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DLF (DLF) investor relations material

DLF Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary31 Oct, 2025

Executive summary

  • Consolidated EBITDA reached INR 902 crores and PAT was INR 1,171 crores, including a one-time impact of INR 600 crores from a project settlement; new sales bookings were Rs 4,332 crore in Q2FY26, with collections at Rs 2,672 crore and a net cash surplus before dividend of Rs 1,137 crore.

  • Credit rating was upgraded to AA+/Stable by CRISIL, reflecting strong balance sheet and cash flow generation.

  • Operational rental portfolio reached 49 million sq. ft. with occupancy rates of 96% by value and 94% by area.

  • DCCDL rental income grew 15% year-over-year to INR 1,352–1,362 crores, with PAT up 23%.

  • Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025.

Financial highlights

  • Q2FY26 consolidated revenue was Rs 2,262 crore, with PAT at Rs 1,171 crore, up 53% quarter-on-quarter; gross margin for Q2FY26 was 43%, and EBITDA margin was 40%.

  • Standalone revenue from operations for Q2 FY26: ₹646.53 crore (up from ₹467.82 crore YoY); H1 FY26: ₹1,308.90 crore.

  • DCCDL reported Q2FY26 revenue of Rs 1,822 crore and PAT of Rs 643 crore, a 23% year-over-year increase.

  • Net cash position at the end of Q2FY26 was Rs 7,717 crore; gross cash balance was Rs 9,204 crore.

  • Exceptional income of ₹235.19 crore recognized from reversal of impairment loss due to settlement with a former JV.

Outlook and guidance

  • Pre-sales guidance for FY26 is INR 200–210 billion, with INR 150–170 billion already achieved in H1; strong launch pipeline with 37 msf and sales potential of Rs 1,14,500 crore planned for the medium term.

  • Surplus cash potential from launched products as of 30.09.2025 estimated at Rs 44,335 crore.

  • Launch pipeline includes Goa, Arbor II, Panchkula, and further phases of Dalia, with clear visibility for the next 18 months.

  • Management confident of favorable outcomes in key litigations; no adjustments made for ongoing legal matters.

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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.

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