Dilip Buildcon Limited (NSE: DBL) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Rohan Suryavanshi — Head, Strategy & Planning
Sanjay Kumar Bansal — Chief Financial Officer
Analysts:
Unidentified Participant
Chaitanya Sathe — Analyst
Vignesh Iyer — Analyst
Shravan Shah — Analyst
Sanjay Parekh — Analyst
Darshika Khemka — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Dilip Buildcon Limited Q3 and 9 months FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Chaitanya Satvi from Art Factor Spia. Thank you. And over to you sir.
Chaitanya Sathe — Analyst
Thank you. Good evening everyone and thank you for joining us today to discuss the unaudited financial performance for Q3 and 9 months FY26. I have with me Mr. Devendra Jain, MD and CEO Mr. Rohan Suyavanchi, Head Strategy and Planning, Mr. Sanjay Vensal, the CFO. Before we proceed, I would like to bring to your attention that certain statements made during this discussion may constitute forward looking statements. These statements are based on our current expectations, assumptions and beliefs regarding future developments and are inherently subject to various risks, uncertainties and factors beyond our control. Such forward looking statements involve both known and unknown risks and we advise you to interpret them with caution.
I will now hand over the call to Mr. Rohan Sulavanji for his opening remarks. Thank you. And over to you sir.
Rohan Suryavanshi — Head, Strategy & Planning
Thank you Chaitanya. Good evening everyone and a warm welcome to all our investors and analysts partners to the delivered Con Limited’s Quarter 3 FY26 earnings conference call. The financial results and investor presentation for the quarter have already been uploaded on the stock exchanges and we trust that all of you have had the opportunity to go through them. To begin with, I would like to share some perspective on the overall sector environment and policy landscape before I move to DBL’s business and strategic updates. The Government of India continues to maintain a strong long term focus on infrastructure development as a key driver of economic growth.
We welcome the Government’s continued push on capex in the Union Budget and the allocation of rupees 12.21 trillion towards capex for FY27 represents an almost 12% increase over the revised FY26 estimate. Let me also add this is nearly four times higher than the 2014 levels when the BJP led government came to power. Increased allocations to key segments such as road and railways broadly in line with the nominal GDP growth, provide sustained growth visibility for the sector. This signals continued commitment towards infrastructure creation, employment generation and increasing domestic competitiveness. From a regulatory standpoint, the recent reforms announced by SEBI for REITs and InvITs are a positive structural development for India’s infrastructure ecosystem.
By enhancing flexibility around asset holding leverage and capital deployment, these measures are expected to deepen long term institutional participation in infrastructure financing and for multi asset infrastructure players like dbl, this strengthens our asset monetization pathways across the project lifecycle and supports sustainable capital recycling Turning to sector activity awarding during the first half of the financial year in fact for the first nine months has remained largely subdued account of various state elections and other administrative delays. However, we are seeing some momentum gradually building across multiple infrastructure verticals. In the road sector, the awarding has been muted till now and we expect the government to at least push out a large number of contracts in the remaining part of the financial year.
Beyond roads, other infrastructure segments such as water supply, irrigation, metro rail and urban infrastructure continue to have healthy medium term pipelines. The extension of timelines in the JAL Jeevan mission and renewed emphasis on urban infrastructure are expected to support execution visibility over the next few years for DBL and other companies which are participating over multiple sectors now coming to DBL’s business performance, I’m very happy to report that the company’s order book currently stands at the highest level in DBL’s history and it is also the most diversified across sectors till date. Now, with elections behind us and the pace of awarding showing early signs of recovery, we are very happy about future prospects for the company in the next couple of years as well.
Now during FY26 year to date, DBL has secured order inflows of approximately 17,900 crores which is already over the full year order inflow guidance that we had set at the beginning of the year and with some more 1 1/2 month of awarding activity remaining, we hope to win some more. As we have consistently communicated in earlier calls, our approach to order booking remains selective. We continue to prioritize profitability, cash flow visibility and return ratios over pure top line growth. In this context, EPCI DBL increasingly plays the role of a capital efficient execution and incubation engine enabling the creation of long duration monetizable platforms rather than being viewed purely as a volume driven profit center.
Now of course DBL’s business has been impacted by lower execution volumes during this year which was a direct consequence of lower order book which in turn affected our operating leverage which did not work at its full efficiency. Now, as NAM execution normalizes in the coming year, given the large order book that we already have and with the improved awarding momentum that we’re expecting, operating efficiencies and margin profiles should improve accordingly. At the same time, let me also add that we have remained focused on structural cost estimation. Employee strength over the years have been rationalized from a peak of 38,000 employees.
Today we stand at 19,000 employees which is a half. However, revenues have remained in that same range barring this year. Also very important to add annual capex has also moderated to around 100 crores in the last few years compared to peak levels of around 500 crores every year which means almost 1/5 reduction, 1/5 the value of earlier times and reflects our disciplined capital allocation framework under the DBL 2.0. More importantly, the majority of our growth CapEx across our asset led business is already behind us which materially improves free cash flow visibility as execution and production scale up.
On the asset monetization level, our INVIT strategy remains to progress continues to progress broadly in line with the roadmap shared earlier. As of date seven HAM assets have been transferred under our INVIT platforms with the remaining assets at various stages of construction and completion. The balance assets are to be monetized in two branches, one in June 26 with four assets and remaining by March 27 aligned with the COD milestones. I would also like to briefly touch upon Anantham Highways Invit which has now been successfully listed. We view Anantham not as a one time monetization event but as a long term annuity platform providing predictable distributions and treasury like cash inflows with retained unit value while also simultaneously enabling time bound deleveraging at the consolidated level.
At the parent now coming to our mining business which remains central to DBA’s long term performance and transformation, our coal MDA operations continue to scale up steadily and are progressing broadly in line with our internal plans. At the Crmal mine production during quarter three stood at approximately 7.01 million tonnes taking the cumulative nine month production to about 15 million tons and for the full year we expect production of around 23 million tonnes. At the Pachwada coal mine production during the quarter was 1.74 million tons with FY26 total production expected to be around 6 to 6 and a half million tonnes.
On a consolidated basis, DBL expects coal production of approximately 30 million tonnes in FY26. Over the medium term we remain on track to achieve coal production of around 57 million tonnes by FY29 which would represent approximately 8 to 9% of India’s total coal output with long tenure contracts, high operating margins, limited investment risk and majority of capex. Already Deployed mining is increasingly emerging as a central EBITDA and cash flow engine for the company. Now let me touch upon a question that we get asked very frequently about the debt levels on the balance sheet. While the debt levels may appear elevated in the near term, this is largely a temporary phenomenon driven by lower execution and is expected to rationalize as execution picks up and asset monetization and cash flows scale up.
Now, compared to peak levels, DBL has already achieved meaningful debt reduction at both standalone and consolidated levels in line with the milestones outlined under Dbuild 2.0. To give some perspective, debt which stood at 3500 crores in FY21 had reduced significantly 1500 crores in FY25. This is why we were building so many assets. Even though currently net debt stands at around 2,100 crores and we expect this to remain around this level only by the end of the financial year. One thing to note is that had DBL not retained its assets in the INVIT units, we would have significantly reduced again these 2,100 crores of debt.
Right now we have almost 1400 crores of Invit units in Anantham highways and about 200 crores of units in Srem Invit which means 1600 crores of Invit units that we have presently. Against this 2100 crores of debt that we could have had we not engaged in this strategic shift where we wanted to own our assets, we would have reduced our debt. Let me also add one more important aspect here. The remaining 11 assets which are to go into the shrem into the Anantham highway in which we have only about 200 to 250 crores of investment left to be made in them.
But the units that we will get against it is about 2000 crores which means still a net inflow of 17 to 1800 crores. So if I total these Invit units, the 1600 crores today plus the 17 to 1800 crores that are still to come against the debt of 2,100 crores, we are already beyond the range and we would have been debt free. Now our plans of reducing this debt has largely been hampered because of the lower ordering activity by the national government in the last two years and this is a problem that the overall industry has faced.
Our order book for the last two years was the lowest that it had been in almost seven to eight years because of which our execution capabilities and what we had prepared for in terms of full deployment could also not be fully utilized and hence the revenue reduced and proportionately we were not able to reduce debt going forward as we are able to maximize on our operating leverage. We expect in the next year we will reduce debt of about 700 to 800 crores. Now this is remarkable for a company while which has held these while which has built these assets and also continued on their journey of debt reduction.
Our goal remains to be net debt free and we are targeting FY28 but we will give more color on that as the year progress and other execution goes on. Over the medium term. Our objective remains to transform DBL into a diversified multi asset infrastructure platform where a significant majority of our profitability will be driven by long duration acid backed business such as mining ham assets inwards and the selectively incubated renewable platforms plus transmission assets plus water ham assets. Now this transition like I said is aimed at delivering predictable cash flows, improving ROIs versus historical levels and reducing the cyclicality that is in our business.
With that I now hand over the call to CFO Mr. Sanjay Bansal who will take you through the financial performance for the quarter.
Sanjay Kumar Bansal — Chief Financial Officer
Thank you Rohanji. Good evening everyone. I welcome all our stakeholders to our earning call. Let me present key highlights and 9 month results of 9 months ended 31st December 2025. During 9 month period ended 31st December 2025 the company added 10 projects worth 17,565 crore and completed 4 projects aggregating to 2,744 crore. Now let me update on the business to finance financial performance on standalone basis. Nine months YoY the revenue decreased by 23.09% to Rupees 5,145 crore from 6,690 crore in the similar period last year the bit decreased by 22.91% to rupees 535 crore from rupees 694 crore.
The profit after tax increased by 193.56% to Rs. 775 crore from rupees 264 crore. The increase in profit after tax is mainly because of the exceptional gain received by the company from flipping off seven assets to anantham in vit on console basis the revenue for first nine months decreased by 18.69% to rupees 6684 crore from rupees 8221 crore. The bitta decreased by 7.82 crore 7.82% to rupees 1373 crore from rupees 1490 crore. The profit after tax increased by 126 odd percent to rupees 1275 crore from rupees 563 crore. And this is mainly because of the exceptional item from the divestment to invitation.
Now we can open the floor for the questions and answers. Thank you.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vignesh Iyer with Sequent investments. Please go ahead.
Vignesh Iyer
Hello sir. Thank you for the opportunity. So my first question, you know, is more on the execution side of it. So I see our order book at the end of this quarter is around 29, 300 crores which is like probably the highest since FY22 and after, you know, a lot of quarters where the order inflow was not there. So with these issues of order sorted, order book sorted now more or less, how do you see the execution, you know, going forward like maybe in FY27 majorly on the, you know, revenue growth if you could give some idea on that.
Rohan Suryavanshi
Thank you for your question, sir. So you’re very right. This order book is actually the highest in the country in the company’s history. And it is also the most diversified that we have had built till now without relying on any one single sector. So that is also a very important bit of this order book. This order book obviously gives us tremendous optimism for next year because all these projects will be coming online and in execution. So I’m happy to say that at least we are expecting around 10,000 crores of revenue in next financial year given the healthy order book that we have.
Obviously in this financial year the numbers have been muted. But there will be a significant jump from this financial year to next financial year in terms of almost, I would say from wherever we will close to 30% plus to 30 to 40% growth from this year’s number to next year’s financial performance.
Vignesh Iyer
So sir, if I understand it right, usually our quarter four is the strongest quarter when it comes to execution. I mean, would this quarter four, you know, see some growth or maybe at the same levels to that of last last year, same quarter? Or would we see the explorated execution of order book only from next year.
Rohan Suryavanshi
Not in this quarter because the order book that we have won right now. See whenever you win an order it takes at least six months for revenue to start flowing from them in EPC and for HAM projects and people projects it’s usually a little longer than that. So hence this quarter four will be in line with the overall numbers that we have set and we think expect to close our year end about 7,000 to 7,500 crores in between. But like I said, the next year will be a big jump given the order book that we have in hand and given the diversification of the order book that we have.
It’s also important to note that while we diversify and with this huge order book, we also have laid the foundation for that multi asset approach. Ownership of assets over long term. You know we have gone into renewable assets, we have gone into water ham assets, we have also gone into transmission assets. So currently if you look at our business, the three pillars to it is one is mining. The second will be this, the Invit, Anantham Highways. What will add to Anantham Invit and others are all these other assets that I mentioned, the renewable transmission and the water assets along that we have the EPC machine of DBL which will continue to build all these assets and.
In. A profitable manner and on time. So this strategy gives the EPC business also visibility. Plus it also helps us build our long term assets where just like what you have done for Anantham Highways, we will be going with partnerships over these other asset classes as well and look at partners where we can build long term platforms.
Vignesh Iyer
Okay. Okay sir. And on debt, debt part of the business, on the standalone debt. So we have ended this quarter almost on par with what it was in September. So are we on a track to reach 1500 crores net debt by end of the this financial year as guided in the last quarter?
Rohan Suryavanshi
No sir. Like I said in my opening remarks, we are expecting debt levels to remain this around this level only where it is currently given the muted execution that has happened. When we had originally started the year we were expecting eight and a half thousand crores of revenue. But that has obviously reduced greatly and which has impacted our operating leverage and hence which has impacted profitability and the ability to reduce debt. But like I said, next year we are looking to reduce debt of 700 to 800 crores. We will reduce it from the levels that will close this financial year at.
So that remains on track. But like I also pointed out earlier, if you look at the assets that DBL already has, typically EPC companies Sell out whatever PPP projects that they do. If you look at my peer groups as well and hence that balance sheet remains lighter in our case this time we decided to hold those assets. So if you look at the assets that we are already holding in terms of completed there is 1400 crores of units of Anantham and then there is 200 crores of units of shrimp which means 1600 crores of unit of assets that we have not sold which would have helped us reducing our debt and would have remained from 2100 levels.
It would have remained around 4, 500 or 600 crores of levels. So that’s important. Also another thing important. Even in our coal SPV we are having currently fixed deposits and about 400 or 2 plus crores currently. So there is that also which is on my coal SPB books. So there is significant on. I think that number is around 490 crores as the end, as the quarter ended. So almost 500 crores of of fixed deposits standing on my coal SPVs. So when you look at the company in whole there is a lot of cash flows that is there.
And while our earlier endeavor has not materialized as we envisaged because of the low ordering in the last two years, like I said, but with the great order book that we have today, we are expecting that the debt reduction would happen in that over the next year. And we will also by next year also have in total by the end of next year we will have in total almost 3500 crores of Invit units. So with a reduced debt level and an invit units of about 3,500 crores that we will have that the company, when you will look at that, we will still be Almost I would say 2000 crore plus of cash surplus.
Vignesh Iyer
Okay. Okay. So there’s one last question from my side. I’ve been looking at your working capital days, right? For last four quarters there has been consistent increase in inventory days from 75 to now 132 in almost 4 to 5 quarters. Whereas our regular level of inventory days. Have always been around 65 to 80 85. Is there any specific reason for such an increase in inventory days?
Rohan Suryavanshi
So vignesh the inventory. If you can see the balance sheet, the inventory has not increased from 31 March 2025. It remained almost same or even lesser than 31 March 2025. However, you can see the revenue of the company reduced significantly. So basically the denominator reduced per day, sales reduced. Okay, so that is why the increase in the number of days in the craters in the debtors and the inventory. So once as Rohanji said, because we have a great order book now. So going forward the execution will increase and the company will basically achieve the numbers what we were plugging in past.
So then the working capital days will again basically be the like we had in past. So it will not increase from here. It will basically decrease basis our higher execution in coming quarters.
Vignesh Iyer
Okay sir. Got it sir. Thank you. That’s all from my side.
Rohan Suryavanshi
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on your touchstone telephone. The next question comes from the line of Shravan Shah with Daulat Capital. Please go ahead.
Shravan Shah
Hi. Thank you. First of all congratulation on historic order win 17,500 crore plus this year. So congratulations on that front.
Rohan Suryavanshi
Thank you Shivanji. Thank you.
Shravan Shah
Yeah sir. So you have already said this year you are looking at 7,000, 7,500 revenue. Next year 10,000 crore which is 30, 40% growth. So on the margin front. So till now 10.4%. So in the fourth quarter I hope would be the similar. But from FY27 how one can look at the margin there.
Rohan Suryavanshi
Shaminji. The margins for this quarter quarter four will remain in line with what has been done for this year. Next year we are expecting increase in EBITDA level and we’re expecting that to be in the range of 12 to 13%. So that is what we are. So 12% plus we will be targeting and let’s see how the execution progresses.
Shravan Shah
Okay. And how much that we have already bidded and where bid is yet to open.
Rohan Suryavanshi
There’s already about 15,000 crores of orders that we have bidded which are expected to open. And about 70,000 crores is the pipeline of NHI that I’m sure you must be very well aware of. How much of that will materialize? We don’t know.
Shravan Shah
Yeah. So that what to ask. So that this is there. Who knows that answer? I want to find that person.
Rohan Suryavanshi
Chairman, Secretary. More than the Hon. Minister would be a better place to answer that.
Shravan Shah
Yeah. So. So we can. We can. And this. This 15,000 crore that we have bidded. Any, any specific from the nhs that.
Rohan Suryavanshi
Yeah, most of these are nhi, Shravanji.
Shravan Shah
Okay. Okay. So maybe we can further more orders by end of March. So any. Any idea maybe 4,5000 crore more that one can look at.
Rohan Suryavanshi
Chavanji. Honestly that will depend on how the bidding is and how aggressive other players are at. Because we have always maintained that we want to be working on our own margins and which is why we diversified across all these sectors so that our margins don’t take a hit and we can make use of our, you know, all our equipment and the capex that we had done over the past years. Which is why also when you look at the current order book, it’s also the most diversified. So we are not relying on one sector. We would like to have orders in the road sector but at our margins.
So hopefully we have seen some rationalization that has started to happen in future. I hope more rationalization will happen in the road sector and we remain optimistic with that. The government also taking accountability of some of its strategic sort of initiatives which have not really worked out well for them.
Shravan Shah
Yeah, no, no. So I was trying to understand across all the sectors broadly how one can look at more extra orders by March. Kind of a 3, 4, 5,000 crores is. That’s the one can, can, can look at easily can be, can be won.
Rohan Suryavanshi
Shivanji. There are some more orders, you know, but the problem is we are tracking other sectors and looking to bid out. But typically what happens is a lot of times the dates for, you know, the last date of filling is usually postponed and even after, once it’s done, the dates of opening of tenders and a lot of cases are postponed. So because of that it is extremely difficult for us to be able to comment with certainty of how much will actually translate in the next 45 days. We can only say we are looking and we are.
There are some more about 3 to 5,000 crores of project that we are looking at. But the dates to be very certain and to give you that whether it will all close by 31st March is really beyond the scope of what we will be able to tell you.
Shravan Shah
Got it. But in next year then we slow it down in terms of inflow or given the overall awarding is muted at an industry level for next year also similar 15,20,000 crore. That’s the way we are. We are now looking at.
Rohan Suryavanshi
See. So first if I talk about the larger industry, Shivanji, I think the order inflow for the next year should be better because I think in the last couple of years we have seen muted orders from the government, especially notes. So that’s why I think that order inflow should happen for us. We are targeting about 10 to 15,000 crores of orders selectable basis. Now how much translates and what kind of orders we get at. What margins will also kind of depend if we like if we find something which is opportunistic and a good add to our portfolio.
We might end up taking that but our target will obviously be around 10 to 15,000 crores of new order inflow next year too.
Shravan Shah
Okay. And there also we are open for even bot tolls also.
Rohan Suryavanshi
Yes, we already have a partner for the road sector so we already have a platform. We already have a partner with Alpha where they’ve raised 5,000 crores to invest in greenfield or brownfield projects. So that kitty remains open to us where we can go along and bid for our bot projects as well. So there is nothing that stops us from doing that. And even for other sectors like I mentioned, we will be building those partnerships as well as time goes on and in the few quarters we’ll update you how that progress looks. So our idea is very determined that we want to set up platforms with high quality partners which provides long term sustainable, predictable cash flows for the company while in the short term providing EPC opportunity for the company.
Shravan Shah
Okay, got it, got it. So even now the order inflow is higher. So in terms of CapEx we will be increasing the CapEx for next year. So maybe in the fourth quarter, how much more till now in terms of, if I look at net level it is kind of a flat. Nothing is done in terms of the new and the sale of assets. So for the fourth quarter and maybe next year given the order info is there. So are there any specific orders where we need to go for new equipments?
Rohan Suryavanshi
Firstly in the quarter four we are not expecting any CapEx. So let’s first part of your question. For the next year also there might be replacement capex but that will also all be in that hundred crore and lower range. That is what we are targeting. So see our idea is not to get into sectors where we have to take some specialized equipment. Like I don’t, we won’t, we don’t envisage going into a let’s say tunnel boring machine where that will be used. We, whatever we have, we’re going to be doing using those assets to do whatever new sectors that we also want to continue to focus and forage into.
So that’s the idea. So even next year you can be remain assured that CapEx will be that that fiscal discipline that we had mentioned when we announced our 2.0 which has remained in line, we have not done. Our CapEx has broadly been in that hundred crores kind of range over the last two, three years and that’s how it will remain. That’s the idea of the company with the short Term sir.
Shravan Shah
Yeah. And these are 1400 crore units of Anantham and 200 crore same. And further once we transfer the balance to the so another 2000 crore that we will be getting by in FY27. So just wanted to understand. So we will continue to hold and we only keep on getting the whatever the dividend distribution or there are plans to even encase this.
Rohan Suryavanshi
Now our strategy is to hold those assets. The distribution that we will get from there, you know, once all that materializes, whether it’s our internal debt reduction or to invest in further new projects. That will be the idea to grow that invit platform. The idea is very clear. We will not be looking to monetize that on a short term basis. It’s the whole idea of setting up that platform with the financial investor was to think of how can we grow that invit platform into one of the larger ones in India. That was. That is the goal for us as a company.
Because not only will be that the pure pure play EPC opportunity that we will do but also the long term maintenance operations and maintenance revenue that the company that will be like an annuity, like revenue for the company whether it is for our own assets or the other assets that we add on the invit. So that is also something for our aging equipment bank. We will want to do that.
Rohan Suryavanshi
Got it. And in terms of mdo, any thoughts or are we thinking in terms of kind of a value unlocking through listing or anything at least in next one or two years.
Rohan Suryavanshi
So MD Opportunity also is performing well for us. We’ve also added another bauxite mine to our mining operations. So we are widening the scope of from just pure play coal, we are widening it to other segments of mining as well. And whatever MD Opportunity comes, we are looking at all of them in an opportunistic manner. As for listing and all that, those are conversations for a later time as we decide whether you know and what our shareholders also kind of suggest around it. If there is more value to be created into demerging and having it off into a different platform where different risk with different reward profile with different set of investors.
We will take that call with completely with our shareholders sort of in line in approval.
Shravan Shah
Yeah, yeah. Last two questions. CFO said this year a quarter of the exceptional gain of 5577 odd crore. So how much will be the tax in the PNL that against for this 577.
Sanjay Kumar Bansal
So basically the financials are made basis the old tax design. The total tax for nine months is taken at 113 crore. First of all let me tell you for the met calculations the gains on account of flipping asset to invit and getting units that is exempted under section 44717 of the Income Tax Act. So there is no income tax on the gains. The income tax will be basis other other business and other profits other than this capital gain.
Shravan Shah
So okay, so so broadly the whatever the exceptional gain is is there that is directly shifted to the pet.
Sanjay Kumar Bansal
Yes, exactly.
Shravan Shah
Okay. Okay. And in terms of in the third quarter the out of income how much is is from the distribution from the invades and others the 63 crore that other income that we have out of that how much is from the inmates.
Sanjay Kumar Bansal
So let me tell you Shivanji. The units of shrimp in width units were held at DBL and DIAPL level. DBL units we have exhausted up to quarter two. So quarter three in DBL there was no units outstanding of SRIM Invit. The 207 crore units are in DIAPL which is 100% subsidiary. So there we received the distribution in quarter three. But in quarter three DBL there is 63 crore other income out of the total other income six and a half crore is basically FDR interest on FDR around 14 crore. 1415 crore is from the profit on sale of assets and the 42 crore on the leasing income from the SPVs.
Shravan Shah
Okay. Okay, got it. And. And the PPT this structure equity, the equity divestment record the slide 29. So can you, can you explain what this is? Structure equity from acquirer for transmission and for solar.
Sanjay Kumar Bansal
So basically Shivanji, the the solar and transmission projects are very large. The equity requirement for a Solar project is 2,012 crore. So out of that basically we propose to basically raise. So basically while bidding we made bidding basis we will put a marginal equity in the project and balance equity. We will basically raise as a mezz debt at the solar Holdco level. We have created a solar holdco below.
DVL which holds the solar assets. And we will raise the MES debt there to fund the part equity. And basically the MES debt will be paid out of the forward sale of the equity on completion as per the concession agreement. Similarly for the transmission also we envisage to raise the MEZ debt. So basically while bidding this phenomena was fixed within the management. We will not put 100% equity in those projects.
Shravan Shah
Okay, so from our DBL standalone per se if I have to look at this solar and transmission so put together would be a closer to a 1700 crore. So how much we will be putting equity from our side.
Sanjay Kumar Bansal
So around around 200 crore equity will be put in by DBL in both the projects and balance will be raised at the Holdco level as measured it.
Shravan Shah
200 crore both put together or each.
Rohan Suryavanshi
Yes, 2 to 300 crores that will be put for our side for both. This platform that we’re talking about, whether it’s solar or transmission and the other like Sanjay sir explained, it will be structured equity with an acquirer plus some part of structured debt to it which once we complete with the same strategy like what we have done earlier with cppib, once we took that and once the projects were completed there was a, there was a bigger upside that we could do once you flipped it into pure equity. So rather than giving complete equity returns to someone, keeping part of it for ourselves for a long term and flipping it once the assets mature and achieve cod.
operator
Mr. I would request you to please come back in the queue. Yeah, thank you. The next question comes from the line of Sanjay Parikh with SOM Asset Managers. Please go ahead.
Sanjay Parekh
Yeah, no congratulations on great order book and you know doing the heavy lifting and more so focusing on profitable orders. That is really appreciated and phenomenal work done in coal MDO and the units in which side. My question only one thing is for you know is that you know while we are in a growth phase and deleveraging is yet to happen but at a point, you know, you will appreciate that you know the stock has remained the same for last one and a half year. So at a point and it could be six, nine months away or 12 months away, we are not for short term.
Can you just consider something which you know unlocks the value and reflects in the price. It could be you know, a split of the coal MDO now because I mean the buyback rules also have been very liberal now but I don’t know whether that’s feasible given our current debt levels. But at a point if there is a, you know, there’s an alternative between getting into a growth asset or doing a short buyback of 400 crores, I’m not talking of a big thing, even that can be considered and I’m not saying today, but maybe at a point if the stock price don’t reflect the current value, that’s the suggestion I have.
Rohan Suryavanshi
Sanjay sir, your suggestion is very well taken and the company is thinking around a bunch of interesting ideas. Obviously like I said as a shareholder of a company we’ll obviously come and also discuss the various options and opportunities that can be done the hiving of let’s say a coal business or demerging of that business is part of it is also regulatory where the contract that we wanted, how their language is also structured and what we may want to do at certain point of time. So rest assured that the monetization is something that we have as an agenda.
The timing of which as will can only be discussed in the coming future. And we will, we will have that conversation too.
Sanjay Parekh
Thank you. Thank you very much and best of luck.
Chaitanya Sathe
Thank you. Thank you sir.
operator
Thank you. The next question comes from the line of Darshika with AV Fincorp. Please go ahead.
Darshika Khemka
Hello. Thank you for the opportunity. My question was mainly on the line of the timeline of the transfer of assets to Ananta minute I think which was answered asked by the previous participant. Would you be able to give us more idea on the fact that nine projects were supposed to be transferred to Anantham initially and but only seven were transferred. What led to this delay? Could you just highlight on that?
Rohan Suryavanshi
So basically we had idea to transfer nine assets, eight assets of and one asset of Alpha bought from outside. But the NHI approval could not receive one project of ours and one project of Alpha they bought from market. So we could flip only seven assets. So the one asset left from the first eight and the 10 subsequent assets will basically transfer this quarter, this year, the coming financial year. So quarter one we are expecting three assets of DBL will be flipped to INVIT and balance assets in quarter four.
Darshika Khemka
All right. So I’m sorry, can you just repeat the last part? Three assets of DBI will get transferred. In Q4
Rohan Suryavanshi
Q1 of 27.
Darshika Khemka
All right.
Rohan Suryavanshi
And data sets of Q4 of 27. So FY27 all 11 assets will be flipped to Invit.
Darshika Khemka
Perfect, perfect. All right.
Rohan Suryavanshi
Thank you.
Darshika Khemka
That’s it from me thank you.
operator
Thank you. The next question comes from the line of Bhavan Modi with Anandrati. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity. Just wanted to understand, you know that our, at the standard level our debt has increased. Right? But you know we, we would have also you know taken a good amount of, you know, mobilization advance saying, you know, that we had a, you know, good inflow this in the last two quarters. So just wanted to understand the position, you know, like you know, how much mobilization advance did we take and you know, why the debt has not reduced?
Rohan Suryavanshi
Bhavanji, why the debt has not reduced? I had explained in quite detail on the, in the opening remarks and also in the earlier questions. So I think that the repetition of that again would be probably not the best use of your time to explain but we will, we will take that separately and you can read through that. Now coming to mobilization advanced there has been no mobilization advance that has come from the projects because so there is no mobilization advance that has been received from any of the projects that we won. So we are working on that.
The larger point is the debt could not be reduced as we had anticipated because of the lower execution from you know, because you know our model is a fixed asset model. If we are unable to do that, there always be challenges in the direction that we want to do. But like I mentioned, for the next year, given there is a clear order book that we have in hand, we anticipate that we will be able to meet the certain guidances that we are giving you guys all.
Unidentified Participant
Okay, the second thing is you mentioned about the capex, right? There won’t be any heavy capex at the standalone level. Maybe there will be a replacement capex but you know, when we come at the SPV levels for example, you know, crmal or maybe you know now the Potangi and the, you know, the solar business. So what is the you know, capex, you know, estimated you know, at the SPV levels.
Rohan Suryavanshi
Sir, for both the SPVs that you are talking about? First CRMAL, there’s already, it’s financially closed and the capex is being done at the SPV level where we mentioned that there’s already 500 crores of FD that is also lying there. We had invested about three hundred and fifty crores of equity against that investment. There is already 500 crores cash lying in that account right now. And we still have to draw down the debt for more equipment and also for the coal handling plant which will be drawn in the subsequent two years. That plan has also been widely socialized and explained to the market.
Now in the bauxite mine again the capex will be done on the SPV level and that’s not a large capex. That will be about 150 crores of capex that we are anticipating again at that spiral which will be serving. So on the DBL parent level we don’t expect capex to be done like I had iterated, it’s about hundred crores of capex at DBL parent level. So like that now talking about solar and all, there’s no equipment capex that we need to do the solar wave whatever will be that the project building cost that will again come on the SPV level.
That has nothing to do with dbl. All the equipment and all for building a solar this thing with whether it’s excavator that might be needed for ground leveling and all those are very basic which we already have in hand. So I don’t anticipate any specific capex for solar business or transmission business.
Unidentified Participant
Okay, got it. And like you know, what will be, you know, the margins, you know, expected margins, you know, for the Potangi, you know, do we have any estimations? Hello.
Rohan Suryavanshi
Hi. Yes sir. So sir, on the epc. So that Patangi mine has two parts to it. There is an EPC bit to it like we’ve explained last time as well, about 1700 crores about EPC and the rest is about 150 crores of revenue that we will get every year for the next 22 years or so. So for the EPC, like I said, it will be in line with what we are doing.
Unidentified Participant
I’m asking about the FPV level, you know, if you can give me.
Rohan Suryavanshi
We’re expecting mid teens of EBITDA levels at the FPV level also there.
Unidentified Participant
Okay. And last thing you know, so this when I see the standard on financials, so obviously you know, there are many exceptional items which are there, you know, had it been a normal routine business, what would have been, you know, our pet, you know, at the adjusted pet. Because I see a lot of adjustments, you know, with respect to the taxation and all. So if I have to only, you know, see only, you know, the APC business pact, then what will that have been? So do you have any calculation in hand or. I will take it separately so we.
Rohan Suryavanshi
Can take the calculation separately. We can discuss separately.
Unidentified Participant
Sure. That’s it for my side.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments.
Rohan Suryavanshi
On behalf of the old DBL family, I thank all the participants who came and joined us today and asked all the questions that they did. In case we were not able to answer any of your questions, please feel free to reach out to us on a one on one basis and we’ll be able to answer the idea. And the goal of the call was to give you the strategic direction with which the company is kind of functioning. Our commitment to whether it’s debt level deduction or widening our asset platform approach, those remain in line and that’s how the company is kind of looking to grow going forward as well.
So thank you very much and I look forward to you guys on our next conference call and hope all of you have a great end to this. Financial year.
operator
Thank you on behalf of Dilip Buildcon limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.