Dilip Buildcon Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dilip Buildcon Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dilip Buildcon reported standalone Q1 FY27 revenue of Rs 1,930 crore with EBITDA margin of 10.32%, while order book stood at Rs 27,691 crore and order inflow for the quarter was approximately Rs 268 crore. Management reiterated full-year guidance of 30%-40% revenue growth, an EBITDA margin of 10%-12%, and debt reduction of Rs 600-800 crore, while announcing board approval of a stake sale in under-construction power transmission and solar projects worth about Rs 8,400 crore to Alpha Alternatives. Coal production for the quarter stood at 4.79 million tonnes, with management reaffirming a target of 57 million tonnes by FY29.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Order book: Rs. 27,691 crores (as of June 30, 2026)
p. 4
“Our order book stood at Rs. 27,691 crores as of June 30th, 2026.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Order inflow: approximately Rs. 268 crores (Q1 FY27)
p. 4
“In FY27 Quarter 1, order inflow stood at approximately Rs. 268 crores.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Standalone net debt: Rs. 2,106 crores (as on 30th June 2026)
p. 5
“On net debt; on a standalone basis, as on 30th June 2026, stood at Rs. 2,106 crores compared with Rs. 1,880 crores as on 31st March 2026.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
Consolidated net debt: Rs. 7,801 crores (as on 30th June 2026)
p. 6
“The consolidated net debt as on 30th June 2026 stood at Rs. 7,801 crores and Mr. Bansal will provide the additional curve on this shortly.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Standalone net debt to equity: 0.31x (as of 30th June 2026)
p. 6
“The standalone net debt to equity stood at a comfortable 0.31x as of 30th June 2026.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Standalone revenue from operations: Rs. 1,930 crores (Q1 FY27)
p. 7
“On a standalone basis, the revenue from operations for Quarter 1 FY27 stood at Rs. 1,930 crores and EBITDA stood at Rs. 199 crores.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Standalone EBITDA margin: 10.32% (Q1 FY27)
p. 7
“The EBITDA margin was 10.32%, marginally expanded from 10.11% in Quarter 1 FY26, reflecting steady cost management even in a quarter of moderate execution.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Standalone profit before exceptional item and tax: Rs. 72 crores (Q1 FY27)
p. 7
“The profit before exceptional item and tax grew to Rs. 72 crores in Quarter 1 FY27 from Rs. 57 crores in Quarter 1 FY26, an increase of approximately 26% year-on-year.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Standalone profit after tax: Rs. 39 crores (Q1 FY27)
p. 8
“The profit after tax stood at Rs. 39 crores in Quarter 1 FY27 is against Rs. 123 crores in Quarter 1 FY26.”
Sanjay Bansal, page 8 of the filed PDF · View the filing
Consolidated revenue from operations: Rs. 2,378 crores (Q1 FY27)
p. 8
“The consolidated revenue from operations for Quarter 1 FY27 stood at Rs. 2,378 crores against Rs. 2,620 crores in Quarter 1 FY26.”
Sanjay Bansal, page 8 of the filed PDF · View the filing
Consolidated EBITDA margin: 18.05% (Q1 FY27)
p. 8
“The EBITDA excluding other income was Rs. 429 crores with EBITDA margin of 18.05%.”
Sanjay Bansal, page 8 of the filed PDF · View the filing
Consolidated profit after tax: Rs. 128 crores (Q1 FY27)
p. 8
“The profit after tax on consolidated basis was Rs. 128 crores in Quarter 1 FY27 against Rs. 271 crores in Quarter 1 FY26.”
Sanjay Bansal, page 8 of the filed PDF · View the filing
Coal production: 4.79 million tonnes (Q1 FY27)
p. 5
“The total coal production for Quarter 1 FY27 stood at 4.79 million tonnes.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
Bid pipeline: approximately Rs. 1.5 lakh crores
p. 4
“Currently, our bid pipeline stands at approximately Rs. 1.5 lakh crores across sectors.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Working capital cycle: 133 days (as of June 30, 2026)
p. 6
“The normal working capital cycle has moved marginally from 131 to 133 days.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 30%-40% · FY27
stated firmly by Rohan Suryavanshi
p. 6
“At the same time, let me reiterate that our guidance on our revenue of 30%-40% also remains on track.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Order inflow — Rs. 10,000-12,000 crores · FY27
stated conditionally by Rohan Suryavanshi
p. 4
“we are very hopeful of maintaining our guidance of Rs. 10,000-12,000 crores of new order in this financial year”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Debt reduction — Rs. 600 to 800 crores · FY27
stated firmly by Rohan Suryavanshi
p. 6
“I reiterate that our debt reduction guidance of Rs. 600 to 800 crores that we mentioned at the start of the year is on track and we will achieve that.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Standalone net debt position — net debt positive · FY28
stated firmly by Rohan Suryavanshi
p. 6
“Our goal to reach net debt positive on a standalone balance sheet by FY28 remains firmly on track.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
EBITDA margin — 10%-12% · FY27
stated firmly by Rohan Suryavanshi
p. 8
“We have given the guidance of around 10% to 12% so that guidance is still the same.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Coal production — 57 million tonnes · FY29
stated firmly by Devendra Jain
p. 9
“We have the same plans of achieving 57 million tonnes in FY29 as per the contract plan.”
Devendra Jain, page 9 of the filed PDF · View the filing
Working capital days — about 120 days · FY27 year-end
stated conditionally by Rohan Suryavanshi
p. 8
“So, the working capital days will reduce to about 120 where we expect and overall debt also, like I mentioned, will also reduce Rs. 600 cores – Rs. 800 crores that we had given the guidance for.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Working capital days — around 90 days · FY28
stated as an aspiration by Sanjay Bansal
p. 11
“And next year, probably around 90 days of total.”
Sanjay Bansal, page 11 of the filed PDF · View the filing
Finance cost — Rs. 350 crores · FY27
stated conditionally by Sanjay Bansal
p. 11
“So, the finance cost for full year would be total Rs. 350 crores because we are basically expecting some lesser utilization of working capital during Q3 and Q4.”
Sanjay Bansal, page 11 of the filed PDF · View the filing
Standalone capex — less than Rs. 100 crores · FY27
stated firmly by Devendra Jain
p. 17
“Yes, that will remain the same. There is no big CAPEX envisaged in Quarter 1.”
Devendra Jain, page 17 of the filed PDF · View the filing
Coal production at Siarmal — 27 million tonnes · FY27
stated firmly by Devendra Jain
p. 9
“We have planned around 27 million metric tonnes of the coal production in Siarmal for this year.”
Devendra Jain, page 9 of the filed PDF · View the filing
Coal production at Pachhwara — 7 million tonnes · FY27
stated firmly by Devendra Jain
p. 9
“And 7 million tonnes will be in Pachhwara project.”
Devendra Jain, page 9 of the filed PDF · View the filing
Siarmal coal production ramp — 35 million tonnes · next financial year
stated firmly by Devendra Jain
p. 9
“So, accordingly, this year the coal production ramp up will be 27 million, next year it will be about 35 million, and after that the coal handling plant will be 50 million.”
Devendra Jain, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed guidance is unchanged at around 10% to 12%.
Answered by Rohan Suryavanshi
Asked by Shravan Shah: Will EBITDA margin guidance of 11%-12% remain the same for this year?
p. 8
“Yes, the guidance is as we had indicated earlier only Shravan ji. We have given the guidance of around 10% to 12% so that guidance is still the same.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Management said ramp-up starts from Q3, peaks in Q4 and continues into Q1 of next year.
Answered by Rohan Suryavanshi
Asked by Shravan Shah: When will the 30%-40% growth ramp-up be visible?
p. 8
“Yes, we will start seeing the ramp-up from the 3rd Quarter, it will increase in the 4th Quarter, and it will continue to the 1st Quarter of the next financial year until the rain comes.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Management stated bids worth Rs 15,000-20,000 crore are pending opening.
Answered by Rohan Suryavanshi
Asked by Shravan Shah: What value of bids are pending opening?
p. 8
“Sir, we have bid for the projects which ranges between Rs.15,000 crores - 20,000 crores. These tenders are yet to be opened.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Management said coal production is on track, delayed by evacuation and a labor strike, but full-year targets remain unchanged.
Answered by Devendra Jain
Asked by Shravan Shah: Is coal production and MDO revenue growth on track given Q1 shortfall?
p. 9
“Shravan ji, the coal production is on track. We have planned around 27 million metric tonnes of the coal production in Siarmal for this year.”
Devendra Jain, page 9 of the filed PDF · View the filing
Management explained coal handling plant will not be operational this year or next, and major revenue jump will come once it is commissioned.
Answered by Devendra Jain
Asked by Shravan Shah: Will the realization run rate seen in Q1 MDO continue?
p. 9
“But you would see the major jump in revenue once the coal handling plant will be operational and then our coal fee, which is now 78% will become the 100% then you would see the major jump in FY29.”
Devendra Jain, page 9 of the filed PDF · View the filing
Management said internal accruals will fund equity needs and debt reduction targets will be met as revenue from large projects ramps up.
Answered by Devendra Jain
Asked by Shravan Shah: Can standalone debt reduction rely on dividends from InvIT income?
p. 10
“But ultimately, we have said in the last quarter as well that we will have a debt reduction of around 700 crores - 800 crores then it will be done 100%.”
Devendra Jain, page 10 of the filed PDF · View the filing
Management confirmed Alpha will fund 49% of the roughly Rs 1,600 crore equity requirement and DBL the remainder.
Answered by Rohan Suryavanshi
Asked by Deepak Purswani: Will DBL need to fund incremental equity for the Alpha transmission and solar deal?
p. 11
“Now Alpha will be putting 49% during construction. So, which means (+800) crores odd of equity somewhere around in that range will come from Alpha and only the remaining 800 will need to be put from DBL’s side.”
Rohan Suryavanshi, page 11 of the filed PDF · View the filing
Management said a natural calamity caused the incident, construction will resume via the second portal, and the project remains on track.
Answered by Devendra Jain
Asked by Deepak Purswani: What is the status and impact of the Kerala tunnel project issue?
p. 11
“The committee has visited in Kerala project and they were given the record. That was a natural calamity and while constructing the tunnel there are always two portals.”
Devendra Jain, page 11 of the filed PDF · View the filing
Management said working capital may reach 120 days by year-end and 90 days next year, and commodity cost pressures should ease by Q2-Q3.
Answered by Sanjay Bansal
Asked by Deepak Purswani: What working capital and margin trends are expected given commodity price pressure?
p. 11
“So, working capital, basically, like Rohan said, by this year-end, we may reach to 120 days. And next year, probably around 90 days of total.”
Sanjay Bansal, page 11 of the filed PDF · View the filing
Management explained the total equity requirement of Rs 1,650 crore, with Alpha funding 49% and structured equity of Rs 900 crore covering most of the balance.
Answered by Sanjay Bansal
Asked by Vishal Periwal: How is the equity funding structured between Alpha, structured equity, and internal accrual?
p. 12
“So, as Rohan Ji said, the total requirement in transmission and solar is Rs. 1,650 crores. And around 49% will be infused by Alpha.”
Sanjay Bansal, page 12 of the filed PDF · View the filing
Management said Siarmal has generated cash exceeding the Rs 235 crore balance equity requirement, with debt to be raised via already sanctioned facilities.
Answered by Sanjay Bansal
Asked by Vinay Chaudhary: What is the current cash flow situation and debt at Siarmal MDO?
p. 14
“So, total outstanding debt as of 30th June at Siarmal level is Rs. 60 crores, which is partly equipment debt and partly the mining facility debt.”
Sanjay Bansal, page 14 of the filed PDF · View the filing
Management said consolidated debt will remain a continuous build-and-transfer cycle, and only standalone debt has a net-debt-free target by FY28.
Answered by Rohan Suryavanshi
Asked by Vinay Chaudhary: Where is consolidated net debt headed given the InvIT transfer cycle?
p. 14
“So, when we are looking at the company, it will be on the standalone level where we are saying we will be a near net debt zero company in two financial years.”
Rohan Suryavanshi, page 14 of the filed PDF · View the filing
Management said the incident was a natural calamity with no construction defect and does not affect technical scoring or bidding.
Answered by Devendra Jain
Asked by Bhavin Modi: Does the Wayanad tunnel collapse affect DBL's technical score or future tunneling bids?
p. 15
“This is a purely natural calamity. It does not impact our technical score or our tunneling bidding.”
Devendra Jain, page 15 of the filed PDF · View the filing
Management gave a breakup of Rs 40 crore other income, split between dividend, InvIT interest, and FDR interest.
Answered by Sanjay Bansal
Asked by Shravan Shah: What is the breakup of other income between InvIT distributions and FDR interest?
p. 16
“Total other income is Rs. 40 crores. Out of Rs. 40 crores, Rs. 26 crores pertain to the dividend and Rs. 5 crores from the InvIT interest.”
Sanjay Bansal, page 16 of the filed PDF · View the filing
Risks flagged
Global crude price uncertainty raising fuel and bitumen costs
p. 4
“Now, global uncertainties around crude prices definitely continue to weigh on fuel, bitumen, and related input costs.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Elongated working capital cycles across the industry
p. 4
“Working capital cycles across the industry remain elongated, and administrative delays on project approvals and payments have persisted through the quarter.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Softer awarding activity in national highways due to Bharat Mala pipeline recalibration
p. 3
“The awarding cycle in the 1st Quarter was on the softer side, as is usually the case, and particularly in the national highways on account of the ongoing recalibration of the Bharat Mala pipeline and the process-related delays.”
Rohan Suryavanshi, page 3 of the filed PDF · View the filing
Coal production shortfall due to lower evacuation and a labor strike at Pachhwara
p. 9
“And coal production seems a little less in Pachhwara project because there was some strike between the PSPCL and the employees, which has been sorted and now in another two to three quarters it will be ramped up.”
Devendra Jain, page 9 of the filed PDF · View the filing
Higher commodity prices impacting margins due to transportation disruption
p. 11
“But overall there was an impact on the margins of higher commodity prices because due to disruption of transportation, other things also have become expensive such as cement, bitumen, cement, steel and everything.”
Devendra Jain, page 11 of the filed PDF · View the filing
Delay in transfer of assets to InvIT pushing distribution timing
p. 13
“So, the change in number is because the timing of transfer the asset to InvIT and getting the units. So, the transfer of units got delayed by one quarter because in June we could not transfer.”
Sanjay Bansal, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.