DLF has confirmed that its FY26 new sales bookings reached INR 20,143 crores, meeting management expectations. The company has maintained its FY27 sales guidance at INR 20,000 crores, with management indicating room for further growth. Adding to the positive sentiment, global brokerages HSBC and Citi have both maintained Buy ratings on the stock, citing strong pre-sales momentum, sustained ultra-luxury demand, and robust structural tailwinds.

FY26 Performance and FY27 Sales Outlook

DLF's management noted that the FY26 sales performance met expectations, with bookings coming in at INR 20,143 crores. Looking ahead, the company is keeping its FY27 residential sales guidance steady at INR 20,000 crores. The company also highlighted that its focus on execution quality and margin preservation led to some delayed launches in the previous year. The developer's strategy continues to focus on margins and cash flow rather than solely on pre-sales volumes, aligning new launches with market demand and execution strength.

Super Luxury Segment: Dahlias Continues Strong Demand

The company's Managing Director highlighted high demand for DLF's super luxury residential offering, Dahlias. Around 60 per cent of the AI-ready inventory for the project has already been sold, reflecting strong market reception among high-net-worth buyers for premium, technology-integrated residential spaces. Citi further noted that 32 Dahlias units were sold during Q4FY26, underscoring sustained ultra-luxury demand even amid geopolitical headwinds.

Analyst Ratings: HSBC and Citi Maintain Buy

Two leading global brokerages have reaffirmed their positive outlook on DLF. HSBC maintained its Buy rating with a target price of ₹920, citing pre-sales beating expectations driven by strong momentum in Dahlias, a steadily growing cash pile, and confidence that the stable commercial portfolio and strong value-creation track record will continue to support residential growth. Citi also maintained its Buy rating, albeit with a reduced target price of ₹770, pointing to Q4FY26 pre-sales of ₹201 billion despite geopolitical headwinds, FY27 pre-sales guidance of ₹200 billion backed by four major launches, and strong structural tailwinds from DLF's premium brand positioning and customer preference for quality developers.

Key Projects Planned for FY27

DLF has outlined a robust pipeline of major developments for FY27. The fourth tower of Atrium Place is expected to receive its Occupation Certificate in Q2 FY27, while three new malls — Midtown Plaza, Summit Plaza, and Promenade Goa — are set to be completed and leased by FY27. On the residential front, major launches planned for FY27 include an INR 8,000–9,000 crore development in DLF City, Gurugram, the Arbour Senior Living project, and the next phase of Westpark in Mumbai. However, the Goa project's launch has been delayed due to a Public Interest Litigation (PIL), and the next phase of Privana has been pushed to the following fiscal year.

Key Highlights

• DLF's FY26 new sales bookings reached INR 20,143 crores, meeting management expectations.
• FY27 sales guidance maintained at INR 20,000 crores, with room for growth.
• Around 60 per cent of AI-ready inventory in the Dahlias super luxury project has been sold, with 32 Dahlias units sold in Q4FY26.
• HSBC maintains Buy with a target price of ₹920; Citi maintains Buy with a reduced target price of ₹770.
• Q4FY26 pre-sales stood at ₹201 billion despite geopolitical headwinds.
• Three new malls — Midtown Plaza, Summit Plaza, and Promenade Goa — to be completed and leased by FY27.
• Major FY27 residential launches include a INR 8,000–9,000 crore development in DLF City, Gurugram, Arbour Senior Living, and the next phase of Westpark in Mumbai.
• The Goa project launch is delayed due to a PIL, and the next phase of Privana has been deferred to the following fiscal year.

DLF Limited held its Board of Directors meeting on May 13, 2026, approving the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published extracts of these audited financial results in newspapers on May 14, 2026. The Board recommended a final dividend of ₹8 per equity share of face value ₹2 each (400%) for FY 2025-26, subject to shareholder approval. The auditor's reports for both standalone and consolidated results carry unmodified opinions.

Consolidated Financial Performance

DLF's consolidated results for the year ended March 31, 2026 reflect steady earnings growth. On a quarterly basis, Q4 EBITDA stood at ₹4.10 billion with an EBITDA margin of 22.60%, compared to an EBITDA margin of 31.30% in Q4 FY25, reflecting a year-on-year contraction in operating profitability. The following table presents the key consolidated financial metrics, including sequential Q3 FY26 figures:

Share of profit in associates and joint ventures for FY26 stood at ₹1,792.83 crore, compared to ₹1,672.31 crore in FY25. Total consolidated assets as at March 31, 2026 stood at ₹74,874.77 crore, against ₹69,475.37 crore as at March 31, 2025. Total equity attributable to owners of the Holding Company was ₹45,473.37 crore as at March 31, 2026.

Standalone Financial Performance

On a standalone basis, DLF reported strong profitability driven by higher revenues and other income. Key standalone financials, including sequential Q3 FY26 figures, are presented below:

Standalone total assets as at March 31, 2026 stood at ₹49,772.27 crore, compared to ₹43,689.85 crore as at March 31, 2025. Total standalone equity was ₹31,587.78 crore. Cash and cash equivalents on a standalone basis improved to ₹1,783.66 crore from ₹194.16 crore at the end of the previous year. Net cash flow generated from standalone operating activities for FY26 was ₹6,072.92 crore, against ₹4,687.95 crore in FY25.

Consolidated Cash Flow Highlights

On a consolidated basis, net cash flow from operating activities for the year ended March 31, 2026 was ₹6,347.37 crore, compared to ₹5,235.24 crore in FY25. Net cash flow from investing activities was ₹721.10 crore, while net cash used in financing activities was ₹(5,546.82) crore. Consolidated cash and cash equivalents at year end stood at ₹2,273.22 crore, up from ₹751.51 crore at the beginning of the year.

Exceptional Items and Key Developments

During the year, consent terms were executed in a long-standing dispute involving Twenty Five Downtown Reality Limited (formerly Joyous Housing Limited). Pursuant to a consent award, the company reversed a previously charged impairment loss of ₹235.19 crore as exceptional income, while ₹411.72 crore was recognised as other income. The company has already received ₹251.10 crore out of the total settlement amount of ₹801.00 crore, with the outstanding balance secured by a mortgage over residential real estate units of a RERA registered project. Additionally, the Group accounted for the incremental impact of four new Labour Codes notified by the Government of India, amounting to ₹32.27 crore (consolidated) and ₹20.75 crore (standalone), disclosed as exceptional items.

Corporate Restructuring and Credit Ratings

The Hon'ble NCLT, Chandigarh Bench, approved a Scheme of Amalgamation on January 14, 2026, merging 16 transferor companies—including Aaralyn Builders & Developers Private Limited, DLF Universal Limited, and others—with DLF Limited. Separately, Bhamini Real Estate Developers Private Limited and DLF Urban Private Limited were merged with DLF Home Developers Limited effective February 13, 2026, and eight entities were amalgamated with Highvista Buildcon Private Limited effective February 18, 2026. On the credit front, CRISIL upgraded DLF's long-term rating to CRISIL AA+/Stable (from CRISIL AA/Positive) and reaffirmed the short-term rating at A1+. ICRA also upgraded the long-term rating with the outlook revised to Stable from Positive, and reaffirmed the short-term rating at A1+.

Key Litigations

Several material legal matters remain pending. The Competition Commission of India (CCI) had imposed a penalty of ₹630.00 crore on the company, upheld by the Competition Appellate Tribunal; the company's appeal is pending before the Hon'ble Supreme Court of India, with ₹630.00 crore deposited under protest. Orders cancelling sale deeds of land relating to two IT SEZ/IT Park projects in Gurugram (~56 acres) have been stayed by the Supreme Court pending final disposal. A SEBI matter arising from a Show Cause Notice issued in 2013 also remains pending before the Supreme Court, with the SAT's favourable order of March 2015 having been challenged by SEBI. Additionally, a subsidiary has outstanding trade receivables of ₹396.86 crore from customers that are sub-judice, with management confident of full recovery.