DLF vs Godrej Properties Q4 FY26

DL

DLF

Q4 FY26 · Diversified

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.

Guidance read

FY27 sales guidance of ~₹20,000 crore: Management expects to maintain the current sales trajectory of approximately ₹20,000 crore for FY27, with potential upside if demand remains strong. Launch pipeline of ₹20,000 crore for FY27: 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. Rental business mid-teens NOI CAGR over 4-5 years: 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. Dividend increased to ₹8 per share (33% YoY growth): Board recommended a dividend of ₹8 per share for FY26, representing a 33% increase over the previous year, reflecting strong cash flows.

Risk read

Key risks include Leasing decision deferrals by large tenants — Management noted that some large tenants are reviewing internal processes due to global uncertainties (AI, Iran-US tensions), which could delay leasing decisions.; Execution delays in new project launches — The company faced launch delays in FY26 and may face similar issues in FY27, impacting sales guidance achievement.; Stagnant launch pipeline vs peers — 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 vacancy and rental pressure — SEZ portfolio has ~10% vacancy, with Hyderabad at 17-20% vacancy, and rental growth is marginal in some markets..

Promise ledger

Scorecard data is being built as historical quarters are processed.

GO

Godrej Properties

Q4 FY26 · Diversified

Godrej Properties delivered a record Q4 FY26 with ₹10,163cr in bookings, up 21% QoQ, and ₹7,947cr in collections, up 14% YoY. Full-year bookings grew 16% to ₹34,171cr, achieving 105% of guidance. EBITDA grew 51% to ₹959cr and PAT grew 70% to ₹650cr. The strong performance was driven by new project launches (Godrej Abode, Godrej Arden) and sustained sales from projects like Godrej Trillium. Management guided FY27 bookings to ₹39,000cr (+20% YoY) and collections to ₹24,000cr (+20% YoY), supported by a robust launch pipeline and 35% higher opening inventory. Key risks include geopolitical uncertainty (Middle East conflict) impacting demand and potential cost inflation of 5-6% from supply chain disruptions.

Guidance read

FY27 residential bookings target of ₹39,000cr: Management expects 20% growth in bookings to over ₹39,000cr, driven by a strong launch pipeline and sustained sales. FY27 collections target of ₹24,000cr: Collections are guided to grow 20% to over ₹24,000cr, supported by strong operating cash flow and project deliveries. FY28 ROE target of 20%: Management targets a return on equity of 20% by FY28, driven by faster execution and project deliveries. FY27 business development guidance of ₹20,000cr: The company plans to add ₹20,000cr of future sales potential, with flexibility to be opportunistic based on market conditions.

Risk read

Key risks include Geopolitical uncertainty impacting demand — The Middle East conflict caused a temporary slowdown in March, and continued uncertainty could affect buyer sentiment and sales conversions.; Cost inflation from supply chain disruptions — Management estimates a 5-6% cost impact from the war, potentially reducing margins by 1-2% per quarter if the situation persists.; NCR sales recovery dependent on project approvals — NCR sales dipped in FY26 due to delayed approvals for key projects like Ashok Vihar; any further delays could impact FY27 guidance.; Free cash flow uncertainty in FY27 — Management indicated that FCFE may not be positive in FY27 if business development exceeds guidance, depending on opportunity quality..

Promise ledger

Scorecard data is being built as historical quarters are processed.