Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: DBL· IndustrialsNot in Aug top-30Small cap

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 ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.5

Profitability

2.9

Balance sheet

1.4

Cash conversion

4.0

Valuation

4.5

Sales8,984 cr FY26

Net Profit1,302 cr FY26

Operating margin19.7% FY26

ROCE15.7% FY26

Revenue CAGR 3y

−5.5%

5y −2.4%

Net profit CAGR 3y

202.0%

5y 36.8%

Operating margin

19.6%

3y avg 12.5%

CFO / PAT, 3y

1.13x

FCF ₹559 cr cumulative

ROCE

15.7%

3y avg 14.2%

Debt / equity

1.18x

interest cover 2.0x

Cash conversion cycle

-168 days

-64 days three years earlier

P/E

5.8x

PEG 0.0 on 3y PAT growth

Promoter holding

63.1%

pledged 14.2%

Growth. Revenue compounded −5.5% a year over FY23–FY26, net profit 202.0%; the latest year grew −20.6% (profit 103.1%). · Tijori P&L, annual
Margins. Operating margin 19.6% in FY26, +7.2 pp against the prior three-year average. · Tijori P&L (OPM)
Earnings quality. Other income was 35% of pre-tax profit in FY26; core earnings are smaller than the headline. · Tijori P&L
Earnings quality. Effective tax rate 4% in FY26, below the statutory band; check for carried-forward losses or incentives. · Tijori P&L
Share count. Share count rose 11% between FY23 and FY26 (issuance); read growth per share, not per company. · Tijori P&L (shares)
Cash conversion. Operating cash flow was 1.13x reported profit across the last three years; free cash flow of ₹559 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 15.7% and ROE 19.1% in FY26 (three-year average ROCE 14.2%). · Tijori ratios sheet
Balance sheet. Debt to equity 1.18x, interest covered 2.0x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -64 to -168 days over three years. · Tijori ratios sheet
Valuation. 5.8x trailing earnings, 6.2x EV/EBITDA, 0.9x book — 0.0x the three-year profit growth rate; dividend yield 0.3%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue −9.2% YoY, net profit −50.7% YoY; 0 of the last 4 quarters grew revenue year on year. · Tijori quarterly results
Ownership. 14.2% of promoter shares are pledged. · Tijori shareholding (latest quarter)

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Pledge: Promoters have not pledged a significant portion of their holding
Other Income: Other income component is making ratios of the company look optically better
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Net profit margin is responsible for roe increase over last 10 years
Current vs Historic Valuation: Company is trading at a premium to 3yr historic valuations
Debt: Company might have issues servicing its debt
Share price: Share price has increased over last 10 years but more due to rerating
Working Capital: Company has significant working capital which is dragging its roce and roe
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet is weak and might have solvency issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Dilip Buildcon

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	19.07%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	19.07%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	6.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹1,302 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹1,255 cr
	Tijori screener	TTM	trailing 12 months	₹1,254 cr
	House model (one-pager)	FY26	standalone, annual	₹1,398 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹113 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	5.80x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	4.84x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	63.90x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	1.01x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	0.92x
Market cap	BSE master	2026-09-25	BSE full market cap	₹6,725 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹6,875 cr
	House one-pager	31-Jul-26	as printed	₹6,832 cr
Promoter holding	Tijori screener	latest filing	% of shares	63.14%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	12,012	11,317	8,984
EBITDA (₹ cr)	1,421	2,159	1,766
Net profit (₹ cr)	201	840	1,398
ROE (%)	n.a.	n.a.	6.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	7,937	9,416	9,725	10,168	9,566	10,644	12,012	11,317	8,984	8,741
Operating Expenses	6,466	7,651	7,657	8,040	8,794	9,873	10,665	9,166	7,218	7,067
Raw Material	2,086	2,711	2,679	2,939	3,314	4,461	4,606	4,391	2,718	6,609
Material Cost (%)	27.74	28.44	28.75	28.71	34.76	41.24	38.82	38.20	29.47	74.18
Employee Cost	119	143	163	162	202	191	178	194	162	202
Power & Fuel Cost	1,037	1,139	1,157	1,298	1,566	1,517	1,189	650	990	—
Operating Profit	1,472	1,765	2,068	2,129	773	770	1,347	2,151	1,766	1,674
Other Income	17	47	38	42	38	254	219	136	516	347
OPM (%)	18.54	18.74	21.26	20.93	8.08	7.24	11.21	19.00	19.65	19.15
Depreciation and Amortisation	292	362	470	443	400	398	379	346	298	294
Interest	590	872	1,136	1,174	1,057	901	1,013	1,249	1,403	1,150
Profit Before Tax	631	577	569	586	-704	103	492	981	1,461	1,288
Tax	61	33	164	168	-154	105	291	141	63	33
Net Profit	578	547	360	272	-530	47	194	641	1,302	1,255
Number of shares(Crs)	14	14	14	14	15	15	15	15	16	—
Dividend Payout Ratio(%)	2.37	2.50	3.80	5.02	—	3.09	7.54	2.28	1.25	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	1.67	2.07	1.66	1.50	1.50	0.33	1.11	1.49	1.79	2.04
Cash Conversion Cycle	82.81	-10.74	-89.61	-81.43	-89.49	-74.26	-64.38	-88.21	-84.87	-168.00
Inventory Days	111.00	84.84	87.81	96.64	102.00	124.00	117.00	104.00	112.00	141.00
Days Receivable	64.14	48.39	44.90	43.54	41.57	40.35	40.22	40.54	43.40	62.29
Days Payable	92.64	144.00	222.00	222.00	233.00	238.00	221.00	233.00	241.00	371.00
Debt to Equity Ratio	2.46	2.17	2.64	2.88	3.09	2.47	1.66	1.66	1.88	1.18
Free Cash Flow/Sales (%)	-7.57	-2.92	-13.73	-3.48	-2.31	20.73	32.46	2.45	-8.63	13.82
Free Cash Flow(est) (Crs)	-403.00	-232.00	-1,293.00	-338.00	-234.00	1,983.00	3,455.00	294.00	-977.00	1,242.00
Gross Margin (%)	72.29	72.26	71.56	71.25	71.29	65.24	58.76	61.18	61.80	70.53
Op Profit Margin (%)	21.81	18.54	18.74	21.26	20.93	8.08	7.24	11.21	19.00	19.65
Net Profit Margin (%)	6.72	7.28	5.81	3.70	2.68	-5.54	0.44	1.62	5.66	14.50
ROCE (%)	21.54	20.01	16.44	15.99	15.10	4.11	7.42	12.05	14.91	15.69
ROIC (%)	37.00	26.50	20.51	18.25	16.41	3.91	-0.09	6.62	20.83	16.86
ROE (%)	20.81	25.38	19.51	11.45	8.01	0.00	1.18	4.44	12.65	19.07
Net Profit Margin (%)	6.72	7.28	5.81	3.70	2.68	-5.54	0.44	1.62	5.66	14.50
P/E	13.42	23.70	16.08	8.03	29.15	n.m.	52.24	34.43	10.86	4.84
Price to Book	2.79	6.02	3.14	0.92	2.33	0.99	0.62	1.58	1.41	0.92
EV/EBITDA	7.56	12.32	8.66	5.30	8.12	14.46	8.49	8.42	6.70	6.15
Dividend Yield (%)	0.28	0.10	0.16	0.47	0.17	0.04	0.06	0.22	0.21	0.26

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.