DLF reports strong Q2, robust pipeline, credit rating upgrade

DLF Limited reported new sales bookings exceeding INR 4,300 crores for Q2 FY26, with cumulative sales for the first half of the fiscal year reaching over INR 15,750 crores. Collections stood at INR 2,672 crores. The company repaid INR 963 crores of debt, bringing the outstanding debt to INR 1,487 crores as of September 30, 2025, and paid dividends of INR 1,485 crores (INR 6 per share), representing a 20% year-over-year growth.

Consolidated revenues reached INR 2,262 crores, with an EBITDA of INR 902 crores and a PAT of INR 1,171 crores, partly influenced by a one-time settlement impact of approximately INR 600 crores from the Tulsiwadi project. CRISIL upgraded DLF's credit rating to AA+ with a Stable Outlook. The company's operational rental portfolio stands at 49 million square feet, maintaining high occupancies of 96% by value and 94% by area. DCCDL's rental income grew 15% year-over-year to INR 1,362 crores, with PAT increasing by 23%.

Upcoming launches include Arbour 2, developments in Panchkula, and a new phase for Dahlias, with the Goa project also nearing launch readiness. The company maintains a pre-sales guidance of INR 200-210 billion for FY26. Construction for Downtown Gurgaon and Chennai is in full swing, expected to complete by mid-28 and early-28 respectively.