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Revenue
₹2,138 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dilip Buildcon reported a muted Q3 FY26 due to lower execution from a depleted order book in prior years, but the company has secured a record order book of ₹29,300 crore—the highest and most diversified in its history. Management guided for ₹10,000 crore revenue in FY27, a 30-40% growth over FY26E, driven by the strong order book and improved awarding momentum. EBITDA margins are expected to expand to 12-13% in FY27 from current ~10.4% as operating leverage normalizes. Debt reduction remains a priority, with a target of ₹700-800 crore reduction in FY27 and net debt-free by FY28. The mining business is scaling well, with FY26 coal production guided at 30 million tonnes and a medium-term target of 57 million tonnes by FY29. Key risk: execution delays or margin compression if the government's awarding pace disappoints or competition intensifies.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue of approximately ₹10,000 crore in FY27, representing 30-40% growth over FY26E.
- Management guided for EBITDA margins in the range of 12-13% in FY27, up from ~10.4% in 9M FY26.
- Management expects to reduce net debt by ₹700-800 crore in FY27 from the current level of ~₹2,100 crore.
- Management reiterated its goal to become net debt-free by FY28, with more color to be provided as execution progresses.
Risks flagged
- New orders take at least 6 months to start contributing revenue; any further delays in project commencement could impact FY27 revenue guidance.
- Management noted that awarding has been subdued due to elections and administrative delays; future order inflow depends on government's ability to accelerate contract awards.
- Inventory days have increased to 132 from ~75 due to lower revenue; if execution does not pick up, working capital may remain elevated.
- Management acknowledged that aggressive bidding by peers could pressure margins; they remain selective but may lose out on volume.
Key quotes
- Our order book currently stands at the highest level in DBL's history and it is also the most diversified across sectors till date.
- We are expecting around 10,000 crores of revenue in next financial year given the healthy order book that we have.
- Our goal remains to be net debt-free and we are targeting FY28.
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