DLF's Q2 Earnings: Profit Slips 15% but Exceeds Analysts' Estimates

On the BSE, DLF shares closed at Rs 776.70, down Rs 2.60 or 0.33 per cent on Thursday.

DLF, the country’s largest real estate developer by market value, reported a consolidated net profit of Rs 1,180 crore for the quarter ended September 30, 2025. This is a decline from Rs 1,381 crore a year earlier. However, the profit exceeded Zee Business’ estimate of Rs 885 crore, indicating a better-than-expected bottom-line performance despite softer revenue.

DLF’s consolidated revenue for the quarter was Rs 1,643 crore, falling short of analysts’ estimate of Rs 2,021 crore and lower than the Rs 1,975 crore posted in the same quarter last year. The company reported its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose 27 per cent to Rs 902 crore from Rs 708 crore a year earlier, with an EBITDA margin of 40 per cent for the quarter.

Despite softer sales, DLF generated a net operating cash surplus of Rs 1,137 crore and ended the quarter with a net cash balance of Rs 7,717 crore. This achievement came even after paying Rs 1,485 crore as dividend and repaying Rs 963 crore in debt, according to its BSE filing.

The company’s total consolidated income increased to Rs 2,261.80 crore in Q2 FY26, compared with Rs 2,180.83 crore in the same quarter last year. Sales momentum remained steady, with new bookings of Rs 4,332 crore in the quarter. This was supported by the launch of The Westpark in Mumbai and strong demand in the super luxury housing segment. New sales bookings in the first half of the financial year stood at Rs 15,757 crore, in line with the company’s guidance.

CRISIL upgraded DLF’s credit rating to AA Plus Stable, reflecting strong finances and steady performance. “The housing sector continues to benefit from a resilient economy, increasing desire towards home ownership and growing demand for branded, credible developers. We continue to leverage our high-quality land bank by calibrating our new product offerings to leverage this sustained momentum in line with our guided trajectory,” the company stated in its press release.

“Our operational annuity portfolio now stands at ~49 msf, among the largest organically grown portfolios in India. On the backdrop of strong tailwinds coupled with a sizeable and identified product pipeline, we continue to implement a robust capex program to further grow our annuity portfolio over the medium term,” it added.

DLF Home Developers repaid 60,000 non-convertible debentures of Rs 1,00,000 each, along with interest, before the maturity date. DLF Cyber City Developers reported revenue of Rs 1,822 crore, EBITDA of Rs 1,412 crore, and profit of Rs 643 crore in Q2FY26, up 23 per cent from last year.

On the BSE, DLF shares closed at Rs 776.70 on Thursday, down Rs 2.60 or 0.33 per cent.