DLF (DLF) Q3 25/26 earnings summary

Executive summary

• Achieved record gross collections of INR 5,100 crores in Q3 FY26, with net collections for nine months at INR 10,216 crores, up 21% year-over-year, and net surplus cash generation of INR 6,432 crores, surpassing last fiscal's total.

• Achieved zero gross debt in the development business ahead of schedule, with gross cash at INR 11,600 crores and net cash at INR 10,400 crores; ICRA upgraded credit rating to AA+ with stable outlook.

• Q3 PAT before exceptional items grew 29% year-over-year to INR 1,252 crores; reported PAT was INR 1,207 crores, up 14%.

• The Board approved a merger of multiple subsidiaries with the parent company, with no material impact on financials.

Financial highlights

• Consolidated revenue for Q3 FY26 was INR 2,479 crores, up 43% year-over-year; revenue from operations was INR 2,020 crores, up 32% year-over-year.

• EBITDA for the quarter was INR 848 crores, a 39% increase year-over-year; profit before exceptional items, tax, and share of profit in associates and JVs at INR 782.75 crores.

• DCCDL Q3 rental income grew 18% year-over-year to INR 1,412 crores; EBITDA up 18% to INR 1,464 crores; PAT up 40% to INR 717 crores.

• Construction spend for the nine months was INR 2,400 crores, up 40% from INR 1,500 crores last year.

• Earnings per share (basic and diluted) for the quarter stood at INR 4.86, up from INR 4.77 in the previous quarter.

Outlook and guidance

• Collections expected to grow 10%-15% year-over-year, with similar growth anticipated next year.

• Construction spend projected at INR 900-1,000 crores per quarter going forward.

• Rental business earnings forecasted at INR 6,400 crores for FY26, rising to INR 7,400-7,500 crores in FY27; projected annuity business rental income to reach INR 10,000 crores in the medium term.

• Medium-term launch pipeline of INR 600 billion, with total inventory and pipeline expected to be monetized over 3-4 years; strong visibility of new launches with a robust pipeline of ~25 msf and sales potential of INR 60,215 crores.

• Management remains confident about ongoing litigations and expects no material financial impact pending final decisions.