Dilip Buildcon Limited — Q3 FY26
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 hi...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
100%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Execution outlook given record order book of 29,300 cr
Asked by Vignesh Ayar, Sequent Investments
Management gave specific revenue guidance and growth percentage.
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Question
I see our order book at the end of this quarter is around 29,300 crores... with this issues of order sorted... how do you see the execution going forward maybe in FY27?
Rohan (Management)
We are expecting around 10,000 crores of revenue in next financial year... 30 to 40% growth from this year's number to next year's financial performance.
Answered
High priority
Will Q4 execution accelerate or only from next year?
Asked by Vignesh Ayar, Sequent Investments
Management clearly stated Q4 will not see acceleration and gave full-year guidance.
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Question
Would this quarter 4 see some growth or maybe at the same levels to that of last year same quarter or would we see accelerated execution only from next year?
Rohan (Management)
No, not in this quarter... quarter 4 will be in line with the overall numbers... we expect to close our year end about 7,000 to 7,500 crores.
Answered
High priority
Debt reduction target of 1,500 cr net debt by year-end?
Asked by Vignesh Ayar, Sequent Investments
Management explicitly said debt will not reduce to 1,500 cr this year and gave next year target.
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Question
Are we on a track to reach 1500 cr net debt by end of this financial year as guided in the last quarter?
Rohan (Management)
No sir... we are expecting debt levels to remain around this level only given the muted execution... next year we are looking to reduce 7 to 800 crores.
Answered
Medium priority
Reason for inventory days increase from 75 to 132
Asked by Vignesh Ayar, Sequent Investments
CFO explained the increase is due to lower revenue, not higher inventory.
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Question
There has been consistent increase in inventory days from 75 to now 132... is there any specific reason for such an increase?
CFO (Sanjay)
The inventory has not increased from 31st March 2025... revenue reduced significantly... denominator reduced... once execution increases, working capital days will decrease.
Answered
High priority
Margin outlook for FY27 and Q4
Asked by Shan Sha, Dollar Capital
Management gave specific margin guidance for next year.
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Question
On the margin front... till now 10.4%... from FY27 how one can look at the margin?
Rohan (Management)
Quarter four will remain in line with this year... next year we are expecting increase in EBITDA level... in the range of 12 to 13%.
Answered
High priority
Order inflow target for next year and pipeline
Asked by Shan Sha, Dollar Capital
Management gave a clear order inflow target and pipeline numbers.
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Question
In next year then we slow down in terms of the inflow or given the awarding is muted... similar 15-20,000 cr?
Rohan (Management)
We are targeting about 10 to 15,000 crores of orders... selective basis... there is about 15,000 crores of orders where we have bidded and about 70,000 crores pipeline of NHAI.
Answered
Medium priority
Capex plans for Q4 and next year
Asked by Shan Sha, Dollar Capital
Management gave specific capex guidance.
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Question
In terms of capex... for fourth quarter and maybe next year given the order inflow is there... are there any specific orders where we need to go for new equipments?
Rohan (Management)
In quarter four we are not expecting any capex... next year also there might be replacement capex... in that 100 crores and lower range.
Answered
Medium priority
Tax on exceptional gain of 577 cr
Asked by Shan Sha, Dollar Capital
CFO clearly stated the gain is tax-exempt.
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Question
CFO said this quarter the exceptional gain 577 cr... how much will be the tax in the P&L against this 577 cr?
CFO (Sanjay)
The gains on account of slipping asset to invite and getting units is exempted under section 4717 of the Income Tax Act. So there is no income tax on the gains.
Answered
Medium priority
Breakdown of other income of 63 cr
Asked by Shan Sha, Dollar Capital
CFO provided a detailed breakdown.
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Question
In the third quarter... out of other income 63 cr, how much is from distribution from the invites?
CFO (Sanjay)
In quarter 3 DBL there is 63 cr other income... 6.5 cr is FDR interest, around 14-15 cr from profit on sale of assets, and 42 cr on leasing income from SPVs.
Answered
High priority
Equity requirement for solar and transmission projects
Asked by Shan Sha, Dollar Capital
Management gave a specific equity amount.
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Question
From DBL standalone... solar and transmission put together would be close to 1,700 cr... how much we will be putting equity from our side?
CFO (Sanjay) and Rohan
Around 200 cr equity will be put in by DBL in both the projects and balance will be raised at the hold level as mezzanine debt.
Answered
High priority
Timeline for transfer of remaining assets to Anantam InvIT
Asked by Darika, AV Fen Corp
CFO explained the reason and gave a clear timeline.
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Question
Nine projects were supposed to be transferred to Anantam initially but only seven were transferred... what led to this delay?
CFO (Sanjay)
NHAI approval could not receive for one project of ours and one project of alpha... Q1 of FY27 we are expecting three assets... and balance eight assets in Q4 of FY27.
Answered
Medium priority
Mobilization advance and debt not reducing
Asked by Bavin Modi, Anand Rati
Management clearly stated no mobilization advance received and explained debt reason.
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Question
We would have taken a good amount of mobilization advance... how much mobilization advance did we take and why the debt has not reduced?
Rohan (Management)
There has been no mobilization advance that has come from these projects... debt could not be reduced as we anticipated because of lower execution.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Expecting 10,000 cr revenue next financial year | ₹10,000 cr | ₹2,138 cr | Overstated vs filing |
| Full year revenue guidance 7,000-7,500 cr | ₹7,250 cr | ₹2,138 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.