Slide 1: Cover letter: Schedule of Earnings Call
DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 13th May 2026 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, B
Slide 2: DLF Limited Q4 & FY26 Results Presentation
DLF Downtown, Chennai DLF Limited Q4 & FY26 Results Presentation 1
Slide 3: Disclaimer
Disclaimer This presentation contains certain forward-looking statements regarding DLF’s business prospects and business profitability. These statements are based on current expectations, assumptions, and projections about future events and are subject to a variety of risks and uncertainties, which
Slide 4: Presentation Agenda
Presentation Agenda S.No. Section I. Key Highlights II. DLF Group Overview This is a sample text. III. Development Business : Business Update IV. Annuity Business : Business Update V. DLF Limited : Financial Update VI. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
Slide 5: FY26 Key Highlights
FY26 Key Highlights Collections Surplus Cash Net Cash Position Sales Bookings INR 13,517 cr INR 7,746 cr INR 14,155 cr Record Collections Healthy cash generation Strong Balance Sheet INR 20,143 cr Y-o-Y Growth : 15% Inline with Guidance Y-o-Y Growth : 25% RERA 70% A/c : INR 11,215 cr High efficiency
Slide 6: 5-Year Performance Summary [FY22 – FY26]
5-Year Performance Summary [FY22 – FY26] Collections Surplus Cash Generation1 Net Cash Position Sales Bookings ₹ 14,155 cr ₹ 13,517 ₹ 7,746 ₹ 20,143 cr cr cr ₹ 4,652 ₹ 7,273 ₹ 2,400 -₹ 2,680 cr cr cr cr FY22 FY26 FY22 FY26 FY22 FY26 FY22 FY26 PAT (DLF Limited) Dividend2 Exit Rentals Rental Portfolio
Slide 7: Q4 FY26 Key Highlights
Q4 FY26 Key Highlights DLF Limited Collections Surplus Cash Net Cash Position Sales Bookings INR 3,301 cr INR 1,314 cr INR 14,155 cr INR 3,967 cr Sustained Healthy Collections Strong Balance Sheet Continue to witness sustained Healthy cash generation High efficiency across all projects Rera 70% A/c
Slide 8: DLF Group – Business Overview
DLF Group – Business Overview DLF Group Development Business Annuity Business ❑ Development & Sale of Residential/Commercial: ❑ Development & Leasing of Offices ▪ High-rise condominiums ❑ Development & Leasing of Retail Malls ▪ Low-rise independent floors ❑ Asset Management [CAM/Services business] ▪
Slide 9: Strong Fundamentals
Strong Fundamentals ▪ We have established a strong and diversified business: ✓ Development business delivering high margins and strong cash flows ✓ Rental business providing consistently growing income streams ✓ Hospitality business along with Services/Asset management complementing both businesses
Slide 10: DLF Group: Financial Overview [on Reported basis]
DLF Group : Financial Overview [on Reported basis] DLF Limited Revenue EBITDA PAT ₹ 10,174 cr ₹ 4,357 cr ₹ 4,408 cr ₹ 8,996 cr ₹ 3,111 cr ₹ 3,070 cr ₹ 6,958 cr ₹ 2,655 cr ₹ 6,012 cr ₹ 2,043 cr ₹ 2,733 cr ₹ 2,053 cr FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 DCCDL Revenue EBITDA PAT
Slide 11: Development Business Business Update
Development Business Business Update DLF Golflinks, DLF 5, Gurugram 10
Slide 12: Development Business – A strong growth engine
Development Business – A strong growth engine 1 High Quality ▪ High quality land bank at established locations; significant upside from TOD/TDR policy Land Bank ▪ Sustained growth from existing land bank; no dependency on incremental acquisitions 2 ▪ Consistent capital appreciation for customers; at
Slide 13: Development Business – Delivering consistent performance
Development Business – Delivering consistent performance New Sales Bookings Embedded Gross Margins from Sales Booked 61% 45%# ₹ 21,223 ₹ 20,143 cr ₹ 12,875 cr 37% 40% cr ₹ 15,058 ₹ 14,778 ₹ 9,100 cr cr cr ₹ 5,600 ₹ 5,600 cr cr FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 New Sales bookings inline with gu
Slide 14: New Products: Launch Pipeline [Medium-Term]
New Products : Launch Pipeline [Medium-Term] ~47% Launched in first 2 years; Healthy Pipeline for the medium term [ ~ 60k + crore] Planned Launches Launched To Be Launched Project Segment [FY 25 onwards] [till FY26] [Medium Term] Size Sales Potential Size Sales Potential Size Sales Potential (~ in m
Slide 15: Surplus Cash Potential [from Launched Products till 31.03.2026]
Surplus Cash Potential [from Launched Products till 31.03.2026] Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 11,215 Other Cash Balances 2,940 Sub-Total : Cash Balance (A) 14,155 Receivables from Projects sold 33,840 Total Pending Cost to Complete for all Launched projects (21,300
Slide 16: Gross Margin Potential [as on 31.03.2026]
Gross Margin Potential1 [as on 31.03.2026] Residual Gross Margins from Sales done till 31.03.2026 : Rs 26,930 crore ~ Rs 2,488 ~ (Rs 758 crore) Crore ~ Rs 12,435 Crore ~ Rs 39,365 ~ Rs 26,930 crore crore ~ Rs 25,200 Crore Margin potential from Residual Gross Margins Margin addition Residual Gross Ma
Slide 17: Projects Summary [as on 31.03.2026]
Projects Summary [as on 31.03.2026] All figures in Rs crore Sales Revenue recognized from Balance Revenue to be recognized Balance Margins yet to be Project Booked Sales booked from Sales booked recognised The Camellias 12,250 12,135 115 100 The Dahlias 18,562 - 18,562 12,808 Independent Floors, Gur
Slide 18: High Quality Land Bank
High Quality Land Bank Development Projects Projects Balance Potential Location Potential1 [revised estimates including [revised estimates including [Under execution] [Launch Pipeline] TOD/TDR potential] TOD/TDR potential] DLF 5 24 4.6 - 20 DLF City+ 22 4.5 12 6 New Gurugram 89 13 5 71 Gurugram 135
Slide 19: Annuity Business Business Update
Annuity Business The Hub, DLF Cybercity, Chennai Business Update 18
Slide 20: Annuity Business – A steady compounder
Annuity Business – A steady compounder 1 Operational Portfolio ▪ Strong operational portfolio ~50 msf of rental assets; operating at high occupancy levels [95%] & + [97%] by value; highest in the industry Development Potential ▪ High quality owned land bank available for sustainable long-term growth
Slide 21: Strong & diversified Annuity Business: ~50 msf Operational Portfolio
Strong & diversified Annuity Business : ~50 msf Operational Portfolio Services & Asset ~44.6 msf ~5 msf Hospitality Management Operational Portfolio[Offices] Operational Portfolio[Retail] [Hotels / Clubs] Across the Portfolio Occupancy : 95% Occupancy : 97% One of the largest organically grown Annui
Slide 22: Operational Rental Portfolio Snapshot
Operational Rental Portfolio Snapshot : Occupancy at 95% (by area) & 97% (by value); GAV1 Operational Leasable Area Leased Area Vacant Area Leased Area Weighted Avg Mar-26 Portfolio (in msf) (in msf) (in msf) (%) Rental Rate [psf] [in Rs crore] Offices : Non-Sez 27.4 27 0.4 98% 126 54,195 DCCDL 23.2
Slide 23: Annuity Business – Strong pipeline to drive growth
Annuity Business – Strong pipeline to drive growth [Aiming to reach ~ Rs 10,000 crore of Rental income in medium-term] Annuity Business : DLF Group ~ 76 msf 19 ~25% ~ 50 msf DLF 5.1 ~10% DLF’s portfolio to increase DCCDL ~ 27 msf to 25% of total Portfolio 57 from 10% currently 44.3 14 ~75% ~90% 13 E
Slide 24: High Quality Land Bank
High Quality Land Bank Location Operational Portfolio Projects Projects Balance Potential [Existing] [under construction ] [Planned pipeline] [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 1 0.8 - - 2 - 5 - DLF City + 2.1 24.1 1 7.6 - 1.2 10 13 New Gurugram - - - - 5 - 25 -
Slide 25: Commitment to Sustainability
Commitment to Sustainability LEED Platinum Wired Score – Certification for Digital Connectivity Achieved the renewal of LEED Platinum Certification on Wired Score Platinum Certification achieved for 21 buildings 98% of portfolio in current quarter, making a total of 38 buildings certified DCCDL rece
Slide 26: DLF Limited: Financial Update
DLF Limited : Financial Update DLF Midtown Plaza, New Delhi 25
Slide 27: Consolidated Results: FY26 Revenue at Rs 10,174 cr; PAT at Rs 4,256 cr
Consolidated Results : FY26 Revenue at Rs 10,174 cr; PAT at Rs 4,256 cr (before exceptional items) Particulars FY26 FY25 Y-o-Y Revenue from operations# 8,552 7,994 7% Cost of Sales 5,206 4,132 26% Gross Margin 3,345 3,862 (13%) Gross Margin% 39% 48% Finance income 703 538 31% Other income 919 464 98
Slide 28: Q4FY26 Consolidated Results
Q4FY26 Consolidated Results Particulars Q4FY26 Q3FY26 Q-o-Q Q4FY25 Y-o-Y Revenue from operations# 2,172 2,020 8% 3,128 (31%) Cost of Sales 1,164 1,159 1% 1,652 (30%) Gross Margin 1,007 862 17% 1,476 (32%) Gross Margin% 46% 43% 47% Other income 280 459 (39%) 220 27% Staff cost 182 168 8% 129 41% Othe
Slide 29: Consolidated Cash Flow: Net Cash Surplus generation
Consolidated Cash Flow : Net Cash Surplus generation Q4 – Rs 1,314 crore / FY26 - Rs 7,746 crore Particulars FY26 FY25 Q4FY26 Q4FY25 Inflow •Collection from Sales 13,081 11,396 3,159 3,268 • Rental Inflow 436 378 142 52 Sub-Total Inflow 13,517 11,773 3,301 3,320 Outflow •Construction 3,164 2,259 812
Slide 30: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract In Rs crore Particulars As on 31.03.2026 As on 31.03.2025 Non-Current Assets 35,401 28,270 Current Assets 39,474 41,205 Total Assets 74,875 69,475 Equity/Reserves & Surplus 45,473 42,550 Non-current Liabilities 3,801 4,692 Current Liabilities 25,601 22,233 Total L
Slide 31: DCCDL: Financial Update
DCCDL : Financial Update DLF Cyber Park, Gurugram 30
Slide 32: DCCDL (Consolidated) FY26: EBITDA grew at 16%; PAT at Rs 2,726 crore
DCCDL (Consolidated) FY26 : EBITDA grew at 16%; PAT at Rs 2,726 crore ;38% y-o-y growth (before exceptional items) Particulars FY26 FY25 Y-o-Y Rental Income Office 4,550 3,874 17% Retail 975 880 11% Service & Other Operating Income 1,784 1,592 12% Other Income 84 103 (19%) Total Revenue 7,393 6,448
Slide 33: DCCDL (Consolidated) Q4FY26: EBITDA grew at 18%
DCCDL (Consolidated) Q4FY26 : EBITDA grew at 18%; PAT at Rs 778 crore ; 47% y-o-y growth Particulars Q4FY26 Q3FY26 Q-o-Q Q4FY25 Y-o-Y Rental Income Office 1,175 1,149 2% 1,002 17% Retail 251 263 (4%) 221 13% Service & Other Operating Income 497 447 11% 396 26% Other Income 32 19 66% 18 78% Total Rev
Slide 34: DCCDL (Consolidated): FY26 / Q4FY26 Cash Flow Abstract
DCCDL (Consolidated): FY26 / Q4FY26 Cash Flow Abstract Particulars FY26 FY25 Q4FY26 Q4FY25 Operating Cash flow before Interest & tax 5,728 5,046 1,724 1,183 Interest Expense (Net) (1,309) (1,473) (296) (379) Tax (net) (605) (476) (161) (86) Operating Cash flow after Interest & tax 3,814 3,097 1,267
Slide 35: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.03.2026 As on 31.03.2025 Non-Current Assets 32,530 30,621 Current Assets 1,046 1,215 Total Assets 33,576 31,836 Equity/Reserves & Surplus 8,946 8,227 Non-current Liabilities 18,229 18,790 Current Liabilities 6,401 4,819 Total Liabilit
Slide 36: DCCDL (Consolidated): Debt Update – Q4FY26
DCCDL (Consolidated): Debt Update – Q4FY26 Net Debt to EBITDA : 3.2 x Net Debt Rs 18,150 crore 5.5 4.5 4.0 3.5 3.2 FY22 FY23 FY24 FY25 FY26 Interest Rate Movement GAV1 Rs 96,271 crore 8.08% 8.13% 8.06% 7.02% 7.08% CRISIL AAA/Stable Credit Rating ICRA AAA/Stable FY22 FY23 FY24 FY25 FY26 Net Debt to G
Slide 37: Club at One Midtown, New Delhi
Club at One Midtown, New Delhi 36