Dilip Buildcon (DBL) Q3 25/26 earnings summary

Executive summary

• Order book reached a record ₹29,372 crore, diversified across multiple sectors and verticals, with mining, roads, and renewables as major contributors.

• Secured 10 new projects worth ₹17,565 crore YTD FY26, including 2 HAM and 8 EPC projects; completed 4 projects valued at ₹2,744 crore.

• Listed Anantam Highways InvIT and divested significant equity stakes in multiple HAM projects, enabling capital recycling.

• Strategic focus on profitability, cash flow, and return ratios, with mining, InvITs, and asset-backed businesses central to long-term transformation.

• Audited standalone and consolidated financial results for Q3 FY26 and nine months ended December 31, 2025, were approved with unmodified audit opinions.

Financial highlights

• Q3 FY26 consolidated revenue was ₹2,138 crore (down 17.45% YoY), EBITDA ₹382 crore (margin 17.87%), and PAT ₹789 crore, driven by a one-time gain of ₹585 crore.

• Standalone Q3 revenue was ₹1,718 crore, EBITDA ₹179 crore (margin 10.42%), and PAT ₹611 crore.

• For nine months ended Dec 31, 2025, consolidated revenue was ₹6,684 crore (down 18.69% YoY), EBITDA ₹1,373 crore (margin 20.54%), and PAT ₹1,275 crore (up 126.06% YoY).

• Standalone nine-month revenue was ₹5,145 crore (down 23.09% YoY), EBITDA ₹535 crore (down 22.91% YoY), and PAT ₹775 crore (up 193.56% YoY).

• Exceptional items from asset divestments and InvIT transactions significantly boosted profits.

Outlook and guidance

• FY 2026 revenue expected between ₹7,000–7,500 crore; FY 2027 projected at ₹10,000 crore, implying 30–40% growth.

• EBITDA margin for FY 2027 targeted at 12–13%, up from current 10.4%.

• Order inflow guidance for next year set at ₹10,000–15,000 crore, with selective bidding focus.

• CapEx to remain disciplined at around ₹100 crore annually.

• Debt reduction of ₹700–800 crore targeted for next year; net debt-free goal by FY 2028.