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View Promises →DLF Limited — Q3 FY26
DLF reported a strong Q3 FY26 with consolidated revenue of INR 2,479 crore (+43% YoY) and EBITDA of INR 848 crore (+39% YoY).
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DLF reported a strong Q3 FY26 with consolidated revenue of INR 2,479 crore (+43% YoY) and EBITDA of INR 848 crore (+39% YoY). PAT stood at INR 1,207 crore (+14% YoY). Record gross collections of INR 5,100 crore and net surplus cash generation of INR 6,432 crore in 9M led to zero gross debt in the development business. New sales bookings were low at INR 419 crore due to a planned pause in The Dahlias for design modifications, which have now resumed. The rental business continues to perform well with vacancy below 5%. Management remains confident of achieving the stated sales trajectory of ~INR 20,000 crore annually over the medium term, backed by a strong launch pipeline including Senior Living, West Park Phase 2, and a major group housing scheme in DLF City. Key risk: execution delays due to construction resource constraints and regulatory approvals.
DLF ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 2,479 करोड़ रुपये रही, जो पिछले साल से 43% ज्यादा है। कंपनी ने 848 करोड़ रुपये का EBITDA (कमाई में से खर्च घटाने के बाद बचा मुनाफा) कमाया, जो 39% बढ़ा। शुद्ध मुनाफा 1,207 करोड़ रुपये (+14%) रहा। डेवलपमेंट बिजनेस पर अब कोई कर्ज नहीं है, क्योंकि 9 महीने में 6,432 करोड़ रुपये की नकदी बची। नई बिक्री सिर्फ 419 करोड़ रुपये रही, क्योंकि 'द डहलियास' प्रोजेक्ट में डिजाइन बदलाव के लिए रोक लगाई गई थी, जो अब फिर शुरू हो गया है। किराए का कारोबार अच्छा चल रहा है और 5% से कम दुकानें खाली हैं। कंपनी को भरोसा है कि वह हर साल लगभग 20,000 करोड़ रुपये की बिक्री करेगी। नए प्रोजेक्ट्स में सीनियर लिविंग, वेस्ट पार्क फेज 2 और DLF सिटी में बड़ा ग्रुप हाउसिंग शामिल है। मुख्य जोखिम: निर्माण में देरी और मंजूरी में रुकावट।
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Construction delays due to GRAP and resource crunch
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Gross Collections
INR 5,100 crore
+21% YoY (9M net collections)
Record quarterly gross collections, indicating strong collection efficiency across projects.
Net Surplus Cash Generation (9M)
INR 6,432 crore
Exceeded full FY25 generation
Nine-month cash generation surpassed the entire previous fiscal year.
Rental Income Forecast FY27
INR 7,400-7,500 crore
+15-17% YoY
Projected annuity income for next fiscal, driven by new mall and office completions.
The Dahlias GDV
INR 42,000 crore
+45% from initial INR 29,000 crore
Gross development value of the super-luxury project has increased significantly due to dynamic pricing.
What Changed vs Last Quarter
NEW
FY26 sales guidance maintained at ~INR 20,000 crore
Management reiterated confidence in achieving the original sales guidance for the fiscal year, despite a slow Q3.
NEW
FY27 rental income forecast of INR 7,400-7,500 crore
Annuity business income is expected to grow to INR 7,400-7,500 crore in FY27 from ~INR 6,400 crore in FY26.
NEW
Collections growth of 10-15% YoY
Management indicated that annual collections should grow by 10-15% year-over-year on a sustainable basis.
NEW
DCCDL dividend payout at 75-80% of PAT for FY26 and FY27
The company plans to maintain the dividend payout ratio from DCCDL at similar levels as the previous year.
DROPPED
FY26 pre-sales target of INR 20,000-22,000 crore
Management confirmed the pre-sales guidance for FY26 remains secure, with INR 11,435 crore already achieved in Q1 and Mumbai launch contributing further.
DROPPED
Dahlias experience center launch in March-April 2026
The formal launch of Dahlias with the experience center is scheduled for March-April 2026, though pre-launch sales continue.
DROPPED
Mumbai Phase II launch in ~12 months
Next phase of Mumbai project (1.2 million sq ft) expected to be ready for launch in approximately 12 months after slum rehab construction.
DROPPED
DCCDL capex of INR 5,000 crore in FY26 and FY27 each
Rental business to invest about INR 5,000 crore per year in FY26 and FY27 for new assets and developments.
NEW RISK
Construction delays due to GRAP and resource crunch
Q3 saw 30-45 days of work suspension due to pollution-related GRAP measures, and management noted a severe construction resource crunch that could impact timelines.
NEW RISK
Execution risk on The Dahlias design modifications
Design changes required RERA approval and customer sign-offs, causing a sales pause. Cost increases were acknowledged, though margins are expected to remain intact.
NEW RISK
RERA cash lock-up limiting capital deployment
A large portion of the INR 11,600 crore cash balance is trapped in RERA accounts, with meaningful unlocking only expected from FY27-28 onwards.
NEW RISK
Potential slowdown in NCR residential market
Analysts raised concerns about peer commentary suggesting a slowdown in Gurgaon. Management dismissed this, citing strong demand and collections, but the risk remains.
RISK GONE
Approval delays for new projects
Delays in approvals for Goa and Delhi projects could push back launch timelines, impacting future sales growth.
RISK GONE
Lower reported gross margin due to product mix
Reported gross margin of 28% was lower due to mix, though embedded margins remain healthy. Continued mix shift could pressure near-term margins.
RISK GONE
Cash trapped in RERA accounts limits flexibility
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.
RISK GONE
Potential GIC exit from DCCDL
Analyst asked about GIC's exit plans; management denied any such discussions, but partner exits could impact rental business valuation.
🤫 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 reiterated confidence in achieving the original sales guidance for the fiscal year, despite a slow Q3.
Q3 saw 30-45 days of work suspension due to pollution-related GRAP measures, and management noted a severe construction resource crunch that could...
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