Slide 1: Schedule of Earnings Call cover letter
DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 22nd January 2026 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: Q3FY26 Results Presentation
DLF Limited Q3FY26 Results Presentation DLF Downtown, Gurugram 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 : Q3FY26 II. DLF Group Overview This is a sample text. III. Development Business : Business Update IV. Annuity Business : Business Update V. DLF Limited : Financial Update VII. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
Slide 5: Key Highlights: Quarter gone by [Q3FY26]
Key Highlights : Quarter gone by [Q3FY26] Record quarterly gross collections of ~ Rs 5,100 crore 9MFY26 net surplus cash generation exceeded entire FY25 performance Continue to witness high collection efficiency across all projects Strong Surplus cash generation of Rs 3,876 crore leading to
Slide 6: 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 7: 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 8: DLF Group: Financial Overview [on Reported basis]
DLF Group : Financial Overview [on Reported basis] DLF Limited1 Revenue EBITDA PAT Rs 8,996 cr Rs 4,357 cr Rs 3,111 cr ₹ 3,347 cr ₹ 1,269 cr ₹ 1,197 cr ₹ 6,958 cr ₹ 7,722 cr ₹ 2,655 cr ₹ 6,012 cr ₹ 2,379 cr ₹ 3,088 cr ₹ 3,144 cr ₹ 5,649 cr ₹ 2,043 cr ₹ 1,914 cr ₹ 2,733 cr ₹ 2,053 cr FY23 FY24 FY25 9
Slide 9: Development Business Business Update
Development Business Business Update DLF Midtown Plaza, New Delhi Artistic impression; not an actual image 8
Slide 10: 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 11: Development Business – Delivering consistent performance
Development Business – Delivering consistent performance New Sales Bookings Embedded Gross Margins from Sales Booked Rs 21,223 cr 61% ₹ 2,035 cr ₹ 12,875 41%# ₹ 19,187 37% 40% cr ₹ 16,176 cr ₹ 15,058 ₹ 14,778 cr cr cr ₹ 6,610 ₹ 5,600 ₹ 5,600 cr cr cr FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 Susta
Slide 12: New Products: Launch Pipeline [Medium-Term]
New Products : Launch Pipeline [Medium-Term] Planned Launches Launched Launched To Be Launched Project Segment [FY 25 onwards] [till FY25] [9MFY26] [Medium Term] Size Sales Potential Size Sales Potential Size Sales Potential Size Sales Potential (~ in msf) (~ in Rs crore) (~ in msf) (~ in Rs crore)
Slide 13: Surplus Cash Potential [from Launched Products till 31.12.2025]
Surplus Cash Potential [from Launched Products till 31.12.2025] Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 10,433 Other Cash Balances 1,227 Sub-Total : Cash Balance (A) 11,660 Receivables from Projects sold 33,130 Total Pending Cost to Complete for all Launched projects (22,060
Slide 14: Gross Margin Potential [as on 31.12.2025]
Gross Margin Potential1 [as on 31.12.2025] Residual Gross Margins from Sales done till 31.12.2025 : Rs 25,200 crore ~ Rs 200 ~ (Rs 600 crore) Crore ~ Rs 14,585 Crore ~ Rs 39,785 ~ Rs 25,200 crore crore ~ Rs 25,600 Crore Margin potential from Residual Gross Margins Margin addition Residual Gross Marg
Slide 15: Projects Summary [as on 31.12.2025]
Projects Summary [as on 31.12.2025] 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 12,138 11,971 167 120 The Dahlias 15,716 - 15,716 10,835 Independent Floors, Gur
Slide 16: 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 17: Annuity Business Business Update
Annuity Business Business Update Lobby at Block-4, DLF Downtown, Gurugram 16
Slide 18: Annuity Business – A steady compounder
Annuity Business – A steady compounder 1 Operational Portfolio Strong operational portfolio ~49 msf of rental assets; operating at high occupancy levels [94%] & + [96%] by value; highest in the industry Development Potential High quality owned land bank available for sustainable long-term growth
Slide 19: Strong & diversified Annuity Business: ~49 msf Operational Portfolio
Strong & diversified Annuity Business : ~49 msf Operational Portfolio Services & Asset ~44 msf ~5 msf Hospitality Management Operational Portfolio[Offices] Operational Portfolio[Retail] [Hotels / Clubs] Across the Portfolio Occupancy : 94% Occupancy : 97% One of the largest organically grown Annuity
Slide 20: Operational Rental Portfolio Snapshot
Operational Rental Portfolio Snapshot : Occupancy at 94% (by area) & 96% (by value); GAV increased by ~ 20% y-o-y; led by rental growth & new asset completions GAV1 Operational Leasable Area Leased Area Vacant Area Leased Area Weighted Avg Dec-25 Portfolio (in msf) (in msf) (in msf) (%) Rental Rate
Slide 21: 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 ~ 49 msf ~75% DCCDL 57 DLF’s portfolio to increase DLF ~ 27 msf ~91% to 25% of total Portfolio 44.3 12 from 9% currently ~25% ~9% 15 19 4.8 Exi
Slide 22: Under construction portfolio + Strong Pipeline to drive growth
Annuity Business : Under construction portfolio + Strong Pipeline to drive growth Offices : ~20 msf Retail : ~ 7 msf Under Under Project Pipeline Ownership Project Pipeline Ownership Construction Construction Area (in msf) Area (in msf) Area (in msf) Area (in msf) DLF Downtown, Gurugram 1.9 DCCDL DL
Slide 23: Marquee Developments to deliver healthy growth in the Annuity Business
Marquee Developments to deliver healthy growth in the Annuity Business DLF Downtown, Chennai Operational Portfolio Under Development ~3.3 msf ~3.6 msf Artistic impression; not an actual image 22
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 - 0.7 10 13 New Gurugram - - - - 5 - 25 -
Slide 25: Commitment to Sustainability
Commitment to Sustainability LEED Platinum Wiredscore – Certification for Digital Connectivity Achieved the renewal of LEED Platinum Certification on Wired Score Platinum Certification achieved for 13 buildings 98% of portfolio in current quarter, making a total of 17 buildings certified DCCDL recei
Slide 26: DLF Limited: Financial Update
DLF Limited : Financial Update The Arbor, Gurugram Artistic impression; not an actual image25
Slide 27: Results highlights – Q3FY26
Results highlights – Q3FY26 New Sales Booking Gross Collections Operating Cash Surplus1 Rs 419 crore ~Rs 5,100 crore Rs 3,876 crore Credit Rating PAT Cash position CRISIL AA+/Stable Rs 1,252 crore Net Cash positive ICRA AA+/Stable 29% higher y-o-y (before exceptional items) Rs 11,660 crore Rating Up
Slide 28: Q3FY26 Consolidated Results
Q3FY26 Consolidated Results Particulars Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y Revenue from operations# 2,020 1,643 23% 1,529 32% Cost of Sales 1,159 935 24% 738 57% Gross Margin 862 708 22% 791 9% Gross Margin% 43% 43% 52% Other income 459 619 (26%) 209 120% Staff cost 168 146 15% 134 25% Other Expenses
Slide 29: Consolidated Cash Flow: Net Cash Surplus generation
Consolidated Cash Flow : Net Cash Surplus generation at Rs 3,876 crore (before dividend paid/received) Particulars Q3FY26 Q2FY26 Q3FY25 Inflow •Collection from Sales 4,665 2,545 2,988 • Rental Inflow 85 127 128 Sub-Total Inflow 4,750 2,672 3,116 Outflow •Construction 684 925 591 •Govt. Approval fee/
Slide 30: Net Cash Position: Net Cash position at Rs 11,660 crore
Net Cash Position : Net Cash position at Rs 11,660 crore Particulars Q3FY26 Q2FY26 Q1FY26 Gross opening debt (1,487) (2,450) (3,814) Debt repaid during quarter 1,487 963 1,364 New Borrowing during Qtr. Closing Debt - (1,487) (2,450) Clear Cash in Hand 1,227 846 2,647 RERA 70% Accounts 10,433 8,358 7
Slide 31: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract In Rs crore Particulars As on 31.12.2025 As on 31.03.2025 Non-Current Assets 34,129 28,270 Current Assets 38,025 41,205 Total Assets 72,154 69,475 Equity/Reserves & Surplus 44,209 42,550 Non-current Liabilities 3,455 4,692 Current Liabilities 24,491 22,233 Total L
Slide 32: DCCDL: Financial Update
DCCDL : Financial Update DLF Cyber Park, Gurugram 31
Slide 33: Result Highlights – Q3FY26
Result Highlights – Q3FY26 Rental Income EBITDA PAT Rs 1,412 crore Rs 717 crore 18% y-o-y growth Rs 1,464 crore 40% y-o-y growth 18% y-o-y growth (before exceptional items) Operational Net Debt Rating Portfolio Rs 16,976 crore ICRA AAA/Stable Net Debt to EBITDA at 3.0x ~ 44 msf CRISIL AAA/Stable Net
Slide 34: DCCDL (Consolidated) Q3FY26 results
DCCDL (Consolidated) Q3FY26 : EBITDA grew at 18%; PAT at Rs 707 crore ;40% y-o-y growth (before exceptional items) Particulars Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y Rental Income Office 1,149 1,125 2% 962 19% Retail 263 237 11% 231 14% Service & Other Operating Income 447 439 2% 391 15% Other Income 19 2
Slide 35: DCCDL (Consolidated): Q3FY26 Cash Flow Abstract
DCCDL (Consolidated): Q3FY26 Cash Flow Abstract Particulars Q3FY26 Q2FY26 Q3FY25 Operating Cash flow before Interest & tax 1,463 1,282 1,288 Interest Expense (Net) (294) (307) (365) Tax (net) (183) (176) (185) Operating Cash flow after Interest & tax 986 800 739 Capex (521) (735) (512) Asset Sale pr
Slide 36: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 31.12.2025 As on 31.03.2025 Non-Current Assets 31,935 30,621 Current Assets 2,365 1,215 Total Assets 34,300 31,836 Equity/Reserves & Surplus 9,939 8,227 Non-current Liabilities 19,460 18,790 Current Liabilities 4,901 4,819 Total Liabilit
Slide 37: DCCDL (Consolidated): Debt Update – Q3FY26
DCCDL (Consolidated): Debt Update – Q3FY26 Net Debt to EBITDA2 : 3.0 x Net Debt Rs 16,976 crore 5.5 4.5 4.0 3.5 3.0 FY22 FY23 FY24 FY25 9MFY26 Interest Rate Movement GAV1 Rs 93,315 crore 8.08% 8.13% 8.06% 7.02% 7.21% CRISIL AAA/Stable Credit Rating ICRA AAA/Stable FY22 FY23 FY24 FY25 Q3FY26 Net Debt
Slide 38: Multi-level car park at DLF Downtown, Gurugram
Multi-level car park at DLF Downtown, Gurugram 37