Transcript of Earnings Call for Q1FY26
DLF · price
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Awaiting price reaction for this filing.
DLF reported Q1 FY26 sales bookings of INR 11,425 crores, up 78% year-on-year, led by the Privana launch and a successful entry into Mumbai. Embedded margin from Q1 sales stood at ~INR 4,500 crores (~40% margin), in line with the company's 45% weighted-average portfolio guidance. Revenue came in at INR 2,981 crores with a reported gross margin of 28%, which management attributed to product mix shifts (Camellias and DC floors tapering off). Collections were INR 2,794 crores and the company reduced debt by INR 1,364 crores, holding an AAA rating from both CRISIL and ICRA with borrowing cost at 7.7%. The rental arm DCCDL posted 15% YoY rental growth and 26% YoY PAT growth, with Downtown Chennai (99% pre-leased) and Midtown Plaza (80%+ pre-leased) receiving occupancy certificates. FY26 presales guidance of INR 20,000-22,000 crores was reconfirmed as secure, with capex of ~INR 5,000 crores planned annually for the rental business.
Strong sales momentum, robust embedded margins, and steady debt reduction reinforce DLF's cash-generation story, supporting continued dividend growth. The Mumbai re-entry success and rental business strength are positive long-term signals, though near-term reported margins remain pressured by product mix.