Cyclical: deleveraged road EPC
Dilip Buildcon has become a prominent EPC group in India, supporting the country's growth vision through its value-centric delivery, strong execution process, and commitment to innovation.
Dilip Buildcon Limited, together its subsidiaries, engages in the development of infrastructure facilities on engineering, procurement, and construction (EPC) basis in India. The company operates through Engineering, Procurement and Construction (EPC) Projects & Road Infrastructure Maintenance, and Annuity Projects & Others segments. It is involved in roads, highways, bridges, tunnels, irrigation, mining, water supply, metros, airport, and urban infrastructure, as well as canals, dams, metro rail viaducts development related business. In addition, the company engages in road infrastructure maintenance and toll operations; and undertakes contracts from various government and other parties and special purpose vehicles. It serves central and state governments, government agencies, and public sector enterprises (PSEs). Dilip Buildcon Limited was founded in 1987 and is headquartered in Bhopal, India.
Key people: Mr. Dilip Suryavanshi B.E. (Civil), M.I.E. (Owner, Chairman & MD) · Mr. Devendra Jain B.E. (Civil) (MD, CEO & Director) · Mr. Sanjay Kumar Bansal (VP of Finance & CFO) · Mr. Bharat Singh B.Com (President of Finance & Accounts) · Mr. Abhishek Shrivastava (Head Company Secretary & Compliance Officer) · Mr. K. Arun Kumar (President Design & Technical Audit)
Dilip Buildcon major competitors are GR Infraprojects, IRBINVIT, J Kumar Infraproject, PNC Infratech, KNR Constructions, Ashoka Buildcon, H.G. Infra Engg.. Market Cap of Dilip Buildcon is ₹6,905 Crs. While the median market cap of its peers are ₹3,606 Crs.
Dilip Buildcon seems to be less financially stable compared to its competitors.Altman Z score of Dilip Buildcon is 1.72 and is ranked 6 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Dilip Buildcon is one of India's largest road EPC contractors, now diversifying into mining (coal mine developer-operator contracts at Siarmal and Pachwara, 4.79 mn t produced in Q1FY27), irrigation/water, tunnels, and power transmission/solar. Order book was Rs 27,691 cr at Jun-2026 (mining 20.9%, irrigation/water 18.1%, roads 17.1%, others 43.9%). It has been monetising HAM road assets: 24 SPVs sold to Shrem group (2017-21) and 7 HAM projects (EV ~Rs 4,500 cr) seeded into the Anantam Highways InvIT (listed 17-Oct-2025, DBL 74%, Alpha Alternatives sponsor 26%), with 11 more HAM assets to be transferred by Mar-2027.
Trades below book (0.94x) and at 11.4x TTM earnings that are inflated by asset-sale gains; 1-yr stock return -14.9% (screener). EV/EBITDA n.m.; dividend yield 0.3%.
| PNC Infratech | PNC is cheaper (7.5x, 0.67x P/B) but has -1.5% 5-yr sales CAGR, 7% ROE and Rs 5,170 cr borrowings; DBL offers a more diversified order book (mining/water 39%) and a clearer monetisation-led deleveraging story. |
| KNR Constructions | KNR (10.1x, 0.69x P/B, ROE 8.7%) saw EBITDA margin fall 740 bps YoY in Q1FY27 and debtor days rise to 109; DBL's consolidated margin of 18% and InvIT platform provide more balance-sheet levers. |
| HG Infra | HG Infra reported a Q1FY27 loss (Rs -45 cr) with debt up from Rs 1,513 cr to Rs 5,029 cr in two years (12.3x P/E); DBL's net debt is falling and its InvIT/Alpha structures reduce equity commitments. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Industrials — 4.8%: stock-specific ideas inside a sector we are cautious on
The house is cautious on the capex complex — defence, railways, capital goods, renewables — not because the businesses are poor but because the valuations already discount years of order-book growth and the retail ownership is crowded. That caution is not a ban. The strategy is sector-agnostic and stock-selective, and four of our industrial positions are exactly that: L&T is the one large-cap engineering franchise whose multiple (28x FY28E) is below its growth (order book ₹7.8 lakh crore, +27% YoY; inflow guidance 10–12%) because the market treats it as a cyclical; Astral is a building-products compounder that sold off with PVC prices; Indo-MIM is the world's largest metal-injection-moulding company and a new listing; Dilip Buildcon is a road contractor at 20x FY28E where the balance-sheet repair is done and the bid pipeline is not. The macro backdrop is supportive at the margin: central capex is ₹12.2 lakh crore in FY27 (+11%), 28% of it already spent in the first months versus 24.5% last year, capital-goods order inflows are up 15–20%, the NHAI awarding target is 4,500 km with a ₹1.4 lakh crore bid pipeline, and manufacturing capacity utilisation at 74–78% is around the level at which private machinery capex historically begins. We would rather own the executors of that spend at reasonable prices than the order-book multiples of defence and railway names.
We own no defence (HAL, BEL, BDL: 40–60x for government-monopsony order books), no railways (RVNL, IRFC, Titagarh) and no renewables (Suzlon, Inox Wind, Waaree) — great businesses for an extended period, but the valuations and investor faith are extreme. Among capital-goods bellwethers, ABB, Siemens and Cummins at 50–70x price a private-capex boom that machinery data (26% of GFCF) does not yet confirm. Bharat Forge is a good company at 40x with a defence premium; we prefer RK Forgings (Autos) for the same end-markets at a cyclical trough. Supreme Industries is owned only in AIF I; in the PMS Astral is the pipes expression.
| EPC and HAM Projects Segment Market Share | 10 % | as of Mar 18 |