DLF (DLF) Q2 25/26 earnings summary

Executive summary

• New sales bookings for Q2 FY26 exceeded Rs 4,332 crore, driven by a successful Mumbai launch, with collections at Rs 2,672 crore and net cash surplus before dividend at Rs 1,137 crore.

• Gross cash balance was over Rs 9,200 crore, with a net cash position of Rs 7,717 crore after dividend payout and debt repayment.

• Credit rating was upgraded to CRISIL AA+/Stable, reflecting improved financial strength.

• Operational rental portfolio reached 49 million sq ft, with occupancy rates of 96% (value) and 94% (area); DCCDL rental income grew 15% year-over-year to Rs 1,362 crore, with PAT up 23%.

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

Financial highlights

• Consolidated revenues for Q2 FY26 were Rs 2,262 crore, EBITDA at Rs 902 crore, and PAT at Rs 1,171 crore, up 53% quarter-on-quarter.

• Standalone revenue from operations for Q2 FY26 was Rs 646.53 crore; standalone net profit was Rs 1,013.45 crore.

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

• Dividend payout of Rs 1,485 crore (Rs 6/share), up 20% year-over-year.

• Gross margin for Q2 FY26 was 43%; EBITDA margin was 40%.

Outlook and guidance

• Strong launch pipeline for the next 18 months includes Goa, Arbour II, Privana, Hamilton II, and Panchkula projects, with 37 msf and sales potential of Rs 1,14,500 crore planned for the medium term.

• FY26 pre-sales guidance maintained at Rs 200-210 billion, with H1 already achieving Rs 160-170 billion.

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

• Collection run rate expected to increase in H2 FY25, with annualized collections projected at Rs 13,000-14,000 crore for next year.

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