DLF Limited Q4 FY2026 Results
📊
Overview
📋
Detailed Analysis
Sentiment
Mixed
Executive Summary
DLF Q4 FY2026: Revenue ₹2,093.82 Cr (vs ₹3,347.77 Cr YoY), PAT ₹1,268.56 Cr (vs ₹1,282.20 Cr YoY)
In Q4 FY2026 DLF reported consolidated total income of ₹2,093.82 Cr and revenue from operations of ₹1,814.06 Cr, down versus Q4 FY2025; consolidated net profit was ₹1,268.56 Cr. Profit before exceptional items (pre tax and share of JV/associates) for the quarter was ₹621.19 Cr and share of profit from associates/joint ventures contributed a substantial ₹527.38 Cr. The Board recommended a dividend of ₹8 per share for FY2025-26. Key near-term items include exceptional income/charges and ongoing legal contingencies (₹630.00 Cr deposited under protest) that remain unresolved.Total income (Consolidated) Q4 FY2026
₹2,093.82 Crvs ₹3,347.77 Cr in Q4 FY2025
Revenue from operations (Consolidated) Q4 FY2026
₹1,814.06 Crvs ₹3,127.58 Cr in Q4 FY2025
Net profit (Consolidated) Q4 FY2026
₹1,268.56 Crvs ₹1,282.20 Cr in Q4 FY2025
Profit before exceptional items, tax, share of JVs/associates (Consolidated) Q4 FY2026
₹621.19 Crvs ₹1,052.67 Cr in Q4 FY2025
Share of profit in associates & JVs (Consolidated) Q4 FY2026
₹527.38 Crvs ₹410.78 Cr in Q4 FY2025
Exceptional items (Consolidated) Q4 FY2026
₹27.88 Crvs ₹202.92 Cr in Q4 FY2025
Basic EPS (Consolidated) Q4 FY2026
₹5.12vs ₹5.18 in Q4 FY2025
Key Highlights
10
Consolidated total income for Q4 FY2026 was ₹2,093.82 Cr, down from ₹3,347.77 Cr in Q4 FY2025 due to lower revenue from operations and other income at the consolidated level.
Revenue from operations at consolidated level fell to ₹1,814.06 Cr in Q4 FY2026 from ₹3,127.58 Cr in Q4 FY2025, indicating reduced project/recognition activity or timing shifts in sales bookings at group level.
Share of profit from associates and joint ventures was ₹527.38 Cr in Q4 FY2026, up from ₹410.78 Cr in Q4 FY2025, which materially supported consolidated PAT despite lower standalone operating profits.
Profit before exceptional items, tax and share of JVs/associates was ₹621.19 Cr in Q4 FY2026 versus ₹1,052.67 Cr in Q4 FY2025, showing operating profit pressure at the consolidated operating level.
Exceptional items in Q4 FY2026 were ₹27.88 Cr (refer notes), significantly lower than ₹202.92 Cr in Q4 FY2025, reflecting changes in one-off adjustments year-on-year.
Total comprehensive income for Q4 FY2026 was ₹1,264.60 Cr, broadly in line with reported PAT, indicating limited OCI impact in the quarter.
+4 more in Detailed Analysis →
Key Highlights
10
Consolidated total income for Q4 FY2026 was ₹2,093.82 Cr, down from ₹3,347.77 Cr in Q4 FY2025 due to lower revenue from operations and other income at the consolidated level.
Revenue from operations at consolidated level fell to ₹1,814.06 Cr in Q4 FY2026 from ₹3,127.58 Cr in Q4 FY2025, indicating reduced project/recognition activity or timing shifts in sales bookings at group level.
Share of profit from associates and joint ventures was ₹527.38 Cr in Q4 FY2026, up from ₹410.78 Cr in Q4 FY2025, which materially supported consolidated PAT despite lower standalone operating profits.
Profit before exceptional items, tax and share of JVs/associates was ₹621.19 Cr in Q4 FY2026 versus ₹1,052.67 Cr in Q4 FY2025, showing operating profit pressure at the consolidated operating level.
Board proposed a dividend of ₹8 per equity share (face value ₹2) for FY2025-26, subject to shareholder approval, representing a 400% payout on face value.
Exceptional items in Q4 FY2026 were ₹27.88 Cr (refer notes), significantly lower than ₹202.92 Cr in Q4 FY2025, reflecting changes in one-off adjustments year-on-year.
Total comprehensive income for Q4 FY2026 was ₹1,264.60 Cr, broadly in line with reported PAT, indicating limited OCI impact in the quarter.
Crisil upgraded DLF's long-term rating to 'Crisil AA+/Stable' and ICRA upgraded long-term rating to Stable during FY26, which may lower future borrowing costs and reflects credit-strength improvement.
Company accounted for restructuring/amalgamation (NCLT approvals) during the quarter and restated comparatives for transferor entities as per Ind AS 103, affecting comparatives for FY2026.
Management reversed impairment and recognized exceptional income relating to settlement with Joyous Housing/JHL amounting to aggregate exceptional recognition (see notes), providing a one-off earnings tailwind in FY26.
Guidance & Outlook
4
Board recommended dividend of ₹8 per share for FY2025-26, indicating management confidence in cash generation and capital return to shareholders.
Management continues to monitor implementation of new Labour Codes and has accounted for incremental impact in FY26; further guidance will follow final Rules/clarifications from Government.
The Group stated that the NCLT-approved amalgamations have been accounted for under Ind AS 103 and do not have an impact on consolidated financial results going forward, implying consolidation simplification.
Credit rating upgrades (Crisil AA+/Stable and ICRA Stable) suggest management expects stable credit metrics; this supports access to debt markets for near-term funding and project execution.
Risks & Concerns
6
Key outstanding litigation
₹630.00 Cr deposited under protest with Hon'ble Supreme Court in CCI matter (Belaire/Magnolia/Park Place) — final outcome remains uncertain and could affect cash/earnings if adverse.
Significant YoY decline in consolidated revenue from operations (₹1,814.06 Cr in Q4 FY2026 vs ₹3,127.58 Cr in Q4 FY2025) implies timing risk in project sales/recognition and could pressure future operating cashflows if trend continues.
Operating profit before JV/associate share weakened (₹621.19 Cr in Q4 FY2026 vs ₹1,052.67 Cr in Q4 FY2025), exposing margins to cost/finance pressures absent JV income support.
Regulatory and sector-specific judicial matters (SEBI, High Court orders on SEZ/IT Park projects) remain pending and may lead to contingent liabilities or operational restrictions.
Dependency on associates and JVs for earnings resilience — ₹527.38 Cr in Q4 FY2026 — creates earnings concentration risk if associate performance reverses.
Exceptional and non-recurring items (including reversal of earlier impairments and JHL settlement recognition) materially affected FY26 results, posing uncertainty over recurring earnings quality.
AI-generated analysis. May contain inaccuracies — verify against original sources.