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IDBI Capital Report
Dilip Buildcon Ltd.'s Q2 FY25 (standalone) profit after tax came below our and consensus estimate. Revenue was impacted due to delay in ordering and peak monsoon in certain geographies. Dilip Buildcon has revised the revenue guidance to -10% de-growth with Ebitda margins to 11-12% (Earlier 12-14%). Order book of Rs 174 billion, equals to 1.5 times trailing twelve months revenue.
Company guides order inflow of Rs 150-160 bn for FY25. Dilip Buildcon maintains its focus on debt reduction but have postponed their Net Debt free target to FY27 as there is delay in receivables from JJM projects, reduction will be done through mix of internal accruals, divestment proceeds and working capital days reduction.
We have retained our Hold rating on the stock with revised target price of Rs 494 on 15 times FY26E EPS. Stock catalyst remains stable execution and order inflow
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