### **Company Overview** Dilip Buildcon Limited (DBL) is a leading, diversified Indian Engineering, Procurement, and Construction (EPC) company headquartered in Bhopal, Madhya Pradesh. Founded in 1987 by civil engineer **Dilip Suryavanshi** as a real estate proprietorship firm (Dilip Builders), the company has evolved into a national infrastructure powerhouse with a presence across 20 Indian states and 1 Union Territory. DBL operates in over 12 infrastructure sectors, including **roads, highways, bridges, tunnels, metros, airports, dams, water supply, irrigation, mining, optical fiber networks, and renewable energy**. With a vertically integrated, in-house execution model, DBL manages the full project lifecycle—design, engineering, procurement, construction, and commissioning—reducing dependency on subcontractors and enhancing control over cost, quality, and timelines. --- ### **Business Segments & Strategic Evolution (DBL 2.0)** DBL has strategically repositioned itself under its **"DBL 2.0"** vision to transition from a traditional EPC contractor to a capital-efficient, asset-light infrastructure player with diversified, predictable revenue streams. The company now operates under **three core verticals**: 1. **EPC (Engineering, Procurement, Construction):** - Core business, primarily in roads and highways, expanded to include irrigation, tunnels, metros, airports, and mining excavation. - Focus on high-margin, complex projects and geographic clustering for operational efficiency. - Over **171 projects completed** as of March 2025, with **>90% delivered ahead of schedule**, earning **₹5,746 crores in early completion bonuses** over the past 12+ years. 2. **Coal Mining (Mine Developer & Operator – MDO):** - Two strategic MDO projects: - **Siarmal Coal Mine (Odisha):** India’s largest private MDO mine by peak capacity (50 MnTPA), producing **18 million MT** in FY25, exceeding its 15 MnTPA target. - **Pachhwara Central Mine (Jharkhand):** 7 MnTPA capacity; produced **6.9 Mn tons** in FY25, on track for **7 MnTPA full-year production** in FY26. - **FY26 coal production** expected at **32 MnT**, with targets of **57 MnT by 2029**, contributing **8–9% of India’s total coal output**. - Fortnightly government payments ensure strong working capital and stable, annuity-like cash flows. 3. **Investments (Asset Monetization via InvIT):** - Launched **Anantam Highways InvIT** in partnership with **Alpha Alternatives Fund**, listed on NSE in **October 2025**. - **7 of 18 HAM assets** transferred as of Nov 2025; full transfer expected over 2 years. - The InvIT is expected to generate **₹400–450 crores in annual cash flow** from 18 committed projects. - Strategic goal: Achieve **>50%—ultimately 60–70%**—of consolidated revenue from long-term, de-risked cash flow assets (coal + InvIT). --- ### **Financial & Operational Highlights (Nov 2025)** - **Order Book:** ₹14,923 crores (as of Mar 2025), diversified across: - Mining (21.3%), Roads & Highways (21%), Irrigation (20.4%), Tunnels (12.3%), Water Supply (8.6%), Optical Fiber (5.8%). - **Order Inflow Target 2025–26:** ₹15,000 crores, despite a slowdown in government tenders. - **Coal Revenue (FY26):** Expected to exceed ₹2,000 crores from two operating mines. - **Debt Reduction:** Reduced consolidated debt by **>₹300 crores** between FY24 and FY25. Aims to become **net debt-free at standalone level by FY26**. - **EBITDA Goal:** Combined coal and InvIT businesses expected to generate **>₹1,500 crores EBITDA within 5 years**. --- ### **Strategic Initiatives & Partnerships** - **Alpha Alternatives Partnership (Nov 2023):** - AA invested up to **₹20,000 crores**, acquiring: - 26% stake in **8 operating** and **10 under-construction HAM projects**. - 10% equity in DBL via preferential warrants. - Supports asset recycling, capital-light growth, and long-term value creation. - **InvIT Monetization Platform:** - First tranche completed with **Shrem InvIT** (full cash + InvIT units), generating **₹60–80 crores annual distributions**. - Own InvIT platform (Anantam Highways InvIT) now listed, attracting **EPFO, insurance firms, and sovereign wealth funds**—a strong vote of confidence. - **Backward Integration & In-House Manufacturing:** - Owns **Aarneel Technocrafts** and in-house units producing: - Road furniture (gantries, crash barriers, signboards). - Bearings, expansion joints, thermoplastic paint. - Metal castings (jaw plates, cones) from recycled scrap via captive foundry. - Ensures supply chain resilience, cost control, and execution speed. --- ### **Operational Strength & Competitive Advantages** - **Largest Equipment Fleet in Sector:** Owns **10,124–12,000+ GPS-enabled construction machines**, enabling rapid mobilization and reduced vendor dependency. - **In-House Workforce:** ~18,000 employees (reduced from 38,000 to optimize costs), with **>23,500 at peak**, the **largest employer in Indian road construction**. - **Digital Transformation:** Uses **SAP ERP, Tracknovate GPS, drones, AI, and real-time digital dashboards** for project monitoring, fuel tracking, and progress analytics. - **Geographic Diversification:** Projects in 20 states; top revenue states: **Jharkhand (21.5%), Odisha (15.9%), Gujarat (12.6%)**. - **Strategic Client Relationships:** Long-standing ties with **NHAI, MoRTH, AAI, NCL, MCL, SCCL, BSNL**, enabling repeat wins and pre-qualification. --- ### **Leadership & Governance** - **Devendra Jain** – CEO & Managing Director: Oversees operations, quality, and project delivery. - **Rohan Suryavanshi (Wharton MBA)** – Strategy, Finance, Investor Relations. - **Karan Suryavanshi** – Head of Business Development (14+ years), key to Alpha alliance and insurance/asset management functions. ---