DLF (DLF) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 performance was resilient, with strong asset quality, disciplined execution, and robust operational efficiency, supported by high rental occupancy and a healthy net cash position.

• Net cash position stood at INR 15,200 crore, with INR 11,000 crore in RERA escrow accounts; net debt at INR 18,136 crore and net debt-to-EBITDA ratio of 3.1.

• Rental portfolio exceeds 50 million sq ft, with occupancy over 95% by space and 97% by value; rental income grew 9% YoY to INR 1,444 crore.

• DCCDL reported EBITDA growth of 9% and PAT growth of 21% YoY in Q1FY27.

• Consolidated revenue from operations for Q1 FY27 was INR 1,280 crore, down from INR 2,716.70 crore in Q1 FY26.

Financial highlights

• Q1 revenue at INR 1,605 crore; EBITDA at INR 476 crore; net profit for the quarter was INR 794 crore, up from INR 766 crore YoY.

• DCCDL consolidated revenue at INR 1,917 crore, up 10% YoY; EBITDA at INR 1,474 crore; net profit at INR 717 crore, up over 20% YoY.

• Operating cash flow for Q1FY27 was INR 1,317 crore, with a net surplus of INR 1,046 crore after capex and land payments.

• Gross margin for Q1FY27 at 51%; gross margin potential stands at approximately INR 39,000 crore, expected to unlock from FY28.

• Earnings per share (consolidated, basic and diluted) for Q1 FY27 was ₹3.21, up from ₹3.08 in Q1 FY26.

Outlook and guidance

• FY28 expected to be an inflection point with major projects like The Arbour contributing to P&L.

• Guidance for INR 20,000 crore sales remains on track, with Goa residential project contributing about 10% of this target.

• Medium-term launch pipeline valued at over INR 60,000 crore, with 47% of projects launched in the first two years.

• Targeting rental income of INR 10,000 crore in the medium term, supported by a growing annuity business.

• Upcoming launches in Mumbai and Privana ecosystem planned for later this fiscal or early next year.