Dilip Buildcon Ltd (DBL) is evaluating whether to establish a separate infrastructure investment trust (InvIT) for its power transmission and renewable energy assets or integrate them under its existing Anantam Highways InvIT. According to Rohan Suryavanshi, head–strategy and planning at DBL, the company has yet to reach a conclusion and will consult Alpha Alternatives, its partner in Anantam Highways, to take the process forward. The fundamental idea is to hold these assets through an InvIT structure, with the company targeting 11% yield on InvIT investments for market attractiveness.
DBL's board of directors recently approved the proposal to divest the company's stake in Mekhali Power Transmission Ltd and DBL Renewable Private Ltd, the special-purpose vehicles developing under-construction power transmission and solar projects respectively. The combined project cost is approximately ₹8,400 crore. Alpha will invest nearly ₹800 crore of the projects' total equity requirement of about ₹1,650 crore during construction, with the consideration determined through a phased subscription mechanism.
As of June 2026, DBL's consolidated order book stood at ₹30,215 crore, spanning projects across 12 verticals. Renewable energy and power transmission projects account for ₹8,300 crore of the total order book. According to DBL's Q1FY27 investor presentation, the renewables vertical comprises projects with a combined capacity of 2.1 gigawatts and revenue potential of ₹24,173 crore over their concession periods. The company's transmission project in Karnataka has revenue potential of ₹11,600 crore over its concession period.
Currently, there are five power-focused InvITs in India, with the sector having assets under management of around ₹7.3 trillion and market capitalisation of ₹2.97 trillion as of June 2026. DBL aims to have three-fourths of its profits come from long-term cash flows over the next two to three years through asset monetisation. As of June 30, 2026, DBL's standalone net debt stood at ₹2,106 crore, compared with ₹1,880 crore as of March 31, 2026, and ₹1,661 crore as of June 30, 2025. The company aims to achieve a net debt-free standalone balance sheet by FY28.
