Dilip Buildcon shares in focus after JV wins Rs 1,500 crore Gurugram Metro Rail contract
will be in focus on Monday, August 4, after the company announced that its joint venture (JV) with
RBL Bank
has emerged as the lowest (L1) bidder for a Rs 1,504 crore railway construction project awarded by Gurugram Metro Rail.
The contract involves building a viaduct and 14 elevated stations from Millennium City Centre to Sector 9 and Dwarka Expressway (1.85 km), including a ramp to the depot at Sector 33. The JV will also construct an underpass at Bhaktawar Chowk, excluding PEB and architectural finishing works for the Gurugram Metro Corridor between Millennium City Centre and Cyber City (26.65 km).
Additionally, the project includes constructing a spur from Basai village to Dwarka Expressway (1.85 km) with permeable structures and a total of 27 stations. The entire project is to be completed within 30 months.
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Q1 earnings snapshot
On July 29, Dilip Buildcon reported a 94% year-on-year jump in consolidated net profit to Rs 271 crore for Q1FY26, aided by improved margins and an exceptional gain of Rs 170 crore. EBITDA rose 9% to Rs 520 crore, with margins expanding to 20% from 15% a year ago.
However, revenue declined 16% YoY to Rs 2,620 crore, reflecting a slowdown in EPC (engineering, procurement, and construction) order inflows.
As of June 30, 2025, the company's order book stood at Rs 13,695 crore. Mining contributed the largest share at 28.9%, followed by roads and highways at 17.8%. Other segments include irrigation, tunnels, water supply, optical fibre, urban development, bridges, and metro projects.
Managing Director and CEO Devendra Jain acknowledged the EPC headwinds but highlighted that coal mining and HAM (Hybrid Annuity Model) road projects have provided support. 'We remain optimistic about securing a healthy quantum of orders in the coming quarters. With that, all three of our growth engines will accelerate,' he said.
Separately, the board has approved raising up to Rs 1,000 crore each through the issuance of non-convertible debentures (NCDs) and commercial papers via private placement.
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Dilip Buildcon stock performance & target price
According to Trendlyne, the average target price for Dilip Buildcon stands at Rs 453, implying a potential downside of about 1% from current levels. Among six analysts covering the stock, the consensus recommendation is 'Sell'.
The stock has declined 11% in the past month and 10% over the last 12 months. However, it has delivered a 43% return over the last two years. Dilip Buildcon's current market capitalisation is around Rs 6,696 crore.
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