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DLF Limited Q1FY27 Results Presentation DLF Summit Paza, DLF 5, Gurugram 1
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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 to 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 II. DLF Group Overview III. Development Business : Business Update I V. Annuity Business : Business Update V. DLF Limited : Financial Update VI. DLF Cyber City Developers Limited [DCCDL] : Financial Update 3
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Q1FY27 Key Highlights Collections INR 2,406 cr High efficiency across all projects OCF INR 1,317 cr Healthy cash generation Net Cash Position INR 15,200 cr Strong Balance Sheet Rera 70% A/c : INR 11,305 cr Sales Bookings INR 657 cr Rental Income INR 1,444 cr Y-o-Y growth of 9% Net Debt INR 18,136 cr Net Debt –to–EBITDA : 3.1 Net Debt-to-GAV : 0.18 Credit Rating ICRA AAA/Stable CRISIL AAA/Stable Sustained performance across parameters DLF Limited DCCDL
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4% 10% FY22 FY26 ₹ 1,513 cr ₹ 4,408 cr FY22 FY26 -₹ 2,680 cr ₹ 14,155 cr FY22 FY26 ₹ 743 cr ₹ 1,980 cr FY22 FY26 Net Cash PositionPAT (DLF Limited) Dividend2 (DLF Limited) RoE (DLF Limited) 5-Year Performance Summary [DLF Limited : FY22 – FY26] Strong Financial Performance
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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] 6 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 7
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₹ 2,733 cr ₹ 4,357 cr ₹ 4,408 cr ₹ 794 cr FY24 FY25 FY26 Q1FY27 ₹ 2,655 cr ₹ 3,111 cr ₹ 3,070 cr ₹ 476 cr FY24 FY25 FY26 Q1FY27 ₹ 6,958 cr ₹ 8,996 cr ₹ 9,816 cr ₹ 1,605 cr FY24 FY25 FY26 Q1FY27 ₹ 1,690 cr ₹ 2,461 cr ₹ 2,721 cr ₹ 717 cr FY24 FY25 FY26 Q1FY27 ₹ 4,484 cr ₹ 4,949 cr ₹ 5,718 cr ₹ 1,474 cr FY24 FY25 FY26 Q1FY27 ₹ 5,903 cr ₹ 6,448 cr ₹ 7,393 cr ₹ 1,917 cr FY24 FY25 FY26 Q1FY27 Revenue DLF Group : Financial Overview [on Reported basis] DLF Limited EBITDA PAT DCCDL Revenue EBITDA PAT 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;
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The Arbor, Gurugram 9 Development Business Business Update Perspective image
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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 10
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Project Segment Planned Launches [FY 25 onwards] Launched [till FY26] 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) Super-Luxury 5.5 37,500 4.5 35,000 1 2,500 Luxury 29 74,000 8.5 19,000 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 13 54,285 ~25 60,215 New Products : Launch Pipeline [Medium-Term] ~47% Launched in first 2 years; Healthy Pipeline for the medium term [ ~ 60k + crore] 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 30.06.2026] 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 11,305 Other Cash Balances 3,895 Sub-Total : Cash Balance (A) 15,200 Receivables from Projects sold 32,310 Total Pending Cost to Complete for all Launched projects (20,510) Net Receivables (B) ~ 11,800 Surplus Cash Potential [from Sales done till 30.06.2026] (C = A+B) ~ 27,000 Surplus Cash from Launched but Unsold Inventory #[as on 30.06.2026] (D) ~ 16,650 Surplus Cash Potential from Launched Products (E = C+D) ~ 43,650
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Gross Margin Potential1 [as on 30.06.2026] 13 Note: 1) Figures are based on best estimates on potential selling price, realizations and construction cost; estimates are subject to market conditions ~ (Rs 334 crore) ~ Rs 26,930 Crore ~ Rs 39,045 crore ~ Rs 413 Crore Residual Gross Margins From Sales done till 31.03.2026 Margins consumed in Q1FY27 Margin potential from Inventory (launched but unsold) As on 30.06.2026 Residual Gross Margin Potential as on 30.06.2026 ~ Rs 12,035 Crore Margin addition from Sales done In Q1FY27 Residual Gross Margins from Sales done till 30.06.2026 : Rs 27,010 crore ~ Rs 27,010 crore Residual Gross Margins From Sales done till 30.06.2026
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Projects Summary [as on 30.06.2026] 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 12,250 12,135 115 100 The Dahlias 19,104 - 19,104 13,182 Independent Floors, Gurugram 7,915 6,951 964 225 Arbour + Privana (South/West/North) 31,887 - 31,887 12,150 North / Metro / Commercial / Others 10,199 7,402 2,798 956 Westpark, Mumbai (JV Project)# 2,313 - 2,313 397 Grand Total 83,667 26,487 57,180 27,010 Balance Unsold Inventory 12,035 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 1 6 20 Total 188 27 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 16The Chanakya, New Delhi
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Annuity Business – A steady compounder 17 Operational Portfolio + Development Potential Strong operational portfolio ~ 50 msf of rental assets; operating at high occupancy levels [95%] & [97%] by value; highest in the industry 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 : ~50 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; ~5 msf Operational Portfolio[Retail] Occupancy : 97% Hospitality [Hotels / Clubs] Services & Asset Management Across the Portfolio ~44.6 msf Operational Portfolio[Offices] Occupancy : 95% 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 ~ 95%
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DLF Group : Rental Business Overview Particulars DLF DCCDL Atrium Total Operational Portfolio 3.2 44.3 2.0 50 Under Development 1 11 1 13 Pipeline 12 1 0 14 Development Potential 45 15 0 60 Rental Income ₹ 102 cr ₹ 1,444 cr ₹ 87 cr ₹ 1,633 cr EBITDA ₹ 97 cr ₹ 1,474 cr ₹ 91 cr ₹ 1,661 cr Net Debt - ₹ 18,136 cr ₹ 3,147 cr ₹ 21,283 cr Net Debt / EBITDA 3.2 % Ownership 100% 66.67% 67% The figures/grouping presented herein are intended solely to provide for directional overview of the rental business segment and should not be construed as audited financial information The grouping or representation of the figures may differ from those in the audited/published results/information and may be subject to change.
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20 Operational Rental Portfolio Snapshot : Occupancy at 95% (by area) & 97% (by value); Note: 1) DCCDL GAV as per C&W report basis data as on 30.06.2026; DLF GAV basis data as on 31.03.2026; GAV of NOIDA Tech Park / Midtown Plaza is based on internal management estimates; 2) 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 27.4 27 0.4 98% 127 55,677 DCCDL 23.2 22.9 0.3 99% 123 47,226 DLF 2.2 2.1 0.1 97% 125 3,590 Atrium Place 2 1.9 0.1 96% 175 4,860 Offices : Sez2 17.2 15.3 1.9 89% 78 20,960 Sub-Total : Offices 44.6 42.3 2.3 95% 109 76,637 Retail 4.93 4.78 0.1 97% 218 15,172 DCCDL 4 3.9 0.1 97% 200 12,212 DLF 0.94 0.90 0.04 96% 295 2,960 Total 49.6 47.0 2.5 95% 120 91,810
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44.3 13 57 5.2 14 19 Existing Pipeline Projected DLF DCCDL 44.6 20 65 4.9 7 12 Existing Pipeline Projected Retail Office 21 Annuity Business – Strong pipeline to drive growth [Aiming to reach ~ Rs 10,000 crore of Rental income in medium-term] Note: 1) DCCDL includes its subsidiaries; DLF includes its subsidiaries & Atrium Place - a JV in which DLF holds 67% share Annuity Business : DLF Group ~90% ~ 27 msf ~ 76 msf ~10% ~75% ~25% ~ 50 msf DLF’s portfolio to increase to 25% of total Portfolio from 10% currently Annuity Business : DLF Group ~ 50 msf ~ 76 msf Retail portfolio to grow to 15% of total Portfolio size. Higher retail rentals to deliver higher portfolio growth ~ 27 msf ~10% ~90% ~15% ~85%
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High Quality Land Bank 22 Location Operational Portfolio [Existing] Projects [under construction ] Projects [Planned pipeline] Balance Potential [incl. TOD/TDR potential] DLF DCCDL DLF DCCDL DLF DCCDL DLF DCCDL DLF 5 1 0.8 - - 2 - 5 - DLF City + 2.1 24.1 1 7.6 - 1.2 10 13 New Gurugram - - - - 5 - 25 - Gurugram 3.1 25 1 7.6 7 1.2 40 13 North - 0.9 - - - - - - Metros 2 18.4 1 3.6 5 0.3 5 2 Total ~ 50 msf ~13 msf ~14 msf 60 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;
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Commitment to Sustainability 23 LEED Platinum Achieved the renewal of LEED Platinum Certification on 98% of portfolio DCCDL received “The GEEF Global WaterTech Awards 2025” in the category of Sustainable Water Management – Real Estate Company of the Year 2026. LEED Zero Waste Achieved TRUE Platinum certification; Total certified buildings : 40 Wiredscore – Certification for Digital Connectivity Wired Score Platinum Certification achieved for 44 buildings making DLF the World’s largest Platinum certified Portfolio Sustainability Report DCCDL has released its second Sustainability report for the FY 25-26 (www.dlf.in/investor) 5 Star Certification - Bureau of Energy Efficiency (Ministry of Power) Awarded to 11 buildings – Cyber Park, Building 6, Building 14, Building 5, Building 10, OHC, Cyber Green, Infinity Towers, Building 9, SEZ Silokhera, DLF Centre Court WELL HSR 100% portfolio certified under WELL HSR GRESB 5-Star rating achieved; DCCDL recognized as Global Sector Leader [Unlisted]
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DLF Limited : Financial Update Lobby, Tech Park - NOIDA 24
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25 Particulars Q1FY27 Q4FY26 Q1FY26 Inflow •Collection from Sales 2,292 3,159 2,711 • Rental Inflow 113 142 83 Sub-Total Inflow 2,406 3,301 2,794 Outflow •Construction 773 812 742 •Govt. Approval fee/Others 115 147 132 •Overheads 448 335 322 •Marketing / Brokerage 137 337 75 Sub-Total Outflow 1,473 1,631 1,272 Operating Cash Surplus before interest & tax 933 1,670 1,523 •Finance Cost (net) (231) (171) (64) •Tax (net) (154) 106 (6) Operating Cash Surplus after interest & tax 1,317 1,735 1,593 OCF Allocation •Capex outflow / others 61 85 126 •Payment: Land acquisitions 210 336 47 Operating Cash Surplus [before dividend recd/paid) 1,046 1,314 1,420 •Dividend (Inflow from DCCDL) - 1,180 - •Dividend (Outflow from DLF) - - - Net surplus/ (shortfall) 1,046 2,494 1,420 •VsV - - 289 Net surplus/ (shortfall) 1,046 2,494 1,131 Consolidated Cash Flow : Operating Cash flow - Rs 1,317 crore
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26 Particulars Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y Revenue from operations1 1,280 2,172 (41%) 2,717 (53%) Interest Income (RERA A/cs)2 177 163 9% 133 33% Cost of Sales 714 1,164 (39%) 1,948 (63%) Gross Margin 744 1,170 (36%) 902 (18%) Gross Margin% 51% 50% 32% Other income 148 117 26% 131 13% Staff cost 177 182 (3%) 144 22% Other Expenses 239 415 (42%) 260 (8%) EBITDA# 476 691 (31%) 628 (24%) EBITDA% 30% 28% 21% Finance costs 18 21 (14%) 79 (77%) Depreciation 35 48 (27%) 34 3% PBT (before exceptional items) 423 621 (32%) 515 (18%) Less : Taxes 115 (99) - 133 (14%) PAT [before JV Profits & exceptional items] 308 720 (57%) 382 (19%) Profit from Cyber & Other JV , OCI 486 523 (7%) 384 27% PAT [after JV Profits] 794 1,244 (36%) 766 4% Exceptional items - 21 - - PAT [after exceptional items] 794 1,265 (37%) 766 4% Q1FY27 Consolidated Results 1) does not account DCCDL figures - only share of profits is being accounted for; 2) Interest Income only from RERA A/cs has been considered as part of the Operating Revenue;
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Particulars As on 30.06.2026 As on 31.03.2026 Non-Current Assets 34,748 35,401 Current Assets 42,313 39,474 Total Assets 77,061 74,875 Equity/Reserves & Surplus 46,267 45,473 Non-current Liabilities 3,711 3,801 Current Liabilities 27,083 25,601 Total Liabilities 77,061 74,875 27 Consolidated Balance Sheet Abstract In Rs crore
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DCCDL : Financial Update DLF Downtown, Chennai 28
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29 Particulars Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y Rental Income Office 1,189 1,175 1% 1,102 8% Retail 255 251 1% 224 14% Service & Other Operating Income 457 497 (8%) 402 14% Other Income 15 32 (52%) 11 41% Total Revenue 1,917 1,955 (2%) 1,739 10% Operating Expenses 443 469 (6%) 383 16% EBITDA 1,474 1,486 (1%) 1,356 9% Finance costs 313 312 - 365 (14%) Depreciation 170 170 - 168 - PBT 991 1,004 (1%) 824 20% Tax 273 231 19% 231 18% Other Comprehensive Income - - - - - PAT (before exceptional items) 717 773 (7%) 593 21% Exceptional items 0 5 - - - PAT (after exceptional items) 717 778 (8%) 593 21% DCCDL (Consolidated) Q1FY27 : EBITDA grew at 9%; PAT at Rs 717 crore ; 21% y-o-y growth
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Particulars Q1FY27 Q4FY26 Q1FY26 Operating Cash flow before Interest & tax 1,386 1,724 1,258 Interest Expense (Net) (389) (296) (413) Tax (net) (173) (161) (85) Operating Cash flow after Interest & tax 825 1,267 760 Capex (814) (655) (556) Net Surplus/Deficit – After Capex 11 612 204 Dividend - (1,771) - Net Surplus/Deficit 11 (1,158) 204 30 DCCDL (Consolidated): Q1FY27 Cash Flow Abstract
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Particulars As on 30.06.2026 As on 31.03.2026 Non-Current Assets 33,495 32,530 Current Assets 1,215 1,048 Total Assets 34,710 33,578 Equity/Reserves & Surplus 9,664 8,946 Non-current Liabilities 17,719 18,228 Current Liabilities 7,327 6,403 Total Liabilities 34,710 33,578 31 DCCDL (Consolidated): Balance Sheet Abstract
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Net Debt to EBITDA : 3.1 x 32 Rs 18,136 crore Net Debt Rs 99,080 crore GAV1 CRISIL AAA/Stable ICRA AAA/Stable Credit Rating 7.14% Interest Rate Net Debt to GAV: 18% 1) includes GAV of operational portfolio + under construction projects + development potential; GAV basis C&W report basis data as on 30.06.2026; DCCDL (Consolidated): Debt Update – Q1FY27 Interest Rate Movement 4.5 4.0 3.5 3.2 3.1 FY23 FY24 FY25 FY26 Q1FY27 8.08% 8.13% 8.06% 7.08% 7.14% FY23 FY24 FY25 FY26 Q1FY27 26% 23% 21% 19% 18% FY23 FY24 FY25 FY26 Q1FY27
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33The Lodhi, New Delhi