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DLF reported pre-sales of ₹ 3800 crore (down 12% YoY, up 5.8x QoQ) for Q2FY27

ICICIdirect Research 19 Oct 2026 DISCLAIMER

News: DLF reported pre-sales of ₹ 3800 crore (down 12% YoY, up 5.8x QoQ) for Q2FY27 led by senior living project launch Aureva. Collections came in at ₹ 2780 crore (up 4% YoY, 16% QoQ). Lower revenue booking led to decline of 23% YoY and 1% QoQ in consolidated revenues at ₹ 1261 crore for Q2FY27. Further, gross margins and EBITDA margins were lower 100 bps and 1700 bps YoY at 47% and 23%. Higher other income and income from JV led to 35% YoY growth in consolidated net profit at ₹ 1301 crore. DCCDL reported total revenue /EBITDA/ adjusted PAT growth of 11%/9%/17% YoY at ₹ 2014 crore/₹ 1537 crore/₹ 752 crore respectively in Q2FY27. The company’s net cash surplus (including RERA cash) stood at ₹ 15,084 crore (down ₹ 116 crore QoQ).

View:  The company pre-sales booking picked up pace on Aureva project launch and healthy traction at the Dahlias. However H1FY27 sales and collections remain muted reflecting the timing impact of deferred launches as per management. It expects to receive requisite approvals soon for the planned launches. It remains confident of achieving its medium-term growth goals. It achieved higher cash surplus (including RERA). Its rental assets continued to show healthy and consistent growth. Its rental portfolio, spanning ~50 msf, continues to demonstrate healthy operating strength with industry-leading occupancy of 96%.

Impact: Positive

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