DLFNSEQ2FY26October 31, 2025

DLF Limited

6,258words
85turns
8analyst exchanges
7executives
Management on call
Ashok Kumar Tyagi
Managing Director, DLF Limited
Sriram Khattar
Vice Chairman and Managing
Aakash Ohri
Chief Business Officer and Joint
R. P. Punjani
09810655115/ punjani-rp@dlf.in
Nikita Rinwa
09069293544/ rinwa-nikita@dlf.in
Badal Bagri
GROUP CHIEF FINANCIAL OFFICER,
Ashok Tyagi
Managing Director, DLF Limited; Mr. Sriram
Key numbers — 40 extracted
Rs.4,300 crore
ly. Let us start with the “Quarterly Highlights.” New sales booking for the quarter stood at over Rs.4,300 crores, which was led by our successful maiden launch in Mumbai, “The Westpark,” which was extremely we
Rs.15,750 crore
be robust. Consequently, cumulatively, our sales for the first half of this fiscal stands at over Rs.15,750 crores, which is in line with the guidance which we have provided for this fiscal. Collections were a
Rs.2,672 crore
which is in line with the guidance which we have provided for this fiscal. Collections were at Rs.2,672 crores, which was in line with the demands raised basis the construction and payment milestones. We con
Rs. 240 crore
his number does not include the collections of JV, which is The Westpark, which was approximately Rs. 240 crores. As the construction progresses and corresponding payment plans are there, we expect the collect
Rs. 925 crore
essing a ramp up and consequently, we saw an increase in the outflow for construction expenses at Rs. 925 crores. Overall gross cash balance stood at over Rs. 9,200 crores, of which approximately Rs.
Rs. 9,200 crore
w for construction expenses at Rs. 925 crores. Overall gross cash balance stood at over Rs. 9,200 crores, of which approximately Rs. 8,350 crores is in RERA accounts. We repaid Rs. 963 crores of debt
Rs. 8,350 crore
ores. Overall gross cash balance stood at over Rs. 9,200 crores, of which approximately Rs. 8,350 crores is in RERA accounts. We repaid Rs. 963 crores of debt in the current quarter, leading to our o
Rs. 963 crore
t over Rs. 9,200 crores, of which approximately Rs. 8,350 crores is in RERA accounts. We repaid Rs. 963 crores of debt in the current quarter, leading to our outstanding debt position as on September 30th to
Rs. 1,487 crore
debt in the current quarter, leading to our outstanding debt position as on September 30th to be Rs. 1,487 crores. In line with our strategy of increasing shareholder returns through higher dividend payouts, we
Rs. 1,485 crore
line with our strategy of increasing shareholder returns through higher dividend payouts, we paid Rs. 1,485 crores of dividend in this quarter, implying Rs.6 payout per share, reflecting a 20% growth year-over-y
Rs.6
s through higher dividend payouts, we paid Rs. 1,485 crores of dividend in this quarter, implying Rs.6 payout per share, reflecting a 20% growth year-over-year. Consolidated revenues stood at Rs. 2,2
20%
e paid Rs. 1,485 crores of dividend in this quarter, implying Rs.6 payout per share, reflecting a 20% growth year-over-year. Consolidated revenues stood at Rs. 2,262 crores, EBITDA at Rs. 902 crore
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Guidance — 20 items
Badal Bagri
opening
“Sriram will be joining us in a few minutes from now.”
Badal Bagri
opening
“Consequently, cumulatively, our sales for the first half of this fiscal stands at over Rs.15,750 crores, which is in line with the guidance which we have provided for this fiscal.”
Badal Bagri
opening
“As the construction progresses and corresponding payment plans are there, we expect the collections to inch up in the second half of this fiscal.”
Badal Bagri
opening
“600 crores on account of the settlement done on the Tulsiwadi project, which was entered into in the previous quarter in the month of July.”
Akash Gupta
qa
“And then my second question is on the FY27 launch pipeline.”
Aakash Ohri
qa
“First of all, your question on the present status of Goa is all approvals are received where there is a court case that is going on in Goa, which is not related to us, but I think as far as we are concerned, we are getting launch ready in Goa, which we hope to bring hopefully in this quarter, otherwise, definitely next quarter.”
Aakash Ohri
qa
“With regard to launch pipeline for FY27, we have got good things happening then as well.”
Aakash Ohri
qa
“We have got the Hamilton 2 project lined up, we have got another Privana, we have got some developments in Panchkula.”
Akash Gupta
qa
“Just a follow-up question on the pre-sales guidance.”
Akash Gupta
qa
“Is there any upside risk to the guidance for FY26?”
Risks & concerns — 3 flagged
This includes a one-time impact of approximately Rs.
— Badal Bagri
Is there any upside risk to the guidance for FY26?
— Akash Gupta
So, my question was, are you seeing any slowdown in demand?
— Parikhit Khandpal
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Q&A — 8 exchanges
Q
Hi, sir. Congratulations on good performance this quarter. My question was on your launch pipeline in the second half. Where are we on the Goa project? And then we saw a pickup in the Dahlias sales this quarter. How should we think about the Dahlias sales for the rest of the quarter? That is my first question. And then my second question is on the FY27 launch pipeline. What projects are we looking at for launches there? Thank you.
Aakash Ohri
So, thanks, Akash. First of all, your question on the present status of Goa is all approvals are received where there is a court case that is going on in Goa, which is not related to us, but I think as far as we are concerned, we are getting launch ready in Goa, which we hope to bring hopefully in this quarter, otherwise, definitely next quarter. That is Goa. Your question on Dahlias. Dahlias has done well for this quarter. You may have heard the news yesterday about this big sale also that happened. Dahlias is on its track, but Dahlias is not a mass product, we take Dahlias on an invitation b
Q
Congratulations on very, very strong numbers on pre-sales. So, Aakash, my question, so I quite did not get what is the launch pipeline for the rest of the year. So, what I could gather is that Goa is the next launch. So, after that, any other launch for the rest of the year?
Aakash Ohri
Yes, we have got the Arbour 2, the senior launch that is pending. We have got some things in Panchkula that is going to happen. Obviously, Dahlias the next phase before we formally launch it sometime in Q1, the main launch, but definitely in Q4, we would be doing some more I would say invitations in Dahlias. So, we have got our hands full, Parikshit, right now for at least the next quarter and a half. So, we have got these two, three things lined up. Okay. And sequencing wise, you said Q3 is the Goa. So, Goa will be like upwards of like 3,000. So, what will be the Gross Development Value of Go
Q
So, first question is on Dahlias when you mentioned that we will have another phase of opening before the official launch. What sort of phasing out that we would want to do in terms of our inventory -- would it be like similar to what we have done this quarter or more than that, how are we looking to phase out the rest of the inventory in Dahlias? That is my first.
Aakash Ohri
So, Dahlias as you know, is like a Rs. 100 crores plus kind of an investment. So, again, this one thing that I want to say, it is not going to be a mass thing, but we are getting reasonable traction and pulls. Even yesterday’s news, we were trending number one in Twitter and everywhere else. So, there is a good amount of attraction we have got and attention we have got actually for Dahlias across the country actually. What is happening, the top 5-10 families in every big city is now reaching out to us, which is again something that we are working very hard on. So, yes, we would like to kind of
Q
Hi. So, just following up on the previous question on the rental income, so, the three retail assets that we have completing this year, when do you expect them to start contributing to the P&L as well as the cash flows and what should be that number?
Sriram Khattar
So, the rental income should start from the coming quarter Q4 and will continue to accumulate till Q3 of next year or Q2 end of next year. That is because the OC for Midtown Plaza has come. We spread the OC of Summit Plaza this quarter and the OC of Promenade Goa in Q4. After the OC comes, it typically takes 4-5 months to do their fit outs before their income starts coming in. I think on a cumulative basis for the three malls, the rental income should be about Rs. 400 odd crores, out of those plus another Rs. 60 crores for the Summit Plaza, which is established, it was Rs. 450-460 crores. Okay
Q
Hi! Thank you so much. This is Puneet from HSBC. My first question is, if you can talk a bit about the cost of construction for Atrium Place, Summit Plaza, how much has it really cost you to build Atrium?
Sriram Khattar
So, we always calculate the cost of construction based on the gross municipal area. So, Atrium Place, including the cost of approvals and consultants, it is about Rs. 6,000 per square foot. And if you add the land cost, etc., then how much would have it totally cost the then JV entity? So, if you want me to give the math, the total cost, including cost of approvals and the opportunity cost of the purchase of land and otherwise comes to about Rs.17,000 per square foot. Yes. And if you look on the other side, the average rental is about, if you say about Rs.170 plus the parking income and the ca
Q
Hi. Good afternoon and thanks for taking my question. So, one question is from my side. When we talked about our potential launches over the next 18-months and which includes Goa, Arbour, Privana, etc., what would be the total GDP of all these projects?
Badal Bagri
So, Parvez, the way we would like to look at this is that if you look at our analyst presentation, which we had made, and this is also included in our quarterly presentation, we have a roadmap of a total launch of Rs. 1,15,000 crores in the next four to five-years or so. And we are tracking against that. It is again that we have already almost Rs. 48,000 crores of products that have already been launched between last year and this year. And we benchmark ourselves to that number. Depending on government approvals and the market situation and the demand, I think we are product-ready and we will
Q
Thank you for the opportunity. This is Ronald Sioni from ICICI Securities Direct. Sir, just wanted to understand on the cancellations part, like we had seen this quarter also one of the projects getting higher cancellations than sold. So, at what point of time the contractual terms do not allow cancellations, because I believe there is an interest component also attached with respect to cancellations, so, at what point of time the agreement or the construction timeline does the project or does the unit does not get cancelled?
Ashok Tyagi
So, our philosophy over the recent past at least has been that if for whatever reason, technical, commercial, personal circumstances, a customer is not happy with staying in a particular project, we do not create any artificial impediments in retaining him with any unnecessary encumbrances. And so hence frankly, like, Aakash can educate you on the cancellation in the last quarter. But there will always be one of cancellations that will keep on happening because of individual customers, including at times what they will get and their own requirements may have evolved in the three or four years
Q
So, thank you so much, gentlemen and ladies for joining this. I mean, I think as Badal, Mr. Khattar and Aakash all took you through the various aspects of our performance, not only for the quarter, but also the coming medium term. I think this continues to be a good phase for us as a company and possibly for the industry as a whole. I mean, residential, retail, and office leasing, all the three verticals are continuing to do well. We continue to stay focused on responsible launches and selling, constructing to the utmost quality and with the utmost compliances, and trying our best to come up t
Management
Speaking time
Aakash Ohri
14
Moderator
10
Ashok Tyagi
10
Sriram Khattar
9
Pritesh Seth
8
Badal Bagri
6
Parikhit Khandpal
6
Abhinav Sinha
6
Puneet Gulati
6
Akash Gupta
4
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Opening remarks
Badal Bagri
Good afternoon, everyone and thank you for joining this call. Sriram will be joining us in a few minutes from now. First of all, to begin with, I would like to wish all of you a very happy Diwali and hope all of you had a good time with your family. Let us start with the “Quarterly Highlights.” New sales booking for the quarter stood at over Rs.4,300 crores, which was led by our successful maiden launch in Mumbai, “The Westpark,” which was extremely well received. Our momentum on the super luxury segment continues to be robust. Consequently, cumulatively, our sales for the first half of this fiscal stands at over Rs.15,750 crores, which is in line with the guidance which we have provided for this fiscal. Collections were at Rs.2,672 crores, which was in line with the demands raised basis the construction and payment milestones. We continue to have extremely high collection efficiency across all our launch projects. We would like to highlight that this number does not include the collec
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