30-40% revenue growth in FY27
Management reiterated revenue growth guidance, attributing Q1 softness to cyclical factors. Significant revenue ramp expected from Q2 onwards as transmission, solar, and water projects begin contributing meaningfully.
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EBITDA margin 10-12% for FY27
Standalone EBITDA margin guidance of 10-12% maintained. Management expects margin expansion as Coal Handling Plant at CRL moves to 100% utilization and newer projects ramp up.
Debt reduction of Rs 600-800 cr in FY27
Standalone net debt reduction target on track. Alpha Alternatives transaction (49% co-investment in transmission/solar projects worth Rs 8,400 cr) will meaningfully reduce DBL's equity commitment and support debt reduction goals.
Standalone net debt-free by FY28
Management confirmed goal of near net debt-free standalone balance sheet by FY28, supported by combined cash generation from EPC, MDO, and rising InvIT distributions.
Working capital to normalize to ~120 days by FY27 year-end
Working capital days currently at 131-133 (seasonally elevated in Q1). Expected to reduce to approximately 120 days by year-end and ~90 days next year.
Finance cost ~Rs 350 cr for FY27
Full-year finance cost guidance of Rs 350 cr provided, reflecting expected lower utilization of working capital in H2.
FY27 revenue target of ₹10,000 crore
Management expects revenue of approximately ₹10,000 crore in FY27, representing 30-40% growth over FY26E.
EBITDA margin expansion to 12-13% in FY27
Management guided for EBITDA margins in the range of 12-13% in FY27, up from ~10.4% in 9M FY26.
Debt reduction of ₹700-800 crore in FY27
Management expects to reduce net debt by ₹700-800 crore in FY27 from the current level of ~₹2,100 crore.
Net debt-free target by FY28
Management reiterated its goal to become net debt-free by FY28, with more color to be provided as execution progresses.