DLF expects revenue growth to accelerate from financial year 2027-28 as projects worth around ₹75,000 crore move towards completion and handover, the real estate company said after reporting its second-quarter results.
Badal Bagri, group chief financial officer at DLF, said the company’s launched projects would begin making a more significant contribution to recognised revenue from 2027-28, with the effect continuing over the following four to five years. DLF follows the completed contract method of accounting, under which revenue is recognised after a project is completed and receives an occupation certificate.
“We have highlighted earlier that our inflection point of revenue, which is almost INR 75,000 crore of launched end projects so far, you’ll see in 2027 to 2028, and going forward the next four, five years is when this entire revenue is going to get recognised,” Bagri said.
The company also reported further price increases at The Dahlias, its luxury residential project. Aakash Ohri, joint managing director and chief business officer at DLF, said prices at the project had risen by 10 per cent during the quarter. He added that additional increases were expected after the project’s experience centre is completed.
Ohri said The Dahlias uses a pricing algorithm that raises prices with every sale and is not linked to the pace or number of sales. “It is a progressive kind of system,” he said.
DLF’s second-quarter performance showed a mixed movement across key financial indicators. Consolidated net profit rose 11 per cent year-on-year to ₹1,301.35 crore in the quarter ended September, while revenue from operations declined 23 per cent year-on-year to ₹1,260 crore. Earnings before interest, tax, depreciation and amortisation increased 17.5 per cent to ₹1,060 crore from ₹902 crore in the corresponding quarter a year earlier.
New sales bookings rose sharply to ₹3,800 crore, a 478.7 per cent increase from the previous quarter. The company announced its second-quarter results on Friday after market hours. DLF shares closed 0.66 per cent higher at ₹674 apiece on the Bombay Stock Exchange.
Construction activity could face a temporary slowdown in the National Capital Region because of seasonal labour migration during the festive period and restrictions under the Graded Response Action Plan, DLF managing director and chief executive officer Ashok Tyagi said. He added that the company had made arrangements with contractors and labour teams to maintain progress on its projects.
Tyagi said any construction difficulties should ease after the restrictions are lifted. The statement links DLF’s near-term execution environment to both labour availability and air-pollution controls in the NCR, where construction activity can be affected by GRAP measures.
DLF also expects its rental portfolio to deliver a quarterly exit run rate of ₹175-180 crore, excluding Atrium. This would amount to approximately ₹750 crore on an annual basis, according to Tyagi.
On shareholder distributions, Tyagi said DLF would continue with an annual dividend policy. He added that the company was establishing a more predictable flow of dividends from DCCDL to DLF, while reiterating that DLF’s own dividend guidance remained annual.
The company’s next key operating milestones are the completion and handover of its launched projects, the receipt of occupation certificates and the easing of construction restrictions affecting the NCR.
