Infra Stock in Focus After Receiving ₹268 Cr EPC Project for Ged Barrage in Gujarat

Synopsis: Infrastructure major bags its third water project order in 25 days — a ₹268 Cr barrage contract on river Sabarmati, Gujarat, with a 10-year O&M clause, pushing its recent order tally past ₹1,126 Cr.

A small-cap infrastructure company is on a winning streak – bagging its third order in just 25 days, this time a ₹268 Cr barrage project on river Sabarmati, Gujarat, with a 10-year O&M commitment.

With a market cap of Rs. 6,985 crore, the shares of Dilip Buildcon Ltd. is trading at Rs. 430 per share which is 0.46% above its previous closing price of Rs.428. In the Thursday trading session, the stock made a high of Rs. 434.7 . It is currently trading at a P/E of 10.7.

About The order

Dilip Buildcon Limited, through its joint venture with Ranjit Buildcon Limited (DBL-RBL JV), has been declared the L-1 bidder for the design and construction of the Ged Barrage on river Sabarmati, located between Hirpura barrage and Lakroda weir in Dist. Sabarkantha, Gujarat. The project, awarded by the Narmada Water Resources Water Supply & Kalpasar Department, Government of Gujarat, is valued at ₹268 Cr (excluding GST) on an EPC basis, with a 24-month construction window followed by a 10-year Operation & Maintenance obligation.

The announcement, disclosed to BSE and NSE on April 9, marks the company’s third project win in a 25-day stretch. The latest order also deepens DBL’s relationship with the same Gujarat department that issued the ₹698.49 Cr Narmada flood protection LOA just 12 days ago, signalling a growing client concentration in Gujarat’s water infrastructure pipeline.

The 10-year O&M component adds long-term revenue visibility beyond the construction phase – a characteristic that has increasingly defined DBL’s irrigation and water segment wins. As of 31 December 2025, Irrigation contributes approximately 16% of the company’s ₹29000 Cr+ order book, making it the single largest segment after mining, roads and renewable energy.

About the Company and its Financials

Dilip Buildcon Limited (DBL) is a small-cap EPC powerhouse and one of India’s fastest-growing infrastructure companies, executing large-scale projects across roads, highways, irrigation, mining, tunnels, metro, and water resources in over 17 states. Headquartered in Bhopal, the company is known for its strong bid-win track record, vertical integration, and ability to handle technically complex projects. With an order book exceeding ₹29,000 Cr, irrigation and mining are its two largest contributing segments, reflecting a deliberate shift beyond its traditional roads-first identity.

In December 2024, Dilip Buildcon reported revenue of ₹2,590 crore and a net profit of ₹158 crore. By December 2025, while revenue decreased by 17% to ₹2,138 crore, net profit surged nearly 400% to ₹789 crore. This massive bottom-line growth was primarily driven by substantial other income totalling ₹755 crore during the quarter.

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