DLF trades pre-sales growth for margins; FY27 bookings guided flat at ₹20-22k cr
Q4FY26 revenue missed by 29% and Ebitda by 43% on low-margin mix, but DLF is doubling down on FCF (₹8,000 cr target) and annuity income. Three malls near launch promise double-digit rental growth, while net cash sits at ₹14,155 cr. Stock down 17% YTD as market digests the strategic pivot.
What happened
DLF prioritizes margins and FCF over pre-sales growth, guiding FY27 bookings at ₹20-22k cr. Q4 revenue/Ebitda missed consensus on low-margin mix. Three malls
Key facts
- Q4FY26 pre-sales ₹3,980 cr
- revenue ₹1,810 cr (miss 29%)
- Ebitda ₹410 cr (miss 43%)
- FY26 pre-sales ₹20,143 cr (-5% YoY)
- FY27 guidance ₹20,000-22,000 cr
- launch pipeline ₹20,000 cr
- annual FCF target ₹8,000 cr
- collections ₹13,517 cr (+15%)
- net cash ₹14,155 cr
- stock -17% YTD
Why this matters
DLF's shift toward annuity-heavy retail real estate and FCF optimization signals appetite for mall-led JV partnerships and selective land monetization rather than aggressive residential launches.