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View Promises →DLF Limited — Q2 FY26
DLF reported a strong Q2 FY25 with consolidated revenue of INR 2,262 crore, EBITDA of INR 902 crore, and PAT of INR 1,171 crore (including a one-time INR 600 crore gain from the Tulsiwadi settlement).
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DLF reported a strong Q2 FY25 with consolidated revenue of INR 2,262 crore, EBITDA of INR 902 crore, and PAT of INR 1,171 crore (including a one-time INR 600 crore gain from the Tulsiwadi settlement). New sales bookings reached over INR 4,300 crore, driven by the successful Mumbai launch of Privana West, bringing H1 FY25 sales to over INR 15,750 crore. The company maintains a robust balance sheet with gross cash of INR 9,200 crore and net debt of only INR 1,487 crore. Management reiterated its FY26 pre-sales guidance of INR 20,000-21,000 crore and highlighted a strong launch pipeline including Goa, Arbour II, and next phases of Privana and Dahlias. Key risks include potential delays in Goa due to a court case and the cyclical nature of real estate demand.
DLF ने दूसरी तिमाही (Q2 FY25) में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई ₹2,262 करोड़ रही, जबकि कमाई में से खर्च निकालने के बाद ₹902 करोड़ बचे। मुनाफा ₹1,171 करोड़ रहा, जिसमें तुलसीवाड़ी सेटलमेंट से ₹600 करोड़ का एकमुश्त फायदा शामिल है। नई बिक्री ₹4,300 करोड़ से अधिक हुई, खासकर मुंबई में प्रिवाना वेस्ट लॉन्च की वजह से। पूरी पहली छमाही में बिक्री ₹15,750 करोड़ पार कर गई। कंपनी के पास ₹9,200 करोड़ नकद है और कर्ज सिर्फ ₹1,487 करोड़ है। अगले साल 20,000-21,000 करोड़ की बिक्री का लक्ष्य है। गोवा में कोर्ट केस और रियल एस्टेट की मांग में उतार-चढ़ाव जोखिम हैं।
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Goa launch delay due to court case
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Read Transcript →Quarter Snapshot
New Sales Bookings (Q2)
INR 4,300 Cr
+?% YoY
Driven by maiden Mumbai launch Privana West; H1 cumulative sales over INR 15,750 Cr.
Collections (Q2)
INR 2,672 Cr
+?% YoY
Excludes JV collections of INR 240 Cr from Privana West; high collection efficiency.
Gross Margin Potential
INR 40,000 Cr
N/A
Reflects future profitability from ongoing and upcoming projects.
Dahlias Cumulative Units Sold
221 units
+18 units QoQ
Pricing over INR 1 lakh/sq ft; 50%+ sold; main launch post-April with experience center.
What Changed vs Last Quarter
NEW
FY26 pre-sales guidance of INR 20,000-21,000 Cr
Management confirmed the existing guidance despite strong H1 performance, preferring not to overcommit.
NEW
Collections expected to increase in H2 FY26
Due to construction milestones, collections are expected to rise from the current run rate of INR 2,700-3,000 Cr per quarter.
NEW
Goa project launch in Q3 or Q4 FY26
All approvals received; launch readiness expected this quarter or next, subject to a court case not related to DLF.
NEW
Atrium Place rental income to start from December 2024
Full rental income from all towers expected by April 2025; gross rental income estimated at INR 600-650 Cr.
DROPPED
Full-year pre-sales guidance of ₹17,000 crore reaffirmed
Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.
DROPPED
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.
DROPPED
Dahlias launch in Q3 with phased price increases
Dahlias will be launched in batches of 50 units with step-up pricing; initial response has been strong with 9% money-down EOIs.
DROPPED
Mumbai launch expected in Q4 FY25
Approvals for the Mumbai project are in advanced stages; launch is targeted for Q4, subject to no unforeseen delays.
NEW RISK
Goa launch delay due to court case
A court case in Goa, though not related to DLF, could delay the launch beyond the current timeline.
NEW RISK
Potential slowdown in real estate demand
Analyst questioned whether strong demand velocity seen in past launches may moderate; management expressed confidence but acknowledged no launch can be taken for granted.
NEW RISK
Cancellations/upgrades impacting reported sales
Some cancellations occurred due to customers upgrading to larger units; while minor, this could distort reported sales trends.
NEW RISK
Kolkata IT SEZ monetization delay
Approval process slower than expected; monetization still about 3-3.5 months away, though delay benefits accrue.
RISK GONE
Approval delays for Mumbai and Goa projects
Management acknowledged that non-Gurgaon approvals are difficult to predict; state elections could cause delays.
RISK GONE
Rising competition in NCR from peers raising equity
Analyst raised concern about peers aggressively buying land in NCR; management downplayed but acknowledged competition.
RISK GONE
Margin mismatch in reported financials vs embedded margins
Management noted that reported margins are depressed due to old project revenue recognition with current cost structures, which may take 18-24 months to align.
RISK GONE
Concentration risk in NCR market
Despite management's confidence, the business remains heavily reliant on NCR, with limited diversification outside the region.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY25
Delays in approvals for Goa and Delhi projects could push back launch timelines, impacting future sales growth.
Mentioned in Q1 FY26, Q3 FY25
Of INR 10,500 crore cash, INR 8,000 crore is locked in RERA accounts, restricting free cash flow for dividends or acquisitions until project completion.
Mentioned in Q1 FY26, Q4 FY25
Rental business to invest about INR 5,000 crore per year in FY26 and FY27 for new assets and developments.
Mentioned in Q1 FY25, Q3 FY25
DCCDL rental income ~INR 6,300-6,350 crore; DLF rental income ~INR 800 crore (corrected from earlier 1,000-1,200).
Mentioned in Q1 FY25, Q3 FY25
Mumbai, Goa, and Privana Phase 3 approvals are pending; delays could push launches beyond current guidance.
Fast read
Guidance and risk preview
Management confirmed the existing guidance despite strong H1 performance, preferring not to overcommit.
A court case in Goa, though not related to DLF, could delay the launch beyond the current timeline.
View Risks →