Dilip Buildcon Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dilip Buildcon Ltd filed with BSE on 21 May 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 FY26 revenue of Rs 7,005 crore, down from Rs 9,004 crore in FY25, while consolidated EBITDA stood at Rs 1,766 crore with a 19.6% margin. Management highlighted record order inflows of Rs 18,548 crore for the year, ahead of its original guidance, and detailed progress on its coal MDO operations and InvIT monetization strategy. The company outlined plans to become net debt-free at the standalone level by FY28 while shifting profit contribution increasingly toward long-term annuity assets.
Numbers mentioned
Order inflows: INR18,548 crores (FY26)
p. 4
“I'm also very happy to report that for the FY26, DBL has secured total order inflows of INR18,548 crores, which is much higher than our original guided figure.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Standalone revenue: INR7,005 crores (FY26)
p. 7
“On a standalone basis, the revenue for FY26 stood at INR7,005 crores as compared to INR9,004 crores in FY25, reflecting a Y-o-Y change of approximately 22.2% negative.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Standalone EBITDA: INR734 crores (FY26)
p. 7
“EBITDA for the year stood at INR734 crores against INR903 crores in the previous year, representing a Y-o-Y change of negative 18.72%, while the profit after tax stood at INR841 crores as against INR311 crores in FY25.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Consolidated revenue: INR8,984 crores (FY26)
p. 7
“Now on consol basis, FY26 revenue stood at INR8,984 crores as compared to INR11,317 crores in previous year, reflecting a Y-o-Y change of negative 20.6%.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Consolidated EBITDA margin: 19.6% (FY26)
p. 7
“The consolidated EBITDA stood at INR1,766 crores with an EBITDA margin of 19.6%, while profit after tax stood at INR1,398 crores as against INR840 crores in FY25.”
Sanjay Bansal, page 7 of the filed PDF · View the filing
Standalone debt: approximately INR1,800 crores (as of March 31, 2026)
p. 6
“Outstanding debt as of March 31, 2026 stood at approximately INR1,800 crores at the stand-alone level and INR7,082 crores at the consol level.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Siarmal mine production: 22.35 crore tons (FY26)
p. 5
“At the Siarmal mine, Q4FY26 production stood at 7.24 crore tons and cumulatively FY26 production stood at 22.35 crore tons, achieving full year production target.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
Pachhwara coal mine production: 6.37 million metric tons (FY26)
p. 5
“Similarly, the Pachhwara coal mine continued its gradual ramp-up with FY26 production closing at 6.37 million metric tons.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
InvIT units value on balance sheet: nearly INR1,600 crores
p. 5
“Following the successful listing of Anantam Highways InvIT, we currently hold about INR1,400 crores worth of units in the Anantam Highways and around INR200 crores in the Shrem InvIT, taking the total value of InvIT units on our balance sheet to nearly INR1,600 crores.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
Cost of borrowing: around 9%
p. 15
“So, our cost of borrowing around 9% on average basis.”
Sanjay Bansal, page 15 of the filed PDF · View the filing
Dividend and interest income from Shrem and Alpha: INR64.5 crores (FY26)
p. 14
“Total dividend and interest income during FY26 from both the units are INR64.5 crores.”
Sanjay Bansal, page 14 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.
Profit contribution from long-term assets — three fourth of profits from long-term assets, one fourth from EPC · FY29
stated as an aspiration by Rohan Suryavanshi
p. 3
“this strategic direction is very important for everyone to kind of pay attention to closely because by FY29 we anticipate three fourth of our profits to be coming from long-term assets and only one fourth to be coming from our EPC business.”
Rohan Suryavanshi, page 3 of the filed PDF · View the filing
Coal production — around 57 million metric tons · FY29
stated firmly by Rohan Suryavanshi
p. 5
“Now we remain committed to achieving our annual coal production of around 57 million metric tons by FY29, which at its full capacity would represent a significant part of India's total coal output and positioning DBL as a critical partner in the nation's energy security.”
Rohan Suryavanshi, page 5 of the filed PDF · View the filing
Net debt — net debt-free · FY28
stated firmly by Rohan Suryavanshi
p. 6
“And more than this, as we have already said, our agenda is to be a net debt-free balance sheet by FY28.”
Rohan Suryavanshi, page 6 of the filed PDF · View the filing
Standalone revenue growth — 30% to 40% growth · FY27
stated conditionally by Rohan Suryavanshi
p. 9
“now FY27 revenue target from -- if we look at FY26 number, we mentioned it will be a 30% to 40% growth from this number.”
Rohan Suryavanshi, page 9 of the filed PDF · View the filing
EBITDA margin — 11%, 12% · FY27
stated firmly by Rohan Suryavanshi
p. 9
“Now in terms of our EBITDA, we are targeting that same 11%, 12% EBITDA that we have mentioned.”
Rohan Suryavanshi, page 9 of the filed PDF · View the filing
New order inflow — INR10,000 crores, INR12,000 crores · FY27
stated firmly by Rohan Suryavanshi
p. 9
“more than that, we are also targeting about INR10,000 crores, INR12,000 crores of new order inflow to come in this financial year, which will provide us good visibility extending up to FY '30.”
Rohan Suryavanshi, page 9 of the filed PDF · View the filing
Debt reduction — INR600 crores to INR800 crores · FY27
stated firmly by Rohan Suryavanshi
p. 9
“We anticipate somewhere between INR600 crores to INR800 crores of debt will be reduced in this financial year.”
Rohan Suryavanshi, page 9 of the filed PDF · View the filing
MDO segment revenue — about INR2,500 crores · FY27
stated firmly by Rohan Suryavanshi
p. 8
“what we anticipate from the current INR1,600 crores of revenue in this year, we expect revenue to increase to about INR2,500 crores or so in FY27, which will further increase to about INR3,000 plus INR100 crores in FY28.”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Interest cost outflow — between Rs. 375-400 crores · FY27
stated firmly by Sanjay Bansal
p. 14
“next year reduction in our Net debt, our total interest cost outflow will be close to between Rs. 375-400 crores.”
Sanjay Bansal, page 14 of the filed PDF · View the filing
Anantam InvIT asset transfer — 11 more assets · through first quarter next year
stated firmly by Rohan Suryavanshi
p. 12
“we have 11 more assets to be transferred into the Anantam InvIT, the road assets that we're talking about. And this will be happening gradually through this year and by first quarter next year is what we are expecting.”
Rohan Suryavanshi, page 12 of the filed PDF · View the filing
Transmission and solar project commissioning — 2 years from project start
stated firmly by Rohan Suryavanshi
p. 12
“that is broad line, whenever we start the project, so 2 years from there, it will go.”
Rohan Suryavanshi, page 12 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 projected MDO revenue growing from ~INR1,600 crore currently to about INR2,500 crore in FY27, over INR3,100 crore in FY28, and around INR4,000 crore in FY29 based on tonnage and contracted rates, and said there is currently no plan to monetize these subsidiaries for shareholders.
Answered by Rohan Suryavanshi
Asked by Shravan Shah: What is the MDO business revenue and margin outlook and how will shareholders benefit from this profitability?
p. 8
“Sorry. So what we anticipate from the current INR1,600 crores of revenue in this year, we expect revenue to increase to about INR2,500 crores or so in FY27”
Rohan Suryavanshi, page 8 of the filed PDF · View the filing
Management said the timing of asset transfers to the InvIT changed in FY26, with further asset transfers planned across FY27 and FY28 quarters affecting distribution timing as shown in the presentation.
Answered by Sanjay Bansal
Asked by Shravan Shah: Why has the InvIT distribution from Alpha declined compared to earlier presentation figures?
p. 9
“the timing of transfer the assets to InvIT changed in FY26. And in '27 also, we will be transferring 4 assets in quarter 1 and then balance in quarter 4 or quarter 1 of FY28.”
Sanjay Bansal, page 9 of the filed PDF · View the filing
Management explained that an investor would fund 85% of project equity while DBL funds 15%, with transmission EBITDA margins upward of 24% and IRR expected in high teens.
Answered by Sanjay Bansal
Asked by Vignesh Iyer: How is the structuring of the transmission and solar equity investment set up, and what returns are expected?
p. 9
“the idea of Dilip Buildcon in transmission and solar is to raise around 85% equity commitment through these projects from the investor who will be putting in equity during construction.”
Sanjay Bansal, page 9 of the filed PDF · View the filing
Management attributed the margin decline to delayed coal evacuation and rack unavailability, calling it temporary, and expects margins to improve with scale and the coal handling plant coming online.
Answered by Rohan Suryavanshi
Asked by Vignesh Iyer: Why has the coal mining margin declined in Q4 and what is the outlook?
p. 10
“the margin that you are talking about that has come down in the mining business temporarily right now is primarily because the evacuation by the government could not be done on time.”
Rohan Suryavanshi, page 10 of the filed PDF · View the filing
Management explained the increase is mainly due to an outstanding INR400 crore final Jal Jeevan Mission payment pending hydro testing, to be received partly this quarter and partly next.
Answered by Sanjay Bansal
Asked by Ishita Lodha: Why have receivables increased despite a revenue decline and released JJM funds?
p. 13
“the increase in receivable from FY25 to '26 is mainly on account of this INR400 crores receivable from the Jal Jeevan Mission projects.”
Sanjay Bansal, page 13 of the filed PDF · View the filing
Management said contracts include an inflation formula that only partially compensates for sharp increases in raw material prices, leaving some residual margin impact, particularly in the coal business where HSD is a major cost.
Answered by Sanjay Bansal
Asked by Ishita Lodha: Can rising bitumen and raw material costs be fully passed through to customers?
p. 14
“this formula may not give you 100% increase because you can see the increase in the HSD and bitumen prices sharply.”
Sanjay Bansal, page 14 of the filed PDF · View the filing
Management said government contracts are linked to WPI/CPI indices rather than actual cost spikes, so the impact is not fully passed through, though the industry is engaging with government for relief.
Answered by Rohan Suryavanshi
Asked by Vignesh Iyer: Is there a pass-through clause for raw material cost escalation in EPC contracts given the ongoing conflict?
p. 15
“government contracts are linked more towards the WPI and CPI index and not -- does not take into account in this thing. So it's not completely passed through”
Rohan Suryavanshi, page 15 of the filed PDF · View the filing
Risks flagged
Sluggish government awarding activity due to state elections and administrative delays
p. 4
“this awarding activity was little sluggish in terms of the initial FY26 target that the government has set. This was obviously on account of various state elections, regulatory scrutiny and other administrative delays.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Inflationary pressure on fuel, bitumen and raw material costs from geopolitical conflict and elevated crude prices
p. 4
“The ongoing geopolitical conflict and the elevated crude oil prices have led to inflationary pressures across fuel, bitumen transportation and other key raw material costs impacting margins across the infrastructure industry.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
High competitive intensity in certain bidding segments
p. 4
“the competitive intensity and bidding remains high in certain segments.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Delays in project approvals, land acquisition and receivable cycles affecting execution timelines
p. 4
“delays in project approvals, land acquisition and receivable cycles continue to impact execution time lines.”
Rohan Suryavanshi, page 4 of the filed PDF · View the filing
Delayed coal evacuation by government and rack unavailability affecting mining margins
p. 10
“there is at the Siarmal mine, right now, we have about 6 million metric tons of stock, which is lying at site because of delayed evacuation by the government and because of unavailability of racks.”
Rohan Suryavanshi, page 10 of the filed PDF · View the filing
Raw material cost escalation not fully covered by contract price adjustment formulas
p. 14
“the balance is impact on the margins. So, you can see some margin impact on coal business where the HSD is the major cost.”
Sanjay Bansal, page 14 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.