fell 25.7% YoY to Rs 2,300 Cr, while PAT significantly decreased to Rs 124 Cr from Rs 277 Cr YoY.
DBL's strategic shift to MDO and InvITs is underway, but consolidated revenue and Q4 PAT show significant YoY declines. While margins improved for FY26, the Q4 performance and ongoing deleveraging efforts need close monitoring for successful transition.
Order Book by Vertical (FY26)
Latest issuer-disclosed distribution across 11 reported categories.
MDO Business
Volume-linked revenue model with strong earnings visibility and sustainable margins over 25-55 years.
InvIT Monetization
Monetization of operational assets enables capital recycling, deleveraging, and recurring distribution income.
Diversified EPC
Increased mix of asset-light, high-ROIC segments like Water, Urban infra, Renewables, Transmission.
Renewable Energy Projects
Won 1,363.55 MW (DC 1,977.15 MW) solar PV project and 100 MW solar PV project in MP.
MDO Production Ramp-up
Coal MDO production crossed 30 MMT in FY26, a steep ramp-up in 3 years.
Renewable Energy Capacity
1,977 MW DC solar PV project with 18 months construction period.
Renewable Energy Capacity
100 MW AC solar PV project with 24 months construction period.
Transmission Project
Establishing 400KV Sub-station at Mekhali along with 469.85 Km transmission lines, 24 months construction.
Long-term MDO Contracts
Secured tenure of 25-55 years for Coal & Bauxite MDO contracts provides long-term cash flow visibility.
Capital Recycling via InvITs
Monetization of operational assets through InvITs enables capital recycling and deleveraging.
Diversified Order Book
Transitioned from road-EPC heavy to a more balanced infrastructure and mining platform, reducing cyclicality.
Execution Risk
Timely completion and quality of work are crucial for project implementation, overseen by MD & CEO.
Working Capital Management
Working capital days remain high at 131 days as of Mar'26, requiring continuous monitoring.
Balance Sheet Deleveraging
Accelerate Parent Consolidated balance sheet deleveraging is a stated goal, indicating current leverage.
Projected Investment Deficit
Projected total outflows for DBL Group exceed total inflows by Rs 253 Cr by FY29.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and the impact of strategic shifts. QoQ comparison helps track sequential momentum, especially in project execution and MDO ramp-up, and the immediate impact of divestments.
Order Book
Rs. 28,830 Cr (FY26), up from Rs. 14,923 Cr in FY25.
Consolidated Revenue (FY26)
Rs. 8,984 Cr, down 20.62% YoY from Rs. 11,317 Cr in FY25.
Consolidated EBITDA Margin (FY26)
19.7%, up from 19.0% in FY25.
Consolidated PAT (FY26)
Rs. 1,398 Cr, up 66.43% YoY from Rs. 840 Cr in FY25.
Strategic Transition
Story is slowly transitioning from pure EPC play to diversified business structure with focus on MDO.
MDO as Core Engine
Establish mining as core earnings engine and ramp up production volumes across existing assets.
Capital Recycling
Transfer matured assets to InvITs to drive capital recycling into new growth opportunities.
Deleveraging Goal
To be Net Debt positive on Standalone levels and accelerate Parent Consolidated balance sheet deleveraging.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| MDO Production Volumes | Coal MDO production (Pachhwara 22.35 Mn MT, Siarmal 6.37 Mn MT) and Bauxite production (Yet to Start). | Sustained ramp-up across all MDO assets, especially Pottangi Bauxite. |
| Net Debt to Equity | 0.28 as of Mar'26. | Continued reduction in Net Debt to Equity ratio towards management's goal of being Net Debt positive on Standalone levels. |
| Working Capital Days | 131 days as of Mar'26. | Further reduction in working capital days to improve cash conversion. |
| InvIT Asset Transfers | 7 HAM projects 100% divested to Anantam Highways InvIT; 4 HAM projects 49% to be divested in June'26. | Successful divestment of remaining HAM projects and transfer of other assets (power, renewables, transmission) to InvITs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -3.2% / mo · MACD − · near 52W low · sector +2.3pp vs Nifty (3M)
Technical chart
DBLdaily · 1Y · AUTO-7.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 39 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 31% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 21.9%.
- Fair-value margin of safety is positive at 55.4%.
- Valuation contributes 30/30 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -10 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 28th percentile within Infra. Main check: results consistency is weak at 15/100.
Mixed Trust Lite: Promoter holding is 63.1%. Key concern: Altman Z is 1.70.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 28th pctile, median 64 · Micro: 11th pctile, median 73
127 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 22%.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.70.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.18.
- ▸Interest coverage is 1.5x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.70
- P/B
- 0.95
- EV/EBITDA
- 7.40
- Market Cap
- 6514.00Cr
Profitability
- ROE
- 5.55%
- ROCE
- 13.10%
- ROA
- 6.64%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- -2.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- -5.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 1.18
- Interest Coverage
- 1.46×
- Altman Z
- 1.70
- Book Value
- 420.00
Cash Flow
- FCF Yield
- 21.95%
- FCF Positive Y
- 5/5
- OCF
- 1204.00 Cr
- EPS TTM
- 73.03
Shareholding
- Promoter Hold
- 63.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.