Transcript of earnings call for Q2FY26

DLF reported Q2FY26 consolidated revenue of Rs. 2,262 crores, EBITDA of Rs. 902 crores and PAT of Rs. 1,171 crores (aided by a one-time Rs. 600 crore settlement on the Tulsiwadi project). New sales bookings for the quarter stood at over Rs. 4,300 crores, led by the maiden Mumbai launch 'The Westpark', taking H1FY26 sales to Rs. 15,750+ crores, in line with the Rs. 20,000-21,000 crore FY26 guidance. The company holds a gross cash balance of Rs. 9,200+ crores, repaid Rs. 963 crores of debt (outstanding down to Rs. 1,487 crores), paid a Rs. 6 per share dividend (20% YoY growth) and saw a credit rating upgrade to AA+ stable. The rental business (DCCDL) grew 15% YoY with rental income of Rs. 1,362 crores, while upcoming retail and office assets (Atrium, three new malls) are expected to add Rs. 450-650 crores in rental income. Management laid out an Rs. 1,15,000 crore launch roadmap over 4-5 years, with Goa, Arbour Senior Living, Privana, Hamilton 2, Panchkula and Westpark phase 2 lined up over the next 18 months.