Dilip Buildcon: Prabhudas Lilladher Recommends 'Accumulate' with Rs 514 Target

• Dilip Buildcon (DBL) reported robust order inflows of Rs179 billion in YTDFY26, pushing its order book to a record Rs293 billion.
• The order book is diversified across roads, mining, renewables, transmission, and irrigation.
• Revenue growth is projected at 23% and 30% year-on-year for FY27E and FY28E, with a significant pickup from H2FY27.
• Management aims to deleverage, targeting Rs7–8 billion debt reduction in FY27 and a net debt-free balance sheet by FY28.
• Prabhudas Lilladher assigns an 'Accumulate' rating with a target price of Rs514 per share based on a Sum-of-the-Parts (SoTP) valuation.