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DLF Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹675

Market cap₹1.7L Cr

P/E38.8

Updated16 Oct 2026

Read5 min read

The short version

DLF projects a robust launch pipeline over the next 18 months, including projects in Goa, Arbour, Privana, Hamilton 2, The Westpark (next phase), and Panchkula. - Total planned launches amount to approximately Rs. DLF Limited expects continued strong performance across residential, retail, and office leasing verticals, indicating stable growth. - Pre-sales guidance for FY26 is Rs.

From DLF's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

DLF projects a robust launch pipeline over the next 18 months, including projects in Goa, Arbour, Privana, Hamilton 2, The Westpark (next phase), and Panchkula.
Total planned launches amount to approximately Rs. 1,15,000 crores over the next 4-5 years, with Rs. 48,000 crores already launched in the past year.
Sales momentum remains strong, with cumulative sales of Rs. 15,750 crores in H1 FY26, in line with guidance.
Collections are expected to increase in H2 FY26 owing to construction progress and corresponding payment milestones, with an annualized collection run rate anticipated around Rs. 13,000-14,000 crores.
Dahlias project sales to continue steadily with over 55% sold and further launches phased carefully.

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Profitability & Margins

DLF Limited expects continued strong performance across residential, retail, and office leasing verticals, indicating stable growth.
Pre-sales guidance for FY26 is Rs. 200-210 billion; current sales Rs. 160-170 billion in H1FY26, with focus on margins over volume.
Collections are tracking well, projected to increase in H2FY26, with annualized run rate expected around Rs. 13,000-14,000 crores for next year, reflecting steady cash flow.
Operational rental portfolio shows strong occupancy (~96% value basis), with rental income from new assets (e.g., Atrium, Midtown Plaza) expected to contribute Rs. 400-460 crores by FY27.
Gross margin potential stands at over Rs. 40,000 crores, surplus cash potential over Rs. 44,000 crores, supporting profitability.

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Capital Expenditure Plans

DLF Limited is currently finishing a round of CAPEX focused on three plazas, with serious work on new potential assets expected to begin early next year.
The five-year projection includes identified assets for development as per the analyst presentation, signaling ongoing and future investments.
The company is actively strengthening construction capabilities to ensure customer commitments are met.
No immediate plans for monetization of the cyber city asset (DCCDL) via REIT; any move depends on partner preferences and market conditions, likely not within the next three years.

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Fundraising & Capital Structure

No explicit mention of any immediate or planned fundraising through debt or equity in the call.
Ashok Tyagi mentioned that for the cyber city monetization (DCCDL), timing and form of monetization (including REIT) would depend on partner preferences, with no evident plans for next three years.
Current focus is on construction and project launches rather than monetization or raising funds.
Debt repayment of Rs. 963 crores done in the quarter, reducing outstanding debt to Rs. 1,487 crores, indicating deleveraging rather than new borrowing.
Credit rating upgraded to AA+ with stable outlook reflects strong balance sheet and cash flow position, reducing immediate need for new funding.

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Order Book & Pipeline

DLF Limited has a roadmap for total launches of approximately Rs. 1,15,000 crores over the next 4-5 years.
Already launched products worth around Rs. 48,000 crores between last year and this year.
The total gross margin potential stands at over Rs. 40,000 crores as of the quarter ended September 30, 2025.
Surplus cash potential is above Rs. 44,000 crores, indicating robust pending business value.
The launch pipeline includes projects like Goa, Arbour Senior Living, Privana, Hamilton 2, Westpark’s next phase, and Panchkula over the next 18 months.

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DLF — Quarterly revenue & net profit

Revenue Net profit

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹1.3K Cr, net profit ₹1.3K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What DLF's management said in earlier quarters

Others in Realty this season

AGI Infra Ltd (Q2 FY26)
8,530.33 lacs, a year-on-year increase of 9.98% from Rs. Key investor presentation takeaways from AGI Infra Ltd's Q2 FY26 investor presentation — and how it ran
Arihant Superstructures Ltd (Q2 FY26)
Q2-FY26 Operating Revenues: INR 1,227 Mn, up 9.7% YoY from INR 1,118 Mn in Q2-FY25 (Page 25). Key investor presentation takeaways from Arihant Superstructures L
Man Infraconstruction Ltd (Q2 FY26)
Q2 FY26 Revenue from operations (Standalone): ₹57.7 Cr vs ₹70.6 Cr in Q2 FY25 (decline) . Key investor presentation takeaways from Man Infraconstruction Ltd's Q
P.E. Analytics (Q2 FY26)
Consolidated revenue for H1 FY26: ₹2,54,123 thousand, a slight decrease of 0.85% year-on-year (H1 FY25: ₹2,56,292 thousand). Key investor presentation takeaways

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Frequently Asked Questions

What were DLF Q2 FY26 results?

DLF projects a robust launch pipeline over the next 18 months, including projects in Goa, Arbour, Privana, Hamilton 2, The Westpark (next phase), and Panchkula. - Total planned launches amount to approximately Rs. DLF Limited expects continued strong performance across residential, retail, and office leasing verticals, indicating stable growth. - Pre-sales guidance for FY26 is Rs.

What is DLF share price analysis?

DLF currently shows a neutral. The stock trades at a P/E of 38.8 with a market cap of ₹167,084 Cr. Investors should review the full earnings analysis for detailed insights.

Is DLF planning capital expenditure?

DLF Limited is currently finishing a round of CAPEX focused on three plazas, with serious work on new potential assets expected to begin early next year. - The five-year projection includes identified assets for development as per the analyst presentation, signaling ongoing and future investments. - The company is actively strengthening construction capabilities to ensure customer commitments are met. - No immediate plans for monetization of the cyber city asset (DCCDL) via REIT; any move depends on partner preferences and market conditions, likely not within the next three years. - The Kolkata IT SEZ project is progressing toward approval and monetization, expected within approximately 3.5 months. - New project launches planned in Goa, Arbour, Privana, and Panchkula over the next 18 months, with a total launch roadmap of Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.