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DLF (DLF) investor relations material

DLF Q2 26/27 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 26/27 earnings summary17 Oct, 2026

Executive summary

  • Q2FY27 bookings were ₹3,800 crore; The Aureva sold out and The Dahlias continued to see strong demand and price increases.

  • Collections were ₹2,780 crore, operating cash flow after interest and tax was ₹1,858 crore, and reported net cash was ₹15,084 crore after a ₹1,980 crore dividend payout.

  • Consolidated net profit was ₹1,301.35 crore versus ₹1,180.09 crore YoY, supported by JV earnings and a fair-valuation gain despite lower revenue.

Financial highlights

  • Consolidated revenue from operations was ₹1,260.58 crore, down from ₹1,643.04 crore YoY; EBITDA was ₹1,060 crore, up 18%, with a 46% margin versus 40%.

  • Q2 profit before exceptional items, tax and JV/associate earnings was ₹1,003.32 crore versus ₹809.66 crore YoY; H1 net profit was ₹2,095.25 crore versus ₹1,942.76 crore.

  • A ₹738.71 crore CCD fair-value gain was recorded in Q2; Q2 share of JV and associate profit was ₹499.28 crore.

  • Standalone Q2 revenue was ₹439.08 crore and net profit was ₹800.32 crore, versus ₹646.53 crore and ₹1,012.51 crore YoY.

  • Gross margin was ₹667 crore, down 23% YoY, with a 47% margin rate versus 48%.

Outlook and guidance

  • Revenue recognition is expected to inflect from FY28 as Arbour and subsequent projects are completed; current pre-Arbour revenue softness was described as temporary.

  • Mumbai launch is targeted for Q3 and a Gurugram luxury launch for Q4, subject to approvals; The Dahlias sales continue.

  • Medium-term development launch pipeline is estimated at ₹58,230 crore; launch potential from FY25 onward totals ~₹1,14,500 crore, subject to market conditions.

  • Surplus cash potential from launched products was ~₹42,460 crore, including ~₹14,975 crore from launched but unsold inventory; residual gross margin potential was ~₹39,525 crore.

  • Medium-term rental income target is ~₹10,000 crore; the annuity portfolio is projected to grow from ~50 msf to ~76 msf.

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Frequently asked questions

DLF Limited is a commercial real estate developer. The company is engaged in developing and leasing residential, retail and commercial properties. DLF provides services such as land identification, site development, construction, interior design and other related services. The company was founded in 1946 and is based in Gurugram, India.