India’s largest listed real estate developer, DLF Limited, delivered a robust performance in the third quarter of FY26, marked by record collections, healthy profit growth and a debt-free balance sheet. The results highlight the company’s strong execution, disciplined capital management and sustained demand across residential and annuity businesses.
Record Collections Power Quarterly Performance
DLF reported gross collections of around Rs. 5,100 crore during the quarter, the highest ever for the company. For the nine-month period ended December 2025, cumulative net collections stood at Rs. 10,216 crore, reflecting a 21 per cent year-on-year growth.
The strong collections translated into a significant operating cash surplus of Rs. 3,876 crore in Q3FY26. This sharp improvement in cash flows enabled DLF to achieve a major milestone — zero gross debt — well ahead of expectations. As of the end of the quarter, the company reported a net cash position of Rs. 11,660 crore, underscoring its financial strength.
Revenue and Profit See Healthy Growth
On a consolidated basis, DLF posted revenue of Rs. 2,479 crore in Q3FY26. EBITDA for the quarter stood at Rs. 849 crore, reflecting steady operating performance. Net profit for the quarter came in at Rs. 1,207 crore, while profit before exceptional items grew 29 per cent year-on-year.
The company also highlighted that its net cash surplus for the nine-month period of FY26 exceeded the entire performance of FY25, reinforcing the strength of its balance sheet and cash generation capability.
Residential Sales Remain Steady
New sales bookings during the quarter stood at Rs. 419 crore, driven by healthy monetisation of launched inventory, excluding the ultra-luxury project The Dahlias. Management expressed confidence in achieving the company’s full-year sales guidance, supported by upcoming launches aligned with its medium-term growth strategy.
DLF’s focus on calibrated launches, strong execution and demand from end-users has helped the company navigate cost pressures while maintaining steady sales momentum.
Credit Rating Upgrade Boosts Confidence
Reflecting its improved financial profile and consistent performance, rating agency ICRA upgraded DLF’s credit rating to AA+/Stable. The upgrade signals enhanced lender confidence and further strengthens the company’s ability to access capital at competitive rates, if required.
Annuity Business Delivers Consistent Growth
DLF’s annuity arm, DLF Cyber City Developers Limited (DCCDL), continued to be a key growth driver. During Q3FY26, DCCDL reported consolidated revenue of Rs. 1,878 crore, while EBITDA rose to Rs. 1,464 crore, registering an 18 per cent year-on-year growth. Consolidated profit for the quarter stood at Rs. 707 crore.
The annuity portfolio also expanded with the addition of DLF Summit Plaza in DLF5, Gurugram. This acquisition increased DLF’s retail footprint to approximately 5 million square feet, strengthening its presence in high-quality commercial and retail assets.
Strong Pipeline Supports Long-Term Outlook
DLF’s operational annuity portfolio currently stands at around 49 million square feet. This is complemented by a sizeable under-construction portfolio and a well-identified future pipeline, positioning the company for sustained and predictable growth in rental income over the coming years.
With a strong balance sheet, zero gross debt and a growing annuity base, DLF remains well placed to capitalise on favourable sector trends. The company reiterated its commitment to delivering consistent, profitable growth while creating long-term value for stakeholders through disciplined execution and high-quality asset development.
