DLF Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript DLF Ltd filed with BSE on 18 May 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 record collections of over Rs 13,500 crores for FY26, up 15% year-over-year, with new sales bookings of Rs 20,143 crores in line with guidance, led by Privana North, West Park and Dahlias. Consolidated Q4 revenue stood at approximately Rs 2,452 crores with a net profit of Rs 1,256 crores, while FY26 net profit was Rs 4,256 crore, up 16%. Management also announced a dividend of Rs 8 per share, a 33% increase year-over-year, and confirmed the development business achieved a zero gross debt position during the fiscal.
1 statement from this call has been withheld: on review, its quote did not support the whole statement. How we check these summaries
Numbers mentioned
Collections: over INR13,500 crores (FY26)
p. 3
“we had a record collection of over INR13,500 crores in this fiscal, representing a growth of 15% yearover-year”
Badal Bagri, page 3 of the filed PDF · View the filing
Cash surplus generation: over INR 7,700 crores (FY26)
p. 3
“led to healthy cash surplus generation of over INR 7,700 crores, reflecting a growth of 25%”
Badal Bagri, page 3 of the filed PDF · View the filing
Net cash position: INR 14,155 crores (end of FY26)
p. 3
“Our net cash position at the end of FY26 stood at INR 14,155 crores, of which close to INR 11,200 crores are in the RERA escrow accounts”
Badal Bagri, page 3 of the filed PDF · View the filing
New sales bookings: INR 20,143 crores (FY26)
p. 3
“New sales bookings for the year was in line with our guidance and stood at INR 20,143 crores”
Badal Bagri, page 3 of the filed PDF · View the filing
Q4 sales: close to INR 3,967 crores (Q4 FY26)
p. 3
“In Q4, we had a sales of close to INR 3,967 crores, which was primarily led by Dahlias”
Badal Bagri, page 3 of the filed PDF · View the filing
Rental portfolio size and occupancy: 50 million square feet at 95% occupancy
p. 3
“Our rental portfolio stands at 50 million square feet and continues to operate at industry-leading occupancy of 95%”
Badal Bagri, page 3 of the filed PDF · View the filing
Consolidated revenue: ~INR 2,452 crores (Q4 FY26)
p. 3
“our consolidated revenue stood at ~INR 2,452 crores, with a gross margin of approximately 46%”
Badal Bagri, page 3 of the filed PDF · View the filing
Net profit: INR 1,256 crores (Q4 FY26)
p. 3
“Net profit for the quarter was INR 1,256 crores”
Badal Bagri, page 3 of the filed PDF · View the filing
Overall revenue: approximately INR 10,000 crores (FY26)
p. 3
“Overall revenue stood approximately INR 10,000 crores with a gross margin of 39% for the fiscal”
Badal Bagri, page 3 of the filed PDF · View the filing
EBITDA: over INR 3,000 crores (FY26)
p. 4
“EBITDA was over INR 3,000 crores and net profit on a reported basis was INR 4,408 crores excluding exception”
Badal Bagri, page 4 of the filed PDF · View the filing
Net profit for the financial year: INR 4,256 crore (FY26)
p. 4
“The net profit for the financial year was INR 4,256 crore, representing a growth of 16%”
Badal Bagri, page 4 of the filed PDF · View the filing
DCCDL revenue: close to INR 7,400 crores (FY26)
p. 4
“For DCCDL, I think we had another outstanding year with revenues close to INR 7,400 crores, a growth of almost 15%”
Badal Bagri, page 4 of the filed PDF · View the filing
DCCDL EBITDA: over INR 5,700 crores (FY26)
p. 4
“EBITDA at over INR 5,700 crores a growth of 16% and net profit before exception of INR 2,726 crores, a growth of almost 38%”
Badal Bagri, page 4 of the filed PDF · View the filing
Dividend per share: INR 8 per share (FY26)
p. 4
“the Board has recommended a dividend of INR 8 per share for shareholders' approval, which represents a growth of 33% year-over-year”
Badal Bagri, page 4 of the filed PDF · View the filing
NOI/EBITDA growth in rental business: 34 to 35% (FY26)
p. 4
“we have a high growth in our EBITDA or NOI as we call it, a 34 to, 35% growth impact”
Sriram Khattar, page 4 of the filed PDF · View the filing
Non-SEZ office occupancy: 98 to 99%
p. 4
“Our occupancies in the non-SEZ areas are 98 to 99%”
Sriram Khattar, page 4 of the filed PDF · View the filing
SEZ occupancy: 88 to 89%
p. 4
“We have SEZs, which are at about 88 to 89%”
Sriram Khattar, page 4 of the filed PDF · View the filing
Vacancy income loss: about 3.5%
p. 4
“the value of income loss because of vacancy is now down to about 3.5% in the overall portfolio”
Sriram Khattar, page 4 of the filed PDF · View the filing
Retail income growth: 10 to 11% (current year)
p. 4
“we see in the current year, a growth of about 10 to 11% in our income from the existing properties”
Sriram Khattar, page 4 of the filed PDF · View the filing
Dahlias sales: about INR5,000 crores (FY26)
p. 12
“this year, the Dahlias sales was about INR5,000 crores”
Ashok Tyagi, page 12 of the filed PDF · View the filing
Overall SEZ vacancy: about 10-odd percent
p. 14
“The overall vacancy is about 10-odd percent out of which the lowest vacancy is in the Cyber City in Gurgaon”
Sriram Khattar, page 14 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.
NOI growth (annuity business) — mid-teens growth in NOI and 20 to 25% CAGR · next 4 to 5 years
stated firmly by Sriram Khattar
p. 4
“our 4 to 5-year guidance remains intact, that we will have mid-teens growth in NOI and 20 to 25% growth as a CAGR basis for the next 4 to 5 years”
Sriram Khattar, page 4 of the filed PDF · View the filing
Sales bookings guidance — INR 20,000 crores · FY27
stated conditionally by Ashok Tyagi
p. 7
“we believe that we will broadly stay on this trajectory of a INR 20,000 crores of sales guidance and ballpark about INR 9,000-odd crores of new margin creation every year”
Ashok Tyagi, page 7 of the filed PDF · View the filing
Sales guidance upside
stated conditionally by Ashok Tyagi
p. 7
“Obviously, this guidance can go up if there's demand, and if the demand sort of continues to be strong, there is always an upward assessment for it and an upside risk to it”
Ashok Tyagi, page 7 of the filed PDF · View the filing
DLF City launch — INR 8,000 to INR 9,000 crores range · FY27
stated firmly by Ashok Tyagi
p. 7
“we should have 1 big launch in DLF City, for sure, which should hopefully be in the INR 8,000 to INR 9,000 crores range, if not higher”
Ashok Tyagi, page 7 of the filed PDF · View the filing
Arbour Senior Living launch timing — within a few months, this calendar year
stated firmly by Ashok Tyagi
p. 7
“the Arbour senior living should happen in the next few months. I mean it could be 1-month or 3 months, we'll have to see”
Ashok Tyagi, page 7 of the filed PDF · View the filing
Dahlias Experience Centre completion — around Diwali
stated firmly by Aakash Ohri
p. 8
“Around Diwali. Yes. So, we're doing something nice”
Aakash Ohri, page 8 of the filed PDF · View the filing
Dahlias sales FY27 — INR 5,000 crores to INR 6,000 crores · FY27
stated as an aspiration by Ashok Tyagi
p. 12
“hopefully it stays to INR 5,000 crores to INR 6,000 crores next year as well”
Ashok Tyagi, page 12 of the filed PDF · View the filing
Westpark next phase launch — 800,000-odd square feet · this fiscal
stated firmly by Ashok Tyagi
p. 11
“we should be launching the next phase of 800,000-odd in this fiscal, maybe 500,000 or 600,000 square feet the fiscal afterwards”
Ashok Tyagi, page 11 of the filed PDF · View the filing
Downtown Taramani completion — 2 new towers totalling 3.5 million square feet · FY28
stated firmly by Sriram Khattar
p. 6
“So FY28, the 2 new towers totalling to 3.5 million in Downtown Taramani, will get completed”
Sriram Khattar, page 6 of the filed PDF · View the filing
Exit rental for FY27 — about INR 8,200-odd crores · FY27
stated firmly by Sriram Khattar
p. 6
“If I said separately, but I think the total should be about INR 8,200-odd crores”
Sriram Khattar, page 6 of the filed PDF · View the filing
Moti Nagar second phase launch — FY28
stated as an aspiration by Ashok Tyagi
p. 13
“Yeah, FY '28, we will see now. FY '27 is not there right now.”
Ashok Tyagi, page 13 of the filed PDF · View the filing
Downtown Gurgaon Phase 2 towers 5 and 6 finishing — later part of FY'28, early '29
stated firmly by Sriram Khattar
p. 14
“The finishing time lines are later part of FY'28, early '29”
Sriram Khattar, page 14 of the filed PDF · View the filing
Downtown Taramani completion (Q2 timing) — Q2 of next fiscal year
stated conditionally by Sriram Khattar
p. 14
“We are reasonably confident of its completion in Q2 of the next fiscal year”
Sriram Khattar, page 14 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.
Deferred tax assets were recognized due to accumulated losses in some entities, and management expects similar flows to continue going forward.
Answered by Badal Bagri
Asked by Puneet Gulati: Is the tax refund benefit largely over?
p. 5
“there will be the amount which we are seeing in the current year, I think we should continue to see those kinds of flows coming through in the future as well”
Badal Bagri, page 5 of the filed PDF · View the filing
Management said this is a status update against a previously announced Rs 1,14,000 crore five-year pipeline, and further phases exist but will be launched at a pace the market can absorb and the company can execute.
Answered by Ashok Tyagi
Asked by Nilang Mehta: Why does the medium-term launch pipeline appear stagnant compared to prior years?
p. 6
“this more or less like a status update of the INR1,14,000 crores pipeline that we had projected, I think, about 2 years back for a 5-year cycle”
Ashok Tyagi, page 6 of the filed PDF · View the filing
Management said presales is not the right metric to track them, and their focus is on margins and cash flow generation rather than chasing higher presales numbers.
Answered by Ashok Tyagi
Asked by Akash (Nomura): Why has presales guidance stayed at Rs 200-220 billion while peers have grown to Rs 300-350 billion?
p. 10
“presales is about the wrongest metric that you can use to track us or frankly any of the substantial real estate players”
Ashok Tyagi, page 10 of the filed PDF · View the filing
Management expects roughly Rs 13,000-14,000 crores of sales from the launch pipeline to help reach the Rs 20,000 crore target, without assuming full sellout.
Answered by Ashok Tyagi
Asked by Kunal (CLSA): How much of the FY27 sales guidance is expected to come from the launch pipeline versus existing inventory?
p. 13
“we do believe that of our launch pipeline. The balance, INR 13,000 to INR 14,000 crores should come comfortably for us to hit it to be on these INR 20,000 crores”
Ashok Tyagi, page 13 of the filed PDF · View the filing
Management said most of the 137 million square feet is monetizable, though timing of launches depends on getting the right pricing and demand.
Answered by Ashok Tyagi
Asked by Kunal (CLSA): How marketable is the land bank outside the launch pipeline, especially in the North and metros?
p. 13
“Most of this is marketable. The North and metros pipeline. Most of this is marketable”
Ashok Tyagi, page 13 of the filed PDF · View the filing
Management described SEZ as a declining concept, noting conversions to non-processing areas and vacancy levels varying by city.
Answered by Sriram Khattar
Asked by Nilang Mehta: What is the status of SEZ conversion and vacancy across micro-markets?
p. 14
“as a concept, SEZ is not something which is growing. It is showing a decline in trend”
Sriram Khattar, page 14 of the filed PDF · View the filing
Risks flagged
Large tenants reviewing internal decision-making amid AI and geopolitical developments, potentially causing deferrals
p. 4
“there are large tenants who are reviewing their internal processes and internal decision-making and there could be some deferral in their decision-making without it in any way disturbing the structural strength of the business”
Sriram Khattar, page 4 of the filed PDF · View the filing
Construction and delivery capability constraints limiting how much presales can be safely chased
p. 11
“the construction capabilities in our country are still limited. So, everybody can chase the presales number, but who's going to deliver on time”
Aakash Ohri, page 11 of the filed PDF · View the filing
Governance and EHS checklist processes causing delayed project launch starts
p. 15
“our continued focus on the entire EHS and Governance pieces continues to be extremely, extremely strong, which at times leads to a more delayed start when we launch a new project because we just go through such an exhaustive checklist of our own”
Ashok Tyagi, page 15 of the filed PDF · View the filing
SEZ segment declining as a concept, affecting portfolio composition
p. 14
“as a concept, SEZ is not something which is growing. It is showing a decline in trend”
Sriram Khattar, page 14 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.