DLF reports a strong quarter with pre-sales of Rs 114.5 billion

DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana North. Collections remained subdued (due to delay in construction activities) to INR 27.9bn (-5.9%/-15.8% YoY/QoQ).

Moreover, DLF finally launched its Mumbai project where phase 1 is fully soldout (clocking presales of ~INR 23bn) and it eyes for phase 2 in FY27. Hamilton Phase 2 (DLF City) and other key launches (e.g., One Midtown new phases) are expected in FY27, as per current plans.

On the back of a strong response from the recent launch of its Privana North and Mumbai project, we believe that underlying demand remains robust supported by NRI investments. Pre-sales is expected to remain steady at INR 230-240bn (expect 10-15% growth in FY26), driving ~2x growth in both PAT and cash flows by FY30. With significant embedded potential from its existing land bank, DLF continues to generate healthy margins, targeting 45%+ gross margins in the medium term. We maintain BUY on DLF with a TP of INR 988/share.

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Source: HDFC Securities Institutional Equities

Full report : https://www.hdfcsec.com/hsl.docs/HSIE%20Results%20Daily%20-%2006%20Aug%2025%20-%20HSIE-202508060703566060561.pdf?t=6820257814211