Synopsis: Dilip Buildcon’s order book surged 57 percent QoQ to Rs 29,372 crore, driven by EPC contract growth, Renewable Energy expansion, and strategic focus on high-margin infrastructure projects.
This article will outline how the company’s order book, which is in the business of development of infrastructure facilities on an Engineering Procurement and Construction basis (EPC), undertakes contracts from various Government and other parties and special purpose vehicles promoted by the Company
With a market capitalization of Rs 7,076 crore, the shares of Dilip Buildcon closed at Rs 435.60 per share, down 3.78 percent from its previous day’s close. The company trades at an undervalued P/E of 10.8x, compared to the industry P/E of 16x.
Order Book Analysis:
The order book grew by 57 percent QoQ from Rs 18,610 crore in Q2 FY26 to Rs 29,372 crore in Q3 FY26. Key growth segments included Renewables, which rose from 2 percent to 18 percent, and Transmission, appearing as a new segment with 6 percent. Conversely, Irrigation orders fell to 16 percent from 26 percent QoQ.
Model-wise View: EPC orders grew significantly from 75 percent in Q2 to 85 percent in Q3 FY26. Conversely, HAM orders fell from 25 percent in Q2 to 14 percent in Q3 FY26. This reflects a strategic pivot toward EPC contracts this quarter.
EPC(Engineering, Procurement, and Construction) means one company builds the entire project from start to finish for a fixed price and then hands it over. HAM (Hybrid Annuity Model)means the government and a private company share the cost, and the company gets paid back in instalments over time.
Order breakdown in segment and geography:
The company’s portfolio is well-diversified across key sectors, with the largest allocation in Mining at Rs 5,850 crore (20 percent), followed closely by Road & Highways at Rs 5,689 crore (19 percent) and Renewable Energy at Rs 5,179 crore (18 percent). This strategic spread underscores a balanced approach toward high-growth and infrastructure segments.
Other significant allocations include Irrigation at Rs 4,705 crore (16 percent), Transmission at Rs 1,850 crore (6 percent), Tunnel at Rs 1,757 crore (6 percent), Special Bridge & Urban Development at Rs 1,717 crore (6 percent), Metro & Railways at Rs 1,319 crore (4 percent), Optical Fibre at Rs 868 crore (3 percent), and Water Supply at Rs 438 crore (2 percent), highlighting the company’s broad sectoral exposure and risk management strategy.
The company’s Net Order Book is geographically concentrated in central and eastern India, with Madhya Pradesh leading at Rs 6,024 crore, accounting for 20.51 percent of the total. Odisha and Bihar follow with Rs 4,751 crore (16.17 percent) and Rs 3,400 crore (11.58 percent), reflecting strong project execution in mineral-rich and infrastructural regions.
Other notable contributions come from Jharkhand at Rs 2,849 crore (9.70 percent), Rajasthan at Rs 2,470 crore (8.41 percent), Karnataka at Rs 2,170 crore (7.39 percent), and Kerala at Rs 2,126 crore (7.24 percent). Smaller yet significant shares include Haryana, Gujarat, and Tamil Nadu & Puducherry, together highlighting the company’s widespread presence across diverse states and project types.
About the Company
Dilip Buildcon Limited, incorporated in 2006, is presently in the business of development of infrastructure facilities on an Engineering Procurement and Construction basis (EPC) and undertakes contracts from various Government and other parties and special purpose vehicles promoted by the Company.
Financial Highlights: The revenue from operations declined by 17 percent to Rs 2,138 crore in Q3 FY26 from Rs 2,590 crore in Q3 FY25, and EBIDT fell by 20 percent to Rs 382 crore in Q3 FY26 from Rs 477 crore in Q3 FY25. Accompanied by a net profit growth of 349 percent to Rs 789 crore in Q3 FY26 from Rs 158 crore in Q3 FY25, resulting in an EPS growth of 548 percent to Rs 51.09 per share in Q3 FY26.
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