DLF Limited earnings date
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DLF Limited (DLF) Q2 2027 Earnings Report
IN:DLF Q2 2027 EPS Results
- Actual EPS
- INR 5.28
- Consensus EPS
- INR 4.09
- Beat/Miss
- Beat by +INR 1.19
- One Year Ago EPS
- INR 4.80
IN:DLF Q2 2027 Revenue Results
- Actual Revenue
- INR 12.61B
- Expected Revenue
- INR 18.95B
- Beat/Miss
- Missed by -INR 6.35B
- YoY Revenue Growth
- -23.28%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/16/2026
- Time
- Before Open
- Conference Call
- Friday, October 16, 2026
DLF Limited's next earnings date is estimated for January 22, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
The call was strongly positive, supported by robust bookings, a complete sellout of Oreoa, continued luxury pricing power, strong collections and operating cash flow, record rental occupancy, and 17% year-over-year DCCDL net profit growth. The main challenges were the timing of accounting revenue recognition, near-term construction disruption risks, approval-dependent launches, and the continued annual dividend policy. Overall, the breadth and strength of the operating achievements significantly outweighed the stated challenges.
Management said DLF’s rental exit run rate with full potential should be close to ₹175, ₹180 crores this year, quarterly, or close to ₹750 crores annual on an annualized basis, while DCCDL’s exit run rate will be close to ₹6.8 thousand crores per base. The revenue inflection point is expected in 2027-28, with revenue recognized over the next 4-5 years; completion timelines are broadly give or take a quarter, although Q3 may have some challenges and Gurgaon could see 30 to 40 days of disruption. The Experience Center is expected by December if everything goes well, Mumbai is planned for Q3, a Gurgaon project and an unnamed luxury plus product are scheduled for Q4, Chennai Blocks 4 and 5 together totaling 3.6 million square feet should become operational by calendar next year, and the Mall Of India Gurgaon is expected in FY 2030. Other expenses are expected to be in similar range, with the average of last 2 quarters used for forward guidance, while other income is expected to average ₹100 to ₹200, ₹150 to ₹200 crores; DLF’s dividend guidance continues to be an annual dividend.
- Strong Quarterly Sales BookingsNew sales bookings for the quarter stood at approximately ₹3.8 thousand crores, reflecting strong demand across the development portfolio.
- Successful Oreoa Launch and Luxury DemandOreoa, the luxury retirement housing project, received an extremely strong response and achieved a complete sellout. Demand for the super-luxury project Delia's also remained strong.
- Robust Collections and Cash GenerationOverall collections stood at ₹2.78 thousand crores, resulting in operating cash flow of approximately ₹1.86 thousand crores.
- Strong Net Cash Position Despite Dividend PayoutThe company reported a net cash position of approximately ₹15.1 thousand crores despite a dividend payout of close to ₹1.98 thousand crores during the quarter.
- Record Rental Portfolio OccupancyThe rental portfolio stood at 50 million square feet and achieved its highest-ever occupancy levels at 96% by area and 97% by value, described as among the highest in the industry.
- Rental Business GrowthThe rental business maintained strong momentum, delivering healthy top-line growth and high-teen growth in profitability.
- Consolidated Financial PerformanceConsolidated revenue stood at ₹24.3 thousand crores, including a one-time gain of ₹738 crores recorded as other income from the valuation of an investment in a joint venture company. EBITDA stood at ₹1.06 thousand crores and net profit exceeded ₹1.3 thousand crores.
- DCCDL Earnings GrowthDCCDL reported revenue of ₹2,014 crores, EBITDA of ₹1.54 thousand crores, and net profit of more than ₹750 crores, representing year-over-year growth of 17%.
- Substantial Development Business PotentialThe gross margin potential of the development business was approximately ₹40 thousand crores, with potential cash generation of more than ₹42.5 thousand crores.
- Luxury Pricing MomentumDelia's pricing increased by almost 10% during the quarter. North-facing units commanded a ₹20 crore to ₹25 crore premium over South-facing units, and one penthouse was reported at approximately ₹271 crore.
- Higher Realizations Across SalesAverage realization on a saleable basis was above ₹100 thousand per square foot during the quarter, with management stating that pricing had increased substantially since launch.
- Establishment of Higher Luxury Price PointsThe company stated that its luxury projects had established customer trust and acceptance of the relevant price points. A South-facing apartment also reached ₹100 crores, described as a new landmark.
- Strong Luxury Project Sales VolumeManagement stated that 274 units had been sold so far, with two additional units subsequently mentioned, and that sales of Delia's had remained consistent.
- Upcoming Experience CenterThe Delia's experience center was in its final stage, with completion expected by December if everything proceeded as planned. Management stated that sales momentum could continue in both Q3 and Q4.
- Visible Development Completion PipelineManagement identified FY2027-28 as the inflection point for Arbor, after which a series of projects are expected to be completed. The company also expects multiple projects to be completed over the following years.
- DCCDL Completion PipelineDCCDL is progressing with the remaining Downtown Gurgaon office towers, Mall of India Gurgaon, and Downtown Chennai. Chennai Blocks 4 and 5, totaling 3.6 million square feet, are expected to become operational by calendar next year. Most of the Gurgaon blocks are expected to become operational between FY2029 and FY2030, while Mall of India Gurgaon is targeted for FY2030.
- Rental Run-Rate VisibilityThe DLF rental portfolio is expected to reach a full-potential exit run rate of ₹175 crores to ₹180 crores quarterly, or close to ₹750 crores annually. The DCCDL exit run rate was stated at close to ₹6.8 thousand crores per base.
- Expansion of Sector 61 Land ParcelThe company completed payment for a 7.06-acre parcel and entered into a collaboration for an additional contiguous 7.48 acres. Together with the previously conveyed land, this is expected to create a contiguous 36-acre parcel in Sector 61. Management said the transaction should be concluded by Q4, with a launch expected next year.
- Upcoming Project LaunchesThe company is preparing for a Mumbai launch in Q3, a Gurgaon launch, and continued sales of Delia's. An unnamed luxury project in DLF Phase 4 is scheduled for launch in Q4 and is expected to be positioned at a level comparable with recent luxury launches.
- Unsold Inventory and Margin PotentialThe value of unsold inventory was ₹15 thousand crores, while the associated balance margin yet to be recognized was approximately ₹11 thousand crores, or ₹10.8 thousand crores as stated in the presentation.
- Strengthening Rental Asset BaseAtrium was commissioned and is expected to be fully rent-generating during the year. Summit Plaza and Midtown Plaza were commissioned during the quarter, and Promenade Goa is expected to be commissioned around the Christmas-New Year timeframe.
- Recurring Other IncomeApart from occasional items such as the ₹738 crore fair-valuation gain, management stated that other income would generally include approximately ₹100 crores to ₹200 crores, or ₹150 crores to ₹200 crores, from interest income and interest from subsidiaries.
- Focus on Cash, Margins, and GovernanceManagement reiterated its focus on strong presales, cash and margin generation, sustained rental-business growth, cash management, governance, and compliance.
IN:DLF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 22, 2027 | 2027 (Q3) | 4.20- | 4.9 | ― | ― |
| Oct 16, 2026 | 2027 (Q2) | 4.085.28 | 4.8 | 9.90% (+0.47) | |
| Aug 03, 2026 | 2027 (Q1) | 4.183.20 | 3.1 | 3.23% (+0.10) | |
| May 13, 2026 | 2026 (Q4) | 4.915.10 | 5.2 | -1.92% (-0.10) | |
| Jan 22, 2026 | 2026 (Q3) | 5.504.90 | 4.3 | 13.95% (+0.60) | |
| Oct 30, 2025 | 2026 (Q2) | 4.864.80 | 5.58 | -13.98% (-0.78) | |
| Aug 04, 2025 | 2026 (Q1) | 3.973.10 | 2.6 | 19.23% (+0.50) | |
| May 19, 2025 | 2025 (Q4) | 3.155.20 | 3.7 | 40.54% (+1.50) | |
| Jan 24, 2025 | 2025 (Q3) | 4.274.30 | 2.7 | 59.26% (+1.60) | |
| Oct 25, 2024 | 2025 (Q2) | 3.235.58 | 2.5 | 123.20% (+3.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
