DLF Ltd

Acquisition details

• Target Balang Renewables Private Limited, engaged in solar power solutions and captive energy supply.
• Turnover nil; PAT −₹0.02 crore; net worth −₹0.03 crore.
• Not a related party transaction; no promoter/group interest.
• Industry: Renewable energy.
• Purpose: cater rising demand for environment-friendly electricity.
• Regulatory approvals: not applicable.
• Timeline: within 30 days from execution of transaction documents.
• Consideration: cash; ₹4.20 crore.
• Shareholding acquired: ~26.97%.
• Acquirer: DLF Info Park Developers (Chennai) Limited, via a DLF subsidiary.
• Background: BRPL provides rooftop solar solutions for captive use in India.
• Incorporated: 9 February 2024; turnover FY2024-25 Nil.

Financial Performance

• Q1 FY27 revenue for DLF Limited: INR 1,605 crores; EBITDA 476 crores.
• Net profit for the quarter: INR 794 crores, up from INR 766 crores YoY.
• Total collections for the quarter: INR 2,406 crores.
• Operating cash flow exceeded INR 1,300 crores in the quarter.
• Net cash position at quarter-end: INR 15,200 crores; ~INR 11,000 crores in RERA; 70% escrow.
• New sales bookings for the quarter: INR 657 crores; deferment of Aureva launch.
• Rental portfolio exceeds 50 million sq ft; occupancy over 95% (space) and over 97% (value).
• Goa mall OC achieved; all three malls to be operational this financial year.
• FY28 inflection point expected as large products like Arbour contribute to P&L.
• Gross margin potential stands at about INR 39,000 crores.

Operating Update

• DCCDL revenue: INR 1,917 crores; EBITDA 1,474 crores; PAT INR 717 crores.
• DCCDL PAT growth: over 20% YoY; Q4 benefited from one-time entries (~INR 780 crores).
• From this quarter, DLF reports development and rental segments separately; rental scale shown across DLF, DCCDL, Atrium.
• Rental market update: Midtown Plaza fully operational; Summit Plaza opened; Goa mall OC; leasing ramp.
• Green shoots in GCC/multinationals; expect momentum in Q2–Q3 after uncertainty.
• Dahlias velocity improving; 3-year cycle; next phases expected over ~3 years to complete sales.
• Aureva launch after RERA approvals; Hamilton 2 planned in H2 FY27.
• Goa residential PIL; Goa project on track; INR 20 billion guidance intact.
• Mumbai launch follow-through; potential ~5 million sq ft development.

Balance Sheet and Cash Flow

• Goa mall leasing 64% as of 31 July; target 85–90% in 6–8 weeks.
• Net cash end-Q1: INR 15,200 crores; ~INR 11,000 crores in RERA; 70% in escrow.
• CAM charges up by 2–2.5% due to minimum wage revisions; tenants have not pushed back.
• DCCDL borrowing rate for the quarter: 7.14%.

Projects and Capex

• Downtown Gurgaon Phase 2 and Downtown Chennai Phase 2 capex underway; leasing Gurgaon ~40%; Taramani ~17–18%.
• Total RentCo under construction exceeds 11–12 million sq ft; includes Downtown/Gurgaon, Chennai, Atrium.
• Aureva and Hamilton 2 launches; Aureva after RERA approvals; Hamilton 2 in H2 FY27.
• Cyber City 2: 70–80 acres consolidated; final sizing/start decision next year.

Outlook and Guidance

• FY28 expected inflection as Arbour and other large products contribute to P&L.
• Goa component of INR 20,000 crores guidance on track.
• Gross margin potential around INR 39,000 crores.

Q&A Highlights

• Dahlias: 34 units sold last quarter; 65% sold; Experience Center post-Diwali.
• Aureva launch pending RERA approvals; Hamilton 2 expected in H2 FY27.
• Goa PIL on track; 20 billion guidance intact.
• Mumbai expansion: follow-through; potential ~5 million sq ft development.
• Data centers: DL F focusing on real estate; no ownership/run of data centers.
• Exit rentals for FY27 expected between INR 7,300 and INR 7,500.

Meeting Details

• Date and time: 4 August 2026 at 16:00 IST.
• Mode: virtual group investor/analyst call via webcast.

Participants

• Key company participant: Company Secretary.

Purpose

• Discuss unaudited quarterly results for quarter ended 30 June 2026 and business outlook.

Additional Notes

• Webcast participation link provided for joining the call.

Meeting Details

• Board meeting scheduled for 3 August 2026; time and venue not disclosed.

Key Agenda Items

• To consider and approve unaudited standalone and consolidated quarterly results for quarter ended 30 June 2026.

Other Notes

• Trading window closed from 1 July 2026 to 48 hours after results declaration.

Overview

• Consolidated BRSR for FY2025-26 covering DLF Limited and subsidiaries, including JVs/associates.
• Main activities: residential, commercial, retail real estate development, rentals and hospitality.
• Turnover is 100% from real estate activities; reporting boundary is consolidated across the group.
• Reasonable Assurance for BRSR Core indicators provided by SGS India.

Key ESG Risks & Opportunities

• Regulatory compliance risk; mitigated by governance framework, internal audits and a digital compliance tool.
• Climate change risks (physical and transition); mitigated by climate risk assessment and resilience measures.
• Health and safety risks across construction/operations; mitigated by ISO 45001/14001, WELL HSR and safety programs.
• Water/wastewater risk; mitigated by 4R strategy, ZLD, STP and rainwater harvesting.
• Energy efficiency opportunity; LEED certifications, rooftop solar ~5 MW, and growing renewable share.

Governance & Policy Highlights

• Board oversight via two sustainability committees: Risk Management and Corporate Social Responsibility.
• Key policies include anti-bribery (Code of Conduct), Whistle Blower, Human Rights, Stakeholder Engagement, CSR, Supplier Code.
• CSR Policy and Human Rights Policy embedded; suppliers bound by Supplier Code of Conduct.
• Independent assurance: SGS India confirms BRSR Core indicators fairly stated.
• Penalty: ₹6.90 lakh GRAP non-compliance at a site; training emphasizes ESG compliance.
• ESG training: board-level programs, with 100% coverage on ESG topics for Directors.

Social Responsibility & Workforce

• Total employees: 4,310 (3,808 male, 502 female); no workers reported.
• Board female representation: 41.7% (5 of 12); 5 KMPs on board.
• LTIFR: 0.13 per one million hours; no fatalities recorded.
• Well-being spend: 0.09% of revenue; comprehensive health/insurance coverage for all employees.
• Parental leave: 100% return-to-work and retention rate for female employees.
• Major CSR initiatives include Suvidha Kendra, eye care, road safety, scholarships, animal welfare.

Environmental Performance

• Total energy: 13.90 million GJ; renewable energy share 23% in FY25-26; rooftop solar ~5 MW.
• LEED/green certifications: ~42.40 msf LEED O&M and ~8.75 msf BD+C; LEED Zero Water/Waste/Energy; 5-Star BEE.
• Water: withdrawal 71.51 million KL; consumption 115.66 million KL; ZLD across properties; LEED Zero Water achieved.
• GHG emissions: Scope 1 27,728.57 tCO2e; Scope 2 163,181.34 tCO2e; intensity 0.0000023 tCO2e per turnover.
• Waste: total 236,461.93 MT; recycled 13,010.52 MT; disposed 2,22,721.49 MT; LEED-aligned waste management.
• Green credits: 1,28,529 procured for ₹12.8 crore; assurance by SGS India.

Stakeholder Engagement & Complaints

• Stakeholders: Communities, Investors/Shareholders, Customers, Employees, Suppliers, Regulators.
• Engagement channels: emails, portals, meetings; communities ongoing; investors quarterly; customers ongoing.
• Shareholders: 14 complaints filed, 0 pending; Investors: complaints not material; Communities: nil.
• Customers: 8,828 complaints filed during the year; 236 pending at year-end; service-related issues noted.
• Value chain partners: nil complaints; Whistle Blower Policy supports confidential reporting.

Other Notable Metrics

• CSR turnover: ₹3,984.47 crore; Net worth: ₹31,995.17 crore; 100% inputs sourced from India.
• MSME inputs: 23% of total inputs from MSMEs/small producers.
• Data privacy/cyber security: Information Security Policy; ISO 27001 alignment; 0 data breaches.
• Scope 3 emissions: not yet monitored; initiative in progress for future reporting.
• Green credits procurement: 1,28,529 credits for ₹12.8 crore; no monitoring of partner purchases.

AGM timing and access

• 61st AGM scheduled for 3 August 2026 at 12:30 IST via VC/OAVM
• Notice and Annual Report for FY2025-26 available on dlf.in and exchange sites
• Web-link and QR code provided to access the Annual Report

Key dates and voting

• TDS exemption forms last date: 22 July 2026
• Record date for final dividend: 27 July 2026
• Cut-off date for remote/e-voting entitlement: 27 July 2026
• E-voting starts 30 July 2026 at 9:30 AM IST
• E-voting ends 2 August 2026 at 5:00 PM IST
• Dividend payment date: on or before 1 September 2026
• Dividend payment mode: ECS/direct credit/RTGS/NEFT

Dividend record date

• Purpose: Record date for dividend payment for FY 2025-26.
• Security affected: equity shares.
• Record date: 27 July 2026.
• Dividend amount: ₹8 per equity share (400%).
• Subject to shareholder approval at the AGM.
• AGM scheduled 3 August 2026.
• Payment date: on or before 1 September 2026.
• Tax: TDS deducted at applicable rates.

AGM details and governance

• 61st AGM on 3 August 2026 at 12:30 PM IST; via VC/OAVM with Annual Report attached.
• Dividend proposed: ₹8 per equity share of ₹2 for FY2025-26.
• Record date for dividend eligibility set at 27 July 2026.
• Directors Ashok Kumar Tyagi and Pia Singh to be re-appointed.
• Special resolution to ratify remuneration of Cost Auditors Sanjay Gupta & Associates at ₹4.40 lakh plus taxes.
• Cost Auditors appointed to audit cost records for real estate development activities.
• Dividend payout date: by 1 September 2026, subject to TDS.
• Remote e-voting window: 30 July 2026 9:30 AM to 2 August 2026 5:00 PM.

Financial performance

• Total revenue ₹81,940.18 crore.
• PAT ₹44,146.75 crore.
• Basic EPS ₹17.83.
• Dividend proposed ₹8 per share for FY26.

Capital structure & liquidity

• Gearing nil; net cash position.
• Promoters hold 61.53% stake.

Assets & investments

• Investment property fair value ₹1,602,532.50 lakh (Level 3).
• JV/associate carrying amount ₹2,048,100.97 lakh.

Governance & board changes

• Independent Director Vinati Kastia Kilambi appointed 19 May 2025.
• Going concern not at risk.