Dilip Buildcon Limited (DBL) has announced its unaudited financial results for the quarter and nine months ending December 31, 2025. The company reported a consolidated PAT of ₹789 crore for Q3 FY26, significantly impacted by a one-time gain of ₹585 crore. Crucially, DBL’s consolidated order book reached an all-time high of approximately ₹29,372 crore, indicating strong future execution capability across its diversified infrastructure portfolio.
Q3 FY26 Financial Highlights (Consolidated)
Dilip Buildcon Limited released its financial performance for the third quarter of the fiscal year 2025-2026 ending December 31, 2025. On a consolidated basis, the key performance indicators were:
- Revenue from Operations: ₹2,138 Crore
- EBITDA: ₹382 crore (Margin: 17.87%)
- Profit After Tax (PAT): ₹789 crore
The PAT figure for the quarter includes a major one-time gain of ₹585 Crore. For the nine months ended December 31, 2025, consolidated revenue was ₹6,684 crore, with EBITDA at ₹1,373 crore (margin 20.54%) and PAT of ₹1,275 crore.
Standalone Q3 Performance
The standalone performance for Q3 FY26 showed:
- Revenue from Operations: ₹1,718 Crore
- EBITDA: ₹179 crore (Margin: 10.42%)
- Profit After Tax (PAT): ₹611 crore
Standalone revenue for the nine-month period was ₹5,145 crore, with an EBITDA of ₹535 crore (margin 10.40%) and PAT of ₹775 crore.
Record Order Book and Diversification
As of December 31, 2025, DBL’s consolidated order book stands at approximately ₹29,372 crore, marking the highest order book in the company’s history. This order book is highly diversified, spanning roads, highways, irrigation, metro rail, water supply, tunnels, and mining segments, which helps mitigate concentration risk.
Management Commentary and Strategic Focus
Chairman & Managing Director’s Outlook
Mr. Dilip Suryavanshi highlighted the long-term vision to build a multi-asset infrastructure platform focusing on asset-backed businesses like transmission, renewables, and annuity infrastructure, which offer long-duration cash flows. He noted that order inflows have been encouraging post-elections, supported by the Government’s strong push on capital expenditure (capex) allocation of ₹12.21 trillion for FY27.
CEO on Operational Efficiency
Mr. Devendra Jain, CEO, emphasized decisive balance-sheet strengthening, noting that net debt is significantly lower than its peak of ₹3,392 crore. The company maintains a disciplined capex strategy, approximately ₹100 crore annually, and has reduced its employee strength materially to adopt a leaner operating model. This focus supports improved return metrics and earnings quality.
Key Recent Developments
Listing of Anantam Highways InvIT
DBL announced the successful listing of Anantam Highways InvIT, a SEBI-registered Infrastructure Investment Trust (InvIT), jointly backed by DBL (74%) and Alpha Alternatives (26%). The units were successfully listed on both the NSE and BSE, marking a key step in DBL’s strategy for capital recycling and creating asset-backed platforms.
Exceptional Items Detailed
The financial results note several large items impacting profit, primarily related to divestments in Hybrid Annuity Model (HAM) projects:
- Divestment of equity stake in 11 HAM projects to the Alpha Group during Q3 resulted in a loss of ₹2,624.52 lakhs (detailed in the notes).
- Transfer of equity stake in seven HAM projects to Anantam Highways InvIT resulted in a Profit of ₹59,343.10 lakhs.
- The company recognized an incremental impact of ₹794.40 lakh related to the one-time recognition of past service costs due to the implementation of the New Labour Codes effective November 21, 2025.
Outlook and Future Strategy
DBL plans to continue scaling its asset-led businesses, utilizing EPC as a capital-recycling engine. Core focus areas include strengthening mining operations for medium-term margin expansion, building perpetual cash flows through the selective expansion of HAM and InvIT portfolios, and maintaining strict bidding discipline. The company is also working towards platform value unlock, including mining, InvIT, and renewables, for potential separation and independent valuation.
Source: BSE
