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 the nine-month period at INR 10,216 crores, up 21% year-over-year.

• Surplus cash generation for the nine months reached INR 6,432 crores, surpassing last fiscal's total.

• Achieved zero gross debt ahead of schedule, with gross cash at INR 11,660 crores and net cash at INR 10,400 crores.

• ICRA and CRISIL upgraded credit ratings to AA+ with stable outlook.

• Q3 PAT before exceptional items grew 29% year-over-year, with reported PAT at INR 1,207 crores.

Financial highlights

• Consolidated revenue for Q3 FY26 was INR 2,020 crores, up 32% year-over-year; total income reached INR 2,479 crores.

• EBITDA for the quarter was INR 848 crores, a 39% increase year-over-year.

• Profit after tax before exceptional items was INR 1,252 crores, up 29% year-over-year; reported PAT was INR 1,207 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 spends for the nine months rose 40% year-over-year to INR 2,400 crores.

Outlook and guidance

• Confident of achieving stated sales trajectory and original guidance for FY26, with a medium-term annual sales target of INR 20,000 crores.

• Robust launch pipeline of ~25 msf with sales potential of INR 60,215 crores.

• Collection growth expected at 10%-15% year-over-year.

• 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.

• Retail portfolio expected to grow 2x, with higher retail rentals driving portfolio growth.