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Revenue
₹1,814 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF reported a strong Q4 FY26 with consolidated revenue of ₹2,450 crore and net profit of ₹1,256 crore. The development business achieved record collections of ₹13,500 crore (+15% YoY) and new sales bookings of ₹20,143 crore, meeting guidance despite launch delays. The rental portfolio (DCCDL) posted revenues of ₹7,400 crore (+15% YoY) with NOI growth of 16%. Management guided for sustained ~₹20,000 crore annual sales, a ₹20,000 crore launch pipeline for FY27, and mid-teens NOI CAGR for the rental business. Key risks include potential deferrals in leasing decisions by large tenants due to global uncertainties and execution delays in new project launches.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain the current sales trajectory of approximately ₹20,000 crore for FY27, with potential upside if demand remains strong.
- DLF plans to launch projects worth about ₹20,000 crore in FY27, including DLF City phase (₹8,000-9,000 crore), Arbor senior living, and next phases of West Park and Das.
- DCCDL expects mid-teens growth in NOI and 20-25% CAGR in PAT over the next 4-5 years, driven by new mall and office completions.
- Board recommended a dividend of ₹8 per share for FY26, representing a 33% increase over the previous year, reflecting strong cash flows.
Risks flagged
- Management noted that some large tenants are reviewing internal processes due to global uncertainties (AI, Iran-US tensions), which could delay leasing decisions.
- The company faced launch delays in FY26 and may face similar issues in FY27, impacting sales guidance achievement.
- Analysts highlighted that DLF's medium-term launch pipeline has remained around ₹60,000 crore for three years, while peers have scaled up pre-sales to ₹30,000-35,000 crore.
- SEZ portfolio has ~10% vacancy, with Hyderabad at 17-20% vacancy, and rental growth is marginal in some markets.
Key quotes
- We are not going to chase the 35,000 and 30,000 numbers just for the heck of chasing them. If we have a great product, maybe we will achieve.
- Our four to five year guidance remains intact that we will have mid teens growth in NOI and 20 to 25% growth on a CAGR basis for the next four to five years.
- Das is something far more superior than the Chamelias. If Chamelias has made a benchmark for the industry in the country, I think you'll all be very happy to see where the Das is heading to.
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