Dilip Buildcon financials and balance sheet

NSE: DBLBSE: 540047ConstructionSmall Cap

₹360.45₹20.10 (5.28%)BSE ₹358.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹380.55.

52-week range of traded prices to 23 Oct 2026

₹352.80Low, 23 Oct 2026₹528.25High, 4 Nov 2025

Market cap: ₹5,855 Cr662nd largest listed
P/E: Owners' profit not stated
P/B: 0.9
Dividend yield: 0.28%
ROCE: 9.2%
Debt to equity: 1.16
Volume, NSE: 2,02,58554.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dilip Buildcon annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹12,012 Cr, year to Mar 2024A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,984
Materials and goods−6,658
Employee costs−203
Other expenses−357
Operating profit1,766
Depreciation−298
Other income+516
One-off items+880
Finance costs−1,403
Profit before tax1,461
Tax−63
Joint ventures0.0
Net profit1,398

What the company owns

Plant, investments and other assets₹13,434 Cr
Inventory₹3,441 Cr
Receivables₹1,654 Cr
Cash and bank₹328 Cr
Current investments₹52 Cr

What pays for it: net worth and liabilities

Borrowings₹8,041 Cr
Net worth₹6,962 Cr
Owed to suppliers₹2,572 Cr
Other liabilities₹1,334 Cr

Dilip Buildcon business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Dilip Buildcon segment results by quarter

Revenue by segment

₹8,984 CrTotal

EPC Projects & Road Infrastructure Maintenance₹6,134 Cr68.3% of total
Annuity Projects & Others₹2,850 Cr31.7% of total

Profit by segment

EPC Projects & Road Infrastructure Maintenance₹1,039 Cr52.4% of total
Annuity Projects & Others₹944 Cr47.6% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

EPC Projects & Road Infrastructure Maintenance
Revenue, ₹ crore
6,134
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,039
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Annuity Projects & Others
Revenue, ₹ crore
846
2,035
2,850
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
122
611
944
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	10,644	12,012	11,317	8,984
Company revenue, as in its results	9,118	9,725	10,168	9,566	10,644	12,012	11,317	8,984
Revenue	–	–	–	–	–	–	–	6,134
Profit	–	–	–	–	–	–	–	1,039
Margin	–	–	–	–	–	–	–	16.9%
Return on capital	–	–	–	–	–	–	–	15.1%
Assets	–	–	–	–	–	–	–	17,061
Liabilities	–	–	–	–	–	–	–	10,168
Capital employed	–	–	–	–	–	–	–	6,893
Revenue	–	–	–	–	–	846	2,035	2,850
Revenue growth	–	–	–	–	–	–	–	40.1%
Profit	–	–	–	–	–	122	611	944
Profit growth	–	–	–	–	–	–	–	54.4%
Margin	–	–	–	–	–	14.4%	30.0%	33.1%
Return on capital	–	–	–	–	–	104.6%	68.7%	108.2%
Assets	–	–	–	–	–	8,511	5,657	4,073
Liabilities	–	–	–	–	–	8,394	4,768	3,200
Capital employed	–	–	–	–	–	117	890	873
Revenue	–	–	–	–	10,535	11,166	9,282	–
Revenue growth	–	–	–	–	–	6.0%	−16.9%	–
Profit	–	–	–	–	665	1,064	1,330	–
Profit growth	–	–	–	–	–	60.1%	24.9%	–
Margin	–	–	–	–	6.3%	9.5%	14.3%	–
Return on capital	–	–	–	–	14.4%	20.5%	24.6%	–
Assets	–	–	–	–	11,600	11,355	16,992	–
Liabilities	–	–	–	–	6,997	6,168	11,590	–
Capital employed	–	–	–	–	4,603	5,186	5,402	–
Revenue	–	–	–	–	109	–	–	–
Profit	–	–	–	–	−39	–	–	–
Margin	–	–	–	–	−35.7%	–	–	–
Return on capital	–	–	–	–	−48.9%	–	–	–
Assets	–	–	–	–	6,269	–	–	–
Liabilities	–	–	–	–	6,190	–	–	–
Capital employed	–	–	–	–	80	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Dilip Buildcon quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 30 May	Mar 2021Filed 29 May	Mar 2022Filed 31 May	Mar 2023Filed 22 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	5,319	7,937	9,416	9,725	10,168	9,566	10,644	12,012	11,317	8,984
	4,159	6,466	7,651	7,657	8,040	8,794	9,687	10,591	9,166	7,218
Materials and goods bought	–	6,100	7,200	7,201	7,553	8,282	9,238	10,060	8,559	6,658
Employee costs	–	155	179	199	198	225	214	215	230	203
Other expenses	–	211	272	257	289	286	235	316	377	357
Operating profit before depreciation	1,160	1,472	1,765	2,068	2,128	773	957	1,421	2,151	1,766
Operating margin	21.8%	18.5%	18.7%	21.3%	20.9%	8.1%	9.0%	11.8%	19.0%	19.7%
Materials, % of revenue	–	76.9%	76.5%	74.0%	74.3%	86.6%	86.8%	83.8%	75.6%	74.1%
Employee costs, % of revenue	–	1.9%	1.9%	2.1%	1.9%	2.4%	2.0%	1.8%	2.0%	2.3%
Other expenses, % of revenue	–	2.7%	2.9%	2.6%	2.8%	3.0%	2.2%	2.6%	3.3%	4.0%
Depreciation and amortisation	245	292	362	470	443	400	398	379	346	298
Operating profit after depreciation	915	1,180	1,403	1,597	1,685	373	558	1,042	1,805	1,468
Other income	12	17	47	38	42	38	68	144	136	516
Finance costs	555	590	872	1,136	1,173	1,057	901	1,012	1,249	1,403
Profit before one-off items and tax	372	607	578	499	554	−646	−275	174	692	581
One-off items	0	24	−2	70	32	−58	379	318	289	880
Profit before tax	372	631	577	569	586	−704	103	492	981	1,461
	14	61	33	164	168	−154	105	291	141	63
Current tax	–	13	130	202	193	9	15	243	191	231
Deferred tax	–	48	−97	−37	−24	−162	90	48	−49	−168
Share of profit of joint ventures and associates	–	8	4	1	18	–	–	–	–	0
	358	578	547	405	437	−550	−1	201	840	1,398
Belonging to the company's shareholders	358	578	547	358	267	−549	−1	194	641	1,302
Belonging to outside owners of subsidiaries	–	–	–	48	170	−1	–	7	199	96
Other comprehensive income	–	–	–	2	6	19	46	49	2	115
Total comprehensive income	–	–	–	407	442	−531	45	250	842	1,513
Net margin	6.7%	7.3%	5.8%	4.2%	4.3%	−5.7%	0.0%	1.7%	7.4%	15.6%
Net margin without joint ventures and associates	–	7.2%	5.8%	4.2%	4.1%	–	–	–	–	15.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 30 May	Mar 2021Filed 29 May	Mar 2022Filed 31 May	Mar 2023Filed 22 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	3,304	3,773	3,550	3,998	4,374	5,255	6,962
	3,189	3,400	3,551	3,998	4,370	5,064	6,829
Share capital	137	137	146	146	146	146	162
Reserves	3,052	3,263	3,404	3,852	4,223	4,918	6,667
Belonging to outside owners of subsidiaries	115	373	−1	–	5	191	132
	8,349	9,583	8,783	6,658	7,240	9,525	8,041
Repayable after a year	5,985	7,009	5,964	3,961	5,052	6,935	5,592
Repayable within a year	2,363	2,574	2,819	2,697	2,188	2,590	2,450
	6,460	6,891	6,207	6,929	6,793	6,638	6,015
Trade payables	1,654	2,077	2,266	3,057	2,891	2,809	2,572
Other financial liabilities	950	1,250	256	457	513	336	249
Other liabilities	1,457	967	795	702	1,138	780	729
Provisions	16	16	71	17	56	123	16
Tax owed	20	7	0	0	6	–	0
	6,969	7,704	6,584	4,512	5,479	7,817	5,931
Other financial liabilities	35	22	18	6	3	0	–
Other liabilities	811	578	505	337	143	438	236
Provisions	137	96	97	207	281	443	104
	16,733	18,368	16,341	15,439	16,647	19,709	18,908
Held for sale or for a demerger	–	24	70	156	18	–	–
	9,098	10,020	7,410	6,856	7,658	9,905	9,506
Plant in use, after depreciation	2,021	2,016	1,770	1,516	1,488	1,391	1,348
Plant being built	2,840	3,893	3,385	2,658	2,832	3,689	3,362
Intangible assets	881	708	13	6	36	30	67
Goodwill	6	6	6	6	6	6	6
Investments	9	27	1	964	857	832	1,505
Other financial assets	350	376	223	293	187	348	593
Deferred tax	16	37	189	74	5	54	249
Trade receivables	2,428	2,460	1,324	799	1,739	3,006	1,790
Other assets	548	497	498	539	508	548	587
	7,635	8,324	8,861	8,427	8,970	9,805	9,402
Inventories	2,645	3,049	3,439	3,368	3,480	3,486	3,441
Trade receivables	1,158	1,158	957	1,389	1,279	1,412	1,654
Cash and cash equivalents	789	809	583	198	468	463	86
Other bank balances	0	0	0	228	268	696	242
Current investments	0	10	0	0	0	0	52
Loans given	196	496	84	62	67	62	54
Other financial assets	545	587	1,104	1,313	1,372	1,242	1,599
Tax paid in advance	151	200	365	192	206	136	130
Other assets	2,150	2,015	2,331	1,676	1,830	2,308	2,144
Net debt	7,560	8,764	8,200	6,232	6,504	8,367	7,662

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 31 May	Mar 2023Filed 22 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,082	1,624	2,845	812	−565	1,204
	107	1,804	2,683	1,090	−1,697	1,537
	−958	914	1,600	−541	−2,831	−709
Receivables	−32	1,299	93	0	0	884
Inventories	−403	−391	71	0	0	44
Payables	423	188	791	0	0	−237
Other working capital	−946	−183	645	−541	−2,831	−1,400
Tax paid	−198	−180	162	−166	14	−200
Interest paid	1,173	0	0	0	1,249	0
Capital spending	4,311	3,984	3,916	5,554	4,265	3,238
Free cash flow	−3,229	−2,360	−1,071	−4,741	−4,830	−2,034
	−1,322	445	26	−111	−731	468
Plant and property sold	2,995	4,343	4,526	4,767	3,158	3,276
Interest received	33	30	27	66	110	110
Dividends received	0	0	1	46	20	23
	261	−2,295	−3,028	−431	1,022	−2,503
Borrowings raised	1,960	0	0	0	2,285	0
Borrowings repaid	−512	−1,725	−2,125	582	0	−1,484
Interest paid	−1,173	−1,057	−901	−1,012	−1,249	−1,403
Dividends paid	14	15	1	1	15	16
Shares bought back	0	0	0	0	0	0
Shares issued	0	501	0	0	0	399
Net change in cash	20	−226	−157	270	−274	−831

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Dilip Buildcon dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 30 May	Mar 2021Filed 29 May	Mar 2022Filed 31 May	Mar 2023Filed 22 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹25.87	₹42.23	₹39.95	₹29.64	₹31.92	−₹37.77	−₹0.10	₹13.75	₹57.44	₹86.08
Diluted earnings per share	₹25.87	₹42.23	₹39.95	₹29.64	₹31.92	−₹37.77	–	₹13.36	₹51.71	₹86.08
Dividend per share	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00	₹0.10	₹0.10	₹1.00	₹1.00	₹1.00
Book value per share	–	–	–	₹233.16	₹248.58	₹242.84	₹273.46	₹298.85	₹346.35	₹420.40
Dividend payout	3.8%	2.4%	2.5%	3.8%	5.1%	–	–	7.5%	2.3%	1.2%
Shareholder yield	–	–	–	–	0.2%	−13.8%	0.1%	0.0%	0.2%	−6.1%
Market cap at the year end (₹ crore)	4,784	13,722	8,774	2,887	7,933	3,525	2,470	6,681	6,958	6,290

Ratios

Consolidated, years to March.Dilip Buildcon PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 30 May	Mar 2021Filed 29 May	Mar 2022Filed 31 May	Mar 2023Filed 22 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	–	49.2%	18.6%	3.3%	4.6%	−5.9%	11.3%	12.9%	−5.8%	−20.6%
Operating profit growth	–	26.9%	19.9%	17.1%	2.9%	−63.7%	23.8%	48.6%	51.3%	−17.9%
Net profit growth	–	61.5%	−5.2%	−25.9%	7.7%	–	–	–	317.8%	66.5%
Earnings per share growth	–	63.2%	−5.4%	−25.8%	7.7%	–	–	–	317.7%	49.9%
	–	–	–	11.2%	8.1%	−15.8%	0.0%	4.6%	13.6%	21.9%
	–	–	–	–	−3.1 pts	−23.9 pts	15.8 pts	4.7 pts	8.9 pts	8.3 pts
From the net margin	–	–	–	–	−3.2 pts	−25.8 pts	15.8 pts	4.6 pts	11.6 pts	21.2 pts
From asset turnover	–	–	–	–	0.0 pts	0.9 pts	0.0 pts	0.5 pts	−2.7 pts	−8.8 pts
From borrowing	–	–	–	–	0.1 pts	1.1 pts	0.0 pts	−0.5 pts	0.1 pts	−4.1 pts
Return on capital employed	–	–	–	13.7%	12.6%	3.0%	5.2%	9.0%	12.2%	9.8%
Cash conversion	–	–	–	–	247.9%	–	–	404.0%	−67.2%	86.1%
Interest cover	1.6	2.0	1.6	1.4	1.4	0.4	0.6	1.0	1.4	1.0
Debt to equity	–	–	–	2.53	2.54	2.47	1.67	1.66	1.81	1.16
Receivable days	–	–	–	43	42	36	48	39	46	67
Inventory days	–	–	–	134	147	152	133	126	149	189
Payable days	–	–	–	84	100	100	121	105	120	141
Cash conversion cycle, days	–	–	–	94	89	88	60	60	74	115
Working capital days	–	–	–	103	114	187	129	110	148	222
Asset turnover	–	–	–	0.58	0.58	0.55	0.67	0.75	0.62	0.47
Assets per rupee of net worth	–	–	–	5.25	5.33	4.99	4.21	3.83	3.85	3.25
Sales per rupee of plant	–	–	–	4.81	5.05	5.40	7.02	8.07	8.13	6.67
Capital spending to depreciation	–	–	–	–	9.73	9.96	9.83	14.66	12.32	10.88
Plant being built, % of plant in use	–	–	–	140.5%	193.1%	191.2%	175.3%	190.3%	265.1%	249.4%

No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.7%
Cash from operations against operating profit: 68.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−2.4%	−5.5%
Profit growth, yearly rate	–	37.3%	–
Return on equity, average	–	4.9%	13.4%
Return on capital employed, average	–	7.8%	10.3%
Operating margin, average	16.9%	13.5%	16.8%
Net margin, average	4.7%	3.8%	8.2%
Asset turnover, average	–	0.61	0.61
Cash conversion cycle, days, average	–	80	83
Interest cover, average	1.3	0.9	1.2
Debt to equity, average	–	1.75	1.54

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,921	1,452	1,204
Cash from investing	97	−374	468
Cash from financing	−7,235	−1,912	−2,503
Capital spending	20,957	13,057	3,238
Dividends paid	48	32	16
Shares bought back	0	0	0
Shares issued for cash	900	399	399
Borrowings raised	2,285	2,285	0
Borrowings repaid	5,916	2,066	1,484

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	4	6	8	5	6
Altman Z-scorePublished threshold 1.81	–	–	–	1.39	1.54	1.31	1.50	1.86	1.78	2.00
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.63	−2.89	−2.98	−2.76	−2.15	−2.23
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.86	−15.09	−18.08	−3.12	11.75	−1.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	2.97	0.60
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−4.53	−11.49	33.96	−20.78	16.19	37.73
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	10.35	3.15	−13.60	−5.59	15.09	20.94
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	−0.43	10.42	−5.81	1.90	2.46	2.08
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	8.91	21.88	18.42	8.07	14.81	13.24
Effective tax ratePublished threshold 17.16 per cent	3.88	9.69	5.71	28.86	28.67	–	101.35	59.12	14.39	4.30
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−55.20	25.38	12.94	−9.37

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil ARatings Reaffirmed	Stable	2,334.80
16 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1Ratings Reaffirmed		7,308.20
11 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A; IND A1Review, Other	Stable	5,095
11 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AReview, Other	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.