Dilip Buildcon climbs nearly 5% following joint venture’s fresh project win in Gurugram

Shares of Dilip Buildcon gained nearly 4.5% on Monday, closing at ₹498.55 on the BSE compared to the previous close of ₹477.10. The rise came after the company announced a major order win through its joint venture with RBL Bank.

Shares of Dilip Buildcon closed 2.47% higher at ₹491 apiece on the NSE. The company’s market capitalisation stands at ₹7,976 crore.

The joint venture has received a Letter of Acceptance for a project worth ₹1,503.63 crore, which involves the construction of the Gurugram Metro Corridor. The announcement contributed to the upward movement in the company’s stock.

The Gurugram Metro Corridor project will include the construction of a viaduct and 14 elevated stations, stretching from Millennium City Centre to Sector 9 in Gurugram. It also covers a 1.85 km spur to the Dwarka Expressway, a ramp leading to the depot at Sector 33, and an underpass at Bhaktawar Chowk. However, the scope excludes prefabricated steel structures and architectural finishing works along the corridor between Millennium City Centre and Cyber City (26.65 km) and the spur from Basai Village to the Dwarka Expressway (1.85 km). In total, the project will consist of 27 stations and is expected to be completed within 30 months, according to the company.

Dilip Buildcon reported a consolidated net profit of ₹271 crore, a 93.6% increase over the same period last year. The rise was attributed to stronger margins and an exceptional gain of ₹169.3 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 8.7% year-on-year to ₹520 crore. The EBITDA margin improved to 19.8% from 15.2% a year earlier.

Revenue for the quarter, however, dropped 16.4% to ₹2,620 crore, reflecting the broader weakness in engineering, procurement, and construction (EPC) ordering activity.

The company said it executed major projects during the quarter, including a ₹925 crore section of the Bangalore-Chennai Expressway in Andhra Pradesh and a ₹680 crore stretch of the Raipur-Visakhapatnam Economic Corridor in Chhattisgarh.

As of June 30, 2025, the order book stood at ₹13,695 crore. Roads and highways comprised 17.8% of the total, while mining accounted for the largest share at 28.9%. Separately, the board approved fundraising through the issuance of non-convertible debentures and commercial papers worth up to ₹1,000 crore each via private placement.

MD & CEO Devendra Jain noted that while headwinds in the EPC segment persist, the company’s coal mining and road projects under the Hybrid Annuity Model (HAM) helped offset the softness.

“We remain optimistic about winning a decent quantum of orders in the coming quarters. Post that, all three of our growth engines will be on accelerated mode,” he said.