Dlf Limited · NSE:DLF
Dlf — Q2 FY27 Earnings Presentation
34 slides from Dlf's earnings presentation, Oct 16, 2026
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 16th October 2026 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaz
Slide 2: DLF Limited Q2FY27 Results Presentation
DLF Limited Q2FY27 Results Presentation The Aureva, Gurugram Render; not an actual image 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: Q2FY27 Key Highlights
Q2FY27 Key Highlights DLF Limited Collections Operating Cash Flow Net Cash Position Sales Bookings INR 2,780 cr INR 1,858 cr INR 15,084 cr High efficiency across all projects Healthy cash generation Strong Balance Sheet INR 3,800 cr Rera 70% A/c : INR 12,270 cr DCCDL Rental Income Net Debt Credit Ra
Slide 6: Strong Financial Performance
5-Year Performance Summary [DLF Limited : FY22 – FY26] PAT (DLF Limited) Net Cash Position ₹ 14,155 cr ₹ 4,408 cr ₹ 1,513 cr -₹ 2,680 cr FY22 FY26 FY22 FY26 Dividend (DLF Limited) RoE (DLF Limited) 10% ₹ 1,980 cr ₹ 743 cr 4% FY22 FY26 FY22 FY26 Strong Financial Performance
Slide 7: 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 8: 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 9: DLF Group: Financial Overview [on Reported basis]
DLF Group : Financial Overview [on Reported basis] DLF Limited Revenue EBITDA PAT ₹ 8,996 cr ₹ 9,816 cr ₹ 4,357 cr ₹ 4,408 cr ₹ 6,958 cr ₹ 3,111 cr ₹ 3,070 cr ₹ 2,655 cr ₹ 2,733 cr ₹ 3,902 cr ₹ 1,536 cr ₹ 2,095 cr FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 DCCDL Revenue EBITDA
Slide 10: Development Business Business Update
Development Business Business Update The Arbour, Gurugram Perspective image 9
Slide 11: 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 12: New Products: Launch Pipeline [Medium-Term]
New Products : Launch Pipeline [Medium-Term] ~50% Launched in first 2.5 years; Healthy Pipeline for the medium term [ ~ 58k + crore] Planned Launches Launched To Be Launched Project Segment [FY 25 onwards] [till H1FY27] [Medium Term] Size Sales Potential Size Sales Potential Size Sales Potential (~
Slide 13: Surplus Cash Potential from Launched Products
Surplus Cash Potential [from Launched Products till 30.09.2026] Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 12,270 Other Cash Balances 2,814 Sub-Total : Cash Balance (A) 15,084 Receivables from Projects sold 33,400 Total Pending Cost to Complete for all Launched projects (21,000
Slide 14: Gross Margin Potential [as on 30.09.2026]
Gross Margin Potential1 [as on 30.09.2026] Residual Gross Margins from Sales done till 30.09.2026 : Rs 28,700 crore ~ Rs 2,002 ~ (Rs 312 crore) Crore ~ Rs 10,825 Crore ~ Rs 39,525 ~ Rs 28,700 crore crore ~ Rs 27,010 Crore Margin potential from Residual Gross Margins Margin addition Residual Gross Ma
Slide 15: Projects Summary [as on 30.09.2026]
Projects Summary [as on 30.09.2026] 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 12,335 12,195 140 120 The Dahlias 20,887 - 20,887 14,410 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 The Chanakya, New Delhi 16
Slide 18: Annuity Business – A steady compounder
Annuity Business – A steady compounder 1 Operational Portfolio ▪ Strong operational portfolio ~ 50 msf of rental assets; highest ever occupancy levels achieved in the + business [96%] by area & [97%] by value; highest in the industry Development Potential ▪ High-quality owned land bank available for
Slide 19: 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 : 96% Occupancy : 97% One of the largest organically grown Annui
Slide 20: DLF Group: Rental Business Overview [H1FY27]
DLF Group : Rental Business Overview [H1FY27] Particulars DLF DCCDL Atrium Total Operational Portfolio 3.2 44.3 2.0 ~50 Under Development 1 11 1 13 Pipeline 12 1 0 14 Development Potential 45 15 0 60 Rental Income 223 2,926 185 3,334 EBITDA 930* 3,011 189 4,130 Net Debt - 18,420 3,166 21,586 Net Deb
Slide 21: Operational Rental Portfolio Snapshot
Operational Rental Portfolio Snapshot : Occupancy at 96% (by area) & 97% (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 27.4 27 0.4 99% 128 55,728 DCCDL 23.2 22.8 0
Slide 22: 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% ~ 50msf 5.2 ~10% DLF DLF’s portfolio to increase ~ 26 msf to 25% of total Portfolio DCCDL 57 from 10% currently 44.3 ~75% ~90% 14 12 Ex
Slide 23: 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 24: Commitment to Sustainability
Commitment to Sustainability LEED Platinum Wiredscore – Certification for Digital Connectivity Achieved the LEED Platinum Certification on Wired Score Platinum Certification achieved for 45 buildings 98% of portfolio making DLF the World’s largest Platinum certified Portfolio DCCDL received “The GEE
Slide 25: DLF Limited: Financial Update
DLF Limited : Financial Update Lobby, Tech Park - NOIDA 24
Slide 26: Consolidated Cash Flow: Operating Cash flow
Consolidated Cash Flow : Operating Cash flow - Rs 1,858 crore Particulars Q2FY27 Q1FY27 Q2FY26 Inflow •Collection from Sales 2,622 2,292 2,545 • Rental Inflow 158 113 127 Sub-Total Inflow 2,780 2,406 2,672 Outflow •Construction 695 773 925 •Govt. Approval fee/Others 40 115 102 •Overheads 367 448 344
Slide 27: Q2FY27 Consolidated Results
Q2FY27 Consolidated Results Particulars Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y Revenue from operations1 1,261 1,280 (1%) 1,643 (23%) Interest Income (RERA A/cs)2 156 177 (12%) 159 (2%) Cost of Sales 750 714 5% 935 (20%) Gross Margin 667 744 (10%) 867 (23%) Gross Margin% 47% 51% 48% Other income3 881 148 4
Slide 28: Consolidated Balance Sheet Abstract
Consolidated Balance Sheet Abstract In Rs crore Particulars As on 30.09.2026 As on 31.03.2026 Non-Current Assets 32,372 35,401 Current Assets 45,732 39,474 Total Assets 78,104 74,875 Equity/Reserves & Surplus 45,587 45,473 Non-current Liabilities 3,868 3,801 Current Liabilities 28,648 25,601 Total L
Slide 29: DCCDL: Financial Update
DCCDL : Financial Update DLF Downtown, Chennai 28
Slide 30: DCCDL (Consolidated) Q2FY27 results
DCCDL (Consolidated) Q2FY27 : EBITDA grew 9%; PAT at Rs 752 crore ; 17% y-o-y growth Particulars Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y Rental Income Office 1,222 1,189 3% 1,125 9% Retail 259 255 2% 237 9% Service & Other Operating Income 509 457 11% 439 16% Other Income 24 15 54% 21 12% Total Revenue 2,0
Slide 31: DCCDL (Consolidated): Q2FY27 Cash Flow Abstract
DCCDL (Consolidated): Q2FY27 Cash Flow Abstract Particulars Q2FY27 Q1FY27 Q2FY26 Operating Cash flow before Interest & tax 1,692 1,386 1,283 Interest Expense (Net) (318) (389) (307) Tax (net) (216) (173) (176) Operating Cash flow after Interest & tax 1,158 825 800 Capex (816) (814) (735) Net Surplus
Slide 32: DCCDL (Consolidated): Balance Sheet Abstract
DCCDL (Consolidated): Balance Sheet Abstract Particulars As on 30.09.2026 As on 31.03.2026 Non-Current Assets 33,849 32,530 Current Assets 1,609 1,048 Total Assets 35,458 33,578 Equity/Reserves & Surplus 9,787 8,946 Non-current Liabilities 18,159 18,228 Current Liabilities 7,513 6,403 Total Liabilit
Slide 33: DCCDL (Consolidated): Debt Update – Q2FY27
DCCDL (Consolidated): Debt Update – Q2FY27 Net Debt to EBITDA : 3.1 x Net Debt Rs 18,420 crore 4.5 4.0 3.5 3.2 3.0 FY23 FY24 FY25 FY26 Q2FY27 Exit Interest Rate Movement GAV1 Rs 99,640 crore 8.08% 8.13% 8.06% 7.08% 7.04% CRISIL AAA/Stable Credit Rating ICRA AAA/Stable FY23 FY24 FY25 FY26 Q2FY27 Net
Slide 34: The Lodhi, New Delhi
The Lodhi, New Delhi 33