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Swing Capital

Dilip Buildcon Ltd

NSE: DBL BSE: 540047Infra

Dilip Buildcon Limited, incorporated in 2006, is presently in the business of development of infrastructure facilities on Engineering Procurement and Construction basis (EPC) and undertakes contracts from various Government and other parties and special purpose vehicles promoted by the Company. [1]

₹439
52W: ₹382 — ₹588
PE 30.1 · Book ₹420 · +5% vs book
Market Cap₹7,126 Cr
Stock P/E30.1Price to Earnings
ROCE8.17%Return on Capital
ROE3.85%Return on Equity
Div. Yield0.23%Face Value ₹10

Strengths

  • +Stock is trading at 1.04 times its book value

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of -5.32% over past five years.
  • −Company has a low return on equity of 4.76% over last 3 years.
  • −Contingent liabilities of Rs.2,716 Cr.
  • −Earnings include an other income of Rs.901 Cr.
  • −Debtor days have increased from 65.7 to 92.9 days.
  • −Company's cost of borrowing seems high
  • −Promoter holding has decreased over last 3 years: -7.01%
  • −Working capital days have increased from 104 days to 151 days

Shareholding Pattern

Promoters63.14%
FIIs1.97%
DIIs6.1%
Public28.79%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.15%70.15%70.15%70.15%63.14%▼7.063.14%63.14%63.14%
FIIs2.8%3.07%▲0.33.18%▲0.13.13%▼0.12.76%▼0.42.91%▲0.22.47%▼0.41.97%▼0.5
DIIs9.17%9.51%▲0.39.54%▲0.06.59%▼2.96.93%▲0.36.13%▼0.86.23%▲0.16.1%▼0.1
Public17.87%17.27%▼0.617.14%▼0.120.13%▲3.027.16%▲7.027.82%▲0.728.16%▲0.328.79%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,5712,9312,3582,1772,1552,3152,0101,4171,7181,860
Expenses2,2532,5782,0961,9551,9452,1061,8071,2641,5391,661
Operating Profit318352262222210209203152179199
OPM %12%12%11%10%10%9%10%11%10%11%
Net Profit951244712988471234161167
EPS ₹6.528.463.248.825.993.237.552.5137.614.15

AI Insights

Revenue Trend

Mar 2026 revenue at ₹7,005Cr, down 22.2% YoY. OPM at 10%.

Debt Position

Borrowings at ₹2,277Cr. Debt-to-equity ratio: 0.34x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.1% (-2.93pp change). FIIs: 1.97% (-0.59pp change). Promoters hold 63.14%.

Margin & Efficiency

ROCE declining from 17% (Mar 2015) to 8% (Mar 2026). Working capital days: 151.

Valuation

PE 30.1x with 8.17% ROCE. Price is 5% above book value of ₹420. Dividend yield: 0.23%.

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