Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 7 Oct - PNGRB authorises DBL LPG pipeline from Paradip to Raipur; ₹1,800 crore EPC over 36 months.
Source: Bse
Dilip Buildcon Limited (DBL)
Micro CapInfra stocks · Micro cap · NSE
Dilip Buildcon Limited (DBL) is an Indian infrastructure company engaged in EPC, MDO, and multi-asset platform development. Its core segments include mining, roads & highways, irrigation, and renewable energy, with a diversified presence across 12 verticals. DBL focuses on asset monetization via InvITs.
₹383.4
-11.00 · -2.79%
Market cap ₹6,524 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · MACD − · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 25
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
DBLD candles · FIT view-19.1%TODAY · PROVISIONALLatest price ₹383.40 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.2%
RSI
37
MACD hist
-1.05
52W pos
2%
2026-10-21O ₹395.90H ₹395.90L ₹379.70C ₹383.40Vol 1.1L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DBLNifty InfraNifty 500
- DBL
- -2.7%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +2.8 pp
Chart stats
19 Oct 2026- From 52W high
- -25.8%
- 52W range position
- 9%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.21x
- Avg traded value
- ₹7.1 Cr
- 20D price channel
- ₹388.1 - ₹433.7
₹531.7
₹381.6 - ₹531.7
₹11.6
Latest completed session
20-session average
21.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -9.2% · PAT -52.8% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -9% YoY · PAT -53% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 11.70
- P/B
- 0.96
- EV/EBITDA
- 7.40
- Market Cap
- 6524.00Cr
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
- 21.92%
- FCF Positive Y
- 5/5
- OCF
- 1204.00 Cr
- EPS TTM
- 73.03
Shareholding
- Promoter Hold
- 63.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 2,378+3.4% vs prev
Net Profit
₹ CrLatest: 128+3.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 4 Downtrend
1M return
-7.3%
3M return
-2.7%
6M return
-13.8%
1Y return
-18.1%
RS 1D
-2
RS 20D
0
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 7.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 82.85-0.87%
RS vs Nifty 50083
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation30/30
Growth10/25
Quality0/20
Balance Sheet3/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 21.9%.
- Fair-value margin of safety is positive at 57.4%.
- 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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
11.7
PB
1.0
EV/EBITDA
7.4
ROE
5.5%
ROCE
13.1%
FCF Yield
21.9%
Debt/Equity
1.2
MoS
+57.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+57.4%
Previous: +56.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹830.74
+53.8% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹899.73
+57.4% MoS
PEG
1.46
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASHOKA
Micro
Ashoka Buildcon Limited
Construction & Engineering
match 88
58
4.3
0.7%
+19%
FAIR VALUE
POWERMECH
Micro
Power Mech Projects Limited
Construction & Engineering
match 64
55
19.8
15.4%
+18%
FAIR VALUE
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 63
36
8.1
9.2%
-27%
WATCHLIST
HCC
Micro
Hindustan Construction Company Limited
Construction & Engineering
match 62
34
38.2
11.9%
-29%
WATCHLIST
AHLUCONT
Micro
Ahluwalia Contracts (India) Limited
Construction & Engineering
match 62
57
16.5
13.8%
+28%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T14:42:57.853Z
Management commentary snapshot
Q1 FY27 standalone revenue at Rs. 1,930 cr, EBITDA margin 10.32%. Consolidated revenue Rs. 2,378 cr, EBITDA margin 18.05%. Order book Rs. 27,691 cr. Management reiterates FY27 revenue growth (30-40%) and debt reduction (Rs. 600-800 cr) guidance, expecting ramp-up from Q3.
DBL's Q1 FY27 results show a soft start to the year, typical for the sector, but management maintains full-year guidance for revenue growth and debt reduction. Strategic focus on MDO and asset monetization via InvITs continues, supported by a recent stake sale. Execution ramp-up is key for H2 FY27.
Growth engines
Mining Development & Operations (MDO)
MDO is progressively becoming the most important driver of long-term earning visibility and predictable cash generation. Firmly on course to reach 57 million tonnes coal production by FY29.
Multi-Asset Platform (InvITs)
Anantam Highway Trust continues to progress. DBL holds InvIT units of Rs. 1,521 crores. Expects Rs. 1,700-1,800 crores more InvIT units from 11 HAM assets by Q1 FY28.
New Project Execution
Revenue from large projects (Bihar, solar, transmission, ERCP Rajasthan canal) has not started yet but will see significant build-up in Q2-Q4 FY27.
Capacity and execution
Coal Production Ramp-up
Firmly on course to reach previously guided coal production of approximately 57 million tonnes by FY29. Planned 27 million tonnes in Siarmal and 7 million tonnes in Pachhwara for FY27.
Coal Handling Plant (CHP)
Coal handling plant will take about 1.5 years to complete. Major jump in MDO revenue expected once CHP is operational and coal fee becomes 100%.
Tailwinds
Strong Policy Support for Infrastructure
Infrastructure sector continues to enjoy strong policy support with sustained government focus on roads, railways, water, transmission, and renewables.
NHAI Project Pipeline
NHAI articulated its FY27 project pipeline of 54 highways and expressway projects, covering 2442 kilometers, with a total capital cost of approximately Rs. 1.80 lakh crores.
Government Monetization Program
NHAI finalized 17 highway stretches for monetization in FY27 through TOT and InvIT routes, expected to generate Rs. 30,000-35,000 crores.
Headwinds
Global Uncertainties on Input Costs
Global uncertainties around crude prices continue to weigh on fuel, bitumen, and related input costs.
Elongated Working Capital Cycles
Working capital cycles across the industry remain elongated, and administrative delays on project approvals and payments have persisted through the quarter.
Risk radar
Execution Ramp-up
Revenue ramp-up from new large projects is expected to start slowly in Q2 and peak in Q3-Q4, requiring efficient execution to meet full-year guidance.
Commodity Price Volatility
Higher commodity prices impacted margins due to disruption of transportation, making cement, bitumen, steel expensive, though government provides some reimbursement.
Working Capital Management
Standalone net debt increased in Q1 FY27 due to a normal seasonal build-up in working capital, which management expects to normalize in H2.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison is relevant for assessing overall financial performance and profitability trends, especially after adjusting for exceptional items. QoQ comparison is useful for tracking sequential momentum in order inflow, working capital, and project execution ramp-up, which management expects in later quarters.
Sector KPIs management disclosed
Order Book
Order book stood at Rs. 27,691 crores as of June 30th, 2026. Mining sector's balance contract value is approximately Rs. 1.03 lakh crores beyond reported order book.
Order Inflow (Q1 FY27)
Order inflow stood at approximately Rs. 268 crores in Q1 FY27. DBL declared L1 bidder for Sikasar to Kodar Reservoir Link Canal Pipeline project valued at Rs. 2,524 crores.
Standalone Revenue from Operations (Q1 FY27)
Standalone revenue from operations for Quarter 1 FY27 stood at Rs. 1,930 crores.
Consolidated Revenue from Operations (Q1 FY27)
Consolidated revenue from operations for Quarter 1 FY27 stood at Rs. 2,378 crores against Rs. 2,620 crores in Q1 FY26.
Management forward view
Reiterated FY27 Revenue Guidance
Management reiterates its guidance on revenue growth of 30%-40% for FY27, expecting significant build-up from Q2-Q3 onwards.
Reiterated FY27 Debt Reduction Guidance
Management reiterates its debt reduction guidance of Rs. 600 to 800 crores for FY27 on a standalone basis.
Standalone Net Debt Positive Goal
Goal to reach net debt positive on a standalone balance sheet by FY28 remains firmly on track, supported by EPC, MDO, and rising InvIT distributions.
Strategic Stake Sale in Projects
Board approved a stake sale in under-construction power transmission and solar projects (Rs. 8,400 cr combined cost) to Alpha Alternatives, reducing DBL's equity commitment by 49%.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Order Inflow | Rs. 268 cr (Q1 FY27), L1 for Rs. 2,524 cr project. Bid pipeline Rs. 1.5 lakh cr. | Achieving Rs. 10,000-12,000 crores of new order inflow for FY27. |
| Working Capital Days | 133 days (Q1 FY27). | Reduction to approximately 120 working capital days by year-end. |
| Standalone Net Debt Reduction | Increased to Rs. 2,106 cr (Q1 FY27) due to seasonal build-up. | Achieving Rs. 600-800 crores of debt reduction for FY27. |
| MDO Coal Production (FY27) | 4.79 million tonnes (Q1 FY27). | Achieving 27 million tonnes in Siarmal and 7 million tonnes in Pachhwara for FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 27th percentile within Infra. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
127 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Infra: 27th pctile, median 64 · Micro: 11th pctile, median 73
Evidence depth
Financial-only
127 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
21
weak · leverage and solvency
Discipline
52
watch · capital discipline
Results
15
weak · quarterly consistency
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.
Continue researching Dilip Buildcon Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - Declared L-1 bidder for NHAI Solapur elevated corridor project worth Rs 688.23 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - DBL selected as L1 bidder for 400 KV AIS Yavatmal transmission project; EPC ₹1,151.47 crore, 24-month construction.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 21 Sep - DBL declared L1 bidder for ₹1,265 crore Solapur/Paranda transmission project; construction in 24 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 21 Sep - DBL signs definitive agreements to sell solar portfolio stake to Alpha Alternatives at INR 6,829 Cr EV.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Sep - DBL signs agreement to sell 51% MPTL stake to Alpha Alternatives; deal valued at about INR 2,914 Cr.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Sep - DBL received PNGRB LOI for Paradip-Raipur LPG pipeline; EPC opportunity worth INR 1,800 crore over 36 months.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - The Company has completed the electronic dispatch of the Annual Report including Notice of the 20th Annual General Meeting of the Company for the Financial …
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Dilip Buildcon will attend an investor conference hosted by Emkay Global on 14 August 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - The newspaper advertisement for the publication of financial results ....
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.