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DLF
SectorConsumer Discretionary
DLF Ltd is an Indian real estate development company engaged in various aspects of the industry, including land acquisition, planning, construction, and marketing of projects. The company operates in residential, commercial, and retail sectors, with a focus on luxury and mid-income housing. DLF also has interests in leasing, power generation, maintenance services, hospitality, and recreational activities. The company's business model includes both development and rental income streams. DLF has developed significant residential and retail spaces, including integrated townships and luxury malls. The company operates through various subsidiaries and has formed strategic partnerships, including a joint venture with GIC, Singapore's sovereign wealth fund. DLF has expanded its portfolio with projects like DLF Mall of India, The Chanakya Mall, and luxury residential developments such as ONE Midtown and The Arbour.
In the news
DLF's Mumbai Gamble: The Westpark Story
DLF Q2 Results: 10% profit growth to ₹1,301 cr, targets ₹20,000 cr sales
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DLF shares up 1% on strong Q1 pipeline despite 94% presales drop
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DLF Q1FY27 Results: Stock falls 3% despite brokerage support
Raymond James: India well positioned for global diversification
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Madhusudan Kela buys ₹120 cr ultra-luxury flat as DLF's Dahlias shows strong sales
DLF Q4 profit drops 1.1% to ₹1,269 cr; Elara cuts target to ₹900
The Quarter story
The two most recent quarterly results, compared side-by-side.
DLF strengthens its asset base and cash reserves while maintaining high occupancy, though near-term earnings and collections face headwinds.
Gross Asset Value grew from ₹68,815 Cr to ₹91,810 Cr from Q4 2024-25 to Q1 2026-27 — confirming steady portfolio expansion
Collections fell from ₹3,268 Cr to ₹2,292 Cr from Q4 2024-25 to Q1 2026-27 — indicating a slowdown in cash realization
Leased Area Percentage rose from 94% to 95% over six quarters — signaling sustained high tenant retention
Gross Margin Addition dropped from ₹12,875 Cr to ₹413 Cr from Q4 2024-25 to Q1 2026-27 — signaling development margin pressure
Weighted Average Rental Rate climbed from ₹106 to ₹120 from Q4 2024-25 to Q1 2026-27 — reflecting consistent rental appreciation
Overheads rose from ₹233 Cr to ₹448 Cr from Q4 2024-25 to Q1 2026-27 — reflecting rising operational costs
Net Cash surged from ₹6,848 Cr to ₹15,200 Cr from Q4 2024-25 to Q1 2026-27 — highlighting strong liquidity buildup
Current Liabilities spiked from ₹4,819 Cr to ₹27,083 Cr from Q4 2024-25 to Q1 2026-27 — pointing to short-term obligation buildup
Sales Booked increased from ₹63,895 Cr to ₹83,667 Cr from Q4 2024-25 to Q1 2026-27 — demonstrating robust development pipeline demand
Inventory Margin Potential declined from ₹16,100 Cr to ₹12,035 Cr from Q4 2024-25 to Q1 2026-27 — highlighting reduced future profit visibility
Company insights, generated from the most recent coverage.
Because Westpark is a 51% JV, an approval delay splits the cash-flow hit with the partner — but DLF has not disclosed how that split works, making the true earnings sensitivity to a slip unknowable.
Management explicitly prioritises price realisation and margin over presales velocity, and will pace launches for market absorption — so a soft quarterly booking print should be read as discipline, not lost demand.
Near-term cash flow is insulated from launch slips: ₹60,134 Cr of unrecognised booked revenue and ₹2,622 Cr of Q2 collections already cover operations; a delayed launch postpones incremental collections and Westpark margin, it does not create a funding gap.