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DLF Q1FY27 Consolidated Results

4 Aug 2026, 11:11AM

DLF reported pre-sales of ₹657 crore in Q1FY27, down 94% YoY, reflecting the timing impact of deferred project launches. Collections declined 27% YoY to ₹2,406 crore.
Consolidated revenue stood at ₹1,280 crore, down 53.0% YoY and 46% below our estimates. EBITDA declined 59% YoY to ₹150 crore, with margin contracting sharply to 11.7% (down 167 bps YoY and 78 bps below our forecast).
Adjusted PAT increased marginally by 4.1% YoY to ₹794 crore.
The annuity business remained resilient, with DCCDL rental income growing 22% YoY to ₹1,444 crore.
The rental portfolio, spanning approximately 50 msf, continued to demonstrate strong operating performance, with industry-leading occupancy of 95%.

Particulars	Q1FY27	Q1FY26	YoY%	Q4FY26	QoQ%
Net Revenues	1280.3	2,716.7	-52.9	1,814.1	-29.4
Operating Profit	150.3	364.2	-58.7	410.8	-63.4
Reported PAT	793.9	762.7	4.1	1268.6	-37.4
Adjusted PAT	793.9	762.7	4.1	1240.7	-36.0
EPS (Rs.)	3.2	3.1	4.1	5.0	-36.0

OPM(%)	11.7	13.4	-167 bps	22.6	-1090 bps
NPM (%)	62.0	28.1	3393 bps	68.4	-639 bps
Tax rate (%)	27.1	25.8	128 bps	-14.2	4132 bps

Particulars	Q1FY27	Q1FY27 E	Var%
Net Sales	1280.3	2366.0	-45.9
Operating Profit	150.3	670.0	-77.6
Adjusted PAT	793.9	1234.0	-35.7
EPS (Rs.)	3.2	5.0	-35.7

OPM(%)	11.7	28.3	-1658 bps
NPM (%)	62.0	52.2	985 bps