Shares of DLF were in focus on January 1 after brokerage Nomura flagged a sharp 92% year-on-year decline in pre-sales for Q3pointing to a significant sequential slowdown following a strong first half.
Strong Q2 performance provides contrast
The pre-sales caution comes against the backdrop of a robust Q2 FY26 performance. DLF reported a 54.7% QoQ jump in consolidated net profit to Rs 1,180.09 crore for the quarter ended September 30, 2025, compared with Rs 762.67 crore in Q1 FY26. On a year-on-year basis, profit declined 14.5%.
Consolidated income for Q2 FY26 stood at Rs 2,261.80 crorewhile EBITDA came in at Rs 902 crore.
Cash flows and balance sheet remain healthy
DLF reported net operating cash surplus generation of Rs 1,137 crore in Q2 FY26. Despite a dividend payout of Rs 1,485 crore and debt repayment of Rs 963 crore during the quarter, the company ended Q2 with a net cash position of Rs 7,717 crore.
Sales bookings in H1 FY26
New sales bookings for Q2 FY26 stood at Rs 4,332 croreaided by the company’s maiden Mumbai launch The Westpark and continued momentum in the super-luxury segment. Cumulative new sales bookings for H1 FY26 came in at Rs 15,757 crorewhich the company said was in line with its annual guidance.
Annuity business continues to grow
DLF said its annuity business continued to deliver consistent growth. DLF Cyber City Developers Limited (DCCDL) reported Q2 FY26 consolidated revenue of Rs 1,822 crore and EBITDA of Rs 1,412 crorereflecting a 12% YoY growth. Consolidated profit of DCCDL stood at Rs 643 croreup 23% YoY.
During the quarter, DCCDL added two new commercial assets to its annuity portfolio, including 2.1 million square feet at Atrium Place, Gurugram (Phase 1) and 0.2 msf at DLF Midtown Plaza, Delhi. The operational annuity portfolio now stands at 49 million square feet.
Development pipeline
DLF has developed over 185 real estate projects spanning more than 352 million square feet. The group has approximately 280 million square feet of development potential across residential and commercial segments, including projects under execution and the identified pipeline.
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