How large is Dynacons' order book, and who are the key clients?

The order book stood at ₹3,000 crore as of May 31, 2026. Key wins included ₹249 crore from the Reserve Bank of India, ₹138 crore from LIC, and ₹109 crore from Punjab and Sind Bank.

What caused the sequential dip in operating margins?

Management cited short-term supply-chain cost escalations for AI-ready infrastructure. They expect these costs to normalize in the coming quarters, which should help margins recover.

What is driving the company's recurring revenue?

The data center and as-a-service segments are driving recurring revenue. This is reflected in a sharp rise in fixed assets to ₹158 crore, largely from right-of-use equipment for multi-year projects.

How did profitability change in FY26?

EBITDA rose 41% to ₹146 crore, with margins expanding 210 basis points to 10.2%. This was on the back of 22% revenue growth to ₹1,424 crore.

Earnings · IT - Software · Small cap

Dynacons' ₹3,000 cr order book anchors 22% revenue growth

FY26 revenue hit ₹1,424 crore, up 22%, with margins expanding 210 bps. The company flagged short-term supply-chain costs pressuring sequential margins.

DSSL By Tipsheet Editorial 2 Jun 2026 · 5:44 PM IST Verify on BSE · NSE

Mkt cap₹1,819 cr

P/E21.46×

ROE31.34%

Debt / eq.0.22

Div yld0.04%

₹3,000 cr Order book as of May 31, 2026.

What's new

FY26 revenue rose 22% to ₹1,424 crore; EBITDA jumped 41% to ₹146 crore.
Order book stood at ₹3,000 crore at the end of May, with ₹249 crore from RBI and ₹138 crore from LIC.
Management attributed a sequential margin dip to short-term supply-chain cost spikes for AI-ready infrastructure.

Why this matters

Dynacons' 22% topline growth and ₹3,000 crore order book signal strong execution in the IT infrastructure space. The sequential margin pressure from one-off supply-chain costs is a watchpoint, but the recurring revenue from data center and as-a-service segments provides a cushion.

What we're watching

Whether supply-chain cost pressures normalize in the next two quarters as management expects.
Conversion rate of the ₹3,000 crore order book into FY27 revenue.
Fixed-asset base expansion tied to multi-year as-a-service projects.

The full read

Dynacons Systems' FY26 results are a story of scale. Revenue hit ₹1,424 crore, up 22%, and EBITDA jumped 41% to ₹146 crore as margins expanded 210 bps to 10.2%. The real anchor is the ₹3,000 crore order book at the end of May, with ₹249 crore from the RBI and ₹138 crore from LIC. Management said sequential margins were hit by one-off supply-chain cost spikes for AI-ready infrastructure, a problem they expect to fix within two quarters. The company is betting on recurring revenue from data center and as-a-service work, which is pushing its fixed-asset base to ₹158 crore. The numbers are strong. The open question is whether the margin blip stays transient.

Questions answered

How large is Dynacons' order book, and who are the key clients?: The order book stood at ₹3,000 crore as of May 31, 2026. Key wins included ₹249 crore from the Reserve Bank of India, ₹138 crore from LIC, and ₹109 crore from Punjab and Sind Bank.
What caused the sequential dip in operating margins?: Management cited short-term supply-chain cost escalations for AI-ready infrastructure. They expect these costs to normalize in the coming quarters, which should help margins recover.
What is driving the company's recurring revenue?: The data center and as-a-service segments are driving recurring revenue. This is reflected in a sharp rise in fixed assets to ₹158 crore, largely from right-of-use equipment for multi-year projects.
How did profitability change in FY26?: EBITDA rose 41% to ₹146 crore, with margins expanding 210 basis points to 10.2%. This was on the back of 22% revenue growth to ₹1,424 crore.

Mentioned: Reserve Bank of India · LIC · Punjab and Sind Bank

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.