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

The consideration will be settled through a phased subscription mechanism and definitive agreements are yet to be signed. The transaction remains subject to execution of final agreements and regulatory approvals. The proposed divestment forms part of the company's asset-light DBL 2.0 strategy aimed at recycling capital and deleveraging the balance sheet while strengthening the partnership with Alpha Alternatives.

In the first quarter ended 30 June 2026 the company reported consolidated revenue from operations of Rs 23.78 bn and consolidated EBITDA of Rs 4,290 mn, with an EBITDA margin of 18.1 per cent. Profit after tax on a consolidated basis was Rs 1,280 mn. On a standalone basis revenue was Rs 19.3 bn, EBITDA Rs 1,990 mn with a margin of 10.3 per cent and profit after tax Rs 390 mn. The order book stood at Rs 276.91 bn as of 30 June and was diversified across roads and highways, irrigation, mining and other verticals.

It 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. The company has reaffirmed its target of achieving a net debt free standalone balance sheet by fiscal year 2028 while pursuing a broader infrastructure portfolio.