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DLF Margin Trend — Quarter by Quarter

DLF's EBITDA margin moved from 28.0% in Q1 FY24 to 23.0% in Q4 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%—
Q3 FY2619.0%—
Q1 FY2613.0%—
Q4 FY2531.0%—
Q3 FY2526.0%—
Q2 FY2617.0%—
Q2 FY2525.0%—
Q4 FY2435.0%—
Q3 FY2434.0%—
Q2 FY2434.0%—
Q1 FY2428.0%—

What management said about ebitda margin

G

Q2 FY25 · Rental EBITDA exit FY25 at ₹5,300 crore, FY26 at ₹6,800 crore

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.

G

Q4 FY24 · Margins to expand to mid-40s with Lux 5

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

G

Q1 FY24 · Gross margin to remain above 50%

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