DLF Q2 FY27 Earnings Call — Analysis (NSE: DLF)
DLF delivered ₹3,800 Cr in Q2FY27 pre-sales led by the Aureva sell-out, maintaining a ₹15,100 Cr net cash position ahead of the FY28 project completion cycle.
Result quality: stable — Steady quarter. Management sentiment: optimistic.
The take
Q2FY27 Consolidated Revenue ₹2,298 Cr . Guidance raised .
Results
Revenue stood at ₹2,298 Cr (including ₹738 Cr JV revaluation gain), EBITDA at ₹1,060 Cr, net profit above ₹1,300 Cr, and pre-sales at ₹3,800 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| New Sales Bookings | ₹3,800 Cr | none · Q2FY27 · quarterly sales | |
| Collections | ₹2,780 Cr | none · Q2FY27 · quarterly collections | |
| Operating Cash Flow | ₹1,858 Cr | none · Q2FY27 · operating cash flow | |
| Net Cash | ₹15,100 Cr | point_in_time · Q2FY27 · Sep-2026 | |
| Consolidated Revenue | ₹2,298 Cr | none · Q2FY27 · includes ₹738 Cr one-time gain | |
| Consolidated EBITDA | ₹1,060 Cr | none · Q2FY27 · quarterly EBITDA | |
| Consolidated Net Profit | ₹1,300 Cr | none · Q2FY27 · quarterly PAT | |
| DCCDL Revenue | ₹2,014 Cr | none · Q2FY27 · quarterly DCCDL revenue | |
| DCCDL EBITDA | ₹1,537 Cr | none · Q2FY27 · quarterly DCCDL EBITDA | |
| DCCDL Net Profit | ₹750 Cr | +17% | yoy · Q2FY27 · DCCDL PAT growth YoY |
Guidance
Project revenue recognition inflection expected from FY28 starting with The Arbour, with DCCDL targeting an exit rental run rate of ~₹6,800 Cr.
Key themes
Luxury pre-sales momentum and rental scaling
Operational commentary
- Aureva luxury retirement housing achieved a near-complete sellout with ~₹1,900 Cr recognized in Q2 out of ₹1,985 Cr potential.
- The Dahlias super-luxury project has achieved ~276 units sold with average realization well exceeding ₹1,00,000 per sq ft.
- Acquired encumbrance-free 7.06-acre parcel and collaborated on contiguous 7.48 acres in Sector 61, Gurugram, scaling the contiguous land parcel to 36 acres.
- Rental portfolio occupancy reached all-time high of 96% by area and 97% by value across 50 msf.
- Commissioned Summit Plaza and Midtown Plaza during the quarter, with Promenade Goa expected around Christmas/New Year.
Analyst Q&A
Q. Clarification on timing of Aureva launch and sales spillover into October.
Bookings and ₹50 lakh deposits were concluded prior to September 30; minor reporting spillover was strictly due to NRI banking SWIFT clearances and KYC paperwork.
Q. Timeline for accounting revenue inflection and why reported P&L revenue lags presales.
Under completed contract accounting, revenue from the ~₹75,000 Cr launched pipeline will hit P&L once OCs are received, starting at the inflection point of FY28 with The Arbour.
Q. Possibility of shifting from annual dividend payout to quarterly or half-yearly payout.
Declined to commit to interim dividends, affirming that DLF will maintain an annual dividend schedule while establishing predictable DCCDL dividend flows.
Q. Details regarding the new 36-acre contiguous land parcel in Sector 61 Gurugram.
Fully paid for 7.06 encumbrance-cleared acres and collaborated on 7.48 adjacent acres via debt resolution, aiming to conclude the 36-acre aggregation by Q4FY27 prior to launch planning.
Research and educational content only. Not investment advice.