DLF / Q2-FY26

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Positive2024-10-28Back to DLF

Revenue

₹1,643 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹902 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

source records only
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 Q2 FY25 with consolidated revenue of INR 2,262 crore, EBITDA of INR 902 crore, and PAT of INR 1,171 crore (including a one-time INR 600 crore gain from the Tulsiwadi settlement). New sales bookings reached over INR 4,300 crore, driven by the successful Mumbai launch of Privana West, bringing H1 FY25 sales to over INR 15,750 crore. The company maintains a robust balance sheet with gross cash of INR 9,200 crore and net debt of only INR 1,487 crore. Management reiterated its FY26 pre-sales guidance of INR 20,000-21,000 crore and highlighted a strong launch pipeline including Goa, Arbour II, and next phases of Privana and Dahlias. Key risks include potential delays in Goa due to a court case and the cyclical nature of real estate demand.

Colored figures show movement against the previous available record.

Guidance to track

  • Management confirmed the existing guidance despite strong H1 performance, preferring not to overcommit.
  • Due to construction milestones, collections are expected to rise from the current run rate of INR 2,700-3,000 Cr per quarter.
  • All approvals received; launch readiness expected this quarter or next, subject to a court case not related to DLF.
  • Full rental income from all towers expected by April 2025; gross rental income estimated at INR 600-650 Cr.

Risks flagged

  • A court case in Goa, though not related to DLF, could delay the launch beyond the current timeline.
  • Analyst questioned whether strong demand velocity seen in past launches may moderate; management expressed confidence but acknowledged no launch can be taken for granted.
  • Some cancellations occurred due to customers upgrading to larger units; while minor, this could distort reported sales trends.
  • Approval process slower than expected; monetization still about 3-3.5 months away, though delay benefits accrue.

Key quotes

  • Our main focus has always been on margins, and you've seen the report, and we'd like to maintain that trajectory.
  • We are a business which, frankly, does not position ourselves disproportionately on the depth of line of sight into how a particular quarter is looking or not looking, frankly. It's a long-cycle business.
  • Today, the demand for DLF is not geography-specific. I am getting responses from across the country.

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