Dilip Buildcon (DBL) Q4 24/25 earnings summary

Executive summary

• FY 2025 saw muted order inflows and a challenging industry environment, with government ordering activity below expectations, impacting revenue and profitability.

• Secured two new projects in FY25 worth ₹2,100 Cr, including a tunnel in Kerala and an optical fiber project in Jammu & Kashmir.

• Completed five projects totaling ₹4,141 Cr, with early completion on several, including three HAM and two EPC projects.

• Divested equity in multiple HAM projects to Alpha Alternatives and completed divestment of 10 HAM projects to Shrem InvIT.

• The company remains optimistic about future order inflows, supported by ambitious government infrastructure targets and strategic partnerships.

Financial highlights

• Standalone Q4 revenue declined 31% YoY to INR 2,315 crore; EBITDA fell 31% to INR 209 crore; PAT dropped 62% to INR 47 crore.

• FY 2025 standalone revenue decreased 14.55% to INR 9,004 crore; EBITDA down 30% to INR 903 crore; PAT down 26% to INR 311 crore.

• Consolidated FY 2025 revenue was ₹11,317 Cr, down 5.8% YoY; EBITDA rose 51% to ₹2,151 Cr; PAT surged 4x to ₹840 Cr, driven by mining and HAM asset performance.

• Standalone EBITDA margin for FY25 was 10.03%; consolidated EBITDA margin for Q4 FY25 was 21.35%.

• Order book as of March 31, 2025, stood at ₹14,923 Cr, diversified across multiple infrastructure segments.

Outlook and guidance

• Standalone revenue expected to decline 5%-7% in FY 2026, with operating margin of 10%-11%.

• Consolidated revenue projected to grow 10%-15% in FY 2026, with continued PAT growth.

• Order inflow guidance for FY 2026 is INR 15,000-20,000 crore, focusing on EPC, HAM, and BOT projects.

• Long-term order book from coal MDOs extends 25–55 years, with only three years' orders included in the current order book.

• Management expects improved order inflow in coming quarters, with all business segments poised for growth.