DLF Limited reported sales of Rs 16,000 crore from 221 units of its Dahlias project in Q2 FY’26, highlighting sustained demand for high-end residential properties in India. During the company’s earnings call on October 31, 2025, Group CFO Badal Bagri confirmed, “We sold 18 units this quarter, Pritesh. Okay, on cumulative basis, we sold 221 units,” with the project’s total sales value reaching approximately Rs 16,000 crore. The performance, driven by the super luxury Dahlias project and the Mumbai launch of The Westpark, underscores DLF’s ability to attract affluent buyers amid a competitive market.

Financial Metrics Reflect Steady Growth

DLF recorded new sales bookings of Rs 4,300 crore for the quarter, contributing to a first-half total of Rs 15,750 crore, aligning with its FY’26 guidance of Rs 20,000–21,000 crore. Aakash Ohri, Joint Managing Director and Chief Business Officer, noted that Dahlias, with over 55% of its inventory sold, commands realizations of Rs 1 lakh per square foot, rising to Rs 1.25–1.50 lakh based on unit location. “Dahlias targets an exclusive clientele, with interest from top families across major cities,” Ohri said, citing a recent high-profile sale that gained significant attention online.

Collections reached Rs 2,672 crore, tied to construction and payment milestones, with an additional Rs 240 crore from The Westpark joint venture not included in the consolidated figure. Bagri projected annual collections could rise to Rs 13,000–14,000 crore in FY’27 as construction progresses. The company spent Rs 925 crore on construction, reflecting increased project activity.

DLF maintained a gross cash balance of Rs 9,200 crore, with Rs 8,350 crore in RERA accounts, and reduced its debt to Rs 1,487 crore after repaying Rs 963 crore. Dividend payouts totaled Rs 1,485 crore at Rs 6 per share, up 20% year-over-year. Consolidated revenues were Rs 2,262 crore, with EBITDA at Rs 902 crore and profit after tax at Rs 1,171 crore, aided by a one-time Rs 600 crore settlement from the Tulsiwadi project. CRISIL upgraded DLF’s credit rating to AA+ with a Stable Outlook, citing its strong balance sheet.

Ambitious Launch Pipeline

DLF outlined plans for launches over the next 18 months, including projects in Goa, Arbour 2 (senior living), Privana, Hamilton 2, and Panchkula. The Goa project, with a gross development value exceeding Rs 3,000 crore, awaits resolution of an unrelated court case but is expected to launch by Q4 FY’26 or early Q1 FY’27. Ashok Tyagi, Managing Director, said, “Timings will hinge on approvals and demand, but we’re prepared to roll out projects as market conditions allow.” The Westpark’s strong reception in Mumbai has prompted plans for a phase-II launch, with Ohri noting broad investor interest across India.

Rental Portfolio Shows Resilience

DLF’s rental business, managed through DLF Cyber City Developers Limited (DCCDL), posted a 15% year-over-year increase in rental income to Rs 1,362 crore, with profit after tax up 23%. The 49-million-square-foot portfolio maintained occupancy rates of 96% by value and 94% by area, with non-SEZ offices at over 98% and retail at 97–98%. Sriram Khattar, Vice Chairman and Managing Director (Rental Business), highlighted Atrium Place, where 1.9–1.95 million square feet of the 2.1 million square feet with occupancy certificates are leased. “Atrium will start generating rentals from December, targeting a run rate of Rs 600–650 crore when fully operational,” Khattar said.

Three retail assets—Midtown Plaza, Summit Plaza, and Promenade Goa—are projected to add Rs 450–460 crore in rental income by FY’27, with occupancy certificates either secured or expected soon. DLF plans to identify new assets for development by early 2026, as part of its five-year strategy.

Construction and Debt Management

Construction is advancing on major projects, including Downtown in Gurgaon (7.5 million square feet, set for completion by mid-2028) and Towers 4 and 5 in Chennai (expected early 2028). Bagri emphasized DLF’s goal to eliminate gross debt at the parent level, currently at Rs 1,487 crore, while retaining long-term loans for rental assets like DCCDL and Atrium Place to optimize operations.

ESG and Customer Policies

DCCDL earned a Five-Star GRESB rating, recognizing its ESG initiatives as a global sector leader. DLF’s customer-centric approach was evident in its handling of cancellations, which Tyagi described as often being upgrades to larger units. Ohri added, “These are healthy signs of evolving customer preferences. Our systems ensure strong collections while maintaining transparency.” The company’s gross margin potential stands at over Rs 40,000 crore, with surplus cash potential at Rs 44,000 crore as of September 30, 2025.

Challenges and Market Outlook

While DLF’s performance is strong, challenges remain, including navigating approval delays for projects like the Kolkata IT SEZ, which is three months from monetization due to regulatory hurdles. The company’s reliance on super luxury projects like Dahlias, where pricing rivals its Camellias project, could face risks if market sentiment shifts. However, with a launch pipeline worth Rs 1,15,000 crore over the next four to five years, DLF is well-positioned to capitalize on India’s real estate demand, balancing residential growth with a stable rental portfolio.

Also Read: DLF Privana North Sells Out ₹11,000 Cr in a Week

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Quarterly Performance Highlights:
In Q2 FY25, KPIL achieved consolidated revenues of ₹4,930 crores, reflecting a 9% increase year-on-year. The company’s EBITDA rose by 18% to ₹438 crores, resulting in an EBITDA margin of 8.9%. Profit Before Tax (PBT) also demonstrated significant growth, rising 42% to ₹188 crores, with a margin of 3.8%. Net Profit After Tax (PAT) surged by 40%, reaching ₹126 crores.

Half-Year Performance Overview:
For the first half of FY25, KPIL reported revenues of ₹9,517 crores, up 9% compared to the same period last year. The EBITDA for H1 stood at ₹817 crores, an increase of 8%, with an EBITDA margin of 8.6%. PBT grew by 9% to ₹325 crores, while PAT saw a 3% rise to ₹210 crores. The company’s net debt was reported at ₹3,668 crores as of September 30, 2024.

Stand-Alone Financial Results:
On a stand-alone basis, Q2 FY25 revenues were ₹4,136 crores, an 8% year-on-year increase. The stand-alone EBITDA rose 13% to ₹348 crores, with an EBITDA margin of 8.4%. Stand-alone PBT was up 15% to ₹184 crores, leading to a PAT of ₹132 crores, which represents a 17% increase from the previous year.

For H1 FY25, stand-alone revenue reached ₹7,858 crores, a 5% rise, while EBITDA stood at ₹662 crores, up 6% year-on-year. Stand-alone PBT was slightly higher at ₹348 crores, compared to ₹335 crores in H1 FY24. PAT improved from ₹239 crores to ₹249 crores over the same period.

Order Intake and Book:
The company reported new orders totaling ₹835 crores in October 2024 to date. Year-to-date order inflows reached ₹11,865 crores, with an additional L1 position of over ₹7,000 crores. As of September 30, 2024, the order book grew by 29% year-on-year to ₹60,631 crores.

Management Comments:
Manish Mohnot, MD & CEO of KPIL, commented on the results, stating, “We have delivered solid performance this quarter, backed by consolidated revenue growth of 9% to ₹4,930 crores, PBT growth of 42% year-on-year to ₹188 crores, and PAT growth of 40% year-on-year to ₹126 crores. Our strong order book of ₹60,631 crores and year-to-date order inflows of approximately ₹19,000 crores, including L1 positions of over ₹7,000 crores, reflect our diversified business mix and established capabilities.”

With these impressive results, KPIL continues to demonstrate the strength and resilience of its business model, positioning itself for future growth in the infrastructure sector.

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