DLF Ltd

DLF Limited – Trading Window closed from 1 October 2026 till 48 hours after the declaration of financial results for the quarter and half year ending 30 September 2026

Meeting Details

• Dates: 23–24 September 2026.
• Time: not disclosed.
• Type and mode: one-to-one and group meetings; physical in Hong Kong.
• Event/organiser: 33rd CITIC Securities International Investors' Forum 2026.
• Key participants: company executives participated.
• Purpose: attendance at investor conference for investor interaction.
• Governance note: no unpublished price-sensitive information was shared.

Meeting Details

• Dates: 23–24 September 2026.
• Type/Mode: One-to-One and Group Meet; Physical in Hong Kong.
• Event/Organizer: 33rd CITIC Securities International Investors' Forum 2026; Organizer: CITIC Securities.
• Key participants: Company executives.
• Purpose: participate in investor conference.

Meeting Details

• Date: 17 September 2026.
• Time: not disclosed in the filing.
• Event: 2026 Jefferies India Forum investor conference.
• Meeting type: one-to-one and group meetings.
• Mode/Location: in-person in Gurugram.
• Organiser: Jefferies India Forum.
• Key participants: company executives; specific roles not disclosed.
• Purpose: participation in investor conference.

Meeting Details

• Date: 17 September 2026.
• Type and mode: One-to-One and Group Meetings, physical in Gurugram.
• Event/organiser: Jefferies India Forum.
• Company participants: Executives from management.
• Purpose: Participation in investor conference and interaction with investors.
• Intimation of outcome will be provided after the conference.

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/time: 4 August 2026, 16:00 IST.
• Type/Mode: earnings webcast recording, virtual.
• Organizer: DLF Limited earnings webcast.
• Key participants: Company Secretary.
• Purpose: recording of Q1 FY27 unaudited results call.
• Availability: recording hosted on the company website.

Financial snapshot

• Consolidated revenue ₹1,280 crore; EBITDA ₹476 crore; PAT ₹794 crore.
• Gross margin ₹744 crore; 51% margin.
• Consolidated operating cash flow ₹1,317 crore.

Annuity & portfolio highlights

• Annuity assets ~50 msf; occupancy 95% by area, 97% by value.
• Medium-term launches: ~13 msf launched; ~25 msf to launch.
• Sales potential in medium term: ₹60,215 crore.

DCCDL financial update

• DCCDL Q1FY27 EBITDA ₹1,474 crore; PAT ₹717 crore; revenue ₹1,917 crore.
• Q1 cash flow after tax ₹825 crore.
• YoY EBITDA growth 9%; PAT growth 21%.

Balance sheet & liquidity

• Total assets ₹77,061 crore; equity ₹46,267 crore.
• Rental portfolio net debt ₹21,283 crore; net debt/EBITDA 3.2.

Strategic priorities & ESG

• Medium-term target: reach ~₹10,000 crore rental income.
• LEED Platinum renewal for 98% of portfolio.
• WELL HSR certified for 100% portfolio.
• WiredScore Platinum across 44 buildings; BEES awards to 11 buildings.

Development potential & pipeline

• Total development land bank ~188 msf; balance potential ~137 msf.
• Launch pipeline launched ~13 msf; medium-term launches ~25 msf.

Key highlights

• DLF Limited Q1FY27 revenue Rs 1,605 crore; gross margin 51%.
• DLF Limited EBITDA Rs 476 crore; net profit Rs 794 crore.
• DLF Limited operating cash flow Rs 1,317 crore.
• DLF Cyber City Developers Q1FY27 revenue Rs 1,917 crore.
• DCCDL EBITDA Rs 1,474 crore; net profit Rs 717 crore.
• New sales bookings for the quarter Rs 657 crore.
• Net cash position Rs 15,200 crore at quarter end.
• Rental portfolio ~50 msf; occupancy 95%.
• Retail expansion: ~1.5 msf GLA; Midtown Plaza operational.
• Summit Plaza and Promenade to commence operations.
• Management remains confident of achieving medium-term growth goals.