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DLF Limited Q2FY26 Results Presentation The Westpark, Mumbai Artistic impression; not an actual image1
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Disclaimer This presentation contains certain forward-looking statements regarding DLF’s business prospects and business profitability. These statements are based on current expectations, assumptions, and projections about future events and are subject to a variety of risks and uncertainties, which are beyond the control of the Company, and therefore, actual results may differ materially from those expressed or implied in such forward-looking statements. The risks and uncertainties relating to such statements include, but are not limited to, earnings fluctuations, our ability to manage growth, competition, economic growth in India, ability to attract & retain highly skilled professionals, time & cost overruns on contracts, government policies and actions related to investments, regulation & policies etc., interest & other fiscal policies generally prevailing in the economy. The Company undertakes no obligation update, revise, publish or make any announcements in case any of these forward-looking statements become incorrect in future, whether as a result of new information, future events, or otherwise. Figures used to present the Group overview, financial, and operational position include the entire business and do not account for any minority interests and are intended to represent the overall scale and size of the enterprise operations. Proforma numbers and other financial or operational data presented in this presentation are based on management’s best estimates for the purpose of segmental bifurcation between businesses. The grouping or representation of the figures may differ from those in the audited/published results/information and may be subject to change without notice. The figures/grouping presented herein are intended solely to provide for directional overview of the respective business segments and should not be construed as audited financial information. All area represented in msf within the presentation above should be read with a conversion factor of ~ 1 msf = 92,903 sq. meters. Area/Land bank/Potential represents Saleable/Leasable Area. By attending this presentation and viewing its contents, you acknowledge the foregoing limitations. 2
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This is a sample text. Presentation Agenda S.No. Section I. Key Highlights : Q2FY26 II. DLF Group Overview III. Development Business : Business Update I V. Annuity Business : Business Update V. DLF Limited : Financial Update VII. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
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This is a sample text. Key Highlights : Quarter gone by [Q2FY26] 4 New Sales bookings at Rs 4,332 crore; led by successful maiden launch in Mumbai – The Westpark Collections at Rs 2,672 crore; Net Cash Surplus generation at Rs 1,137 crore (before dividend paid/received) Gross cash balance at Rs 9,204 crore includes Rera 70% A/cs : Rs 8,358 crore; Net Cash position of Rs 7,717 crore post Dividend payout of Rs 1,485 crore + Debt repayment of Rs 963 crore CRISIL has upgraded the credit rating of DLF Limited to CRISIL AA+/Stable outlook Operational rental portfolio of ~ 49 msf with occupancy at 94% (by area) & 96% (by value) ; Office[Non-Sez] : 98% ; Offices[Sez] : 86% ; Retail : 97% DCCDL Rental income grew to Rs 1,362 crore, reflecting y-o-y growth of 15%; PAT growth of 23% DCCDL Net Debt at Rs 17,355 crore; Net Debt-to-EBITDA(annualized) at 3.1x DCCDL has been awarded 5-Star rating by GRESB for its ESG initiatives and has been awarded as the Global Sector Leader [Unlisted] Strong Pre-leasing of New products: Atrium Place, Gurugram [~3.1 msf] : Pre-leased at 93%; OC received for first phase [~2.1 msf] in Q2FY26; Midtown Plaza, Delhi; OC received; Pre-leased at 85%
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DLF Group – Business Overview Diversified & differentiated business model Development Business Annuity Business DLF Group Development & Sale of Residential/Commercial: High-rise condominiums Low-rise independent floors Plotted development Shop-cum-Offices [SCOs] Development & Leasing of Offices Development & Leasing of Retail Malls Asset Management [CAM/Services business] Hospitality vertical [Hotels / Clubs / F&B] 5 DLF Home Developers Limited [100%] Other Subsidiaries [100%] Operating Structure Joint Ventures Midtown, Delhi DMPL [50%] Mumbai [51%] Operating Structure DLF Limited Joint Ventures DLF Limited Other Subsidiaries [100%] DCCDL [66.67%] Atrium Place [67%] Hospitality Business Services & Asset Management
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Strong Fundamentals We have established a strong and diversified business: Development business delivering high margins and strong cash flows Rental business providing consistently growing income streams Hospitality business along with Services/Asset management complementing both businesses Demonstrated track record of 8 decades of customer centricity, adhering to best practices in corporate governance & maintaining highest standards of safety & compliances resulting in a Strong Brand positioning The organization possesses a high-quality land bank and has created integrated ecosystems offering superior products leading to significant value creation for all stakeholders We operate as a diversified enterprise having significant presence in both Development and Annuity businesses enabling the organization to operate with a remarkably differentiated model Past few year’s performance has laid down a strong foundation and clear visibility of future earnings and cash flows; future performance will only enhance this growth and financial position of the Group Focus for the Group remains on prioritizing customer satisfaction and expectations, strong cash flow generation and higher margin delivery 6
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₹ 2,053 cr ₹ 2,733 cr ₹ 2,033 cr ₹ 1,937 cr ₹ 2,324 cr FY23 FY24 FY25 H1FY26 ₹ 2,043 cr ₹ 2,655 cr ₹ 1,305 cr ₹ 1,531 cr ₹ 1,806 cr FY23 FY24 FY25 H1FY26 ₹ 6,012 cr ₹ 6,958 cr ₹ 3,910 cr ₹ 5,243 cr ₹ 5,086 cr FY23 FY24 FY25 H1FY26 ₹ 4,148 cr ₹ 4,484 cr ₹ 2,457 cr ₹ 2,768 cr ₹ 2,492 cr FY23 FY24 FY25 H1FY26 ₹ 5,419 cr ₹ 5,903 cr ₹ 3,206 cr ₹ 3,561 cr ₹ 3,242 cr FY23 FY24 FY25 H1FY26 ₹ 1,429 cr ₹ 1,690 cr ₹ 991 cr ₹ 1,236 cr ₹ 1,470 cr FY23 FY24 FY25 H1FY26 DLF Group : Financial Overview [on Reported basis] 7 Note: 1) DLF Limited figures are on consolidated basis, however, as per prescribed accounting standards, DCCDL/Other JVs are not consolidated line-by-line and only DLF’s share of Profit/loss is accounted DLF Limited1 Revenue EBITDA PAT DCCDL Revenue EBITDA PAT Rs 6,448 cr Rs 4,949 cr Rs 2,461 cr Rs 8,996 cr Rs 3,111 cr Rs 4,357 cr
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The Grove, DLF5, Gurugram 8 Development Business Business Update
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Development Business – A strong growth engine High Quality Land Bank High quality land bank at established locations; significant upside from TOD/TDR policy Sustained growth from existing land bank; no dependency on incremental acquisitions Value creation Consistent capital appreciation for customers; attractive returns comparable to other asset classes Integrated ecosystems along with infrastructure upgradation continues to support further value creation High Margin Potential Low-cost land bank coupled with luxury /super-luxury offerings to deliver consistent margin accretion Ability to take advantage of opportunistic land replenishment having high embedded margins Strong Financial Position Healthy & consistent cash flow generation Net cash positive Balance sheet 1 2 3 4 9
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₹ 15,058 cr ₹ 14,778 cr ₹ 7,094 cr ₹ 15,757 cr ₹ 14,129 cr FY23 FY24 FY25 H1FY26 ₹ 5,600 cr ₹ 5,600 cr ₹ 12,875 cr ₹ 6,410 cr FY23 FY24 FY25 H1FY26 10 37% 40% 61% New Sales Bookings Development Business – Delivering consistent performance Embedded Gross Margins from Sales Booked Sustained momentum in New Sales bookings; Healthy margin accretion Note: 1) Figures are based on proforma workings based on management estimates; Embedded Gross Margins are based on best estimates of construction costs and full realization; management estimates are subject to market conditions 2) # includes 100% embedded gross margins of the JV project - The Westpark, Mumbai; DLF owns 51% share in the JV Rs 21,223 cr 41%#
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Project Segment Planned Launches [FY 25 onwards] Launched [till FY25] Launched [H1FY26] To Be Launched [Medium Term] Size (~ in msf) Sales Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~ in Rs crore) Size (~ in msf) Sales Potential (~ in Rs crore) Super-Luxury 5.5 37,500 4.5 35,000 1 2,500 Luxury 29 74,000 2.9 5,600 5.6 13,400 21 55,000 Premium 2.3 2,000 2.3 2,000 Commercial 0.2 1,000 0.1 285 0.2 715 Grand Total 37 1,14,500 7.5 40,600 5.7 13,685 24 60,215 New Products : Launch Pipeline [Medium-Term] 11Note: Figures are based on management estimates on potential selling price; subject to market conditions
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Surplus Cash Potential [from Launched Products till 30.09.2025] 12 Note: Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions; # net of marketing/brokerage expenses; figures are rounded off Particulars Amount in Rs crore Cash Balance in RERA 70% accounts 8,358 Other Cash Balances 846 Sub-Total : Cash Balance (A) 9,204 Receivables from Projects sold 37,090 Total Pending Cost to Complete for all Launched projects (22,570) Net Receivables (B) 14,520 Surplus Cash Potential [from Sales done till 30.09.2025] (C = A+B) 23,725 Surplus Cash from Launched but Unsold Inventory #[as on 30.09.2025] (D) 20,610 Surplus Cash Potential from Launched Products (E = C+D) 44,335
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Gross Margin Potential1 [as on 30.09.2025] 13 Note: 1) Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions; 2) # includes only DLF’s share of embedded gross margins of the JV project - The Westpark, Mumbai; DLF owns 51% share in the JV ~ (Rs 464 crore) ~ Rs 24,500 Crore ~ Rs 40,230 crore ~ Rs 1,565 Crore# Residual Gross Margins From Sales done till 30.06.2025 Margins consumed in Q2FY26 Margin potential from Inventory (launched but unsold) As on 30.09.2025 Residual Gross Margin Potential as on 30.09.2025 ~ Rs 14,630 Crore Margin addition from Sales done In Q2FY26 Residual Gross Margins from Sales done till 30.09.2025 : Rs 25,600 crore ~ Rs 25,600 crore Residual Gross Margins From Sales done till 30.09.2025
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Projects Summary [as on 30.09.2025] 14 Note: 1) Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions; 2) # includes only DLF’s share of embedded gross margins of the JV project - The Westpark, Mumbai; DLF owns 51% share in the JV Project Sales Booked Revenue recognized from Sales booked Balance Revenue to be recognized from Sales booked Balance Margins yet to be recognised The Camellias 11,985 11,874 111 89 The Dahlias 15,818 - 15,818 10,912 Independent Floors, Gurugram 7,819 6,292 1,526 370 Arbour + Privana (South/West/North) 31,814 - 31,814 12,213 One Midtown 4,010 3,538 471 114 North & Metro 4,151 931 3,220 756 Commercial - Sold 1,705 325 1,380 570 Completed Inventory [Balance] - - - 166 Westpark, Mumbai (JV Project) 2,316 - 2,316 412# Grand Total 79,617 22,961 56,657 25,600 Balance Unsold Inventory 21,470 14,630 All figures in Rs crore
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High Quality Land Bank 15 Location Development Potential1 [revised estimates including TOD/TDR potential] Projects [Under execution] Projects [Launch Pipeline] Balance Potential [revised estimates including TOD/TDR potential] DLF 5 24 4.6 - 20 DLF City+ 22 4.5 12 6 New Gurugram 89 13 5 71 Gurugram 135 22 17 96 North 27 4 2 21 Metros 26 - 6 20 Total 188 26 25 137 Note: 1) Potential(Saleable area) for Development business only; excludes Rental business potential[DLF + DCCDL+ Atrium Place]; 2) Potential is based on management estimates & current zoning regulations; includes 100% potential of JVs;
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Annuity Business : Business Update 16Atrium Place, Gurugram Artistic impression; not an actual image
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Annuity Business – A steady compounder 17 Operational Portfolio + Development Potential Strong operational portfolio [~49 msf] of rental assets; operating at high occupancy levels [94%] High quality owned land bank available for sustainable long-term growth Value Creation Strategically located, large & scalable integrated ecosystems offering world class amenities Strong focus on tenant centricity, sustainability & safety continues to enhance the value proposition Financial Position Growth from existing portfolio coupled with New products delivering healthy growth in profitability Healthy cash flow generation to lead in improvement in Net Debt position Prudent Capital Allocation Surplus cash being allocated for dividend payout and growth capex Increasing shareholder returns continues to be an integral part of the allocation 1 2 3 4
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Strong & diversified Annuity Business : 49 msf Operational Portfolio 18Note: Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subje ct to market conditions; ~4.5 msf Operational Portfolio[Retail] Occupancy : 97% Hospitality [Hotels / Clubs] Services & Asset Management Across the Portfolio ~44.2 msf Operational Portfolio[Offices] Occupancy : 93% Note: Annuity business includes 1) Rental business of DLF + DCCDL + Atrium Place; 2) Hospitality business of DLF; 3) Services/Asset Management business of the Group One of the largest organically grown Annuity Platform; High occupancy at ~ 94%
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19 Operational Rental Portfolio Snapshot : Occupancy at 94% (by area) & 96% (by value) Note: 1) DCCDL GAV as per C&W report basis data as on 30.09.2025; DLF GAV basis data as on 31.03.2025; GAV of NOIDA Tech Park & Midtown Plaza is based on internal management estimates; 2) Excludes ~ 1msf of Kolkata Sez owned by DLF as it has been contracted to be transferred; Rental business of DLF + DCCDL + Atrium Place Operational Portfolio Leasable Area (in msf) Leased Area (in msf) Vacant Area (in msf) Leased Area (%) Weighted Avg Rental Rate [psf] GAV1 [in Rs crore] Offices : Non-Sez 27 26.4 0.6 98% 124 47,443 DCCDL 23.2 22.9 0.3 99% 119 40,760 DLF 1.8 1.7 0.1 97% 138 3,128 Atrium Place 2 1.8 0.2 89% 173 3,554 Offices : Sez2 17.2 14.8 2.4 86% 77 19,323 Sub-Total : Offices 44.2 41.2 2.9 93% 107 66,766 Retail 4.5 4.4 0.1 97% 202 12,072 DCCDL 4 3.9 0.1 98% 195 10,726 DLF 0.53 0.48 0.05 91% 260 1,346 Total 48.7 45.6 3.1 94% 116 78,838
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20 25 msf under planning / development; ~ 2.7 msf completion in FY26 Annuity Business – Strong pipeline to drive growth Project Nearing Completion Pipeline Ownership Area (in msf) Area (in msf) DLF Downtown, Gurugram 6.3 DCCDL DLF Downtown, Chennai 3.6 DCCDL Atrium Place 1 - Atrium Place NOIDA Tech Park 0.4 0.9 DLF Hyderabad - 2.5 DLF New Gurgaon - 1.5 DLF DLF 5, Gurugram - 2 DLF Sub-Total (Offices) 1.5 16.7 Project Nearing Completion Pipeline Ownership Area (in msf) Area (in msf) DLF Downtown, Gurugram 2 DCCDL Summit Plaza, Gurugram 0.5 DLF DLF Promenade Goa 0.7 DLF Vasant Kunj Malls, New Delhi 0.3 DCCDL Hyderabad 2.0 DLF New Gurgaon 1.5 DLF Sub-Total (Offices) 1.2 6 Offices : ~18 msf Retail : ~ 7.2 msf Note: 1) DCCDL includes its subsidiaries; DLF includes its subsidiaries; Atrium Place is a JV in which DLF holds 67% share
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High Quality Land Bank 21 Location Operational Portfolio [Existing] Projects [nearing completion ] Projects [Planned pipeline] Balance Potential [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 0.6 0.8 0.5 - 2 - 5 - DLF City + 2.1 24.1 1 - - 8.3 10 13 New Gurugram - - - - 3 - 27 - Gurugram 2.8 25 1.5 - 5 8.3 42 13 North - 0.9 - - - - - - Metros 1.6# 18.4 1.2 5.4 4 5 2 Total 49 msf 2.7 msf 23 msf 62 msf Note: 1) Potential(Saleable/Leasable area) for Annuity business ; 2) Potential is based on management estimates & current zoning regulations; includes 100% potential of JVs; 3) #Excludes ~ 1msf of Kolkata Sez owned by DLF as it has been contracted to be transferred
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Commitment to Sustainability 22 LEED Platinum Quarter Update – Emporio, OHC, THC, Plaza Tower, Galaxy Tower achieved the renewal of LEED Platinum Certification DCCDL received “The GEEF Global WaterTech Awards 2025” in the category of Smart Commercial Water Stewardship Management - Company of the Year 2025. LEED Zero Waste Quarter Update – World Tech Park, Silokhera achieved TRUE Platinum certification; Total certified buildings : 33 Wiredscore – Certification for Digital Connectivity Quarter Update - DLF Cyber Park, Tower 1 & 2 at DLF Downtown, Chennai have achieved Wiredscore Platinum Rating making a total of 6.88 Mnsft certified portfolio. Sustainability Report DCCDL has released its inaugural Sustainability report for the FY 24-25 5 Star Certification - Bureau of Energy Efficiency (BEE) Awarded to 6 buildings – Awarded to 5 buildings – Cyber Greens, Infinity Towers, Building 9, SEZ Silokhera WELL HSR Quarter Update – DT Taramani and Chennai, Block 12 Chennai achieved WELL HSR Certification GRESB 5-Star rating achieved; DCCDL recognized as Global Sector Leader [Unlisted]
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DLF Limited : Financial Update The Valley Gardens, Panchkula 23Artistic impression; not an actual image
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Rs 4,332 crore New Sales Booking Rs 2,672 crore Collections Rs 1,137 crore Operating Cash Surplus1 Net Cash positive Rs 7,717 crore Cash position Rs 1,171 crore 53% higher q-o-q PAT CRISIL AA+/Stable Rating Upgraded ICRA AA/Positive Credit Rating 24Note: 1) Operating cash surplus : Net Surplus Cash before dividend received/payout Healthy Operating Cash Surplus resulting in Strong Net Cash position Results highlights – Q2FY26
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25 Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y Revenue from operations# 1,643 2,717 (40%) 1,975 (17%) Cost of Sales 935 1,948 (52%) 1,080 (13%) Gross Margin 708 768 (8%) 895 (21%) Gross Margin% 43% 28% 45% Other income 619 264 134% 206 200% Staff cost 146 144 1% 165 (11%) Other Expenses 278 260 7% 228 22% EBIDTA# 902 628 44% 708 27% EBIDTA% 40% 21% 32% Finance costs 63 79 (20%) 94 (34%) Depreciation 30 34 (14%) 38 (21%) PBT (before exceptional items) 810 515 57% 577 41% Exceptional items* 235 - - 606 (61%) PBT (after exceptional items) 1,045 515 103% 1,183 (12%) Tax 276 133 107% 139 99% PAT 769 382 101% 1,044 (26)% Profit from Cyber & Other JV , OCI 403 384 5% 344 17% PAT [after JV Profits & exceptional items] 1,171 766 53% 1,387 (16%) Consolidated Results : Q2FY26 Revenue at Rs 2,262 cr; PAT at Rs 1,171 cr 1) # does not account DCCDL figures - only share of profits is being accounted for; * reversal of Deferred tax liability
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26 Particulars Q2FY25 Q1FY26 Q2FY26 Inflow •Collection from Sales 2,252 2,711 2,545 • Rental Inflow 118 83 127 Sub-Total Inflow 2,370 2,794 2,672 Outflow •Construction 521 742 925 •Govt. Approval fee/Others 150 132 102 •Overheads 311 322 344 •Marketing / Brokerage 211 75 64 Sub-Total Outflow 1,193 1,272 1,434 Operating Cash Surplus before interest & tax 1,177 1,523 1,237 •Finance Cost (net) (36) (64) (115) •Tax (net) 10 (6) (3) Operating Cash Surplus after interest & tax 1,202 1,593 1,354 OCF Allocation •Capex outflow / others 88 126 125 •Payment: Land acquisitions 24 47 92 Operating Cash Surplus [before dividend recd/paid) 1,090 1,420 1,137 •Dividend (Inflow from DCCDL) 83 - 86 •Dividend (Outflow from DLF) (1238) - (1,485) Net surplus/ (shortfall) (65) 1,420 (262) V s V - 289 - 2 Net surplus/ (shortfall) (65) 1,131 (262) Consolidated Cash Flow : Net Cash Surplus generation at Rs 1,137 crore (before dividend paid/received)
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27 Net Cash Position : Net Cash position at Rs 7,717 crore Particulars Q4FY25 Q1FY26 Q2FY26 Gross opening debt (4,434) (3814) (2,450) Debt repaid during quarter 620 1,364 963 New Borrowing during Qtr. Closing Debt (3,814) (2,450) (1,487) Clear Cash in Hand 2,471 2,647 846 RERA 70% Accounts 8,191 7,782 8,358 Net Cash 6,848 7,980 7,717
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Particulars As on 30.09.2025 As on 31.03.2025 Non-Current Assets 31,535 28,270 Current Assets 37,405 41,205 Total Assets 68,940 69,475 Equity/Reserves & Surplus 43,002 42,550 Non-current Liabilities 3,674 4,692 Current Liabilities 22,265 22,233 Total Liabilities 68,940 69,475 28 Consolidated Balance Sheet Abstract In Rs crore
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DCCDL : Financial Update DLF Downtown, Gurugram 29
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Rs 1,362 crore 15% y-o-y growth Rental Income ICRA AAA/Stable CRISIL AAA/Stable Rating Rs 17,355 crore Net Debt to EBITDA at 3.1x Net Debt to GAV at 0.20 Net Debt Rs 643 crore 23% y-o-y growth PAT Rs 1,412 crore 12% y-o-y growth EBITDA Note: 1) Net Debt = Gross Debt (IGAAP) less cash & cash equivalents; 30 Result Highlights – Q2FY26 44.3 msf Operational Portfolio
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31 Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y Rental Income Office 1,125 1,102 2% 968 16% Retail 237 224 6% 217 9% Service & Other Operating Income 439 402 9% 421 4% Other Income 21 11 93% 47 (55%) Total Revenue 1,822 1,739 5% 1,653 10% Operating Expenses 409 383 7% 389 5% EBIDTA 1,412 1,356 4% 1,264 12% Finance costs 356 365 (2%) 378 (6%) Depreciation 170 168 1% 164 3% PBT 887 824 8% 723 23% Tax 243 231 5% 201 21% Other Comprehensive Income (2) - - - - PAT 643 593 8% 521 23% DCCDL (Consolidated) Q2FY26 : Revenue at Rs 1,822 crore; PAT at Rs 643 crore; y-o-y growth of 23%
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Particulars Q2FY25 Q1FY26 Q2FY26 Operating Cash flow before Interest & tax 1,412 1,258 1,282 Interest Expense (Net) (388) (413) (307) Tax (net) (77) (85) (176) Operating Cash flow after Interest & tax 945 760 800 Capex (476) (556) (735) Asset Sale proceeds - - - Net Surplus/Deficit – After Capex 469 204 65 Dividend (125) - (129) Net Surplus/Deficit 345 204 (65) 32 DCCDL (Consolidated): Q2FY26 Cash Flow Abstract
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Particulars As on 30.09.2025 As on 31.03.2025 Non-Current Assets 31,661 30,621 Current Assets 2,538 1,215 Total Assets 34,199 31,836 Equity/Reserves & Surplus 9,334 8,227 Non-current Liabilities 18,950 18,790 Current Liabilities 5,915 4,819 Total Liabilities 34,199 31,836 33 DCCDL (Consolidated): Balance Sheet Abstract
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Net Debt to EBITDA2 : 3.1 x 34 Rs 17,355 crore Net Debt Rs 86,250 crore GAV1 CRISIL AAA/Stable ICRA AAA/Stable Credit Rating 7.3% Interest Rate Net Debt to GAV: 20% 1) includes GAV of operational portfolio + under construction projects + development potential; GAV basis C&W report basis data as on 30.09.2025; 2) Annualized EBITDA used DCCDL (Consolidated): Debt Update – Q2FY26 30% 26% 23% 21% 20% FY22 FY23 FY24 FY25 Q2FY26 5.5 4.5 4.0 3.5 3.1 FY22 FY23 FY24 FY25 Q2FY26
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35Clubhouse at One Midtown, Delhi