Dilip Buildcon Receives ₹688 Crore NHAI LoA For Solapur Elevated Corridor

Dilip Buildcon Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a ₹688.23-crore elevated corridor project in Solapur, Maharashtra, the company disclosed on October 29, 2026. The project involves constructing a four-lane elevated corridor, including approaches, between Old Pune Naka and Boramani Naka on National Highway 65. The contract value excludes GST.

The award follows the company’s September 28 disclosure that it had been declared the lowest bidder for the project. The LoA marks a subsequent step in the contract process.

Dilip Buildcon project details

The project covers approximately 9.66 km, from Km 0.050 to Km 9.710 on NH-65 in Solapur city. It will be executed under the Hybrid Annuity Mode (HAM).

According to the company’s disclosure, the construction and completion period is 24 months. The project also carries an operation period of 15 years from the commencement of operations date.

Under the Hybrid Annuity Model, project payments and financing are structured between the public authority and the concessionaire according to the contract terms. The award adds a road-infrastructure project to Dilip Buildcon’s order pipeline, although the revenue recognised and its timing will depend on project execution and applicable accounting requirements.

Why the LoA matters

The September announcement identified Dilip Buildcon as the lowest bidder; the latest disclosure confirms receipt of the LoA from NHAI. This is a meaningful progression from the bidding stage, but it should not be described as a completely new project win without acknowledging the earlier announcement.

The next developments to track include the project’s execution, progress against the 24-month schedule and any further company disclosures about its order book. Investors should distinguish the contract value from revenue or profit: the ₹688.23-crore figure is the stated project cost excluding GST, not the company’s expected profit from the contract.

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