Engineering, procurement and construction (EPC) firm Dilip Buildcon’s consolidated profit (attributable to owners of the parent) for the third quarter of the financial year 2025–26 (Q3FY26) surged sevenfold year-on-year to Rs 829.85 crore, driven by one-off gains.
During the quarter, the Dilip Buildcon Ltd (DBL) Group transferred its equity stake and non-convertible debentures in seven hybrid annuity model road projects to Anantam Highways Infrastructure Investment Trust (InvIT) for Rs 958.5 crore. The consideration was paid through the issue of 9.59 crore units of the InvIT at Rs 100 each. The transaction resulted in a profit of Rs 571.5 crore, reported as an exceptional item in the profit and loss statement.
The company’s revenue from operations during the quarter declined 17.44 per cent to Rs 2,137 crore. Other income in the quarter jumped to Rs 169.7 crore compared to Rs 43.33 crore in Q3FY25. Expenses during the same period stood at Rs 2,179 crore, down 13.46 per cent year-on-year.
“Employee strength has been reduced materially, by nearly half from peak levels, as part of a broader transformation towards a leaner, more productive operating model. These efficiencies, combined with our ability to leverage EPC execution capabilities to create income-generating assets, recycle capital through InvITs and asset platforms, and build long-duration, annuity-like cash flows, are progressively improving our return metrics, free cash flow generation and overall earnings quality,” said Devendra Jain, chief executive officer, DBL.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) for Q3FY26 stood at Rs 382 crore, down 19.92 per cent year-on-year, while the Ebitda margin stood at 17.87 per cent, down 55 basis points year-on-year.
The company’s order book reached an all-time high of Rs 29,372 crore at the end of December 2025. “The current order book also exceeds the order inflow guidance set at the start of FY26, supported by improved tendering activity following the conclusion of elections. The order book is well diversified across roads and highways, irrigation, metro rail, water supply, tunnels, mining and other infrastructure segments, thereby reducing concentration risk and supporting stable and sustained execution,” DBL said.
Dilip Suryavanshi, chairperson and managing director, said the quarter was encouraging in terms of order inflows. “With elections behind us, the pace of awarding orders shows clear signs of recovery. We also welcome the government’s continued push on capital expenditure in the Union Budget,” he said.
For the first nine months of FY26 (9MFY26), DBL’s revenue fell 18.69 per cent year-on-year, while profit during the same period rose 163.90 per cent to Rs 1,240.31 crore.
Jain added that net debt currently stands significantly lower at Rs 2,150 crore compared to its peak of Rs 3,392 crore, reflecting the company’s focus on deleveraging. He said annual capex has been maintained at Rs 100 crore, well below earlier peak levels of around Rs 500 crore, underscoring a maintenance-focused approach.
Sequentially, DBL’s revenue grew 11 per cent, while profit jumped 357.24 per cent.
Additionally, during Q3FY26, Anantam Highways InvIT, a Securities and Exchange Board of India (Sebi)-registered InvIT, jointly backed by DBL as the asset contributor and Alpha Alternatives with a shareholding ratio of 74:26, respectively, was listed on the stock exchanges with a Rs 400-crore initial public offering.