Dilip Buildcon Ltd. · NSE:DBL
Dilip Buildcon — Q4 FY26 Earnings Presentation
43 slides from Dilip Buildcon's earnings presentation, May 14, 2026
Slide 1: Letter to stock exchanges: Investor Presentation
May 14, 2026 To To BSE Limited National Stock Exchange of India Ltd. Listing Department Exchange Plaza, C-1, Block G P.J Tower, Dalal Street BandraKurla Complex, Mumbai – 400001 Bandra (E), Mumbai – 400051 Stock Symbol -540047 Stock Symbol –DBL Sub: -Investor Presentation Pursuant to regulation 46(2
Slide 2: Q4 & FY26 Investor Presentation
DILIP BUILDCON LIMITED A Multi-Asset Infrastructure Developer Q4 & FY26 INVESTOR PRESENTATION
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by Dilip Buildcon Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any c
Slide 4: Table of Contents
Table of Contents Way Q4 & FY26 Company Overview Business Transition Ahead Financial Highlights 3 www.dilipbuildcon.com
Slide 5: Company Overview
COMPANY OVERVIEW www.dilipbuildcon.com
Slide 6: Company Overview
Company Overview From legacy EPC to A MULTI-ASSET INFRASTRUCTURE POWERHOUSE Pan-India listed infrastructure company combining Execution, Asset Ownership and Annuity Cash Flows PPP Asset Portfolio 20 States Rs 28,830 Cr under InvIT Platforms 35+ Years 1 Union Diversified Order Infrastructure Territor
Slide 7: Evolved into a Multi-Asset Infrastructure Player
Evolved into a Multi-Asset Infrastructure Player DBL 2.0 ASSET CREATION AND CAPITAL RECYCLING (2017–2023) From execution to ownership 2017 Sold portfolio of 24 road assets DIVERSIFICATION & CAPITAL (~Rs 10,500 Cr Enterprise Value), largest MULTI-ASSET DEVELOPER FORMATION road buyout at the time GENE
Slide 8: DBL 2.0 Business Structure
DBL 2.0 Business Structure EPC Execution Engine MDO Capability backbone that feeds & MULTI ASSET PLATFORM Long-Term Cash Flow Engine enables DBL’s entire business model. Value Unlocking Engine MDO transforms DBL from a project- based contractor to a long-term Cash InvIT converts built assets into lo
Slide 9: Integrated Model Creating Enduring Value
Integrated Model Creating Enduring Value EPC BUILDS. ASSETS DELIVER. CASH FLOWS SUSTAIN. A VIRTUOUS CYCLE THAT DRIVES LONG-TERM VALUE. DBL Cash Upstream Cash Upstream Cash Generated from Assets Cash Generated from Assets are reinvested into DBL EPC are reinvested into DBL The Foundation Develops sit
Slide 10: Way Ahead
Way Ahead EPC MDO InvIT Transfer matured roads, power, renewable Focus on scale-driven growth with Ramp up production volumes across existing and transmission assets to InvITs margin-led, selective bidding mining assets Increase mix of asset-light, high-ROIC Unlock growth opportunities in Domestic a
Slide 11: Mine Developer and Operator
Mine Developer and Operator www.dilipbuildcon.com
Slide 12: MDO Model
MDO Model DBL’S EDGE Core Philosophy • End-to-end execution: development, Asset-backed, long-duration mining deployment, and operations operations combining end-to-end • In-house capabilities across equipment, execution with volume-linked, infra, and manpower predictable cash flows • Continuous perf
Slide 13: MDO Business Overview
MDO Business Overview MDO Business - Rs.96,571 Cr* PACHHWARA CENTRAL COAL MINE 383 MMT District Pakur, Jharkhad State PRODUCTION Punjab State Power Corporation Limited (PSPCL) LOCATION 55 years AUTHORITY CONTRACTED PERIOD FOR MDO ~Rs.42,388 Cr. Balance Contract Value POTTANGI BAUXITE MINE SIARMAL CO
Slide 14: MDO - Performance
MDO - Performance SIARMAL Particulars FY26 FY25 FY24 OB Production (Mn BCM) 25.08 18.02 9.14 Coal Production (Mn MT) 22.35 18.53 7.24 PACHHWARA Particulars FY26 FY25 FY24 OB Production (Mn BCM) 11.15 9.19 3.13 Coal Production (Mn MT) 6.37 6.87 4.61 POTTANGI BAUXITE MINE Particulars FY26 FY25 FY24 Ba
Slide 15: MDO Business: A Margin Accretive Proposition
MDO Business: A Margin Accretive Proposition Particulars FY 2025 FY2026 Revenue 1,608 1692 EBITDA 414 389 EBITDA Margin 26% 23% Reported PAT 263 239 PAT Margin 16% 14% * Figures in Rs. Cr At DBL, the story is slowly The company’s renewed focus on the MDO business segment is driven by its transitioni
Slide 16: Engineering, Procurement, and Construction
Engineering, Procurement, and Construction www.dilipbuildcon.com
Slide 17: EPC: An Asset Creation Engine
EPC: An Asset Creation Engine DBL’S INTEGRATED EXECUTION STRENGTH • End-to-end capabilities: design, engineering, Core Philosophy procurement, and construction DBL balances growth and risk by • Strong execution track record across EPC and pairing low-risk EPC execution with HAM projects annuity-base
Slide 18: How DBL Order Book Has Evolved
How DBL Order Book Has Evolved Concentration 0.9 0.8 77.1% 0.7 DBL 2.0 63.9% Diversification 0.6 51.8% 0.5 45.2% 40.0% 0.4 37.0% 0.3 22.5% 24.0% 21.0% 18.6% 18.0% 19% 20% 0.2 14.4% 14.7% 0.1 5.0% 0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Optical Fibre Renewable energy Urban Development Road Irrigati
Slide 19: A Diversified Multi Asset Infrastructure Platform Across The Value Chain
A Diversified Multi Asset Infrastructure Platform Across The Value Chain ROADS & HIGHWAYS IRRIGATION MINING WATER SUPPLY TUNNEL Rs. 5,425 Cr | 19% Rs. 4,651 Cr | 16% Rs. 5,832 Cr* | 20% Rs. 371 Cr | 1% Rs. 1,689 Cr | 6% SPECIAL BRIDGES & RENEWABLE ENERGY METRO & RAILWAYS OPTICAL FIBER URBAN DEVELOPE
Slide 20: Order Book Trend
Order Book Trend (Rs.in Cr) 28,830 25,595 25,395 17,432 14,923 FY22 FY23 FY24 FY25 FY26 19 www.dilipbuildcon.com
Slide 21: Investments
Investments www.dilipbuildcon.com
Slide 22: Investments in Multi Asset Platform
Investments in Multi Asset Platform ANANTAM SHREM INVIT UPCOMING ASSETS HIGHWAYS INVIT • Anantam Highways Trust (the “Trust”) is an • InvIT set-up for the purposes of carrying on Indian infrastructure investment trust. The the activity of an infrastructure investment Roads Trust is sponsored by Alph
Slide 23: Renewable Energy Business (~2.1 GW)
Renewable Energy- Business (~2.1 GW ): Renewable Energy Business - Rs.25,700 Cr* 100 MW 1,977 MW Key Features of Project- Key Features of Project- • LOA Date-Oct-25. • LOA Date-Dec-25. • Authority- Madhya Pradesh Jal Nigam. • Authority- MP Urja Vikas Nigam Ltd. • Project Capacity AC – 100 MW. • Proj
Slide 24: Transmission Business
Transmission Business Transmission Business - Rs.11,600 Cr* Key Terms of Project- • Tendering Authority - REC Power Development and Consultancy LTD. • Project SPV- Mekhali Power Transmission Limited. • Project Authority-”Power Company” of Karnataka Limited. • Scope- Intra-state Transmission System f
Slide 25: Equity and Investment Tracker
Equity and Investment Tracker Equity Balance Equity Projected Investment Sr Equity Investment Particulars Investment to be invested No Upto Mar-26 Required till Completion FY27 FY28 FY29 FY30 A HAM/BOT 11 Road HAM Projects 1,622 1453 169 144 25 - 2 Road HAM Projects 184 47 137 50 62 26 - 1 Water HAM
Slide 26: Business Highlights
Business Highlights www.dilipbuildcon.com
Slide 27: Business Highlights
Business Highlights: WON 13 NEW PROJECTS COMPLETED 5 PROJECTS ALPHA DIVESTMENT WORTH Rs.18,548 Cr WORTH Rs. 2,812 Cr STATUS Won 2 HAM worth Rs 2,734 Cr. in the states of Completed 4 HAM projects worth 26% equity stake divested in 7 HAM Rajasthan and Tamil Nadu & Puducherry and Rs.2,490 Cr. projects.
Slide 28: Projects Completed – FY26
Projects Completed – FY26 (₹ in Cr.) EPC Cost Scheduled COD with Actual/ Provisional Name of the Client Project Name State Type of Work excluding GST EOT Completion Date National Highways Raipur-Visakhapatnam CG-2 Chhattisgarh HAM 925 08.04.2025 08.04.2025 Authority of India. Highways Limited. Banga
Slide 29: New Projects Won – FY26
New Projects Won – FY26 (₹ in Cr.) S. Contract Value Period in which Project Name Type State No. excluding GST order won 1 Construction of Feeder from Isarda to Khurana Chainpura to Bandh Baretha Bharatpur. HAM Rajasthan 2,034 Q2, FY26 2 Construction of viaduct and 14 Elavated Station from Millenium
Slide 30: Q4 & FY26 Financial Highlights
Q4 & FY26 FINANCIAL HIGHLIGHTS www.dilipbuildcon.com
Slide 31: FY26 Financial Highlights
FY26 Financial Highlights Revenue From Operations (In Rs Cr) EBITDA (In Rs Cr) /EBITDA Margin PAT (In Rs Cr) 9,004 903 10.5% 842 7,005 STANDALONE 734 311 10.0% FY25 FY26 FY25 FY26 FY25 FY26 Revenue From Operations (In Rs Cr) EBITDA (In Rs Cr) /EBITDA Margin PAT (In Rs Cr) 11,317 CONSOLIDATED 2,151 1
Slide 32: Q4 FY26 Financial Highlights
Q4 FY26 Financial Highlights Revenue From Operations (In Rs Cr) EBITDA (In Rs Cr) /EBITDA Margin PAT (In Rs Cr) 2,315 1,860 209 611 STANDALONE 1,718 199 179 47 67 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Revenue From Operations (In Rs Cr) EBITDA (In Rs Cr) /EBITDA Marg
Slide 33: Income Statement
Income Statement (₹ in Cr.) STANDALONE CONSOLIDATED Particulars (Rs. In Cr) Q4FY26 Q4FY25 YoY% Q3FY26 QoQ% FY26 FY25 YoY% Q4FY26 Q4FY25 YoY% Q3FY26 QoQ% FY26 FY25 YoY% Revenue 1,860 2,315 -19.65% 1,718 8.27% 7,005 9,004 -22.20% 2,300 3,096 -25.71% 2,138 7.58% 8,984 11,317 -20.62% Less:- Operating ex
Slide 34: Standalone Balance Sheet
Standalone Balance Sheet (₹ in Cr.) Particulars (Rs. In Cr) Mar-26 Mar-25 Particulars (Rs. In Cr) Mar-26 Mar-25 ASSETS EQUITY AND LIABILITIES Non-current assets Equity (a)Equity share capital 162 146 (a) Property, plant and equipment 812 1,003 (b) Other equity 6,661 5,327 (b) Other Intangible Assets
Slide 35: Standalone Cash Flow
Standalone Cash Flow Particulars (Rs. In Cr) Mar-26 Mar-25 Particulars (Rs. In Cr) Mar-26 Mar-25 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Net profit before tax as per Statement of Profit and Loss 958 391 Purchase of fixed assets & WIP -88 -198 Adjustments for: Sale of
Slide 36: Quarterly - Working Capital Days
Quarterly - Working Capital Days: 132 131 114 132 115 113 103 105 97 84 83 97 83 101 84 95 75 93 65 81 68 62 61 60 59 56 48 114 117 119 124 134 138 149 156 169 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Debtor Days Inventory days Creditor Days Working Capital Days Working capital
Slide 37: Quarterly - Net Debt to Equity ratio
Quarterly - Net Debt to Equity ratio: (Rs in Cr.) 0.42 0.43 0.40 0.35 0.40 0.32 0.38 0.37 0.29 0.29 0.28 0.28 0.33 0.3 0.25 0.26 0.25 0.25 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Net Debt/Equity (x) Equipment Debt/Equity (x) Working
Slide 38: Standalone & Consolidated Net Debt
Standalone & Consolidated Net Debt (Rs in Cr.) Particulars 2025 2026 Working Capital 1,801 2,142 Term Loan 169 144 Standalone Debt Gross Debt-Standalone 1,970 2,286 Less : Cash & Bank 394 397 Net Debt Standalone 1,576 1,889 Liquid Assets & Investment Shrem InvIT Units 682 2,06 Anantam InvIT Units -
Slide 39: NHAI/MoRTH-HAM Portfolio / PWD (Goa) – Observatory Tower
NHAI/MoRTH-HAM Portfolio / PWD (Goa) – Observatory Tower: (Rs in Cr.) Sr No Particulars Bid Project Cost Remarks 19 HAM Completed Projects: • Shrem Group/Shrem InvIT - 16 Projects -100% Divested. • Cube Highways - 3 Projects -100% Divested. 1 30 Completed HAM Projects. 37,441 11 HAM Completed Projec
Slide 40: Established PAN India Developer
Established PAN India Developer Total Revenue Performance in Last Two Decades Jammu & Kashmir (FY2006-07 to FY2025-26) Himachal Pradesh Home State Rs. 9,731 Cr Uttarakhand Haryana 9.84% 10% Bihar Rajasthan Madhya Pradesh Gujarat Jharkhand Total Revenue Rs. 98,872 Cr Chhattisgarh Odisha Telangana Res
Slide 41: Strategic Backward integration
Strategic Backward integration To further support our in-house execution, we have setup our own manufacturing units, which make the highest quality road furniture / material needed for our business. It helps us control costs and timelines. Octagonal Poles Pipe Rolling Metal Beam Crash Barrier Road M
Slide 42: Experienced Leadership
Experienced Leadership Dilip Suryavanshi is the Chairman and Managing Director of our Company. He holds a bachelor’s Bharat Singh Rohan Suryavanshi degree in civil engineering from the University of Head – Strategy & Planning Jabalpur. He has over 43 years of experience in the President business of
Slide 43: Thank You
THANKYOU For further queries, Please contact: Investor Relations Advisors : Dilip Buildcon Ltd. Adfactors PR Pvt. Ltd. CIN – L45201MP2006PLC018689 Pratik Shah pratik.shah@adfactorspr.com db@dilipbuildcon.co.in M: +91 98700 30585 www.dilipbuildcon.com Ashith Salian ashith.salian@adfactorspr.com M: +9