Dilip Buildcon Approves Divestment to Alpha Alternatives and Reports Q1 FY27 Financial Results
Bhopal, August 12, 2026: Dilip Buildcon Limited announced that its Board of Directors has approved a proposal to divest its stake in two major under-construction power transmission and solar projects to Alpha Alternatives Fund Advisors LLP and its affiliates. The combined total project cost for the divested assets is approximately Rs 8,400 crore. The transaction involves Mekhali Power Transmission Limited, which is developing a 400-kilovolt transmission project extending across approximately 470 circuit kilometres in Karnataka, alongside DBL Renewable Private Limited, which manages a 1,363 MW (AC) / 1,977 MWp (DC) solar portfolio across 10 special purpose vehicles in Madhya Pradesh, Dilip Buildcon said in a press release.
The divestment advances Dilip Buildcon’s strategy to build an asset-light, multi-asset development platform aimed at capital recycling, recurring cash flow generation, and balance sheet deleveraging. Consideration for the transaction will be determined through a phased subscription and closing mechanism, while definitive agreements remain subject to final execution and regulatory approvals. JM Financial Limited served as the exclusive financial advisor, with Khaitan & Co acting as legal advisor to Dilip Buildcon.
Commenting on the deal, Kaushal Biyani, Senior Partner and Head, Private Markets, Alpha Alternatives, said, “This transaction reaffirms our confidence in our strategic partner, Dilip Buildcon, and its strong execution capabilities across infrastructure sectors. We continue to deepen our investment in high-quality, long-term infrastructure assets and see strong growth potential in India’s power and renewable energy sectors. We are committed to supporting India’s infrastructure development while creating sustainable, long-term value for our investors.”
Highlighting the strategic alignment, Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, said, “This transaction marks an important milestone in our DBL 2.0 journey as we build a multi-asset infrastructure platform anchored by long-duration, contracted assets. Our partnership with Alpha Alternatives across these transmission and solar projects enables us to recycle capital early in the asset lifecycle, while maintaining our disciplined focus on strengthening our balance sheet and building a more asset-light business.”
Alongside the divestment announcement, Dilip Buildcon reported its reviewed financial results for the first quarter ended June 30, 2026. On a consolidated basis, the company generated revenue from operations of Rs 2,378 crore, EBITDA of Rs 429 crore with an expanded margin of 18.1 percent, and a profit after tax of Rs 128 crore. Standalone operations delivered revenue from operations of Rs 1,930 crore, EBITDA of Rs 199 crore with a 10.3 percent margin, and a profit after tax of Rs 39 crore. Segmental gross revenues were led by the EPC business at Rs 1,752 crore, followed by mining operations at Rs 392 crore, and distributions from InvIT platforms contributing Rs 34.77 crore.
The company’s order book stood at Rs 27,691 crore as of June 30, 2026, diversified across roads and highways at 17.1 percent, irrigation and water at 18.1 percent, mining at 20.9 percent, and other infrastructure verticals at 43.9 percent. This order tally excludes a recent Chhattisgarh irrigation project awarded in July 2026 valued at Rs 2,524.32 crore. Fresh order inflows during the quarter totaled Rs 517.2 crore, featuring the Ged Barrage EPC project award in Gujarat under a joint venture and incremental order additions across mining operations.
Dilip Buildcon’s standalone net debt increased sequentially to Rs 2,106 crore as of June 30, 2026, compared to Rs 1,880 crore as of March 31, 2026. Management attributed this rise primarily to extended billing cycles impacting trade receivables and equipment mobilization costs for new project wins. Despite the temporary increase, the company reaffirmed its commitment to achieve a net debt-free standalone balance sheet by FY28 through improved collections, operating cash flows, InvIT distributions, and disciplined capital allocation.
Reflecting on the company’s operational footprint, Dilip Suryavanshi, Chairman and Managing Director, Dilip Buildcon Limited, said, “Q1 FY27 continues to reflect our DBL 2.0 philosophy of One Platform, 3 Engines, 12 verticals working together to deliver sustainable, capital-efficient growth. Our track record of completing close to 90% of our projects ahead of schedule reflects the execution discipline we have built over more than 35 years, navigating multiple industry cycles, including geopolitical disruptions, commodity volatility and global macroeconomic uncertainties. With a workforce of over 21,221 employees and a fleet of more than 10,394 equipment units, we operate at a scale that lets us pursue opportunities across all twelve verticals simultaneously, including mining MDO contracts that run 25 to 55 years, well beyond the typical duration of traditional EPC work. This quarter reinforces our confidence in India’s long-term infrastructure growth trajectory, and we remain focused on strengthening our balance sheet and increasing the contribution of longduration, contracted revenue streams to our profitability.”
Addressing financial performance and debt management, Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, added, “Q1 FY26 profitability included a one-time gain from asset monetization that did not recur this year. On a like-for-like operating basis, our margins actually improved sequentially in Q1FY27. On the balance sheet, the increase in standalone net debt this quarter primarily reflects a build-up in trade receivables as billing cycles extended, along with equipment mobilization for our new Ged Barrage and ERCP Bandh Baretha projects. We are actively working to normalize collection cycles and remain committed to our net debt-free standalone balance sheet target by FY28. Our debt profile remains largely asset-backed and project-linked, and we remain focused on strengthening our balance sheet through operating cash flows, InvIT distributions and disciplined capital allocation.”
