Slide 1: Exchange 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 30th October 2025 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: DLF Limited Q2FY26 Results Presentation
DLF Limited Q2FY26 Results Presentation The Westpark, Mumbai Artistic impression; not an actual image1
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 : Q2FY26 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 [Q2FY26]
Key Highlights : Quarter gone by [Q2FY26] New Sales bookings at Rs 4,332 crore; led by successful maiden launch in Mumbai – The Westpark Collections at Rs 2,672 crore; Net Cash Surplus generation at Rs 1,137 crore (before dividend paid/received) Gross cash balance at Rs 9,204 crore includes
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 ₹ 5,086 cr ₹ 2,324 cr ₹ 1,806 cr ₹ 6,958 cr ₹ 2,655 cr ₹ 6,012 cr ₹ 5,243 cr ₹ 2,043 cr ₹ 2,733 cr ₹ 3,910 cr ₹ 1,305 cr ₹ 1,531 cr ₹ 2,053 cr ₹ 2,033 cr ₹ 1,937 cr FY23 FY24 FY25 H
Slide 9: Development Business Business Update
Development Business The Grove, DLF5, Gurugram Business Update 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% ₹ 14,129 cr 40% ₹ 12,875 41%# 37% ₹ 15,757 cr ₹ 15,058 ₹ 14,778 cr cr cr ₹ 5,600 ₹ 5,600 ₹ 6,410 ₹ 7,094 cr cr cr cr FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 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] [H1FY26] [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 30.09.2025]
Surplus Cash Potential [from Launched Products till 30.09.2025] Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 8,358 Other Cash Balances 846 Sub-Total : Cash Balance (A) 9,204 Receivables from Projects sold 37,090 Total Pending Cost to Complete for all Launched projects (22,570) Ne
Slide 14: Gross Margin Potential [as on 30.09.2025]
Gross Margin Potential1 [as on 30.09.2025] Residual Gross Margins from Sales done till 30.09.2025 : Rs 25,600 crore ~ Rs 1,565 ~ (Rs 464 crore) Crore# ~ Rs 14,630 Crore ~ Rs 40,230 ~ Rs 25,600 crore crore ~ Rs 24,500 Crore Margin potential from Residual Gross Margins Margin addition Residual Gross M
Slide 15: Projects Summary [as on 30.09.2025]
Projects Summary [as on 30.09.2025] 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 11,985 11,874 111 89 The Dahlias 15,818 - 15,818 10,912 Independent Floors, Guru
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 Atrium Place, Gurugram Artistic impression; not an actual image 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%] + Development Potential High quality owned land bank available for sustainable long-term growth 2 Strategically located, large & scal
Slide 19: Strong & diversified Annuity Business: Operational Portfolio
Strong & diversified Annuity Business : 49 msf Operational Portfolio Services & Asset ~44.2 msf ~4.5 msf Hospitality Management Operational Portfolio[Offices] Operational Portfolio[Retail] [Hotels / Clubs] Across the Portfolio Occupancy : 93% Occupancy : 97% One of the largest organically grown Annu
Slide 20: Operational Rental Portfolio Snapshot: Occupancy at 94% (by area) & 96% (by value)
Operational Rental Portfolio Snapshot : Occupancy at 94% (by area) & 96% (by value) Operational Leasable Area Leased Area Vacant Area Leased Area Weighted Avg GAV1 Portfolio (in msf) (in msf) (in msf) (%) Rental Rate [psf] [in Rs crore] Offices : Non-Sez 27 26.4 0.6 98% 124 47,443 DCCDL 23.2 22.9 0.
Slide 21: Annuity Business – Strong pipeline to drive growth
Annuity Business – Strong pipeline to drive growth Offices : ~18 msf Retail : ~ 7.2 msf Project Nearing Pipeline Ownership Project Nearing Pipeline Ownership Completion Completion Area (in msf) Area (in Area (in msf) Area (in msf) msf) DLF Downtown, Gurugram 6.3 DCCDL DLF Downtown, Gurugram 2 DCCDL
Slide 22: High Quality Land Bank
High Quality Land Bank Location Operational Portfolio Projects Projects Balance Potential [Existing] [nearing completion ] [Planned pipeline] [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 0.6 0.8 0.5 - 2 - 5 - DLF City + 2.1 24.1 1 - - 8.3 10 13 New Gurugram - - - - 3 - 27
Slide 23: Commitment to Sustainability
Commitment to Sustainability LEED Platinum Wiredscore – Certification for Digital Connectivity Quarter Update – Emporio, OHC, THC, Plaza Tower, Galaxy Tower Quarter Update - DLF Cyber Park, Tower 1 & 2 at DLF achieved the renewal of LEED Platinum Certification Downtown, Chennai have achieved Wiredsc
Slide 24: DLF Limited: Financial Update
DLF Limited : Financial Update The Valley Gardens, Panchkula Artistic impression; not an actual image23
Slide 25: Results highlights – Q2FY26
Results highlights – Q2FY26 New Sales Booking Collections Operating Cash Surplus1 Rs 4,332 crore Rs 2,672 crore Rs 1,137 crore Credit Rating PAT Cash position CRISIL AA+/Stable Net Cash positive Rating Upgraded Rs 1,171 crore 53% higher q-o-q Rs 7,717 crore ICRA AA/Positive Healthy Operating Cash Su
Slide 26: Consolidated Results: Q2FY26 Revenue at Rs 2,262 cr; PAT at Rs 1,171 cr
Consolidated Results : Q2FY26 Revenue at Rs 2,262 cr; PAT at Rs 1,171 cr Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y Revenue from operations# 1,643 2,717 (40%) 1,975 (17%) Cost of Sales 935 1,948 (52%) 1,080 (13%) Gross Margin 708 768 (8%) 895 (21%) Gross Margin% 43% 28% 45% Other income 619 264 13
Slide 27: Consolidated Cash Flow: Net Cash Surplus generation at Rs 1,137 crore
Consolidated Cash Flow : Net Cash Surplus generation at Rs 1,137 crore (before dividend paid/received) Particulars Q2FY25 Q1FY26 Q2FY26 Inflow •Collection from Sales 2,252 2,711 2,545 • Rental Inflow 118 83 127 Sub-Total Inflow 2,370 2,794 2,672 Outflow •Construction 521 742 925 •Govt. Approval fee/
Slide 28: Net Cash Position: Net Cash position at Rs 7,717 crore
Net Cash Position : Net Cash position at Rs 7,717 crore Particulars Q4FY25 Q1FY26 Q2FY26 Gross opening debt (4,434) (3814) (2,450) Debt repaid during quarter 620 1,364 963 New Borrowing during Qtr. Closing Debt (3,814) (2,450) (1,487) Clear Cash in Hand 2,471 2,647 846 RERA 70% Accounts 8,191 7,782
Slide 29: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract In Rs crore Particulars As on 30.09.2025 As on 31.03.2025 Non-Current Assets 31,535 28,270 Current Assets 37,405 41,205 Total Assets 68,940 69,475 Equity/Reserves & Surplus 43,002 42,550 Non-current Liabilities 3,674 4,692 Current Liabilities 22,265 22,233 Total L
Slide 30: DCCDL: Financial Update
DCCDL : Financial Update DLF Downtown, Gurugram 29
Slide 31: Result Highlights – Q2FY26
Result Highlights – Q2FY26 Rental Income EBITDA PAT Rs 1,362 crore 15% y-o-y growth Rs 1,412 crore Rs 643 crore 12% y-o-y growth 23% y-o-y growth Operational Net Debt Rating Portfolio Rs 17,355 crore ICRA AAA/Stable Net Debt to EBITDA at 3.1x 44.3 msf CRISIL AAA/Stable Net Debt to GAV at 0.20 Note:
Slide 32: DCCDL (Consolidated) Q2FY26: Revenue at Rs 1,822 crore; PAT at Rs 643 crore
DCCDL (Consolidated) Q2FY26 : Revenue at Rs 1,822 crore; PAT at Rs 643 crore; y-o-y growth of 23% Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y Rental Income Office 1,125 1,102 2% 968 16% Retail 237 224 6% 217 9% Service & Other Operating Income 439 402 9% 421 4% Other Income 21 11 93% 47 (55%) Total
Slide 33: DCCDL (Consolidated): Q2FY26 Cash Flow Abstract
DCCDL (Consolidated): Q2FY26 Cash Flow Abstract Particulars Q2FY25 Q1FY26 Q2FY26 Operating Cash flow before Interest & tax 1,412 1,258 1,282 Interest Expense (Net) (388) (413) (307) Tax (net) (77) (85) (176) Operating Cash flow after Interest & tax 945 760 800 Capex (476) (556) (735) Asset Sale proc
Slide 34: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 30.09.2025 As on 31.03.2025 Non-Current Assets 31,661 30,621 Current Assets 2,538 1,215 Total Assets 34,199 31,836 Equity/Reserves & Surplus 9,334 8,227 Non-current Liabilities 18,950 18,790 Current Liabilities 5,915 4,819 Total Liabilit
Slide 35: DCCDL (Consolidated): Debt Update – Q2FY26
DCCDL (Consolidated): Debt Update – Q2FY26 Net Debt to EBITDA2 : 3.1 x Net Debt Rs 17,355 crore 5.5 4.5 4.0 3.5 3.1 GAV1 Rs 86,250 crore FY22 FY23 FY24 FY25 Q2FY26 Net Debt to GAV: 20% CRISIL AAA/Stable Credit Rating ICRA AAA/Stable 30% 26% 23% 21% 20% Interest Rate 7.3% FY22 FY23 FY24 FY25 Q2FY26 1
Slide 36: Clubhouse at One Midtown, Delhi
Clubhouse at One Midtown, Delhi 35