Dilip Buildcon Ltd. share price target

Author: Antu Eapan Thomas - Sr. Research Analyst to support margins and profitability. While DBLs focus on HAM asset monetization is expected to support cash flow and strengthen balance sheet. We therefore revise our rating from SELL to Accumulate with a TP of Rs 478, based on a P/E of 15x on FY28E EPS and the HAM/MDO business at 1x P/B of invested equity....

Dilip Buildcon (DBL) reported robust order inflows of ~Rs179bn in YTDFY26, driving its order book to a record high of ~Rs293bn (around 4x TTM revenue). The order book remains well diversified across roads, mining, renewables, transmission, and irrigation. While execution remained subdued in 9MFY26...

In FY25, the company's order book declined by ~40% YoY to Rs 10,527cr due to a muted order wins for the last two years. The management expects a traction in new orders from the roads and non-road segments from Q2FY26 onwards and is...

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. As per the media news, CBI team on 31st Dec conducted raids at the DBL office and residential premises. When we contacted the company, DBL clarifies and reiterate that the news is based on hearsay and no Executive Director of the company is involved in any media-based allegations. Further, DBL stated that all the operations of the company including its core operations at construction and mining sites all over India are functioning without any impediment and continue to remain fluent....

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. Delay in commencement of projects due to covid & extended...

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. Q4FY21 revenue grew by 17% YoY led by better labour availability and more sites opened for execution....

Q4FY21 snapshot: DBL revenue increased by 17% YoY to Rs29bn. But EBITDA margin was lower by 90bps YoY at ~16%. And is led by accounting of Rs400mn CSR expenses of previous years, adjusted EBITDA margin stood at 17%. PAT at Rs1.3bn and was up...

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. Q2FY21 revenue grew by 6.4% YoY while monsoon and availability of manpower impacted a full fledged execution. EBITDA margin declined by 187bps YoY to 15.9% due to nonabsorption on fixed costs and higher other expenses (54% YoY). Order book remain healthy at Rs25,620cr (2.9x TTM revenue) supported by strong inflow of Rs11,128cr, further DBL is expecting ~Rs4,000cr of inflow in H2FY21....

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. Q1FY21 revenue declined by 17.5% YoY due to limited availability of workforce and disruptions in supply chain owing to Covid....

DBL reported results above estimates on all fronts. DBL posted 17.5%/ 28.2%/ 73.1% YoY de-growth in revenue/ EBITDA/ Adj. PAT to Rs18.9 bn/ Rs3.0 bn/ Rs337 mn in Q1FY21. We increase our revenue estimates by 20.6%/ 9.8% for FY21E/ FY22E factoring Q1FY21 results and execution from inflows won in Q1FY21. We maintain EBITDA margin estimates for FY21E/ FY22E. Accordingly, we increase our APAT estimates by 119.5%/ 26.1% for FY21E/ FY22E. We factor higher debt of Rs34 bn in FY21E vs. Rs32.6 bn in FY20. We...