Dilip Buildcon shares hit a day’s high of ₹447 on the NSE on Tuesday after winning a ₹2,524 crore canal project in Chhattisgarh.

The company said in an exchange filing that it has emerged as the lowest bidder, known as L1 status, for a project worth ₹2,524.32 crore, excluding GST. The Water Resources Department of the Chhattisgarh government awarded the contract.

The scope includes the construction of a pipeline project under the state’s Pairy Project Scheme, the Sikasar to Kodar Reservoir Link Canal. It’s a lump sum contract with a completion window of 30 months.

Beyond just laying the pipeline, Dilip Buildcon will also handle testing, trial runs and commissioning, and then run operations and maintenance on the finished system for five years afterward.

That long tail of service work sets this apart from a typical build and hand over road contract. The company clarified that the order comes from an unrelated government entity, with no promoter or promoter group interest involved, so it doesn’t count as a related party transaction.

This isn’t Dilip Buildcon’s only recent win. Earlier this month, it bagged a smaller ₹160.2 crore contract from the Odisha Bridge and Construction Corporation to build a six lane diversion road with service roads in Sundargarh district, due for completion within 18 months.

The company has also been diversifying beyond its traditional highway focused order book, adding water infrastructure and irrigation projects like this one to reduce its dependence on road contracts alone.

Despite the fresh order, investor reaction stayed muted through the day. Profit booking and broader market sentiment appear to have outweighed the immediate boost from the win.

On Tuesday, the stock closed around ₹437.55 on the NSE, down about 2% for the day. Dilip Buildcon shares have declined close to 8% so far in 2026.

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