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DILIPBUILDCON Diversified 2026-04-??

Dilip Buildcon Ltd — Q4 FY26

Dilip Buildcon's Q4 FY26 consolidated revenue declined 20.6% YoY to ₹8,984 crore, reflecting a challenging year for the infrastructure sector.

neutral medium
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Revenue ₹2,300 Cr -20.62%
EBITDA ₹1,766 Cr
PAT ₹124 Cr +66.43%
EBITDA Margin 17%
Duration
Read Time 1 min read

✓ Verified against BSE filing

Questions answered73%
Questions audited11
Evaded / deflected0
Numbers vs filingContradicted
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.

Partial answer High priority

Guidance on MDO revenue and margin after two years, and monetization for shareholders.

Asked by Shraan Shaha, Dalak Capital

Provided revenue trajectory but no margin or profitability guidance; monetization vague.

no margin guidance givendeferred monetization to unspecified time
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Question
So is it possible for us to kind of a broader thought process in terms of the kind of a one can say a guidance in terms of the broader the revenue and the margin given the we need to still do a whole handling plant capex for CRML. So obviously the depreciation will increase. So how one can look at after two years kind of a maybe a profitability or margin at at MDO level and the related is how we are we are thinking to kind of monetize this from the investors perspective.
Rohan Suryanchi (CFO)
So from the current 1 1600 crores of revenue in this year we expect revenue to increase to about uh 2500 crores or so in FI27 which will further increase to about 3,000 plus 100 crores in FY28 and eventually I think in FI29 we should be somewhere in the range of around around 4,000 crores of revenue coming from the sector.
Partial answer Medium priority

Clarification on lower expected distribution from InvIT units.

Asked by Shraan Shaha, Dalak Capital

Acknowledged change but did not explain why distribution per unit decreased.

no direct explanation for lower distributionattributed to timing
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Question
So there in presentation last time we were kind of a the distribution from B alpha particularly that number was on on the higher side 41 now that number is is is on the lower side 350 or then the in 29 it is coming 386. So just wanted to understand is there some understanding that now we will be getting a lesser dividend yield or whatever the return on the equity or the init that we are holding.
Rohan Suryanchi (CFO)
As far as the init units value is concerned you are right after 11 assets further divestment to init that kind of init units holding will be there. But at the same time you must appreciate that the timing of transfer the assets to invit changed in fi 26 and in 27 also we will be transferring four assets in quarter 1 and then balance in quarter 4 or quarter 1 of fi 28.
Answered High priority

Guidance on standalone revenue, EBITDA margin, order inflow, capex, and net debt reduction for FY27.

Asked by Shraan Shaha, Dalak Capital

Provided specific growth percentages, margin range, order inflow target, and debt reduction range.

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Question
On the standalone front the revenue for FI27 EIDA margin order inflow how much we are looking at uh capex and also if you can help us in terms of the net date you have said that by FI28 we will be a net debt free but in FI27 how much one can look at to a reduction.
Rohan Suryanchi (CFO)
FI27's revenue target from FI26 number we mentioned it will be at 30 to 40% growth from this number. In terms of our IDIDA we are targeting that same 11 12% IIDA. We are also targeting about 10 12,000 crores of new order inflow. We anticipate somewhere between 600 to 800 crores of debt will be reduced in this financial year.
Answered High priority

Structure of investment in solar and transmission, equity commitment, and expected IRR.

Asked by Vignesh Ayar, Sequent Investments

Clearly explained equity structure and gave IRR range.

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Question
I wanted to understand the structure of this investment. Firstly on the part where you are stating in slide number 24 that structured equity from acquirer for transmission solar a certain amount is given. What is it exactly? Secondly, what would be our equity commitment and what would be the expected IRRa on these projects.
Rohan Suryanchi (CFO)
The idea of Dilip Buildcon in transmission and solar is to raise around 85% equity commitment to these projects from the investor. The commitment from DBL side would be 15% of the total equity requirement. In terms of IRRa would be high teens in both the projects.
Partial answer Medium priority

MDO margin outlook and impact of operating leverage over next three years.

Asked by Vignesh Ayar, Sequent Investments

Explained temporary dip but did not quantify future margin levels.

no specific margin guidanceattributed to temporary issue
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Question
I wanted to just understand how do we see this business from the margin point of view especially in quarter 4 I think the margins have come down a bit versus how do we see this margin growing forward for the next 3 years to our stated target in FI29 would we see a more like a fixed percentage of margin coming in or as we scale up would we see that operating leverage playing in it?
Rohan Suryanchi (CFO)
The margin that you are talking about that has come down in the mining business temporarily right now is primarily because the evacuation by the government could not be done on time. We expect in the mid to term this will all kind of normalize. There will be economies of scale that would play out as we work at peak capacity.
Partial answer High priority

Revenue streams by segment for FY29-30 and details on renewable project structure and investors.

Asked by Sanjay Parik, Suham Asset Managers Private Limited

Explained strategy but did not provide segment revenue or specific investor details.

no revenue breakdown by segmentno investor namesno payback period
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Question
I just wanted as we move to 29 and 30 what are the annuality streams of revenue if you can broadly for each of the segment you can explain that is one and secondly particularly this renewable project while my colleague asked but where are we because I think these are short tenure projects so what is the status a little bit on the payback and the structure equity again I just wanted to understand that of the equity portion 15% will be put by us 85% will come as equity but they'll be given debt returns is that the way and who could be the potential investors here.
Rohan Suryanchi (CFO)
The larger strategy for us as we mentioned earlier that we want to build different asset classes. The model that we are going to do in between right now is that whatever these assets that we're building we will build these assets make our EPC margin and we are looking to divest these assets at an earlier stage and find an investor right now also so that we attain our short-term goal of 2028 being near net debt free.
Answered Medium priority

Number of assets to be transferred to InvIT and timeline.

Asked by Shankar Oja, SKS Capital and Research

Provided exact number and timeline.

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Question
Sir just quickly in terms of how many more assets to be transferred to this anam invit and by when this will be done.
Rohan Suryanchi (CFO)
We have 11 more assets to be transferred into the anam invit the road assets that we're talking about and this will be happening gradually through this year and by first quarter next year is what we're expecting.
Answered Medium priority

Reason for increase in receivables despite revenue decline and release of JJM funds.

Asked by Ishita Loda, Swan Investments

Clearly attributed the increase to uncertified receivables from JJM.

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Question
As per slide number 33 the receivables have increased from 1384 crores as on March 25 to 1783 crores as on March 26 despite 22% decline in revenue and the funds that were blocked from J1 mission have been released. So can you please explain this?
Rohan Suryanchi (CFO)
The increase in receivable from FI 25 to 26 is mainly on account of this 400 cr receivable from the uncertified from the from the judgment mission projects.
Answered Medium priority

Expected interest outgo for FY27 given debt reduction target.

Asked by Ishita Loda, Swan Investments

Provided a specific range for interest outgo.

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Question
Given the debt reduction target of 600 to 800 crores in FI27 what is our expected interest outgo from the cash flow next year?
Rohan Suryanchi (CFO)
Next year the interest cost with the reduction in the net date we feel the total interest outgo would be close to between 375 to 400 cr.
Partial answer Medium priority

Discrepancy between stated order inflow and implied calculation.

Asked by Ishita Loda, Swan Investments

Attributed to coal business additions but did not quantify the discrepancy.

did not reconcile the exact differencevague explanation
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Question
I heard that in the opening remarks that the order inflow was 18,500 crores. But if I do the back of envelope calculation taking closing order book of 28,800 and opening order book of almost 15,000 crores and execution of 7,000 crores the implied order inflow comes to 22,000 crores. So the differential of 2,400 crores is change of order or the order inflow that you received post FY7.
Rohan Suryanchi (CFO)
The 18,550 cr order book order is from s parties whereas we have orders from our coal business. So we a whole business next year next 3 years order book and every quarter is changed because we are in the phase where the volumes are increasing. So every quarter there is addition.
Answered Low priority

Distribution income from InvIT units included in standalone other income for FY26.

Asked by Ishita Loda, Swan Investments

Provided specific numbers for dividend and total distribution.

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Question
What is the distribution income from shrimp and alpha that was included in the standalone other income in FI26?
Rohan Suryanchi (CFO)
Total dividend in interest income during FI26 from both the unit units are 64.5 cr and the distribution was higher so the total distribution was close to 100 cr.
Partial answer Medium priority

Reason for absolute interest cost increase despite reduction in rate and revenue decline.

Asked by Vishal Perial, PL Capital

Explained rate reduction but did not explain why absolute interest cost increased.

did not address absolute increasefocused on rate reduction
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Question
In terms of interest cost though you did clarify how do you see the projecting next year but if I look at FI26 interest costs have gone down but that level has seen an increase absolute level basis.
Rohan Suryanchi (CFO)
At the standalone level yes interest cost is reduced by 11% and that is mainly because of the reduction in the cost of debt the working capital cost of debt is reduced significantly on W3DL the interest rate reduced by almost 125 basis point.
Quantitative claims vs filed numbers
ClaimManagement saidFilingVerdict
MDO revenue expected to increase to ~2500 cr in FY27, ~3100 cr in FY28, ~4000 cr in FY29 ₹2,500 cr ₹2,300 cr Overstated vs filing
Standalone revenue growth target 30-40% in FY27 35% -20.62% Overstated vs filing
EBITDA margin target 11-12% for FY27 11.5% 17% Understated vs filing

Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.