Dilip Buildcon Reports 17% Revenue Growth As Renewable Energy And Transmission Drive INR 33,081 Crore Order Book

Dilip Buildcon Limited (DBL) reported strong financial performance in the second quarter of FY2026-27, supported by higher revenues, a record order book and increasing contributions from its renewable energy and power transmission businesses. The Bhopal-based infrastructure developer also recorded significant progress in monetising its solar and transmission assets as part of its DBL 2.0 transformation strategy.

For the quarter ended September 30, 2026, the company’s consolidated revenue from operations increased 17% year-on-year to ₹2,250 crore. Standalone revenue also registered growth of 19%, reaching ₹1,686 crore. Consolidated profit before exceptional items and tax rose 24% year-on-year to ₹176 crore, while EBITDA margins improved for the second consecutive quarter to 19.5%.

A major development during the quarter was the company’s expansion into renewable energy and power transmission. Dilip Buildcon unlocked ₹1,917 crore in value from its solar and transmission assets before the commencement of construction. The company signed definitive agreements with Alpha Alternatives Fund Advisors LLP covering the Mekhali transmission project in Karnataka and a 1,363 MW AC solar portfolio in Madhya Pradesh.

Under the agreement, Alpha Alternatives will invest 49% of the equity requirement during the construction phase, contributing approximately ₹820 crore against the combined equity requirement of ₹1,680 crore. Following project commissioning, Alpha Alternatives will acquire DBL’s remaining 51% stake. Dilip Buildcon will continue to execute the Engineering, Procurement and Construction (EPC) works, valued at more than ₹6,612 crore.

The company’s changing business strategy is also reflected in its order book composition. Renewable energy and power transmission now account for 27% of the total order book, while the traditional roads and highways segment represents 15.6%.

As of September 30, 2026, Dilip Buildcon’s total order book reached an all-time high of ₹33,081 crore, registering a 19% increase over the previous quarter. The company secured fresh orders worth ₹7,321 crore during Q2 FY27, taking first-half order inflows to ₹7,589 crore. This represents 76% of the lower end of its full-year order inflow guidance.

Alongside its renewable energy and transmission expansion, the company entered the oil and gas infrastructure segment after receiving regulatory approval for the Paradip-Raipur LPG pipeline project. The project will operate under a regulated tariff framework for 25 years.

On a standalone basis, profit before exceptional items and tax nearly tripled to ₹71 crore, while profit after tax increased 28% to ₹52 crore. The company also reported a 39% reduction in group finance costs during the first half of FY27.

Chairman and Managing Director Dilip Suryavanshi said the company was progressing from board-level approvals to signed asset monetization agreements. He highlighted the strategy of recycling capital after project commissioning to support further business expansion.

CEO Devendra Jain stated that businesses beyond standalone construction, including mining and infrastructure assets, now contribute more than half of consolidated EBITDA. The company reaffirmed its target of becoming completely net debt-free on a standalone basis by FY28, supported by improving profitability, asset monetization and disciplined capital allocation.