Dilip Buildcon (DBL) Q4 25/26 earnings summary

Executive summary

• Strategic shift to a multi-asset infrastructure platform, targeting 75% of profits from assets and MDO by FY 2029, with EPC contributing 25%.

• Diversified order book of ₹28,830 crore across 14 verticals and presence in 20 states and 1 UT.

• Focus on capital recycling, deleveraging, and sustainable growth through InvITs and mining operations.

• Disciplined order booking and profitability focus in FY26, with strong execution in mining and asset monetization.

• Audited FY26 results approved with an unmodified opinion and recommended ₹1 per share dividend.

Financial highlights

• Standalone FY26 revenue: ₹7,005 crore (down 22.2% YoY); EBITDA: ₹734 crore (10.48% margin); PAT: ₹842 crore.

• Consolidated FY26 revenue: ₹8,984 crore (down 20.6% YoY); EBITDA: ₹1,766 crore (19.65% margin); PAT: ₹1,398 crore.

• Q4FY26 standalone revenue: ₹1,860 crore; PAT: ₹67 crore. Q4FY26 consolidated revenue: ₹2,300 crore; PAT: ₹124 crore.

• Order inflow for FY26 reached ₹18,548 crore, exceeding guidance.

• Order book at all-time high of ₹28,830 crore as of March 31, 2026.

Outlook and guidance

• FY27 standalone revenue expected to grow 30%-40% over FY26, supported by a healthy order book.

• EBITDA margin guidance for FY27 at 11%-12%; targeted new order inflow of ₹10,000-12,000 crore.

• Net debt reduction of ₹600-800 crore targeted for FY27, aiming for net debt-free status by FY28.

• Focus on capex discipline, recurring cash flows, and expansion of mining and InvIT portfolios.

• Mining revenue projected to reach ₹4,000 crore by FY29 as production scales up.