DLF (DLF) investor relations material

Executive summary

• Delivered resilient Q1 FY27 performance with strong asset quality, disciplined execution, and robust operational efficiency, supported by high occupancy rates in both office (95%) and retail (97%) portfolios.

• Operating cash flow exceeded INR 1,300 crore, with net cash position at INR 15,200 crore and net debt at INR 18,136 crore; net debt-to-EBITDA ratio stood at 3.1.

• Q1 sales bookings were INR 657 crore, impacted by deferment of Arbour launch, while another report cites strong sales bookings of INR 15,200 crore, reflecting robust demand.

• DCCDL reported EBITDA growth of 9% and PAT growth of 21% year-over-year in Q1FY27.

• Rental income grew 9% year-over-year to INR 1,444 crore, with DCCDL EBITDA at INR 1,474 crore and PAT at INR 717 crore.

Financial highlights

• Q1 consolidated revenue was INR 1,280 crore, with EBITDA at INR 476 crore and net profit at INR 794 crore, up from INR 766 crore year-over-year.

• DCCDL consolidated revenue reached INR 1,917 crore, up 10% year-over-year, with EBITDA of INR 1,474 crore and net profit of INR 717 crore, a 20% increase year-over-year.

• Operating cash flow for Q1FY27 was INR 1,317 crore, with a net surplus of INR 1,046 crore after capex and land payments.

• Rental portfolio over 50 million sq ft, with occupancy above 95% by space and 97% by value.

• Earnings per share (consolidated, basic and diluted) for Q1 FY27 was ₹3.21, up from ₹3.08 in Q1 FY26.

Outlook and guidance

• FY28 expected to be an inflection point as large projects like The Arbour begin contributing to P&L, unlocking significant gross margin potential of approximately INR 39,000 crore.

• Guidance for INR 20,000 crore in sales remains on track, with Goa residential project contributing about 10% to this target.

• Medium-term launch pipeline valued at over INR 60,000 crore, with 47% of projects launched in the first two years.

• Targeting rental income of INR 10,000 crore in the medium term, supported by a growing annuity business and high-quality land bank.

• Next phase of Privana launch expected early next year; Mumbai expansion to continue selectively.