New Sales Bookings (FY26)
₹20,143 crore
+0% YoY (in line with guidance)
Full-year sales bookings met the ₹20,000 crore guidance, led by DLF City and West Park.
DLF
Other
15 May 2026
DLF Ltd — Q4 FY26
DLF reported a strong Q4 FY26 with consolidated revenue of ₹2,450 crore and net profit of ₹1,256 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Collections (FY26)
₹13,500 crore
+15% YoY
Record collections driven by high collection efficiency across projects.
Net Cash Position
₹14,155 crore
+25% YoY (cash surplus generation)
Includes ₹11,200 crore in escrow accounts; zero gross debt in development business.
DCCDL NOI Growth (FY26)
₹5,700 crore
+16% YoY
Rental business NOI growth driven by new asset completions and high occupancy.
Management Guidance
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.
Management guidance revenueLaunch 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.
Management guidance growthRental 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.
Management guidance growthDividend 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.
Management guidance otherKey Risks
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.
medium · management_commentaryExecution delays in new project launches
The company faced launch delays in FY26 and may face similar issues in FY27, impacting sales guidance achievement.
medium · management_commentaryStagnant 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.
low · analyst_questionSEZ vacancy and rental pressure
SEZ portfolio has ~10% vacancy, with Hyderabad at 17-20% vacancy, and rental growth is marginal in some markets.
low · analyst_questionNotable Quotes
We are not going to chase the 35,000 and 30,000 numbers just for the heck of chasing them. If we have a great product, maybe we will achieve.
Our four to five year guidance remains intact that we will have mid teens growth in NOI and 20 to 25% growth on a CAGR basis for the next four to five years.
Das is something far more superior than the Chamelias. If Chamelias has made a benchmark for the industry in the country, I think you'll all be very happy to see where the Das is heading to.
Frequently Asked Questions
What was DLF's revenue in Q4 FY26?
DLF reported revenue of ₹1,814 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did DLF management give for FY27?
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.
What are the key risks for DLF in FY27?
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..
Did DLF meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full DLF Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.