FY24 sales guidance of INR 12,000-13,000 crore
Management maintained its full-year sales booking guidance of INR 12,000-13,000 crore, with major launches planned in H2.
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Gross margin to remain above 50%
Management guided that gross margins will stay above 50% for the current year, despite quarterly fluctuations due to product mix.
Rental exit run rate of INR 5,000 crore by March 2024
Based on March 2024 quarter exit, rental run rate is expected to reach INR 5,000 crore, rising to INR 5,600-5,700 crore by March 2025.
Mumbai project first launch within 12 months
The first phase of the Mumbai project (0.9 msf) is expected to launch within 12 months, possibly within this fiscal year.
FY25 pre-sales guidance of INR 17,000 crore maintained with upside potential
Management expects 90%+ sell-through on existing launches and initial sales from Lux 5; upward bias possible.
Office vacancy target of 6-7% by end of FY25
Current vacancy at 8.8%; SEZ de-notification and strong leasing demand expected to drive reduction.
DCCDL rental income to reach INR 5,800-6,000 crore in FY26
Driven by completion of Downtown 4 (Gurgaon) and Downtown 3 (Chennai), plus full-year contribution from Downtown 1 & 2.
Construction outflow on DevCo to exceed INR 800 crore per quarter from Q3 FY25
Full throttle construction for Arbour, Privana South, and Privana West will drive higher spend.
FY26 pre-sales target of INR 20,000-22,000 crore
Management confirmed the pre-sales guidance for FY26 remains secure, with INR 11,435 crore already achieved in Q1 and Mumbai launch contributing further.
Dahlias experience center launch in March-April 2026
The formal launch of Dahlias with the experience center is scheduled for March-April 2026, though pre-launch sales continue.
Mumbai Phase II launch in ~12 months
Next phase of Mumbai project (1.2 million sq ft) expected to be ready for launch in approximately 12 months after slum rehab construction.
DCCDL capex of INR 5,000 crore in FY26 and FY27 each
Rental business to invest about INR 5,000 crore per year in FY26 and FY27 for new assets and developments.
FY24 sales guidance raised to INR 13,000 crore+
Management upgraded sales guidance from INR 12,000-13,000 crore to INR 13,000 crore+, citing strong demand and pipeline.
Construction spend of ~INR 1,700 crore in FY24
Annual construction spend expected to increase ~40% YoY to INR 1,700 crore, with higher outflow in H2.
New launches in H2 FY24: Privana (Q3), DLF 5 (Q4/Q1 FY25), Andheri (by June 2024)
Approvals on track for key launches; DLF 5 super-luxury project expected in Q4 FY24 or Q1 FY25.
DCCDL to continue two dividends per year
Rental arm DCCDL will maintain its dividend cycle, with interim dividend declared post H1 results.
Full-year pre-sales guidance of ₹17,000 crore reaffirmed
Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.
Rental EBITDA exit FY25 at ₹5,300 crore, FY26 at ₹6,800 crore
DCCDL rental EBITDA guided at ₹5,000 crore for FY25 and ₹5,800 crore for FY26; DLF rental EBITDA at ₹300 crore for FY25 and ₹1,000 crore for FY26.
Dahlias launch in Q3 with phased price increases
Dahlias will be launched in batches of 50 units with step-up pricing; initial response has been strong with 9% money-down EOIs.
Mumbai launch expected in Q4 FY25
Approvals for the Mumbai project are in advanced stages; launch is targeted for Q4, subject to no unforeseen delays.
FY26 pre-sales guidance of INR 20,000-21,000 Cr
Management confirmed the existing guidance despite strong H1 performance, preferring not to overcommit.
Collections expected to increase in H2 FY26
Due to construction milestones, collections are expected to rise from the current run rate of INR 2,700-3,000 Cr per quarter.
Goa project launch in Q3 or Q4 FY26
All approvals received; launch readiness expected this quarter or next, subject to a court case not related to DLF.
Atrium Place rental income to start from December 2024
Full rental income from all towers expected by April 2025; gross rental income estimated at INR 600-650 Cr.
FY25 sales guidance of INR 15,000+ crore
Management expects a moderate increase from FY24's likely ~INR 13,000+ crore, with formal guidance in May 2024.
New launches over next 12-15 months
Key launches include Privana 2, DLF 5 luxury project, Chennai luxury, Goa, and first phase of Mumbai project.
DCCDL rental income exit run-rate of INR 5,100-5,200 crore by FY25
Rental income for DCCDL expected to stabilize at that level, excluding Atrium Place.
SEZ denotification to improve occupancy from Q1 FY25
Applications filed for 1.1 billion sq ft denotification; process expected to complete by March-April 2024.
Mumbai launch in Q4FY25
Mumbai project approval expected in weeks; launch likely in current quarter.
Goa and Privana Phase 3 may spill to FY26
Approval cycles may push these launches to early next fiscal.
FY26 rental income guidance
DCCDL rental income ~INR 6,300-6,350 crore; DLF rental income ~INR 800 crore (corrected from earlier 1,000-1,200).
CapEx cycle for Downtowns and malls
Construction on Downtown Gurgaon Phase 2 (4.5-4.6 mn sq ft offices, 2 mn retail) and Chennai Downtown 4&5 (3.6 mn sq ft) underway.
FY26 sales guidance maintained at ~INR 20,000 crore
Management reiterated confidence in achieving the original sales guidance for the fiscal year, despite a slow Q3.
FY27 rental income forecast of INR 7,400-7,500 crore
Annuity business income is expected to grow to INR 7,400-7,500 crore in FY27 from ~INR 6,400 crore in FY26.
Collections growth of 10-15% YoY
Management indicated that annual collections should grow by 10-15% year-over-year on a sustainable basis.
DCCDL dividend payout at 75-80% of PAT for FY26 and FY27
The company plans to maintain the dividend payout ratio from DCCDL at similar levels as the previous year.
FY25 pre-sales target of INR 17,000 crore
Management guided for pre-sales of INR 17,000 crore in FY25, driven by launches including Lux 5, Privana phases, Goa villas, and Mumbai project.
Exit rental for FY25 expected at INR 5,900-6,000 crore
Rental business exit rental for FY25 is guided at INR 5,900-6,000 crore, up from INR 5,000-5,100 crore in FY24.
Margins to expand to mid-40s with Lux 5
Weighted average margins are expected to move from late 30s-40% to mid- to late 40s post Lux 5 launch.
Collections growth of at least 15% in FY25
Management targets collections growth of at least 15% on an ongoing basis for next year, excluding one-time Chennai land sale.
Pre-sales guidance of INR 20,000-22,000 crore for FY26
Management expects to sustain similar sales levels as FY25, with potential upside from strong demand.
RentCo CapEx of ~INR 5,000 crore in FY26 and FY27
Capital expenditure for rental assets, including Downtowns and Atrium Place, will be about INR 5,000 crore each year.
Exit rentals for RentCo at INR 6,700 crore by FY26
Rental income run-rate by end of FY26, with further jump in FY27 as new assets contribute full year.
Dividend growth strategy to continue
Management hopes to sustain dividend growth, consistent with past trend of increasing dividends.
FY27 sales guidance of ~₹20,000 crore
Management expects to maintain the current sales trajectory of approximately ₹20,000 crore for FY27, with potential upside if demand remains strong.
Launch pipeline of ₹20,000 crore for FY27
DLF plans to launch projects worth about ₹20,000 crore in FY27, including DLF City phase (₹8,000-9,000 crore), Arbor senior living, and next phases of West Park and Das.
Rental business mid-teens NOI CAGR over 4-5 years
DCCDL expects mid-teens growth in NOI and 20-25% CAGR in PAT over the next 4-5 years, driven by new mall and office completions.
Dividend increased to ₹8 per share (33% YoY growth)
Board recommended a dividend of ₹8 per share for FY26, representing a 33% increase over the previous year, reflecting strong cash flows.