Realty major DLF has maintained its ₹20,000 crore sales target for FY27, unchanged from last year, as the company prioritizes margins and cash flows over aggressive pre-sales growth. According to reports from Mint, Managing Director Ashok Tyagi stated during an analyst call that the company is comfortable with the ₹20,000 crore trajectory, emphasizing that "We have the land and the demand. What we have to do is chase margins and cash flows, which we believe is the primary objective and not chasing pre-sales." The developer has lined up launches worth around ₹20,000 crore this year across Gurugram, Mumbai and Goa, with the launch pipeline including expected residential project launches in these key markets.
DLF reported net profit of ₹4,408.34 crore during FY26, up about 1% year-on-year, while revenue from operations increased 2.5% Y-o-Y to ₹8,194.02 crore. The company's gross margins for the development business stood at 39% in FY26, compared with 48% in FY25, with EBITDA for the segment at ₹3,070 crore against ₹3,111 crore a year earlier. DLF reported a 5% year-on-year decline in sales bookings for FY26 to ₹20,143 crore, compared with ₹21,223 crore in FY25, but met its sales guidance of ₹20,000-22,000 crore for the year. The company's shares ended Thursday's trade at ₹583.2 apiece, up 1.58% on an intraday basis.
According to reports from Mint, DLF's super-luxury project The Dahlias in Gurugram is expected to generate ₹5,000-6,000 crore of DLF's sales target in the current financial year. In FY26, DLF sold around 56 residential units in Dahlias for ₹4,824 crore. The project, which was first launched in the end of 2024, has 420 residences valued at ₹43,350 crore, with DLF having sold nearly 60% of its inventory. The management highlighted growing momentum in Gurugram's ultra-luxury housing market, with pricing appreciation showing significant increases - what was about ₹60 crore is now ₹90 crore, and what was about ₹75 crore is now about ₹110 crore. New inventory in the project is now touching around ₹135 crore per residence.
The conservative guidance reflects constraints in construction execution capacity across the real estate industry, as noted by Aakash Ohri, managing director and chief business officer of DLF Home Developers Ltd. According to Mint, Ohri emphasized that "Everybody can chase their pre-sales numbers, but who will deliver on time? If one makes a commitment of a four-year delivery timeline and then delivers in 8-10 years, there is no point." The country's four leading real estate developers had aimed to collectively cross ₹1 trillion in residential sales bookings in FY26, achieving a cumulative milestone of ₹1.05 trillion, marking the strongest year yet for branded players. DLF competed with Godrej Properties (₹34,171 crore), Prestige Estates (₹30,024 crore), and Lodha Developers (₹20,530 crore) in the residential sector during FY26.
According to Business Standard, DLF announced an additional investment of ₹21,300 crore to complete its ongoing residential projects, mainly in Delhi-NCR, Mumbai, and the Chandigarh tri-city. The company's launch pipeline for FY27 would include expected residential project launches in Gurugram, Mumbai, and Goa, with a total revenue potential of ₹20,000 crore, positioning the company for strong sales momentum despite current market challenges in commercial leasing. The conservative approach reflects the industry's focus on delivery timelines and sustainable growth over aggressive expansion, even as global brokerages including UBS, Morgan Stanley, Nomura, JPMorgan, HSBC, Goldman Sachs, and Citi have lowered their stance on Indian markets in recent months.
