Dilip Buildcon (DBL) Q2 26/27 earnings summary

Executive summary

• Record order book of ₹33,081 crore across 12 verticals at September 30, 2026, up 19% QoQ; roads and highways were 15.6%.

• Diversified platform spans EPC, coal and bauxite mining, and annuity assets, with strategy focused on recurring cash flows, capital recycling and balance-sheet deleveraging.

• H1FY27 consolidated revenue rose 1.8% YoY, while EBITDA and PAT declined; standalone revenue and EBITDA grew, with lower PAT.

• DBL 2.0 advanced through signed solar and transmission transactions and entry into regulated LPG pipeline infrastructure.

Financial highlights

• Consolidated Q2FY27 revenue was ₹2,250 crore, up 16.85% YoY; EBITDA excluding other income was ₹439 crore at a 19.50% margin, and PAT was ₹101 crore.

• Standalone Q2FY27 revenue was ₹1,686 crore, up 19% YoY; EBITDA was ₹175 crore at a 10.4% margin, and PAT was ₹52 crore.

• Consolidated H1FY27 revenue was ₹4,628 crore, EBITDA excluding other income ₹868 crore at an 18.76% margin, and PAT ₹229 crore; pre-exceptional PBT was ₹334 crore.

• Standalone H1FY27 revenue was ₹3,615 crore, EBITDA ₹374 crore at a 10.34% margin, and PAT ₹91 crore; revenue and EBITDA rose 5.51% and 5.19% YoY.

• Consolidated finance costs fell 22% YoY to ₹251 crore in Q2 and 39% to ₹496 crore in H1FY27.

Outlook and guidance

• FY27 order-inflow guidance remains ₹10,000–12,000 crore; H1 inflows were ₹7,589 crore, with a further ₹1,300 crore added after quarter-end.

• FY27 revenue growth guidance remains 30%–40%; recently awarded projects are expected to lift execution from Q3, accelerate in Q4 and continue into FY28.

• FY28 standalone net-debt-free target remains; working capital is targeted at ~120 days by FY27 year-end as execution and collections improve.

• Coal production targets are 27 million tonnes at Siarmal in FY27 and ~57 million tonnes annually by FY29; mining cash flow at that output is targeted at ~₹1,000 crore annually.