DLF Ltd Q3 FY26 Earnings Update: Robust Growth & Balance Sheet Strengthening

Executive Summary DLF Ltd has reported a strong financial performance for the third quarter of FY26, characterized by significant double-digit growth in both top-line revenue and net profitability. While operational margins faced compression during the quarter, the company demonstrated exceptional balance sheet strength, achieving its strategic goal of Zero Gross Debt and maintaining a substantial net cash position. Key Financial Highlights (Consolidated) Revenue Growth: Revenue from operations surged 32.2% YoY to ₹2,020.22 crore, driven by accelerated execution and strong contribution from ongoing projects. Profitability: Net Profit increased by 13.7% YoY to ₹1,203.36 crore. Operational Pressure: EBITDA witnessed a slight decline of 2.5% to ₹389 crore. Consequently, EBITDA margins contracted to 19.3% (down from 26.1% in Q3 FY25), reflecting higher operational costs or mix variance during the period. Nine-Month Performance (9M FY26) Cumulative Revenue: Increased to ₹6,379.96 crore (vs. ₹4,866.08 crore in 9M FY25). Cumulative Net Profit: Rose to ₹3,146.12 crore (vs. ₹3,084.62 crore in 9M FY25). Balance Sheet & Cash Flow Strength A standout feature of this quarter was the robust liquidity profile: Collections: Cumulative net collections for 9M FY26 grew 21% YoY to ₹10,216 crore. Cash Generation: The company generated a surplus cash flow of ₹3,876 crore during the quarter. Deleveraging Milestone: DLF successfully achieved its objective of Zero Gross Debt. The company now holds a fortified Net Cash position of ₹11,660 crore, providing significant headroom for future capital deployment. Annuity Business (DCCDL) Performance DLF Cyber City Developers Ltd (DCCDL) continues to deliver consistent compounding growth: Revenue: Recorded at ₹1,878 crore. EBITDA: Grew 18% YoY to ₹1,464 crore, underscoring the strength of the rental portfolio. Expansion: The retail footprint expanded to ~5 million sq. ft. with the addition of DLF Summit Plaza in Gurugram.