DLF Limited has informed the Exchange regarding 'Credit Rating Update - DLF Cyber City Developers Limited, a material subsidiary'.
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ICRA has upgraded the long-term credit rating of DLF Cyber City Developers Limited (DCCDL), a material subsidiary of DLF Limited, from AA+ to AAA with a Stable outlook. The upgrade covers non-convertible debentures worth Rs. 2,697 crore and term loans of Rs. 7,853.62 crore, with the short-term rating reaffirmed at A1+. The total rated facilities amount to approximately Rs. 15,365 crore. ICRA cited DCCDL's strong portfolio of 43 million sq ft of commercial real estate with 94% occupancy, improving leverage (gross debt/NOI reduced from 5.6x to 3.5x), strong parentage (66.67% DLF, 33.33% GIC Singapore), and conservative expansion plans as key factors. DCCDL's operating income grew to Rs. 6,346 crore in FY25 with PAT of Rs. 2,461 crore, reflecting a 38.8% net margin.
This upgrade to the highest AAA rating reflects strong financial health and lower borrowing risk for DCCDL, which is DLF's key commercial real estate arm. It should lower future borrowing costs and is a positive signal for DLF shareholders, though the Stable outlook (revised from Positive) suggests the most aggressive growth phase may be moderating.