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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,020 Cr
verified against source
Revenue YoY
43%
reported change
EBITDA
₹848 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF reported a strong Q3 FY26 with consolidated revenue of INR 2,479 crore (+43% YoY) and EBITDA of INR 848 crore (+39% YoY). PAT stood at INR 1,207 crore (+14% YoY). Record gross collections of INR 5,100 crore and net surplus cash generation of INR 6,432 crore in 9M led to zero gross debt in the development business. New sales bookings were low at INR 419 crore due to a planned pause in The Dahlias for design modifications, which have now resumed. The rental business continues to perform well with vacancy below 5%. Management remains confident of achieving the stated sales trajectory of ~INR 20,000 crore annually over the medium term, backed by a strong launch pipeline including Senior Living, West Park Phase 2, and a major group housing scheme in DLF City. Key risk: execution delays due to construction resource constraints and regulatory approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in achieving the original sales guidance for the fiscal year, despite a slow Q3.
- Annuity business income is expected to grow to INR 7,400-7,500 crore in FY27 from ~INR 6,400 crore in FY26.
- Management indicated that annual collections should grow by 10-15% year-over-year on a sustainable basis.
- The company plans to maintain the dividend payout ratio from DCCDL at similar levels as the previous year.
Risks flagged
- Q3 saw 30-45 days of work suspension due to pollution-related GRAP measures, and management noted a severe construction resource crunch that could impact timelines.
- Design changes required RERA approval and customer sign-offs, causing a sales pause. Cost increases were acknowledged, though margins are expected to remain intact.
- A large portion of the INR 11,600 crore cash balance is trapped in RERA accounts, with meaningful unlocking only expected from FY27-28 onwards.
- Analysts raised concerns about peer commentary suggesting a slowdown in Gurgaon. Management dismissed this, citing strong demand and collections, but the risk remains.
Key quotes
- We are extremely pleased to report that we witnessed record gross collections of around INR 5,100 crores, with sustained collection efficiency across all our projects.
- The Dahlias will continue to rise. Just to let you know, from the past year alone, there has already been a 25% increase in Dahlias pricing.
- I can launch at 10 million sq ft somewhere on the outskirts of Haryana or UP or Ghaziabad. That will add volume. That will add execution headache. Will it add cash flow? Will it add margin?
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