DLF Limited (DLF)
₹675.00 +0.67% last close, 16 Oct
Q2 FY27 results
DLF Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹1,261 Cr (-23.3% year on year), and net profit ₹1,301 Cr (+28.4% year on year); the operating margin was 1.8%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,261 | -23.3% | — |
| Operating profit | ₹23.0 | -91.9% | — |
| Net profit | ₹1,301 | +28.4% | — |
| EPS (₹) | 5.25 | +10.1% | — |
| Operating margin | 1.8% | — | — |
- Profit -36% below its own trend
- Operating margin contracted 1546 bps YoY
- All of pre-tax profit came from other income or one-off items
Quality of profit: none of the pre-tax profit of ₹1,003 Cr came from the core business; all of it came from other income and one-off items.
Against its own trend: net profit of ₹1,301 Cr was -35.8% against the ₹2,027 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
DLF delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.3% of the DLF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.44%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal. In DLF futures, open interest fell 1.53% while the futures price rose 0.68%: short covering (shorts closing out).
Delivery in the last 5 sessions: 48.5% · 50.3% · 41.4% · 41.5% · 39.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
DLF reported its Q2FY27 results presentation showcasing a consolidated net profit (after exceptional items) of ₹1,301 crore, up 11% YoY from ₹1,171 crore. Strong operational momentum continued with quarterly sales bookings of ₹3,800 crore and collections of ₹2,780 crore, resulting in an operating cash surplus after interest and tax of ₹1,858 crore. The company maintains a net cash position of ₹15,084 crore, supported by ₹12,270 crore in RERA accounts, and has a remaining launch pipeline of ~₹58,230 crore in the medium term. Rental arm DCCDL saw revenue rise 11% YoY to ₹2,014 crore with PAT increasing 17% YoY to ₹752 crore.
- Consolidated PAT reached ₹1,301 crore in Q2FY27, up 11% YoY and 64% QoQ
- Quarterly sales bookings stood at ₹3,800 crore with total collections of ₹2,780 crore
- Operating cash surplus after interest & tax was ₹1,858 crore; Net cash position expanded to ₹15,084 crore
- DCCDL rental income reached ₹1,482 crore (up 9% YoY) with quarterly DCCDL PAT at ₹752 crore
- Medium-term launch pipeline remains robust with ~24 msf having sales potential of ₹58,230 crore
DLF reported its Q2FY27 consolidated financial results with net profit growing 11% YoY to Rs 1,301 crore on consolidated revenue of Rs 2,298 crore and EBITDA of Rs 1,060 crore. New sales bookings for the quarter reached Rs 3,800 crore, supported by a complete sell-out of its luxury retirement project 'The Aureva' in Gurugram. Strong operating cash flows stood at Rs 1,858 crore, leaving the company with a net cash position of Rs 15,084 crore despite a dividend outflow of Rs 1,980 crore. In its rental arm, DCCDL delivered consolidated revenue of Rs 2,014 crore and net profit of Rs 752 crore, up 17% YoY.
- Consolidated revenue reached Rs 2,298 crore with gross margins at 47%
- Net profit grew 11% YoY to Rs 1,301 crore with operating cash flows of Rs 1,858 crore
- Quarterly new sales bookings stood at Rs 3,800 crore
- Net cash balance stood at Rs 15,084 crore after a dividend outflow of Rs 1,980 crore
- DCCDL net profit increased 17% YoY to Rs 752 crore on revenue of Rs 2,014 crore
DLF's Board of Directors has approved the reclassification request from Madhukar Housing and Development Company ('Madhukar') from the 'Promoter/Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR. Madhukar currently holds nil equity shares and zero voting rights in the company. Following this reclassification, the Promoter/Promoter Group will continue to hold 1,83,36,36,385 equity shares, representing 74.08% of paid-up capital. The process is now subject to approvals from the stock exchanges (BSE and NSE).
- Board approved reclassification of Madhukar Housing and Development Company to 'Public' category on 16th October 2026
- Entity being reclassified holds nil equity shares and zero voting rights in DLF
- Promoter and Promoter Group equity holding remains unchanged at 1,83,36,36,385 shares (74.08%)
- Final reclassification remains subject to approval from BSE and NSE
DLF Limited's Board of Directors approved the un-audited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026. A notable item in the results is a fair value gain of ₹738.71 crore through profit & loss under Ind AS 109, included in Other Income, following the expiry of the moratorium period on 243,140 Compulsorily Convertible Debentures (CCDs). The auditor's review report maintained an unmodified conclusion but included an Emphasis of Matter regarding ongoing legal disputes, including a ₹630.00 crore CCI penalty under Supreme Court appeal. Additionally, the company previously received ₹251.10 crore out of an ₹801.00 crore settlement with Twenty Five Downtown Realty Limited.
- Fair value gain of ₹738.71 crore recognized in Other Income for Q2 FY27 following expiry of moratorium on 243,140 CCDs
- ₹738.71 cr fair value gain represents ~9.0% of DLF's TTM revenue of ₹8,194 cr
- Auditor drew attention to pending Supreme Court appeal over a ₹630.00 crore penalty imposed by CCI
- Consent award settlement with Twenty Five Downtown Realty stands at ₹801.00 crore, with ₹251.10 crore already received
- Pending litigation involves ₹259.68 crore in trade receivables due from Coal India Limited and subsidiaries
DLF announced the complete sell-out of its luxury retirement housing project 'The Aureva' located in Sector 63, Gurugram, generating approximately ₹1,985 crore in pre-sales. This sales achievement represents roughly 24.2% of DLF's TTM revenue of ₹8,194 crore. Spread across 4.17 acres (1.6870 hectares), the project comprises a single G+45 tower featuring 172 luxury 4 BHK residences. The project covers over 4 lakh sq. ft. of carpet area and over 7.5 lakh sq. ft. of total saleable area.
- Achieved complete sell-out generating ~₹1,985 crore in sales, representing ~24.2% of DLF's TTM revenue of ₹8,194 crore
- Project includes 172 luxury 4 BHK residences across a G+45 floor standalone tower
- Total saleable area exceeds 7.5 lakh square feet on a 4.17-acre (1.6870 hectares) land parcel
- Total carpet area covers over 37,540 square meters (over 4 lakh square feet)
DLF Limited has informed exchanges that company executives will attend the 33rd CITIC Securities International Investors' Forum 2026. The event will take place on September 23 and 24, 2026, in Hong Kong, featuring one-to-one and group meetings. The company noted that post-conference disclosures will be provided as required under regulatory provisions. This is a standard investor interaction filing with no immediate material financial impact.
- Executive participation scheduled for September 23-24, 2026
- Attending the 33rd CITIC Securities International Investors' Forum 2026
- Format consists of one-to-one and group meetings in Hong Kong
- Intimation of meeting outcome to be provided post conclusion
DLF Limited announced that its executives attended the '2026 Jefferies India Forum' investor conference on September 17, 2026, held in Gurugram. The meetings included both one-to-one and group interactions with institutional investors. DLF confirmed that no Unpublished Price Sensitive Information (UPSI) was discussed during the conference. This filing serves as a standard post-meeting compliance update under Regulation 30.
- Executives participated in the 2026 Jefferies India Forum on September 17, 2026
- Interactions conducted as one-to-one and group meetings in Gurugram
- Filing follows prior company intimation dated September 14, 2026
- Confirmed that no unpublished price sensitive information (UPSI) was shared
DLF Limited has informed exchanges that its executives will participate in the '2026 Jefferies India Forum' on September 17, 2026. The interactions will include one-to-one and group meetings held in Gurugram. The company noted that post-conference disclosures will be submitted as per regulatory guidelines. This is a routine institutional investor engagement with no operational or financial impact.
- Participation scheduled for September 17, 2026
- Attending the '2026 Jefferies India Forum'
- Format includes one-to-one and group meetings in Gurugram
DLF Limited's material subsidiary, DLF Cyber City Developers Limited (66.67% owned by DLF), through DLF Info Park Developers (Chennai) Limited, has agreed to acquire a ~26.97% equity stake in Balang Renewables Private Limited for ₹4.20 crore. The acquisition fulfills the statutory 26% ownership threshold required under the Electricity Act, 2003 to qualify as a captive user for sourcing green power under a Captive Power Purchase Agreement. Relative to DLF's TTM revenue of ₹8,194 crore and market capitalization of ₹1,25,402 crore, this transaction represents less than 0.06% of annual revenue and is financially immaterial.
- DLF Info Park Developers (Chennai) to acquire ~26.97% equity in Balang Renewables for ₹4.20 crore in cash.
- Target entity enables captive green power supply under a Captive Power Purchase Agreement.
- Acquisition completion expected within 30 days from execution of transaction documents.
- Target entity was incorporated on 9th February 2024, reporting nil turnover and ₹(0.03) crore net worth in FY25.
DLF reported a resilient Q1 FY27 with a net profit of ₹794 Cr, though new sales bookings were significantly lower at ₹657 Cr due to the deferment of the 'Aureva' project launch. The company maintains a robust liquidity profile with a net cash position of ₹15,200 Cr and quarterly operating cash flows exceeding ₹1,300 Cr. The rental business (DCCDL) continues to perform strongly, with PAT growing 20% YoY to ₹717 Cr and occupancy maintained above 95%. Management expects FY28 to be a financial inflection point as major projects like 'The Arbour' begin contributing to P&L revenue recognition.
- Net cash position reached ₹15,200 Cr, with approximately ₹11,000 Cr currently in RERA escrow accounts.
- New sales bookings stood at ₹657 Cr, impacted by the timing of approvals for the 'Aureva' senior living project.
- Rental portfolio occupancy remains industry-leading at over 95% across a 50 million sq. ft. portfolio.
- Management identified an embedded gross margin potential of approximately ₹39,000 Cr from current projects.
- DCCDL (Rental JV) revenue grew 10% YoY to ₹1,917 Cr with a low average borrowing cost of 7.14%.
DLF Limited has released the audio and video recording of its earnings webcast held on August 4, 2026. The call discussed the un-audited financial results for the first quarter of FY27 (ended June 30, 2026). This is a standard regulatory disclosure following the quarterly results announcement to ensure transparency for all stakeholders. Investors can access the full recording on the company's official website.
- Earnings webcast held on August 4, 2026, at 16:00 Hrs IST
- Recording pertains to un-audited financial results for the quarter ended June 30, 2026
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
- Company maintains a massive launch pipeline of INR 1,14,500 Cr sales potential over the medium term
DLF Limited concluded its 61st Annual General Meeting on August 3, 2026, with 285 members in attendance via video conferencing. Shareholders approved the audited financial statements for FY26, which reported a TTM revenue of ₹8,194 Cr and a PAT of ₹3,341 Cr. Key resolutions passed include the declaration of a dividend for FY26 and the re-appointment of directors Ashok Kumar Tyagi and Pia Singh. All resolutions were passed with the requisite majority, maintaining management continuity.
- 61st Annual General Meeting held on August 3, 2026, via video conferencing
- 285 members attended the meeting to vote on five key resolutions
- Shareholders approved the adoption of Audited Financial Statements for the year ended March 31, 2026
- Dividend for FY26 was declared and approved by the members
- Re-appointment of directors Mr. Ashok Kumar Tyagi and Ms. Pia Singh confirmed
DLF's Chairman reported a strong performance for Fiscal 2026, with new sales bookings reaching ₹20,143 crore. The company delivered a net profit of ₹4,408 crore for the year, significantly higher than the TTM PAT of ₹3,341 crore reported in recent financials. The annuity (rental) portfolio has grown to approximately 50 million sq. ft., providing a stable recurring income base. Management reiterated its focus on a massive ₹1,14,500 crore medium-term launch pipeline to sustain growth.
- Achieved new sales bookings of ₹20,143 crore in Fiscal 2026
- Reported a net profit of ₹4,408 crore for the fiscal year
- Annuity portfolio expanded to approximately 50 million sq. feet
- Company celebrates its 80th anniversary since its founding in 1946
- Maintains a medium-term launch pipeline with ₹1,14,500 crore sales potential
DLF Limited held its 61st Annual General Meeting (AGM) on August 3, 2026, where shareholders approved all proposed resolutions with the requisite majority. Key approvals included the adoption of audited financial statements for FY26, which reported a revenue of 8,193.7 Cr and a PAT of 3,341.44 Cr. Shareholders also approved the dividend for FY26 and the re-appointment of directors Ashok Kumar Tyagi and Pia Singh. The meeting was attended by 285 members via video conferencing.
- 61st Annual General Meeting successfully conducted on August 3, 2026
- Total of 285 members attended the meeting through video conferencing
- Shareholders approved the adoption of FY26 Audited Financial Statements (Revenue: 8,193.7 Cr)
- Dividend for the financial year ended March 31, 2026, was declared and approved
- Re-appointment of directors Mr. Ashok Kumar Tyagi and Ms. Pia Singh confirmed by rotation
DLF reported a consolidated PAT of ₹794 cr for Q1FY27, a 4% YoY increase, despite a 53% drop in reported revenue to ₹1,280 cr (excluding DCCDL) due to project timing. The company maintains a massive medium-term launch pipeline of 37 msf with a sales potential of ₹1,14,500 cr, of which ₹54,285 cr has already been launched. A key highlight is the robust net cash position of ₹15,200 cr and a total surplus cash potential of ~₹43,650 cr from launched products. The annuity business (DCCDL) remains steady with rental income rising 9% YoY to ₹1,444 cr.
- Net cash position strengthened to ₹15,200 cr as of June 30, 2026, providing significant balance sheet liquidity.
- Medium-term launch pipeline stands at ~37 msf with a total sales potential of ₹1,14,500 cr.
- Annuity business (DCCDL) EBITDA grew 9% YoY to ₹1,474 cr with a healthy Net Debt to EBITDA ratio of 3.1x.
- Surplus cash potential from launched products (sold and unsold) estimated at ~₹43,650 cr.
- Collections for the quarter remained strong at ₹2,406 cr with an operating cash surplus of ₹1,317 cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 was INR 2,262 Cr. The development business clocked sales of INR 21,223 Cr in FY25. The annuity business (DCCDL) reported revenue of INR 1,470 Cr in Q2 FY26, representing a steady growth engine with a 49 million sq. ft. operational portfolio.
Geographic Revenue Split
The National Capital Region (NCR) remains the primary revenue driver, accounting for 84% of sales during H1 FY2026. The company is diversifying into Mumbai (Tulsiwadi/Westpark), Goa, and the Tricity (Chandigarh, Mohali, Panchkula) to mitigate this concentration.
Profitability Margins
Embedded gross margins for the sales book are estimated at 41%. Q2 FY26 PAT stood at INR 1,171 Cr, which includes a one-time INR 600 Cr impact from the Tulsiwadi project settlement. Residual gross margin potential as of September 30, 2025, is approximately INR 25,600 Cr from sales already completed.
EBITDA Margin
Consolidated EBITDA for Q2 FY26 was INR 902 Cr, resulting in an EBITDA margin of approximately 39.8%. DCCDL (Annuity) EBITDA was INR 1,236 Cr for the same quarter, reflecting the high-margin nature of the rental business.
Capital Expenditure
Construction outflow ramped up to INR 925 Cr in Q2 FY26. The company has a total pending construction cost of approximately INR 23,500 Cr for its ongoing residential portfolio, which is fully covered by committed receivables of INR 37,224 Cr.
Credit Rating & Borrowing
CRISIL upgraded DLF's rating to AA+/Stable. ICRA upgraded the rating to AAA/Stable. Gross debt was significantly reduced to INR 1,487 Cr as of September 30, 2025, from INR 3,814 Cr in March 2025, leading to a leverage ratio (gross debt/CFO) below 1.0x.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, and labor. While specific percentage costs for each are not disclosed, construction expenses reached INR 925 Cr in Q2 FY26, driven by a ramp-up in project execution.
Capacity Expansion
Current rental capacity is 49 million sq. ft. (msf). Planned launches from FY25 onwards total 37 msf with a sales potential of INR 1,14,500 Cr, including 5.5 msf in Super-Luxury and 29 msf in Luxury segments.
Raw Material Costs
Construction costs are a major component of the INR 23,500 Cr pending expenditure. Management focuses on maintaining a 41% embedded gross margin by optimizing construction costs against premium realizations.
Manufacturing Efficiency
The rental portfolio maintains high efficiency with over 95% occupancy in office assets (1.8 msf) and retail assets (0.2 msf) directly on DLF's books, generating INR 350-400 Cr in annual rentals.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth is driven by a massive launch pipeline of INR 1,14,500 Cr sales potential over the medium term. Strategy focuses on Super-Luxury (The Dahlias) and Luxury (The Lux 5) projects, geographic expansion into Mumbai and Goa, and increasing the annuity portfolio to 49 msf.
Products & Services
Super-luxury and luxury residential apartments, commercial office spaces, retail malls, and shopping plazas.
Brand Portfolio
DLF, DLF Cyber City Developers Limited (DCCDL), The Dahlias, The Lux 5, DLF Promenade, DLF Emporio.
New Products/Services
New launches include 'The Dahlias' (Super-Luxury) and 'The Lux 5' (Luxury). The Mumbai entry via the Tulsiwadi project and Westpark JV is expected to contribute to medium-term revenue diversification.
Market Expansion
Expansion plans target Mumbai, Goa, and the Tricity region (Chandigarh, Mohali, Panchkula) to reduce reliance on the NCR market.
Market Share & Ranking
DLF is one of the oldest and largest real estate companies in India with a seven-decade track record and a dominant position in the NCR market.
Strategic Alliances
Key JVs include DCCDL with GIC (DLF holds 2/3rd stake) and the Westpark Mumbai project (DLF holds 51% stake).
External Factors
Industry Trends
The industry is shifting toward luxury and super-luxury segments where DLF has a strong brand. Future growth is tied to TOD/TDR policies and increasing institutionalization of the rental market.
Competitive Landscape
DLF competes with other large national developers but maintains a dominant lead in the NCR luxury segment and commercial leasing via DCCDL.
Competitive Moat
Moat is built on a low-cost, fully paid-up land bank and an established brand name. This provides a competitive edge in pricing and visibility for future launches, which is highly sustainable due to the scarcity of large land parcels in prime NCR locations.
Macro Economic Sensitivity
Highly sensitive to interest rates and GDP growth; real estate demand is cyclical and dependent on macro-economic stability.
Consumer Behavior
There is a sustained momentum and preference for luxury and ultra-luxury projects, which DLF is capitalizing on with its 37 msf launch pipeline.
Geopolitical Risks
Exposure is primarily domestic, but high foreign portfolio investor (FPI) shareholding makes stakeholder confidence sensitive to global ESG and governance standards.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA (INR 8,350 Cr held in RERA accounts) and environmental clearances. Pollution control regulations can impact operating costs and project timelines.
Environmental Compliance
DLF reported zero fatalities in FY25. Energy consumption in rental assets was reduced by 30% per square foot from the baseline.
Taxation Policy Impact
The company utilized the 'Vivad se Vishwas' scheme to settle longstanding tax matters, leading to a material reduction in contingent liabilities in FY25.
Legal Contingencies
Significant contingent liabilities include a INR 630 Cr deposit with the Supreme Court regarding a Competition Commission of India (CCI) penalty from 2011, and various longstanding income tax and service tax matters.
Risk Analysis
Key Uncertainties
Geographic concentration in Gurugram (84% of sales) and the inherent cyclicality of the real estate sector are the primary risks.
Geographic Concentration Risk
84% of sales are concentrated in the NCR region as of H1 FY2026.
Third Party Dependencies
Dependency on GIC as a JV partner for the DCCDL rental portfolio and various JV partners for new market entries like Mumbai.
Technology Obsolescence Risk
Not disclosed; however, the company is investing in energy-efficient 'green' buildings to meet evolving tenant standards.
Credit & Counterparty Risk
Receivables quality is high, with committed receivables of INR 37,224 Cr providing 1.5x coverage over pending construction costs and debt.
