Dilip Buildcon Limited (DBL) has approved the divestment of its stake in two special purpose vehicles to Alpha Alternatives Fund Advisors LLP and its affiliates. The portfolio comprises a 400 kilovolt (kV) transmission project spanning approximately 470 circuit kilometres in Karnataka and a 1,363 megawatt (MW) alternating current project and a 1,977 megawatt peak (MWp) direct current solar portfolio across Madhya Pradesh. The two assets have a combined project cost of about Rs 84 billion (bn).

The consideration will be settled through a phased subscription mechanism and definitive agreements are yet to be signed, with the transaction remaining subject to execution of final agreements and regulatory approvals. The proposed divestment forms part of DBL's asset-light DBL 2.0 strategy, which focuses on recycling capital and deleveraging the balance sheet and aims to strengthen the company’s partnership with Alpha Alternatives. By divesting interests in the transmission and solar assets, DBL intends to recycle capital while pursuing its broader infrastructure portfolio.

In the first quarter ended June 30, 2026 DBL reported consolidated revenue from operations of Rs 23.78 bn, consolidated EBITDA of Rs 4.29 bn with an EBITDA margin of 18.1 per cent and profit after tax of Rs 1.28 bn. On a standalone basis revenue was Rs 19.3 bn, EBITDA was Rs 1.99 bn with a margin of 10.3 per cent and profit after tax was Rs 390 million (mn). The company’s order book stood at Rs 276.91 bn as of June 30 and was diversified across roads and highways, irrigation, mining and other verticals.

The order book figure excludes a new Rs 25.24 bn irrigation project in Chhattisgarh awarded in July. Management said the sequential increase in standalone net debt to Rs 21.06 bn 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.