Dilip Buildcon Limited (NSE: DBL, BSE: 540047) reported its financial results for the quarter and nine months ended Dec. 31, 2025, posting strong headline profitability in the quarter supported by a one-time gain, while its consolidated order book reached an all-time high, according to the company’s media release and results outcome.
Q3 FY26 consolidated performance
Revenue from operations for the quarter stood at ₹2,138 crore. EBITDA was ₹382 crore, with an EBITDA margin of 17.87%. Profit after tax rose to ₹789 crore, largely supported by a one-time gain of ₹585 crore recorded during the quarter. Excluding the one-off item, underlying profitability was lower, reflecting normal execution margins across EPC and asset monetisation activities.
On a standalone basis, revenue from operations was ₹1,718 crore, EBITDA was ₹179 crore with a 10.42% margin, and profit after tax stood at ₹611 crore for Q3 FY26.
Nine-month FY26 performance
For the nine months ended Dec. 31, 2025, DBL reported consolidated revenue from operations of ₹6,684 crore, compared with ₹8,221 crore in the year-ago period. EBITDA for 9M FY26 was ₹1,373 crore, with a margin of 20.54%. Profit after tax stood at ₹1,275 crore for the nine-month period.
On a standalone basis, 9M FY26 revenue from operations was ₹5,145 crore, EBITDA was ₹535 crore with a 10.40% margin, and profit after tax was ₹775 crore.
Record order book and diversification
As of Dec. 31, 2025, DBL’s consolidated order book stood at about ₹29,372 crore, the highest level in the company’s history. The order book is diversified across roads and highways, irrigation, metro rail, water supply, tunnels, mining and other infrastructure segments, providing revenue visibility for upcoming quarters. Management said tendering activity improved following the conclusion of elections, supporting order inflows beyond initial FY26 guidance.
Asset monetisation and InvIT platform
During the quarter, DBL announced the listing of Anantam Highways InvIT on both the NSE and BSE. The InvIT is backed by DBL and Alpha Alternatives, with DBL contributing assets and retaining a majority stake. The platform is intended to enable capital recycling, support balance-sheet optimisation and create long-duration, asset-backed cash flows.
Balance sheet and capital discipline
Management highlighted a sustained focus on deleveraging, with net debt significantly lower than earlier peaks. Annual capex has been maintained at around ₹100 crore, reflecting a maintenance-led investment approach. The company also reported reductions in employee strength as part of a broader efficiency drive aimed at improving free cash flow generation and return metrics.
Outlook
The company said it will continue to prioritise margin-accretive EPC projects, scale asset-led platforms across HAM, InvITs, renewables and mining, and maintain strict bidding discipline. The diversified order book and improving award environment are expected to support stable execution in the coming quarters.
Summary
Dilip Buildcon posted strong reported profit in Q3 FY26, aided by a one-time gain, while operational performance remained supported by execution across multiple infrastructure segments. The company’s record order book of ₹29,372 crore provides visibility, and the listing of Anantam Highways InvIT marks a step toward asset monetisation and capital recycling as DBL continues to rebalance its business toward asset-backed, long-duration cash flows.