Dilip Buildcon Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for DBL, BSE:540047 Dilip Buildcon Ltd.

Dilip Buildcon Ltd.

27 Feb 2020

555.15

-0.77%

DILIP BUILDCON LIMITED

Accumulate: Dilip Buildcon Ltd.

Geojit BNP Paribas

Dilip Buildcon Ltd (DBL) is one of the largest road construction company in India. The company is also an established player in irrigation, urban development and mining segments. Q3FY20 revenue was declined by 4% YoY due to delay in getting appointed date and extended monsoon. Gross margin improved by 1.89bps YoY to 23.8% while EBITDA...

Dilip Buildcon Ltd. has gained 18.37% in the last 1 Month

Dilip Buildcon Ltd.

11 Feb 2020

555.15

-0.77%

Dilip Buildcon (3QFY20): Execution pickup. Maintain BUY

Buy: Dilip Buildcon Ltd.

Target

HDFC Securities

DBL has a strong execution engine which was impacted due to financial constraints owing to high equity outlay on HAM projects. This has been sorted out with Shrem and Cube Highways deal and likely closure of residual 7HAM projects monetization by 1QFY21. We believe that non roads share in the order book will de-risk growth concerns. Balance sheet healing augurs well for multiple re-rating. DBL is in talks with credit rating agencies for a possible rating review and has indicated 2QFY21E timeline for a possible outcome. We have cut down FY20/21E EPS estimates by 21.7/6.2% to factor in rev cut, high interest expense and taxes. We maintain BUY. Key risks (1) Further debt build-up; (2) Deterioration in NWC days and (3) Delay in balance 7 HAM monetization. We maintain BUY on DBL, with a reduced TP of Rs 681/sh (vs. Rs 717/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor a marginal cut in FY20 revenue estimates. We have revised our FY20/21 EPS estimates lower by 21.7/6.2% respectively.

Promoters have decreased holdings from 70.15% to 63.14% in Jun 2025 qtr

Dilip Buildcon Ltd.

11 Feb 2020

555.15

-0.77%

Dilip Buildcon (BUY): Lacklustre quarter; order inflows key to watch

Buy: Dilip Buildcon Ltd.

Target

BOB Capital Markets Ltd.

Dilip Buildcon's (DBL) Q3FY20 standalone revenue fell 4% YoY to Rs 23.8bn (Rs 25bn est.) due to the extended monsoon and delayed appointed dates.

Dilip Buildcon Ltd. has gained 18.37% in the last 1 Month

Dilip Buildcon Ltd.

11 Feb 2020

555.15

-0.77%

Q3FY20 Result Review : Dilip Buildcon

Buy: Dilip Buildcon Ltd.

Target

IDBI Capital

In 3QFY20, Dilip Buildcon Ltd (DBL) revenue declined by 4% YoY on account of delay in award of appointed date by NHAI and continuous rainfall until Nov-19. Management has lowered its FY20E revenue guidance by 5% to Rs95b. But we understand, despite the cut, revenue to increase by 40% YoY in 4QFY20. EBITDA margin in 3QFY20 was flat YoY at 17.6% and FY20E EBITDA margin is expected at 17-18%. DBL has received orders of Rs62b in YTDFY20 and has guided for incremental orders of Rs50-70b in 4QFY20. NHAI ordering has been weak and Rs800b worth of tender are open until today and DBL expected speedy award in the coming month. We maintain BUY rating on...

Dilip Buildcon Ltd. has an average target of 431.00 from 2 brokers.

Dilip Buildcon Ltd.

15 Nov 2019

555.15

-0.77%

Dilip Buildcon (2QFY20): On track performance. Maintain BUY

Buy: Dilip Buildcon Ltd.

Target

HDFC Securities

DBL has established itself as strong executioner with a track record of securing early completion bonus for its projects, though it comes at a cost of inventory pile up and NWC stress in case of delays in Appointed Date. With all but one of its HAM projects awaiting AD, we expect an improvement in NWC situation. DBL has secured a deal for monetization of its HAM portfolio with Cube Highways, which may enable capital churning and help bid for new projects. We maintain BUY with a cautious approach on debt built up We maintain BUY on DBL, with a reduced TP of Rs 717/sh (vs. Rs 737/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor a marginal cut in FY20 revenue estimates. We have revised our FY20/21 EPS estimates lower by 9.9/4.9% respectively.

Promoters have decreased holdings from 70.15% to 63.14% in Jun 2025 qtr

Dilip Buildcon Ltd.

15 Nov 2019

555.15

-0.77%

Dilip Buildcon (BUY): Subdued execution drives guidance cut

Buy: Dilip Buildcon Ltd.

Target

BOB Capital Markets Ltd.

Dilip Buildcon's (DBL) Q2FY20 standalone revenue was in line at Rs 18.1bn (+11% YoY), but PAT (31% YoY) missed estimates on higher depreciation and taxes.

Dilip Buildcon Ltd. has an average target of 431.00 from 2 brokers.

Dilip Buildcon Ltd.

09 Sep 2019

555.15

-0.77%

First Light | Dilip Buildcon

Buy: Dilip Buildcon Ltd.

BOB Capital Markets Ltd.

Successful stake sale to Cube; another deal in the offing

Dilip Buildcon Ltd. is trading above all available SMAs

Dilip Buildcon Ltd.

07 Sep 2019

555.15

-0.77%

Dilip Buildcon (BUY): Successful stake sale to Cube; another deal in the offing

Buy: Dilip Buildcon Ltd.

BOB Capital Markets Ltd.

Dilip Buildcon (DBL) has entered into a SPA with Cube Highways (Cube) for 100% stake sale in five under-construction NHAI HAM projects for a pre-tax equity consideration of ~Rs 7bn, against a total equity requirement of Rs 5.7bn.

Promoters have decreased holdings from 70.15% to 63.14% in Jun 2025 qtr

Dilip Buildcon Ltd.

09 Aug 2019

555.15

-0.77%

Dilip Buildcon: Q1FY20 Result Review

Buy: Dilip Buildcon Ltd.

IDBI Capital

Dilip Buildcon Ltd (DBL) has reported lower than expected results for 1QFY20 with 6% YoY decline in revenues and 4.2% YoY decline in EBITDA. The revenue and EBITDA were ahead of consensus numbers by 9% and 10% respectively, however, PAT at Rs1.25bn was much lower than expectations on account of higher interest and depreciation costs and higher tax rate. The management has maintained its guidance of 10-15% revenue growth for FY20 and expects 2H to be much better as the company has received appointed dates for 10 out of the total 12 HAM projects. We believe the company is on target to achieve its FY20 revenue targets and believe that EBITDA margins can surprise positively on account of higher early completion bonus. We...

Promoters have decreased holdings from 70.15% to 63.14% in Jun 2025 qtr

Dilip Buildcon Ltd.

09 Aug 2019

555.15

-0.77%

DILIP BUILDCON LIMITED

Buy: Dilip Buildcon Ltd.

Target

Geojit BNP Paribas

While higher depreciation (39%YoY) and interest cost (31% YoY) because of Ind AS 116 and a higher tax rate of 22% (vs3% in Q1FY19) slid earnings growth by 51% YoY. DBL received appointed date for ten HAM projects and expects to receive the remaining two projects in coming months. Total OB remains strong at Rs19,029cr (2.2x TTM revenue) and expects an order inflow target of Rs120-150bn in FY20 due to a strong pipeline of Rs600bn in road segments....

Dilip Buildcon Ltd. is trading above all available SMAs

Is Dilip Buildcon Ltd. worth buying?

604 Votes:

Buy 85.43%

Sell 8.28%

Hold 6.29%

RESEARCH REPORTS

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