DLF (DLF) Q1 25/26 earnings summary

Executive summary

• Sales bookings reached INR 11,435 crore (Rs 11,425 crore), up 78% year-over-year, driven by strong launches in the Privana ecosystem.

• Embedded margin from Q1 sales was close to INR 4,500 crore, with overall collections at INR 2,794 crore and net cash surplus over INR 1,100 crore.

• Debt reduced by INR 1,364 crore, improving net cash position to INR 7,980 crore.

• EBITDA stood at INR 628 crore and PAT at INR 766 crore, with PAT growing 19% year-over-year.

• Operational rental portfolio occupancy stood at 94%, with office (non-SEZ) at 98%, SEZ offices at 87%, and retail at 98%.

Financial highlights

• Revenue for the quarter was INR 2,981 crore, with a gross margin of 28%.

• Gross margin potential from sales made is INR 24,500 crore; for all launched products and inventory, over INR 40,000 crore.

• Cash potential from the product launch pipeline is over INR 46,000 crore.

• DCCDL reported Q1FY26 revenue of Rs 1,739 crore and PAT of Rs 593 crore, up 26% year-over-year.

• Consolidated net profit at ₹762.67 crore, up from ₹644.67 crore year-over-year.

Outlook and guidance

• Strong launch pipeline with 25 msf and Rs 62,900 crore sales potential planned for the medium term.

• No risk seen to achieving FY 2026 pre-sales guidance of INR 20,000–22,000 crore, with strong Q1 performance and robust pipeline.

• Premium and luxury launches, including Dahlias, will continue, with sales ongoing even before formal launch.