India’s top 10 listed developers are poised to achieve cumulative booking targets of Rs1.49 lakh crore in FY2026, marking a 23% year-on-year growth over FY2025. Nearly 30% of this guidance—Rs44,317 crore—was already achieved in Q1 FY2026, underscoring strong sales momentum despite a tepid residential market in H1 2025. DLF Ltd. and Prestige Estates emerged as early outperformers.
The top listed players had collectively achieved Rs1.21 lakh crore in bookings in FY2025, setting a strong base for this year’s growth trajectory. This momentum is further supported by aggressive land acquisition strategies. In H1 2025 alone, over 2,898 acres were transacted across 76 deals—already 1.15x the full-year volume of 2024.
Financial Prudence Driving Sector Stability A key highlight of FY2025 was the dramatic improvement in financial health. The average net debt-to-equity ratio of leading listed developers fell to a historic low of 0.05—down over 90% from the FY2017 peak of 0.55. This deleveraging was driven by improved operational cash flows, equity infusions, and asset monetization.
The shift from leverage-led to balance-sheet-led growth has enhanced the sector’s appeal to institutional and foreign investors. Developers with strong balance sheets now benefit from:
- Lower interest burden, freeing capital for new launches
- Improved credit ratings, enabling access to competitive institutional funding
- Higher buyer confidence, translating into stronger pre-sales performance
With several players now in net cash positions, the collective industry goal is to maintain net debt-to-equity ratios below 0.4, with more developers targeting zero-debt status over the next three years.
This financial resilience, combined with strategic land banking and robust Q1 performance, positions India’s top listed developers to lead a trust-driven, performance-led growth cycle through FY2026 and beyond.
