Infra stock jumps 5% securing ₹4,900 Cr order for solar PV power plants under PM KUSUM-C

Synopsis: Dilip Buildcon has emerged as the L-1 bidder for 1363.55 MW solar projects under PM KUSUM-C in Madhya Pradesh, securing a Rs. 4,900 crore EPC opportunity with 25-year O&M, strengthening long-term revenue visibility and renewable energy presence.

The shares of this company are in the business of development of infrastructure facilities on an Engineering Procurement and Construction basis (EPC), and undertake contracts from various Government and other parties, are now in the spotlight after being declared as L1 bidder by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL).

With a market capitalisation of Rs. 7,706 cr, the shares of Dilip Buildcon Ltd are currently trading at Rs. 474 per share, increasing more than 5% in today’s market session, making a high of Rs. 484, up from its previous close of Rs. 458.95 per share.

About the project 

Dilip Buildcon Limited has been declared the L-1 bidder by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for the development of 1363.55 MW AC grid-connected Solar PV power plants under the Non-DCR category of the PM KUSUM-C (Feeder Solarisation) scheme. 

The project involves the design, engineering, supply, construction, testing, commissioning, and 25-year operation and maintenance of the solar plants, with the generated power to be sold to Madhya Pradesh Power Management Company Limited (MPPMCL). 

Execution will be carried out through multiple Special Purpose Vehicles (SPVs) and will secure an EPC business opportunity valued at approximately Rs. 4,900 crore, excluding GST, to be implemented over the next 18 months. 

The order is domestic, not related to promoter interests, and will follow competitive tariff-based Power Purchase Agreements (PPAs) governed by MNRE guidelines, MPERC regulations, and the Model PPA, ensuring long-term revenue visibility and strengthening Dilip Buildcon’s position in India’s solar infrastructure sector. As of Q2FY26, the total order book stands at Rs. 18,610 cr.

About the company 

Dilip Buildcon Limited is a leading Indian infrastructure company engaged in EPC and BOT projects across roads, highways, bridges, mining, irrigation, and renewable energy. The company has a strong execution track record, a pan-India presence, and focuses on large-scale infrastructure and sustainable energy projects.

It has a ROCE of 14.8% and a ROE of 9.97%, reflecting moderate return metrics. The stock trades at a P/E of 17.7, which is below the industry average P/E of 19.0, indicating relatively attractive valuations compared to peers.

The company reported a YoY decline in Q2FY26, with sales falling 22.9% to Rs. 1,926 crore from Rs. 2,497 crore in Q2FY25. EBITDA declined 12.0% to Rs. 471 crore, while net profit dropped 19.5% to Rs. 214 crore. EPS fell 30.5% to Rs. 11.17.

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