Dilip Buildcon

Cyclical: deleveraged road EPC

Last close: ₹410.90; 29 Sept 2026 · reference
1D · 1M: +1.0% · +1.0%; price-only
Weight: 0.6%; 31 Jul 2026 · Aug rank —
Thesis review: 8 Sep 2026; Why We Own, p55

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

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SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft

Strengths

Asset-light pivot funded by monetisation: next tranche of 11 HAM assets to Anantam InvIT worth ~Rs 1,750 cr in units (4 assets, ~Rs 700 cr, slated for Q2FY27) with <Rs 81 cr incremental equity; Alpha Alternatives to co-invest 49% (~Rs 830 cr of Rs 1,650 cr equity) in Rs 8,400 cr of transmission/solar projects.
Deleveraging path: standalone net debt Rs 2,106 cr (Jun-26) with FY27 reduction target of Rs 600-800 cr and a stated net-debt-free standalone balance sheet by FY28; finance cost guided ~Rs 350 cr.
Mining annuity: MDO coal volumes guided to 34 mn t in FY27 (27 Siarmal + 7 Pachwara) and ~57 mn t by FY29 at Rs 600-1,200/t, giving a steadier earnings base (mining 20.9% of order book).
Cheap on book and order book: 0.94x P/B, order book Rs 27,691 cr = ~3x FY26 revenue, bid pipeline Rs 1.5 lakh cr; management guides 30-40% standalone revenue growth in FY27.

Weaknesses

vs 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.
vs 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.

Opportunities

Transfer of 4 HAM assets (~Rs 700 cr of Anantam units) in Q2FY27 and remaining 7 by Mar-2027; Alpha Alternatives Rs 8,400 cr co-investment closing.
Order inflows from the Rs 1.5 lakh cr bid pipeline in H2FY27 (Chhattisgarh Rs 2,524 cr water project already L1) and potential InvIT route for renewable/transmission assets (Business Standard, 26-Aug-2026).
Q2/Q3FY27 results showing standalone debt reduction toward the Rs 600-800 cr FY27 target and working capital normalisation.

Threats

Consolidated net debt of Rs 7,801 cr (1.1x equity) and working-capital days of 133 (target 120 by Mar-27); debtor days up from 50.5 to 67.2 and interest coverage is low (screener).
Order inflow of only Rs 268 cr in Q1FY27 vs Rs 10,000-12,000 cr FY27 target; dependence on lumpy awards and InvIT unit transfers that have already slipped by a quarter.
Earnings quality: FY26 PAT of Rs 1,398 cr was driven by exceptional/asset-sale gains (ROE 6%, FY27e ROE 2.9% per Buoyant); mining ramp-up faced a labour strike at Pachwara.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

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Internal evidence

Buoyant sources for this name

August 2026 top-30 disclosure — rank n/a, Industrials, —. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
One-pager, "Why We Own What We Own" — p55, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

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Ownership

Shareholding · Jun'26

Promoter	63.14%
Indian Promoters	63.14%
Dilip Suryavanshi	33.92%
Devendra Jain	21.89%
Seema Suryavanshi	7.33%
Karan Suryavanshi	0.00%
SURYAVANSHI FAMILY TRUST (Trustees:Dilip Suryavanshi, Rohan Suryavanshi, Karan Suryavanshi)	0.00%
Suryavanshi Minerals Private Limited	0.00%
Public Shareholding	36.86%
Institutions	7.08%
Lici Asm Non Par	2.66%
Hdfc Large And Mid Cap Fund	1.98%
Non-Institutions	29.78%
Individual < 2 lac	5.32%