DLF vs Signatureglobal 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.

Signatureglobal reported a strong FY26 with PAT surging to ₹1,100 crore aided by an exceptional item from the RMZ JV. Revenue from operations stood at ₹2,600 crore with gross margins of 30%. Pre-sales reached ₹8,250 crore (down YoY but up 30% CAGR over 4 years) and net debt reduced to near zero at ₹200 crore. The company guided for FY27 with launches of ₹15,000 crore GDV, targeting pre-sales of ₹10,000 crore and revenue recognition of ₹5,000 crore. Key drivers include three group housing launches in Sector 71, including a branded residence tie-up with Tonino Lamborghini. The RMZ commercial JV (5.5 msf) is expected to activate this year with a capex of ₹3,500-4,000 crore over 4-5 years. Risk: Macro headwinds could dampen demand absorption, though management remains confident of 40% sell-through at launch.

Guidance read

FY27 pre-sales target of ₹10,000 crore: Management expects to achieve pre-sales of ₹10,000 crore in FY27, driven by new launches and sustaining sales. FY27 revenue recognition target of ₹5,000 crore: Revenue recognition guided at ₹5,000 crore for FY27, implying completions of ₹6,000-6,500 crore. FY27 collection target of ₹5,000 crore: Collections are expected to cross ₹5,000 crore in FY27, supported by steady construction progress. RMZ JV capex of ₹3,500-4,000 crore over 4-5 years: The 5.5 msf commercial project will require total capex of ₹3,500-4,000 crore, funded equally by both partners.

Risk read

Key risks include Macro headwinds impacting demand — Global economic uncertainties could dampen housing demand, though management expects 40% sell-through at launch.; Construction delays due to regulatory hurdles — Excessive rains and NGT restrictions caused slippage in FY26 completions; similar issues could recur.; Lower-than-expected absorption in new launches — Analyst questioned if 40% sell-through is achievable; management expressed confidence but macro risks remain.; JV execution risk with RMZ — The commercial JV is a new asset class for Signatureglobal; execution and leasing success are unproven..

Promise ledger

Of 2 tracked promises, management 0 met, 0 close, 2 missed.