DLF / Q1-FY26

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Positive2025-08-05Back to DLF

Revenue

₹2,717 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹628 Cr

latest reported figure

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
6 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 495 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 591 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 633 · Positive source sentiment · 2024-01-23Q3 FY24Q1 FY26: 628 · Positive source sentiment · 2025-08-05Q1 FY26Q2 FY26: 902 · Positive source sentiment · 2024-10-28Q2 FY26Q3 FY26: 848 · Positive source sentiment · 2026-01-20Q3 FY26902495
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

DLF reported a strong Q1 FY26 with development sales bookings of INR 11,435 crore, up 78% YoY, driven by the successful Privana launch. Revenue stood at INR 2,981 crore with PAT of INR 766 crore, growing 19% YoY. The rental business (DCCDL) saw PAT growth of 26% YoY, supported by new asset additions. Management reiterated focus on embedded margins (INR 24,500 crore potential) and cash generation, with net cash surplus of INR 1,100 crore. Guidance for FY26 pre-sales of INR 20,000-22,000 crore remains intact, backed by upcoming launches in Dahlias and Mumbai Phase II. Key risk: delays in approval processes for new projects, particularly in Delhi and Goa, could push back launch timelines.

Colored figures show movement against the previous available record.

Guidance to track

  • Management confirmed the pre-sales guidance for FY26 remains secure, with INR 11,435 crore already achieved in Q1 and Mumbai launch contributing further.
  • The formal launch of Dahlias with the experience center is scheduled for March-April 2026, though pre-launch sales continue.
  • Next phase of Mumbai project (1.2 million sq ft) expected to be ready for launch in approximately 12 months after slum rehab construction.
  • Rental business to invest about INR 5,000 crore per year in FY26 and FY27 for new assets and developments.

Risks flagged

  • Delays in approvals for Goa and Delhi projects could push back launch timelines, impacting future sales growth.
  • Reported gross margin of 28% was lower due to mix, though embedded margins remain healthy. Continued mix shift could pressure near-term margins.
  • Of INR 10,500 crore cash, INR 8,000 crore is locked in RERA accounts, restricting free cash flow for dividends or acquisitions until project completion.
  • Analyst asked about GIC's exit plans; management denied any such discussions, but partner exits could impact rental business valuation.

Key quotes

  • Our overall sales booking for the development business stood at INR 11,435 crore, which reflects a year-over-year growth of almost 78%.
  • Pre-sales is not a metric that we track. We track margins and cash flows, and pre-sales is a necessary fuel for that.
  • The reported rental for the current quarter for DLF Cyber City Developers Limited grew at almost 15% year-over-year and almost 12% sequentially.

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