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 ↗
Map

What must happen → what could break it → what we watch

Catalysts · 3
  • 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.
    C1
  • 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).
    C2
  • Q2/Q3FY27 results showing standalone debt reduction toward the Rs 600-800 cr FY27 target and working capital normalisation.
    C3
Material risks · 3
  • 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).
    R1
  • 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.
    R2
  • 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.
    R3
Live monitors
  • Valuation vs approved target
    No target stated
  • Latest reported quarter
    Q Jun-26
  • Results-driven thresholds
    Awaiting approved numbers

Catalysts and risks are the approved one-pager text in full; the register below adds owners and review dates. Monitors read from the price and fundamentals feeds.

Risks as a decision framework

Material risks

Risk register
#Risk (approved text)Owner · next review
01Consolidated 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).Research · post 2QFY27
02Order 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.Research · post 2QFY27
03Earnings 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.Research · post 2QFY27

Exposure mechanism, impact and mitigants are as written in the book. Leading indicators and numeric triggers not stated in the approved text remain research tasks rather than being invented.

Catalysts

Observable events

  • 01Transfer 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.
  • 02Order 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).
  • 03Q2/Q3FY27 results showing standalone debt reduction toward the Rs 600-800 cr FY27 target and working capital normalisation.
Monitors

Live monitors from available data

  • ClearValuation exceeding the approved range: reference close 411 vs base target not stated.
  • DataLatest reported quarter in fundamentals: Q Jun-26. Results-driven monitors (growth below thesis threshold, margin, credit cost) need approved numeric thresholds; none in the book.
  • DataInput-cost and capital-allocation monitors require licensed commodity/filings feeds — not configured.