📌 At a glance
Deepak Builders & Engineers India Ltd (DBEIL) has delivered a strong FY25 with revenue of ₹58,179 lakh and profit after tax of ₹5,674 lakh, all while completing its IPO in October 2024. No audit qualifications, no weird surprises, and the IPO money hasn’t vanished into Bitcoin — it’s (safely?) parked in bank fixed deposits. So is this a boringly good infra company? Or is it hiding its masala under layers of concrete?
🏗️ About the Company
Deepak Builders is in the civil construction and infrastructure development business, handling contracts across roads, bridges, and real estate. Headquartered in Ludhiana (because Ambani can’t have all the cities), they recently listed on NSE and BSE in October 2024 after raising over ₹260 crore.
- CIN: L45309DL2017PLC323467
- Headquarters: New Delhi (Regd), Ludhiana (Ops)
- Listed On: NSE (DBEIL), BSE (544276)
- IPO Date: 28 October 2024
- IPO Price: ₹203/share
📊 Financial Performance — FY25 (Audited)
| Metric | FY25 | FY24 | % Change |
|---|---|---|---|
| Revenue from Operations | ₹58,179 lakh | ₹51,140 lakh | +13.8% |
| Other Income | ₹486 lakh | ₹534 lakh | -9% |
| Total Income | ₹58,665 lakh | ₹51,674 lakh | +13.5% |
| Total Expenses | ₹50,561 lakh | ₹43,495 lakh | +16.2% |
| EBITDA (approx) | ₹10,815 lakh | ₹10,453 lakh | +3.5% |
| Finance Costs | ₹2,772 lakh | ₹2,856 lakh | -2.9% |
| Depreciation | ₹679 lakh | ₹717 lakh | -5.3% |
| Profit Before Tax | ₹8,103 lakh | ₹8,179 lakh | Flat (-0.9%) |
| Net Profit | ₹5,674 lakh | ₹6,041 lakh | -6.1% |
| EPS (Basic) | ₹14.04 | ₹16.84 | Down due to dilution |
🧠 The numbers look healthy — but profit dipped slightly because of expanded share capital post-IPO.
💸 IPO Proceeds — Where Did the ₹260 Crore Go?
The IPO raised ₹260.04 crore, including both fresh issue and OFS. Here’s the utilization status as of March 31, 2025:
| Purpose | Planned (₹ lakh) | Utilized | Unutilized |
|---|---|---|---|
| Loan Repayment | ₹3,000 | ₹2,410 | ₹590 |
| Working Capital | ₹11,195 | ₹11,195 | ₹0 |
| Public Issue Expenses | ₹2,128 | ₹2,057 | ₹71 |
| General Corporate | ₹5,397 | ₹5,017 | ₹380 |
| Total | ₹21,721 | ₹20,680 | ₹1,041 |
✅ Monitoring agency: CRISIL
✅ No deviation
🏦 Unused ₹10.4 crore is sitting in bank FDs and cash credit accounts, like your grandpa waiting for LIC
