Construction delays due to GRAP and resource crunch
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.
DLF / Q3-FY26 / risks
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Material risks this quarter
medium
Execution risk on The Dahlias design modifications
Design changes required RERA approval and customer sign-offs, causing a sales pause. Cost increases were acknowledged, though margins are expected to remain intact.
RERA cash lock-up limiting capital deployment
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.
Potential slowdown in NCR residential market
Analysts raised concerns about peer commentary suggesting a slowdown in Gurgaon. Management dismissed this, citing strong demand and collections, but the risk remains.