_pages-to-jpg-0001.jpg)
India’s real estate sector had a mixed financial quarter as top developers (DLF, Brigade Enterprises, and Lodha Developers) reported their Q2 FY26 results, revealing different growth trajectories driven by revenue shifts, market sentiment, and operational performance.
DLF: Slower quarter amid lower revenue
Realty giant DLF Ltd, India’s largest listed developer by market capitalisation, reported a 15% decline in consolidated net profit for the July–September quarter, slipping to ?1,180 crore from ?1,381 crore a year earlier. The company attributed the dip to lower operational revenue, which fell to ?1,643 crore compared to ?1,975 crore in the same period last year.
Despite the decline in profit and operational revenue, DLF’s total income actually grew slightly to ?2,261 crore from ?2,180 crore, hinting at steady performance in non-operational segments such as rental income and financial activities.
Analysts note that DLF’s slowdown comes after a strong FY25, and the dip could be partly cyclical, linked to the timing of new launches and project completions. The company’s luxury housing projects and steady demand in Gurugram continue to anchor its business, but fewer launches and seasonal slowdowns in construction activity likely softened this quarter’s numbers.
With upcoming premium projects in Delhi-NCR and a robust leasing pipeline through its rental arm, DLF Cyber City Developers Ltd (DCCDL), the company is expected to regain momentum in the coming quarters.
Brigade Enterprises: Solid growth across segments
In contrast, Bengaluru-based Brigade Enterprises posted an upbeat quarter, with consolidated net profit climbing 37% year-on-year to ?162.5 crore, up from ?119 crore a year ago. The company’s total income also saw strong growth, rising to ?1,429.9 crore from ?1,138.1 crore last year.
Brigade’s Managing Director, Pavitra Shankar, expressed confidence about the second half of the fiscal year, citing strong business development and launch pipelines across key southern markets. The company’s commercial and hospitality divisions also contributed meaningfully to the overall performance, buoyed by renewed leasing activity and post-pandemic recovery in hotel occupancy rates.
The developer’s upcoming residential projects in Bengaluru, Chennai, and Hyderabad are expected to drive sustained demand, while its commercial portfolio continues to attract marquee tenants in the tech and services sectors. With a balance of steady rentals and fresh residential launches, Brigade’s growth story is well-aligned with South India’s ongoing urban expansion.
Lodha Developers: Exceptional surge in profit and revenue
The standout performer this quarter was Mumbai-based Lodha Developers (Macrotech Developers Ltd), which posted a remarkable 84% year-on-year jump in profit, reaching ?778.7 crore for Q2 FY26. This surge was fueled by both strong operational performance and cost efficiency.
Revenue from operations climbed nearly 45% to ?3,798.5 crore, far exceeding analysts’ expectations of ?3,158 crore. Lodha’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at ?1,310 crore, up 37% year-on-year, with a healthy EBITDA margin of 34.4%.
The company’s pre-sales for the quarter touched ?4,570 crore, its best-ever Q2 performance, despite typically muted activity during monsoons and the inauspicious Shraddh period. Collections also rose 13% year-on-year to ?3,480 crore.
Lodha credited its strong quarter to operational leverage, a disciplined approach to launches, and the sustained demand for branded housing. Its portfolio of premium and mid-income housing across Mumbai, Thane, and Pune continues to see strong traction. The company has also been expanding into new growth corridors with a focus on affordability and sustainability, keeping investor interest high.
Sector outlook: Growth tempered by uneven recovery
The three results together paint a picture of a real estate sector that remains resilient but uneven in its recovery. Premium developers with diversified portfolios, like, Lodha and Brigade are riding on rising housing demand and urban infrastructure growth, while others like DLF are seeing periodic slowdowns tied to revenue timing and market cycles.
Rising interest in branded and sustainable housing, along with India’s urban population growth, continues to support the sector’s long-term trajectory. Analysts expect a stronger performance in the second half of FY26, driven by festive demand, project launches, and stable interest rate expectations.
While Lodha’s record-breaking growth underscores the potential of well-positioned developers, Brigade’s consistency shows the importance of diversification. DLF’s temporary dip, meanwhile, is likely a pause rather than a setback for a company that continues to define India’s real estate skyline.
Together, their Q2 results signal a market that’s maturing, more segmented, competitive, and driven as much by strategy as by scale.
