DLF vs Oberoi Realty 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.

OB

Oberoi Realty

Q4 FY26 · Infrastructure

Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%). The company announced business development of ~4 million sq ft across MMR, including a 2 million sq ft project in Bandra East and redevelopment deals in South Bombay. Management outlined an ambitious launch pipeline for FY27, including 360 North in Gurugram, Oceanic, Fair View, Forest Wheel Tower D, Jardin Tower A, and Alibag. Key risks include rising construction costs (2-3% increase) due to the West Asia crisis, which is eroding contingencies, and potential demand slowdown in ultra-luxury segments as seen in 360 West. The company expects double-digit sales growth in FY28, contingent on timely launches and approvals.

Guidance read

Launch of 360 North in Q1 FY27: Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor. Sky City Mall 100% occupancy by FY27-end: Management expects mall occupancy to reach 100% by March 2027, up from current 72%. RLDA project strata sale model: RLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues. Tardev pre-sale launch in FY27: Pre-sale portion of Tardev redevelopment to launch in Q3 or Q4 FY27.

Risk read

Key risks include Rising construction costs — Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.; Slowdown in ultra-luxury demand — 360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.; Execution risk in new market (Gurugram) — 360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty..

Promise ledger

Scorecard data is being built as historical quarters are processed.