DBL order book reaches Rs 33,081 crore after FY25 decline

As of 30 September 2026, DBL’s order book stood at Rs 33,081 crore, more than double the Rs 14,923 crore reported in FY25, with irrigation contributing the largest 20.0% share. Roads and highways accounted for 15.6% of the pipeline, below irrigation and mining, showing the changed composition of DBL’s orders.

How much has DBL’s order book recovered since FY25?

DBL’s order book rose by Rs 18,158 crore from Rs 14,923 crore in FY25 to Rs 33,081 crore in Q2FY27. The recovery followed a decline from Rs 25,395 crore in FY23 to Rs 17,432 crore in FY24 and then Rs 14,923 crore in FY25, before the order book increased to Rs 28,830 crore in FY26.

DBL added Rs 5,390 crore during Q2FY27, with the order book increasing from Rs 27,691 crore in Q1FY27 to Rs 33,081 crore in Q2FY27. The Q2FY27 total is the same amount the presentation reports as at 30 September 2026, linking the quarterly movement to the disclosed asset mix.

Which businesses make up DBL’s Rs 33,081 crore order book?

Irrigation was DBL’s largest disclosed order-book category at Rs 6,611 crore, or 20.0% of the Rs 33,081 crore total as at 30 September 2026. Mining followed at Rs 5,581 crore, or 16.9%, while roads and highways were valued at Rs 5,172 crore, or 15.6%, and renewable energy was Rs 5,033 crore, or 15.2%.

Power transmission accounted for Rs 3,905 crore, or 11.8%, making it the fifth-largest category. The five largest categories represented 79.5% of the disclosed order book, based on the percentages in the presentation, while petroleum and gas, tunnels, special bridges and urban developments, metro and railways, optical fiber, and water supply made up the remainder.

How far has DBL moved away from its road-heavy order book?

DBL’s disclosed road share declined from 77% in FY19 to 21% in FY25, a reduction of 56 percentage points across six financial years. Over the same period, the historical chart shows mining at 14% in FY19 and irrigation emerging at 24% in FY25, as DBL moved beyond a road engineering, procurement and construction-focused order book.

The 30 September 2026 asset allocation lists roads and highways at 15.6%, below irrigation at 20.0% and mining at 16.9%. Roads were only 0.4 percentage points above renewable energy at 15.2%, unlike FY19, when the 77% road share was substantially higher than mining’s 14% share.

The historical chart also shows irrigation at 20% in FY26 and 17% in H1FY27, after its 24% share in FY25. Renewable energy was shown at 19% in FY26 and 16% in H1FY27, while the September 2026 table identifies power transmission as an 11.8% category alongside the other segments.

How are DBL’s mining orders counted in the current order book?

DBL says its mining mining development and operation, or MDO, arrangements have long-term order books extending for 25 to 55 years, but only three years of rolling orders have been added to the Rs 33,081 crore total. These included mining orders totalled Rs 3,998 crore from three entities: Rs 2,247 crore from DBL Sirmal Coal Mines Private Limited, Rs 1,200 crore from Pachhwara Coal Mine Private Limited, and Rs 551 crore from DBL Pottangi Bauxite Mines Private Limited.

The mining category is reported at Rs 5,581 crore, or 16.9% of the order book, while the footnote identifies Rs 3,998 crore of three-year rolling MDO orders. The presentation does not reconcile the Rs 1,583 crore difference between the category value and the specifically identified three-year amount.

DBL’s MDO segment reported revenue of Rs 795 crore in H1FY27, compared with Rs 709 crore in H1FY26. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 197 crore from Rs 176 crore, while the EBITDA margin remained 25% in both half-years.

What renewable projects and asset plans has DBL disclosed?

DBL has disclosed renewable-energy projects of about 2.1 gigawatts, comprising a 100-megawatt project in Mandsaur district and a 1,977-megawatt direct-current project across 163 locations in 16 districts of Madhya Pradesh. The 100-megawatt project received its letter of award in October 2025 and has a 24-month construction period, while the larger project received its letter of award in December 2025 and has a 17-month construction period from its power purchase agreement.

DBL identifies roads, transmission, renewable energy, and oil and gas as upcoming assets for its infrastructure investment trust platforms. Its engineering, procurement and construction model also includes hybrid annuity model assets, for which the presentation describes about 15 years of annuity-based operations and maintenance after completion.

Conclusion

DBL’s Rs 33,081 crore order book at 30 September 2026 represented a Rs 18,158 crore recovery from FY25 and a different mix from the 77% road concentration reported in FY19. Irrigation, mining, renewable energy, and power transmission together accounted for 63.9% of the disclosed pipeline, compared with roads and highways at 15.6%.

The next developments to watch are the 17-month and 24-month construction schedules for the two disclosed renewable projects and DBL’s stated upcoming assets in roads, transmission, renewable energy, and oil and gas. The treatment of mining MDO orders also remains relevant because DBL includes three years of rolling orders despite underlying arrangements extending for 25 to 55 years.