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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
₹3,128 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF reported a strong Q4 FY25 with record annual sales of INR 21,000 crore+ and PAT of INR 4,350 crore, the highest in years. Operating cash surplus reached INR 6,200 crore for the year, and ROE crossed into double digits at 10.2%. The rental portfolio (DCCDL+DLF+Atrium Place) now totals ~44 million sq ft with vacancy down to 6% (4% by value). Key launches planned for FY26 include Privana North, Mumbai slum rehab, and Goa, with pre-sales guidance of INR 20,000-22,000 crore. RentCo CapEx is guided at ~INR 5,000 crore for FY26 and FY27. Risk: execution on the massive 45 million sq ft under-construction pipeline could face delays or cost overruns.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to sustain similar sales levels as FY25, with potential upside from strong demand.
- Capital expenditure for rental assets, including Downtowns and Atrium Place, will be about INR 5,000 crore each year.
- Rental income run-rate by end of FY26, with further jump in FY27 as new assets contribute full year.
- Management hopes to sustain dividend growth, consistent with past trend of increasing dividends.
Risks flagged
- Massive construction pipeline could face delays or cost overruns, impacting cash flows and margins.
- A cyclical downturn could impact sales volumes and pricing, especially if interest rates rise or economic growth slows.
- Delays in approvals from multiple societies have already pushed back the launch; further delays could impact FY26 sales.
- Cyber City rentals (INR 125-135) may not reach levels of new assets (INR 160-170), capping rental growth.
Key quotes
- Our sales, as you know, have been, I think, at highest ever of INR 21,000 crore plus.
- We have crossed over into the double-digit category, and hopefully, we'll keep on improving year to year on this piece.
- The CapEx spent in RentCo... in FY 2026 and in FY 2027 will be in the ballpark of INR 5,000 crore.
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