BL Kashyap & Sons Secures ₹254 Crore Contract from DLF Home Developers
New Delhi, November 26, 2025 – BL Kashyap & Sons Limited has announced a significant contract win valued at ₹254.22 crore from DLF Home Developers, marking another milestone for the construction major despite recent financial challenges. The BL Kashyap DLF order involves comprehensive civil and structural work at a premium residential development in Sector 63, Gurugram, with completion scheduled over 37 months.
The contract encompasses execution of civil structural work, rough finishing, and waterproofing for DLF’s upcoming residential project. According to official disclosures, the project includes construction of one high-rise tower along with multiple ancillary low-rise buildings and supporting infrastructure at the Gurugram location.
This latest win strengthens BL Kashyap’s order book, which stood at approximately ₹4,087 crore as of September 2025, representing a substantial 27.10% quarter-on-quarter increase. The company has demonstrated consistent success in securing major contracts, predominantly from private sector developers who currently account for over 91% of its project portfolio.
While BL Kashyap has shown impressive top-line growth, the company faces profitability challenges. In the second quarter of fiscal year 2025-26, consolidated revenue reached ₹355.13 crore, marking a notable 32.8% year-on-year increase from ₹267.27 crore in the corresponding quarter of the previous year.
However, the company reported a net loss of ₹8.63 crore for Q2 FY26, primarily attributed to reversal of deferred tax assets amounting to approximately ₹13.50 crore. This contrasts sharply with the net profit of ₹9.37 crore posted in Q2 FY25. The EBITDA for the quarter stood at ₹20.47 crore with a gross margin of ₹56.58 crore.
For the half-year period ending September 2025, BL Kashyap recorded consolidated revenue of ₹696.21 crore with a modest profit after tax of ₹2.23 crore, reflecting the operational and taxation-related pressures the company currently faces.
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Following the announcement of the DLF contract, BL Kashyap shares witnessed initial positive momentum, advancing by approximately 2-4% during intraday trading. However, the stock has experienced sustained pressure over recent months, trading significantly below its 52-week high levels.
Market analysts point to several factors contributing to the share price volatility, including inconsistent earnings performance, high promoter pledge levels, and broader challenges in the construction sector. Despite these headwinds, the company’s ability to secure large-value contracts demonstrates client confidence in its execution capabilities.
BL Kashyap has been actively pursuing diversification of its client base and project types. During Q2 FY26 alone, the company secured new orders totaling ₹1,219.26 crore from prominent developers including Manyata Properties, BPTP Limited, and Embassy Development Limited. The robust order inflow has resulted in a 15.26% growth in the order book for the first half of FY26 compared to the corresponding period last year.
The company has announced strategic intentions to increase government project participation to 25% of its total order book by FY27, moving away from its current heavy dependence on private sector contracts. This diversification strategy aims to provide greater revenue stability and reduce concentration risk.
Industry Context and Competitive Positioning
As one of India’s established Engineering, Procurement, and Construction (EPC) companies, BL Kashyap has successfully completed over 250 projects spanning more than 140 million square feet across the country. The firm’s portfolio encompasses diverse sectors including IT campuses, commercial complexes, residential towers, malls, hotels, institutional buildings, healthcare facilities, and transportation infrastructure.
The construction sector in India continues to benefit from sustained real estate development, particularly in premium residential segments in major metropolitan markets like Gurugram, Bangalore, and Pune. DLF, as one of India’s largest real estate developers, has been launching several high-value residential projects, creating substantial opportunities for construction contractors with proven track records.
About BL Kashyap and Sons Limited
BL Kashyap and Sons Limited is a prominent Indian Engineering, Procurement, and Construction company with operations across 12 cities in 8 states. Founded in 1978, the company specializes in construction of high-rise residential and commercial buildings, IT parks, hotels, malls, and infrastructure projects. The company is listed on both BSE (532719) and NSE (BLKASHYAP) exchanges.
