DLF Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript DLF Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
DLF reported Q1 FY27 collections of INR 2,406 crores and net cash of INR 15,200 crores, while new sales bookings were INR 657 crores due to the deferred launch of Aureva. Consolidated revenue at DLF Limited stood at INR 1,605 crores with EBITDA of INR 476 crores, and net profit was INR 794 crores versus INR 766 crores a year earlier. DCCDL revenue grew 10% year-over-year to INR 1,917 crores with net profit of INR 717 crores, and management discussed leasing progress across office and retail rental assets including the newly operational Goa mall.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Collections: INR 2,406 crores (Q1 FY27)
p. 3
“Overall collection for the current quarter stood at INR 2,406 crores.”
Badal Bagri, page 3 of the filed PDF · View the filing
Operating cash flow: over INR 1,300 crores (Q1 FY27)
p. 3
“Operating cash flow continues to be strong at over INR 1,300 crores in the quarter.”
Badal Bagri, page 3 of the filed PDF · View the filing
Net cash position: INR 15,200 crores (end of Q1 FY27)
p. 3
“Consequently, our net cash position at the end of the first quarter stood at INR 15,200 crores, of which close to INR 11,000 crores is sitting in the RERA, 70% escrow accounts.”
Badal Bagri, page 3 of the filed PDF · View the filing
New sales bookings: INR 657 crores (Q1 FY27)
p. 3
“New sales bookings for the quarter were INR 657 crores, reflecting the timing impact of deferment of our launch of Aureva, our senior living product.”
Badal Bagri, page 3 of the filed PDF · View the filing
Revenue: INR 1,605 crores (Q1 FY27)
p. 3
“Our revenue stood at INR 1,605 crores, yielding an EBITDA of INR 476 crores for the quarter.”
Badal Bagri, page 3 of the filed PDF · View the filing
Net profit: INR 794 crores (Q1 FY27)
p. 3
“Net profit for the quarter was INR 794 crores versus INR 766 crores in the same period last year.”
Badal Bagri, page 3 of the filed PDF · View the filing
Gross margin potential: approximately INR 39,000 crores
p. 3
“Just to remind, the gross margin potential as it stands today, is approximately INR 39,000 crores.”
Badal Bagri, page 3 of the filed PDF · View the filing
DCCDL revenue: INR 1,917 crores (Q1 FY27)
p. 4
“Moving to DCCDL. Our consolidated revenue stood at INR1,917 crores, reflecting a growth of 10% year-over-year, yielding an EBITDA of INR 1,474 crores.”
Badal Bagri, page 4 of the filed PDF · View the filing
DCCDL net profit: INR 717 crores (Q1 FY27)
p. 4
“Net profit continues to be a strong performance of INR 717 crores, a growth of over 20% year-over-year.”
Badal Bagri, page 4 of the filed PDF · View the filing
Rental portfolio size: over 50 million square feet
p. 3
“Our rental portfolio stands at over 50 million square feet and continues to operate at an industry-leading occupancy at over 95% in terms of space and over 97% in terms of value.”
Badal Bagri, page 3 of the filed PDF · View the filing
Portfolio borrowing rate: 7.14% (Q1 FY27)
p. 4
“Our borrowing is for this quarter at a rate of 7.14%.”
Sriram Khattar, page 4 of the filed PDF · View the filing
Rental growth: about 8.5%-9% (Q1 FY27 vs Q1 FY26)
p. 4
“The rentals in the portfolio grew by about 8.5%-9% from Q1 of FY26.”
Sriram Khattar, page 4 of the filed PDF · View the filing
Retail consumption growth: about 13.5%-14% (Q1 FY27)
p. 4
“The retail business, the consumption in the first quarter and the spend have been good.”
Sriram Khattar, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Reporting inflection point / gross margin recognition — FY28
stated firmly by Badal Bagri
p. 3
“We strongly believe that FY28 would be an inflection point from a reporting perspective, wherein all our large products, starting from the Arbour, will start to contribute to the P&L”
Badal Bagri, page 3 of the filed PDF · View the filing
Sales guidance — INR200 billion · FY27
stated firmly by Ashok Tyagi
p. 8
“But in the morning only Aakash and I did a reiki check with each other. And I think we are on track to hopefully meet the plan that we had laid out at the beginning of the year.”
Ashok Tyagi, page 8 of the filed PDF · View the filing
Goa mall opening — end of this year or early next year
stated as an aspiration by Sriram Khattar
p. 4
“Leasing is in progress, and we are targeting to open the mall in either end of this year or early next year.”
Sriram Khattar, page 4 of the filed PDF · View the filing
Malls steady rental state — Q4 of FY27
stated conditionally by Sriram Khattar
p. 9
“We expect both the malls to get into steady rental state by the first -- by the Q4 of FY27 and Goa to stabilize by about May/ June of next year.”
Sriram Khattar, page 9 of the filed PDF · View the filing
Atrium Place OC — September
stated firmly by Sriram Khattar
p. 9
“Secondly, as you very rightly pointed out that Atrium Place 1 Tower for which we expect the OC in the month of September, we will get into steady-state rental for that one full tower that is there.”
Sriram Khattar, page 9 of the filed PDF · View the filing
Data center 3 Noida rental addition — March, April of next year
stated firmly by Sriram Khattar
p. 9
“One will be the data center 3 in Noida, which will also add to the rental sometime in March, April of next year.”
Sriram Khattar, page 9 of the filed PDF · View the filing
Downtown 2 Phase 2 Gurgaon completion — end of '29
stated firmly by Sriram Khattar
p. 10
“We expect that Downtown 2 in Phase 2 in Gurgaon should finish by about end of '29.”
Sriram Khattar, page 10 of the filed PDF · View the filing
Chennai Tower 4 and 5 completion — 3.5 million square feet · beginning of '28
stated firmly by Sriram Khattar
p. 10
“And similarly, in Chennai, the Tower 4 and 5, which are coming up for 3.5 million will get over by the beginning of '28.”
Sriram Khattar, page 10 of the filed PDF · View the filing
Hyderabad/Cyber City 2 construction start — next year
stated as an aspiration by Sriram Khattar
p. 10
“So whilst it is on our radar to start the construction in Hyderabad or in Cyber City, I think it is sometime next year that we will start planning for that.”
Sriram Khattar, page 10 of the filed PDF · View the filing
Privana next phase launch — early next year
stated as an aspiration by Aakash Ohri
p. 12
“Yes. So the Privana, Parvez, right now will definitely be early next year, if not last quarter. I think it will be early next year.”
Aakash Ohri, page 12 of the filed PDF · View the filing
Exit rentals for FY27 — between 7,300 and 7,500 · FY27
stated firmly by Sriram Khattar
p. 13
“They will be between 7,300 and 7,500.”
Sriram Khattar, page 13 of the filed PDF · View the filing
Dahlias sell-out timeline — 3 years
stated as an aspiration by Ashok Tyagi
p. 12
“So I think clearly, to Aakash's point, we are looking at least a 3-year cycle before we are able to completely sell out Dahlias in that sense.”
Ashok Tyagi, page 12 of the filed PDF · View the filing
Cyber City 2 / SPR decision — next year
stated as an aspiration by Sriram Khattar
p. 10
“I think this decision also will be taken in sometime in the next year. But it is definitely on the horizon.”
Sriram Khattar, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said pricing has moved to an algorithm-based steep increase model, entry prices are now over INR100 crores, and sales require more time and attention rather than reflecting a deliberate slowdown.
Answered by Aakash Ohri
Asked by Puneet: Why was Dahlias sustenance sales lower this quarter compared to the historical pace of 12-15 units?
p. 5
“So there is a certain amount of momentum also because the Experience Center now is going to be unveiled sometime after Diwali.”
Aakash Ohri, page 5 of the filed PDF · View the filing
Management said they are pursuing a couple of strategic land parcels in Gurgaon, including an EMD deposit for an NCR auction that has not yet concluded.
Answered by Ashok Tyagi
Asked by Puneet: What is driving the increase in land acquisition spend?
p. 6
“There was also INR 80-odd crores, which was a deposit for a certain auction in the NCR region, which hasn't fructified yet and the auction hasn't happened yet, but the 10% EMD of INR80 crores was deposited.”
Ashok Tyagi, page 6 of the filed PDF · View the filing
Management said the Goa mall is about 64% leased with strong momentum, and expects a rental of about INR170-175 for the mall as a whole.
Answered by Sriram Khattar
Asked by Puneet: What is the leasing status and rental expectation at the Goa mall?
p. 6
“So we are, at the moment, about 64% leased as we speak, say, 31st July.”
Sriram Khattar, page 6 of the filed PDF · View the filing
Management said CAM costs rose marginally by about 2-2.5% but there has been no pushback since the increase is a pass-through and audited annually.
Answered by Sriram Khattar
Asked by Abhinav Sinha: Has there been any impact of minimum wage revisions on CAM charges and tenant pushback?
p. 7
“Yes, there has been a marginal impact on that. I would tend to think it's about 2%-2.5% of CAM cost, which has gone up.”
Sriram Khattar, page 7 of the filed PDF · View the filing
Management said DLF will remain a real estate developer for data centers and will not enter the technology or operations side of the business.
Answered by Sriram Khattar
Asked by Akash Gupta: Is DLF evaluating entering the data center business to monetize land faster?
p. 8
“Now as DLF, we have decided to focus only in the business of real estate.”
Sriram Khattar, page 8 of the filed PDF · View the filing
Management said the Goa mall project is on stream while the residential project faces PIL litigation, but they remain on track to hit the guided number.
Answered by Ashok Tyagi
Asked by Akash Gupta: Is the INR200 billion sales guidance still on track given the Goa Residential litigation?
p. 8
“I think that the 20 billion number should ballpark still be on track.”
Ashok Tyagi, page 8 of the filed PDF · View the filing
Management said Goa was only about 10% of the guidance and they are confident of meeting the target without it.
Answered by Ashok Tyagi
Asked by Pritesh Sheth: If Goa Residential does not launch this year, can other launches replace it to meet the INR20,000 crore guidance?
p. 9
“So look, the Goa component of that INR20,000 crores, if at all, was just about a couple of thousand.”
Ashok Tyagi, page 9 of the filed PDF · View the filing
Management said there is no strict 1:1 correlation between price and velocity, and the next phase depends on both construction progress and commercial progress, expecting at least a 3-year cycle to sell out.
Answered by Ashok Tyagi
Asked by Samir Jasuja: Will DLF prioritize sales velocity or price appreciation for the remaining Dahlias phases?
p. 12
“No, I'm not saying there's no correlation. I'm saying there's no direct binary in that sense.”
Ashok Tyagi, page 12 of the filed PDF · View the filing
Management said there isn't going to be a plotted scheme within Privana itself, aside from a separate arrangement tied to collaborator obligations.
Answered by Aakash Ohri
Asked by Parvez Qazi: Are there plans for a plotted development in the Privana ecosystem?
p. 12
“That is a separate arrangement that we had with some collaborators.”
Aakash Ohri, page 12 of the filed PDF · View the filing
Risks flagged
Uncertainty from AI's impact on hiring and the Iran-U.S. conflict slowed decision-making by global companies
p. 4
“These two did slow down the decision-making of the global companies because as you investors and analysts will appreciate, no one likes uncertainty.”
Sriram Khattar, page 4 of the filed PDF · View the filing
Goa Residential project involved in PIL litigation
p. 8
“So yes, I mean, the Goa Residential project, as you know, is involved in some sort of PIL form of litigation, which is not uncommon in that part of the country.”
Ashok Tyagi, page 8 of the filed PDF · View the filing
Company deliberately delaying customer collections on Goa Residential pending legal clarity
p. 8
“whereas we choose to be, first, absolutely clear with our approvals and wherever this PIL is going before we actually accept the customers' payment.”
Aakash Ohri, page 8 of the filed PDF · View the filing
Deferred launch of Aureva senior living product pending approvals impacted quarterly bookings
p. 3
“New sales bookings for the quarter were INR 657 crores, reflecting the timing impact of deferment of our launch of Aureva, our senior living product.”
Badal Bagri, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.