DLF Ltd.Zero Debt Achieved, Record Cash Flow

DLF Ltd. delivered a robust Q3 FY26 performance with consolidated revenue rising 43% year-on-year to ₹2,479 crore and EBITDA growing 39% to ₹848 crore.

Profit after tax before exceptional items increased 29% to ₹1,252 crore. The company achieved a landmark milestone by reaching zero gross debt in its development business ahead of schedule, while generating record gross collections of ₹5,100 crore during the quarter. Nine-month net surplus cash generation of ₹6,432 crore already exceeded the entire previous fiscal year. The rental business demonstrated strong momentum with vacancy rates declining to 3.5% by value in DCCDL.

Management provided confident FY26 rental income guidance of ₹6,400 crore, expected to grow 16-17% to ₹7,400-7,500 crore in FY27. Construction spending surged 40% year-on-year to ₹2,400 crore over nine months. Despite new sales bookings of ₹419 crore being impacted by a temporary regulatory pause on the Dahlias project for design modifications, management expressed strong confidence in FY27 pipeline with multiple launches planned across Gurgaon, Panchkula, and potentially Goa. ICRA upgraded the company's credit rating to AA+ with stable outlook.