DLF's Q2 presales rebound to ₹3,800 crore as four brokerages hold positive ratings

DLF Limited filed its results for the second quarter of fiscal 2027 on Friday, 16 October 2026, and the earnings call followed on 17 October. The company reported a 10 per cent rise in consolidated net profit to ₹1,301.35 crore for the September quarter, compared with ₹1,180.09 crore a year earlier. New sales bookings came in at ₹3,800 crore, about 12 per cent lower than the same quarter last year but well above what many market estimates had expected.

The results drew a mixed reaction from analysts. Profit and revenue lines looked soft, while the sales book looked strong. Four brokerages covering the stock kept positive ratings: Jefferies with a Buy and a target of ₹830, CLSA with an Outperform and ₹810, JP Morgan with an Overweight and ₹800, and Nomura with a Buy and ₹740. For homebuyers in Gurugram and other DLF markets, the figures point to continued demand for the company's newest launches and a pipeline that analysts expect to drive the next few quarters.

Where the sales came from

The bulk of the quarter's bookings came from two projects. The Aureva, a senior-living tower in Sector 63, Gurugram, sold out after its launch, and DLF announced the complete sell-out in a regulatory filing on 4 October 2026. The project offers 172 residences and was booked for about ₹1,985 crore in total. Business Standard estimated the Aureva contribution to the quarter at about ₹1,900 crore, and CLSA noted that it accounted for roughly half of the quarter's presales.

Sales of inventory at The Dahlias, the company's luxury project in Sector 54, added about ₹1,800 crore. JP Morgan put the combined contribution of The Dahlias and The Camellias at about ₹1,900 crore and noted that realisations at The Dahlias have moved above ₹1 lakh per square foot, with prices up 10 per cent in the quarter.

The Aureva units are 4 BHK residences with dedicated staff dormitories, private decks and premium finishes. The standalone tower rises G+45 floors on a 1.687 hectare site. Residents will have access to a clubhouse, an indoor pool, a spa, a yoga pavilion and an on-site medical centre. Non-Resident Indians accounted for about a quarter of the buyers.

Key figures for the quarter

• Consolidated net profit: ₹1,301.35 crore, up 10 per cent year on year
• Standalone net profit: ₹800.32 crore, against ₹1,012.51 crore a year earlier
• Total income: ₹2,297.30 crore, against ₹2,261.80 crore a year earlier
• New sales bookings: ₹3,800 crore, against ₹657 crore in the June quarter
• Operating cash flow: ₹1,858 crore, up from ₹1,354 crore
• Net cash at the development business: about ₹15,100 crore after a dividend outflow
• Rental portfolio: about 50 million square feet at 96 per cent occupancy by area

For the first half of the year, net profit rose 8 per cent to ₹2,095 crore, while presales totalled about ₹4,460 crore. Subsidiary DLF Cyber City Developers reported net profit of ₹752 crore, up 17 per cent, and revenue of ₹2,014 crore. Management has said it is not chasing presales for their own sake, and the company's balance inventory of unsold projects is valued at about ₹15,000 crore, which analysts expect to support sales in the coming quarters.

The Golf Course Extension Road setting

The Aureva sits beside The Arbour in Sector 63 and connects to Golf Course Extension Road, the Southern Peripheral Road and NH-48. Golf Course Extension Road has become one of Gurugram's most active luxury residential corridors, with Southern Peripheral Road upgrades and metro expansion plans adding to its connectivity to Delhi, Manesar and Indira Gandhi International Airport, which is roughly 18 km away. DLF also recently added a 7.48-acre parcel on the same road, taking its contiguous holding in Sector 61 to about 36 acres.

About the developer

DLF describes itself as India's largest real estate company by market capitalisation and has developed more than 185 projects covering over 352 million square feet. Its FY26 presales totalled ₹20,143 crore, down 5 per cent from the record ₹21,223 crore in FY25. Ashok Kumar Tyagi is the managing director, and Aakash Ohri, Chief Business Officer, leads the launch programme. In Mumbai, the first phase of The Westpark in Andheri West sold all 416 units for ₹2,300 crore within a week of its launch.

What comes next

DLF is targeting the second phase of The Westpark in Andheri West during the October to December quarter, subject to regulatory approvals. A luxury-plus project in DLF Phase 4 in Gurugram is planned for January to March 2027, and Magnolias 2 is also scheduled for that quarter. The company expects the Sector 61 land transaction to close by March 2027, with a housing launch planned for FY28.

The company has reaffirmed its FY27 presales target of ₹20,000 crore. Analysts note that reaching it will require roughly ₹16,000 crore in presales over the remaining two quarters, and that timely execution of the Mumbai and Gurugram launches will be central to that goal. CFO Badal Bagri has said revenue growth should accelerate from FY28 as launched projects worth about ₹75,000 crore approach completion and are handed over to buyers.