DLF expects revenue growth to accelerate from financial year 2027-28 as projects with a combined value of around ₹75,000 crore move towards completion and handover, the real estate company’s group chief financial officer Badal Bagri said on Saturday. The company’s guidance points to a significant shift in revenue recognition as its launched projects reach the stage at which sales can be recorded under its accounting policy.
Bagri said the company’s revenue inflection point would become visible from 2027-28 and continue over the following four to five years. DLF follows the completed contract method of accounting, under which revenue is recognised only after a project is completed and receives an occupation certificate. As a result, the value of projects already launched does not immediately translate into reported operating revenue.
The timeline is significant for the NCR-focused developer because it separates booking momentum from accounting revenue. DLF’s projects may generate customer demand and sales bookings before the company records the corresponding revenue in its financial statements. The recognition of revenue will therefore depend on construction completion, statutory certification and handover to buyers.
DLF joint managing director and chief business officer Aakash Ohri said prices at The Dahlias, the company’s premium project, had increased by 10 per cent during the quarter. He said further increases were expected after the project’s experience centre was completed. According to Ohri, the project uses a pricing algorithm that raises prices with every sale and is not linked to sales velocity or the number of units sold.
The pricing approach reflects the company’s positioning of The Dahlias as a premium housing development, where price discovery is being managed progressively rather than through a single, broad-based revision. The company did not disclose in the supplied results update how future price increases would affect total project revenue or buyer affordability.
DLF managing director and chief executive officer Ashok Tyagi also flagged the possibility of a temporary decline in construction outflows as the NCR enters a period of labour migration during the festive season. He cited the impact of the Graded Response Action Plan restrictions in the region, which can affect construction activity and related site operations.
Tyagi said DLF had made arrangements with contractors and labour suppliers to maintain decent progress on its projects. He added that difficulties were expected to ease after the restrictions were lifted. The remarks underline how project completion schedules in the NCR can be affected not only by developer execution but also by seasonal labour availability and air-pollution control measures.
For its rental portfolio, DLF expects a quarterly exit run rate of ₹175-180 crore, excluding Atrium. That translates to an annualised run rate of about ₹750 crore. Tyagi said the company would continue with its annual dividend policy and expected a more predictable flow of dividends from DCCDL to DLF, while retaining annual dividend payments at the parent-company level.
The guidance followed DLF’s second-quarter results for financial year 2026-27. Consolidated net profit rose 11 per cent year-on-year to ₹1,301.35 crore, while revenue from operations declined 23 per cent to ₹1,260 crore in the quarter ended September. New sales bookings increased 478.7 per cent quarter-on-quarter to ₹3,800 crore, and earnings before interest, tax, depreciation and amortisation rose 17.5 per cent year-on-year to ₹1,060 crore from ₹902 crore.
DLF shares closed 0.66 per cent higher at ₹674 on the Bombay Stock Exchange on Friday. The company’s next major operating milestones will be the progress of its launched projects towards completion, receipt of occupation certificates and the resulting recognition of revenue from 2027-28 onwards.
