DLF Management Guidance Tracker

Management maintained its full-year sales booking guidance of INR 12,000-13,000 crore, with major launches planned in H2.

Based on March 2024 quarter exit, rental run rate is expected to reach INR 5,000 crore, rising to INR 5,600-5,700 crore by March 2025.

Management upgraded sales guidance from INR 12,000-13,000 crore to INR 13,000 crore+, citing strong demand and pipeline.

Management expects a moderate increase from FY24's likely ~INR 13,000+ crore, with formal guidance in May 2024.

Rental income for DCCDL expected to stabilize at that level, excluding Atrium Place.

Management guided for pre-sales of INR 17,000 crore in FY25, driven by launches including Lux 5, Privana phases, Goa villas, and Mumbai project.

Rental business exit rental for FY25 is guided at INR 5,900-6,000 crore, up from INR 5,000-5,100 crore in FY24.

Management expects 90%+ sell-through on existing launches and initial sales from Lux 5; upward bias possible.

Driven by completion of Downtown 4 (Gurgaon) and Downtown 3 (Chennai), plus full-year contribution from Downtown 1 & 2.

Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.

DCCDL rental EBITDA guided at ₹5,000 crore for FY25 and ₹5,800 crore for FY26; DLF rental EBITDA at ₹300 crore for FY25 and ₹1,000 crore for FY26.

Mumbai project approval expected in weeks; launch likely in current quarter.

Approval cycles may push these launches to early next fiscal.

DCCDL rental income ~INR 6,300-6,350 crore; DLF rental income ~INR 800 crore (corrected from earlier 1,000-1,200).

Management expects to sustain similar sales levels as FY25, with potential upside from strong demand.

Rental income run-rate by end of FY26, with further jump in FY27 as new assets contribute full year.

Management confirmed the pre-sales guidance for FY26 remains secure, with INR 11,435 crore already achieved in Q1 and Mumbai launch contributing further.

Management confirmed the existing guidance despite strong H1 performance, preferring not to overcommit.

Full rental income from all towers expected by April 2025; gross rental income estimated at INR 600-650 Cr.

Management reiterated confidence in achieving the original sales guidance for the fiscal year, despite a slow Q3.

Annuity business income is expected to grow to INR 7,400-7,500 crore in FY27 from ~INR 6,400 crore in FY26.

Management expects to maintain the current sales trajectory of approximately ₹20,000 crore for FY27, with potential upside if demand remains strong.

Management guided that gross margins will stay above 50% for the current year, despite quarterly fluctuations due to product mix.

Weighted average margins are expected to move from late 30s-40% to mid- to late 40s post Lux 5 launch.

The first phase of the Mumbai project (0.9 msf) is expected to launch within 12 months, possibly within this fiscal year.

Approvals on track for key launches; DLF 5 super-luxury project expected in Q4 FY24 or Q1 FY25.

Key launches include Privana 2, DLF 5 luxury project, Chennai luxury, Goa, and first phase of Mumbai project.

Approvals for the Mumbai project are in advanced stages; launch is targeted for Q4, subject to no unforeseen delays.

All approvals received; launch readiness expected this quarter or next, subject to a court case not related to DLF.

Annual construction spend expected to increase ~40% YoY to INR 1,700 crore, with higher outflow in H2.

Full throttle construction for Arbour, Privana South, and Privana West will drive higher spend.

Construction on Downtown Gurgaon Phase 2 (4.5-4.6 mn sq ft offices, 2 mn retail) and Chennai Downtown 4&5 (3.6 mn sq ft) underway.

Capital expenditure for rental assets, including Downtowns and Atrium Place, will be about INR 5,000 crore each year.

Rental business to invest about INR 5,000 crore per year in FY26 and FY27 for new assets and developments.

Rental arm DCCDL will maintain its dividend cycle, with interim dividend declared post H1 results.

Management hopes to sustain dividend growth, consistent with past trend of increasing dividends.

The company plans to maintain the dividend payout ratio from DCCDL at similar levels as the previous year.

Board recommended a dividend of ₹8 per share for FY26, representing a 33% increase over the previous year, reflecting strong cash flows.

Applications filed for 1.1 billion sq ft denotification; process expected to complete by March-April 2024.

Management targets collections growth of at least 15% on an ongoing basis for next year, excluding one-time Chennai land sale.

Current vacancy at 8.8%; SEZ de-notification and strong leasing demand expected to drive reduction.

Dahlias will be launched in batches of 50 units with step-up pricing; initial response has been strong with 9% money-down EOIs.

The formal launch of Dahlias with the experience center is scheduled for March-April 2026, though pre-launch sales continue.

Next phase of Mumbai project (1.2 million sq ft) expected to be ready for launch in approximately 12 months after slum rehab construction.

Due to construction milestones, collections are expected to rise from the current run rate of INR 2,700-3,000 Cr per quarter.

Management indicated that annual collections should grow by 10-15% year-over-year on a sustainable basis.

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.