DBL wins Rs 7,589 crore projects and completes four HAM roads

Dilip Buildcon Limited won six projects worth Rs 7,589 crore in H1 FY27 and completed four HAM projects with Rs 2,931 crore of EPC cost excluding GST. DBL’s new awards included Rs 4,212 crore of BOT work, while its asset-recycling update covered divested HAM stakes and definitive agreements for transmission and solar assets.

What projects did DBL win in H1 FY27?

DBL won six projects worth Rs 7,589 crore in H1 FY27, comprising three BOT projects worth Rs 4,212 crore, two EPC projects worth Rs 2,792 crore and one HAM project worth Rs 585 crore. BOT was the largest category by value, exceeding the combined EPC and HAM value of Rs 3,377 crore.

The largest single award was the Rs 2,524 crore EPC contract for the Sikasar-to-Kodar Reservoir Link Canal pipeline under Chhattisgarh’s Pairy Project Scheme. The listed scope includes construction, testing, trials, commissioning, and operation and maintenance for five years after construction; the second EPC award was the Rs 268 crore Ged Barrage and allied Sabarmati river-protection package in Gujarat.

DBL’s BOT wins included a Rs 1,558 crore petroleum and petroleum-product pipeline from Paradip, Odisha, to Raipur, Chhattisgarh. The other two BOT projects were Maharashtra transmission systems at Dharashiv, with Rs 1,518 crore of EPC cost excluding GST, and Yavatmal, with Rs 1,136 crore.

The HAM award was a Rs 585 crore contract to construct a four-lane elevated corridor, including approaches, from Old Pune Naka to Boramani Naka on National Highway 65 in Solapur, Maharashtra. The six awards therefore covered Gujarat, Chhattisgarh and Maharashtra, rather than a single state or project type.

Which HAM projects did DBL complete in H1 FY27?

DBL completed four HAM projects in H1 FY27 with aggregate EPC cost excluding GST of Rs 2,931 crore. Three packages were on the Bengaluru-Vijayawada Expressway in Andhra Pradesh, with combined EPC cost of Rs 1,700 crore, while the fourth was the Rs 1,231 crore Karimnagar-Warangal project in Telangana.

The Karimnagar-Warangal project, for the National Highways Authority of India, was the largest of the four completed packages at Rs 1,231 crore. DBL lists its actual or provisional completion date as September 7, 2026, later than the three Bengaluru-Vijayawada packages completed between May 2, 2026, and June 2, 2026.

Bengaluru-Vijayawada Expressway Package 1 had an EPC cost of Rs 453 crore and was completed on May 2, 2026. Package 4 had a cost of Rs 611 crore and a May 4, 2026 completion date, while Package 7 had a cost of Rs 636 crore and was completed on June 2, 2026.

All four projects list the National Highways Authority of India as client and are classified as HAM. The Rs 2,931 crore total is stated as EPC cost excluding GST, rather than a measure of concession receipts, annuity payments or divestment proceeds.

How is DBL progressing with asset divestment?

DBL reported divesting a 26% equity stake in seven HAM projects and a 24.99% equity stake in 11 HAM projects under its Alpha divestment status. The presentation does not provide the buyers, transaction values or completion dates for either of these two stake-divestment groups.

DBL also reported signing definitive agreements to divest 100% equity in the Mehkali Transmission project and 49% equity in 10 solar special-purpose vehicles. The presentation identifies the agreement stage for these transactions but does not state that either sale had closed.

The equity and investment tracker separately shows Rs 345 crore of net divestment proceeds for Mekhkhali after repayment of structured equity, scheduled in FY29. Because the tracker uses the spelling Mekhkhali while the business-highlights page uses Mehkali, DBL does not provide a reconciliation of the two labels in the supplied material.

DBL’s tracker also lists Rs 1,093 crore of solar structured-equity inflows and Rs 1,014 crore of transmission structured-equity inflows. It schedules Rs 743 crore of solar inflows and Rs 347 crore of transmission inflows in 6MFY27, with remaining amounts shown across FY28 and FY29.

What funding commitments and inflows does DBL show?

DBL’s investment tracker shows total group outflows of Rs 6,299 crore, equity investment of Rs 2,426 crore as of September 2026, and Rs 3,638 crore of balance equity to be invested. The planned outflow schedule is Rs 1,031 crore in 6MFY27, Rs 1,297 crore in FY28, Rs 931 crore in FY29 and Rs 378 crore in FY30.

The largest remaining equity requirement is Rs 982 crore for the 1,363.55 megawatt solar portfolio. Other major balances are Rs 645 crore for the LPG pipeline, Rs 491 crore for Dharashiv transmission, Rs 375 crore for Yavatmal transmission and Rs 321 crore for Mekhkal transmission.

Against these requirements, DBL lists total inflows of Rs 3,694 crore: Rs 1,204 crore in 6MFY27, Rs 1,110 crore in FY28, Rs 965 crore in FY29 and Rs 396 crore in FY30. The tracker shows a total surplus of Rs 56 crore, but its annual schedule includes a Rs 186 crore deficit in FY28 before surpluses of Rs 52 crore in FY29 and Rs 17 crore in FY30.

The projected closing balances are Rs 173 crore in 6MFY27, negative Rs 12 crore in FY28, Rs 39 crore in FY29 and Rs 56 crore in FY30. These figures are tracker projections based on listed distributions, structured-equity inflows and planned divestment proceeds, rather than reported cash balances.

Conclusion

DBL added Rs 7,589 crore of H1 FY27 work while completing Rs 2,931 crore of HAM road projects, extending its new-project mix across EPC, BOT, roads, pipelines and power transmission. The Rs 4,212 crore BOT component was larger than the Rs 2,792 crore EPC component, while the four completed projects were all HAM contracts for the National Highways Authority of India.

The next items to watch are the disclosed transaction and funding milestones: DBL has signed definitive agreements for 100% of Mehkali Transmission and 49% of 10 solar special-purpose vehicles, while its tracker schedules Rs 1,297 crore of outflows in FY28. The tracker also includes Rs 345 crore of net Mekhkhali divestment proceeds in FY29 after repayment of structured equity.