Dilip Buildcon to divest transmission, solar assets worth Rs 8,400 crore
Dilip Buildcon Limited (DBL) has approved the divestment of its stake in two special purpose vehicles (SPVs), Mekhali Power Transmission Limited and DBL Renewable Private Limited, to Alpha Alternatives Fund Advisors LLP and its affiliates. The portfolio includes a 400 kV transmission project spanning approximately 470 circuit kilometres in Karnataka and a 1,363 MW (AC) / 1,977 MWp (DC) solar portfolio spread across Madhya Pradesh. The two assets have a combined project cost of about Rs 8,400 crore.
The consideration will be settled through a phased subscription mechanism. Definitive agreements are yet to be signed, and the transaction remains subject to execution of the final agreements and regulatory approvals.
Asset strategy
The proposed divestment is part of DBL’s asset-light “DBL 2.0” strategy, which focuses on recycling capital and deleveraging the balance sheet. The transaction also strengthens the company’s partnership with Alpha Alternatives.
By divesting interests in the transmission and solar assets, DBL plans to recycle capital while pursuing its broader infrastructure portfolio.
Q1 performance
DBL reported consolidated revenue from operations of Rs 2,378 crore for the first quarter ended June 30, 2026. Consolidated EBITDA stood at Rs 429 crore, with an EBITDA margin of 18.1%, while profit after tax (PAT) was Rs 128 crore.
On a standalone basis, revenue stood at Rs 1,930 crore, EBITDA at Rs 199 crore with a margin of 10.3%, and PAT at Rs 39 crore.
The company’s order book stood at Rs 27,691 crore as of June 30. It was diversified across roads and highways, irrigation, mining and other verticals. The figure excludes a new Rs 2,524 crore irrigation project in Chhattisgarh awarded in July.
Debt
Management said the sequential increase in standalone net debt to Rs 2,106 crore was primarily due to higher trade receivables and equipment mobilisation for new projects. DBL has reaffirmed its target of achieving a net debt-free standalone balance sheet by FY28.
The featured photograph is for representation only.
