DLF Ltd — Q4 FY26
DLF reported a strong Q4 FY26 with consolidated revenue of ₹2,450 crore and net profit of ₹1,256 crore.
bullish
high
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions audited
Partial answer
Medium priority
Increase in marketing/brokerage cost and overheads; how to think about trends?
Asked by Punid Gulati, HSBC
Explained linkage but gave no specific cost numbers or breakdown, deferred to annual view.
no specific numbersdeferred to full year guidance
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Question
there seems to have been some increase in marketing brokerage cost for the quarter and also overheads. Uh how should one think about these uh trends?
Ashok Tyagi (MD)
marketing brokerage our brokerage payout is linked to collections... you should consider that marketing is a normal phenomena and the overheads could be some year end provisioning etc... overall number for the full year should be taken as a guidance.
Partial answer
Medium priority
Tax refund benefit era over? How to think about tax rate?
Asked by Punid Gulati, HSBC
Acknowledged deferred tax asset recognition but gave no specific tax rate or refund quantum.
no quantitative guidance on tax rate
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Question
from the taxation perspective also should one think that you know you've been getting the benefit of tax refunds is that era largely over or so
Ashok Tyagi (MD)
in the current year I think we had some accumulated losses... we have recognized the deferred tax assets... from a refund perspective... we should continue to see those kind of uh flows coming through in the future as well
Answered
High priority
Launch pipeline for this year and key projects?
Asked by Punid Gulati, HSBC
Provided a specific number (20,000 cr) and listed geographies.
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Question
the more important part is how should one think about the launch pipeline for this year
Akash (Business Head)
we've got a healthy launch pipeline uh almost about 20,000 crores and uh we've got some good Gam products. We've got Mumbai. We've got Goa...
Answered
High priority
Progress on Goa approvals and specific Gurgaon projects?
Asked by Punid Gulati, HSBC
Named specific projects and gave status on Goa approvals.
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Question
in gurugur what should we target which all projects should we focus on and and what is the progress on goa in terms of approvals
Akash (Business Head)
gura we've got two good projects... senior living and Hamilton 2... Goa approvals are all done we just there is a u a pil... We're just going to make sure uh that we are clear and then we'll bring in Goa.
Answered
High priority
Commercial completions in FY28 and FY27?
Asked by Punid Gulati, HSBC
Provided specific square footage and rental income estimates.
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Question
on the commercial side uh any projects that you think will get completed uh in FI28?
Ashok Tyagi (MD)
FY28 the two new towers totaling to 3.5 million in downtown Taramani will get completed... for 27 it's just the atrium... will generate about 700 crores of rent and in addition to that the three malls will get completed and will be leased.
Partial answer
Medium priority
Exit rental for FY27 for DCCDL and DLF assets?
Asked by Punid Gulati, HSBC
Gave total rental but declined to split between DCCDL and DLF.
no breakdown provided
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Question
what should be the exit rental for 27 for DCCDL separately and for the the the rest DF assets?
Ashok Tyagi (MD)
I don't know separately but I think the total should be about 8,200 crores.
Answered
High priority
Why is medium-term launch pipeline stagnating around 60,000 cr?
Asked by Nilang Ma, HSBC Asset Management
Explained the pipeline is a subset of a larger 5-year plan and not stagnating.
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Question
in last three years the pipeline... seems stagnating... why is this number not increasing are you not confident about the market or
Ashok Tyagi (MD)
this more or less is more like a status update of the 114,000 cr pipeline that we had projected... every quarter we update on how much of that 114 has been launched... Obviously this launch pipeline is not the end all.
Answered
High priority
What is the pre-sales target for next year?
Asked by Nilang Ma, HSBC Asset Management
Reiterated 20,000 cr sales guidance and 9,000 cr margin creation.
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Question
What's the number you're looking like and what's the pre-sale target for next year?
Ashok Tyagi (MD)
we believe that we will broadly stay on this trajectory of a 20,000 crores of of of sales guidance and ballpark about 9 odd,000 crores of new margin creation every year
Partial answer
Medium priority
Size and timing of Arbor senior living and Dalia experience center?
Asked by Abin Sa, Jefferies
Provided timing but not size for Arbor; experience center timing given.
no size given for Arbor
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Question
on arbor senior living what is the size and timing that we are looking at and similarly if you can update us on the Dalia's experience sector.
Ashok Tyagi (MD) and Akash
arbor senior living should happen in the next I'd say in the next few months... Dalia's experience center... around Diwali.
Evasive
Medium priority
Dividend trajectory given increased dividend to Rs 8?
Asked by Abin Sa, Jefferies
Acknowledged growth trajectory but explicitly declined to give dividend guidance.
no guidance givenrefused to commit
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Question
on the dividend side which has been increased this year to 8 rupees... where do you see this setting given the current pace of FCF generation?
Ashok Tyagi (MD)
The dividend is driven by two pieces... cyber city's dividend... DF cash flows themselves are growing... we do not offer a dividend guidance... but if you see the trajectory... it has been one of continuing growth in dividend.
Partial answer
Medium priority
Weighted average price per sq ft of last 32 Dalia units and price appreciation?
Asked by Samir Jasuja, PE Analytics Limited
Provided price range appreciation but not per square foot or weighted average.
no per sq ft figure givengave total value not per sq ft
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Question
weighted average per square ft sale of the last 32 dyas and what was the first 10 units sold and the last 10 units sold... what is the real price appreciation that has happened over the last one and a half years
Akash (Business Head)
these 32 you can safely say they've done about almost 100 crores... when we started off what was about 60 crores is now 90 and what was about 75 crores is now about 110.
Deflected
High priority
When will pre-sales grow beyond 200-220 billion guidance?
Asked by Akash from Numara, Numara
Did not answer when growth would happen; instead argued pre-sales is the wrong metric.
reframed the questiondismissed pre-sales as wrong metric
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Question
this is the third year we are coming up with this guidance... peers have now gone to pre-sales of 300 to 350 billion... when should we think about growth on the pre-sales front.
Ashok Tyagi (MD)
pre-sales is about the wrongest metric that you can use to track us... we can do pre-sales of 50,000 crores a year also... but you know at what we have to do is chase margins chase cash flows... we are comfortable with generating this you know 9 to 10,000 crores of margin every year