Transcript of Earnings Call for Q2 FY27.

DLF LIMITED DLF Gateway Tower, R Block, DLF City Phase – III, Gurugram – 122 002, Haryana (India) Tel.: (+91-124) 4396000, investor-relations@dlf.in 22nd October 2026 The General Manager The Vice-President Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, P.J. Tower, Dalal Street, Mumbai – 400 001 Bandra(E), Mumbai – 400 051 Sub: Transcript of Earnings Call Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings webcast. Requisite details regarding the earnings webcast are as under: SI. Particulars Details 1. Date of Earnings 17th October 2026 webcast 2. List of management - Mr. Ashok Kumar Tyagi – Managing Director, DLF Limited attendees - Mr. Aakash Ohri – Chief Business Officer and Managing Director, DLF Home Developers Limited - Mr. Badal Bagri, Group Chief Financial Officer, DLF Limited 3. Web-link of the q2-fy27-DLF-Earnings-Oct17-2026.pdf Transcript This is for your kind information and record please. Thanking you, Yours faithfully, For DLF Limited R. P. Punjani Company Secretary Encl.: As above Regd. Office: DLF Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, Gurugram -122 002, Haryana (India) CIN: L70101HR1963PLC002484; Website: www.dlf.in “DLF Limited Q2 FY27 Earnings Conference Call” October 17, 2026 MANAGEMENT: MR. ASHOK KUMAR TYAGI – MANAGING DIRECTOR, DLF LIMITED MR. AAKASH OHRI – MANAGING DIRECTOR AND CHIEF BUSINESS OFFICER MR. BADAL BAGRI – GROUP CHIEF FINANCIAL OFFICER, DLF LIMITED Page 1 of 11 DLF Limited October 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to DLF Limited’s Q2 FY27 Earnings Conference Call. We have with us today on the call Mr. Ashok Tyagi, Managing Director, DLF Limited; Mr. Aakash Ohri, Managing Director and Chief Business Officer; and Mr. Badal Bagri, Group CFO, DLF Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference and meeting is being recorded. I now hand the conference over to Mr. Badal Bagri. Thank you, and over to you, sir. Badal Bagri: Good afternoon, everyone, and thank you for joining us today. We are pleased to report yet another strong performance reflecting the underlying quality of our assets, disciplined execution, our brand strength, and prudent capital allocation across a well-diversified mix of development and annuity business. Strong cash generation and robust balance sheet continues to position us well for sustained growth in future. I'll briefly talk about the operating and financial highlights. New sales booking for the quarter stood at INR 3,800 crores approximately. We launched Aureva, the luxury retirement housing address, which received an extremely strong response with a complete sellout. We continue to see absolutely strong demand for our super-luxurious project, Dahlias, in the current quarter as well. Overall collections stood at INR 2,780 crores in the current quarter, resulting in operating cash flow of approximately INR 1,858 crores. Net cash position stood at approximately INR 15,100 crores, despite a very, very strong dividend payout in the current quarter of close to INR 1,980 crores. Our rental portfolio stood at 50 million square feet. The portfolio has now achieved its ever-highest occupancy levels: 96% in terms of area and 97% by value. This continues to be amongst the highest in the industry. The rental business maintained strong momentum, delivering healthy top-line growth and high-teen growth in profitability. Moving on to financial numbers, overall consolidated revenue stood at INR 2,298 crores. This includes a one-time gain of INR 738 crores, which is accounted for as other income, which is due to valuation of one of the investments which we have made in one of our JV companies, as per accounting standards. EBITDA stood at INR 1,060 crores, resulting in a net profit of over INR 1,300 crores. The gross margin potential of our development business continues to stand at approximately INR 40,000 crores, with a potential of cash generation of over INR 42,500 crores. For DCCDL, our consolidated revenue stood at INR 2,014 crores. EBITDA at INR1,537 crores, resulting in a net profit of over INR 750 crores for the current quarter, reflecting a year-over-year growth of 17%. With this, I would like to hand over back to all of you for Q&A. Moderator: Thank you very much. We will now begin the question-and-answer session. First question is from the line of Puneet. Kindly accept the prompt, unmute your audio and proceed with your question. Kindly announce your Company name before proceeding with your question, sir. Page 2 of 11 DLF Limited October 17, 2026 Puneet: Sure. So, this is Puneet from HSBC. Congratulations on a good launch of Aureva. My first question is, are you happy with the time it took to launch and sell? Because typically you guys sell out much faster. This time, it got extended into a couple of days into October. Any thoughts on that? Ashok Tyagi: A couple of days into October? I thought the entire sales concluded by September 30th, but Aakash. Yes. Aakash Ohri: Yes. No, Puneet, the sales concluded-- see, what we do is that we take the first initial booking, and that's a substantial amount, as you know, that's INR 50 lakhs. And everything concluded before 30th of September. And the paperwork and all that, obviously, sometimes takes time, but even the forms and KYCs and everything. So, we report once the money is in the account and the forms and KYCs are done. We don't report otherwise. Puneet: Understood. That's very clear. Badal Bagri: Puneet, out of 1,985 total potential, close to INR 1,900 crores was reported in the current quarter. There were just , six units or so, which kind of spilled over, which has got subsequently recorded in the system. So, we report what is recorded in our financial system. Aakash Ohri: That's because of some NRI money. As I said, we only account for monies which have come in. Verbal confirmations, written confirmations, even, the codes that came in, the SWIFT code, sometimes, the tallying takes time because the bank holidays and all were there, weekend. Puneet: Right. Yes. Aakash Ohri: That's how. So, I think we are a bit too precise, in what we do here. So, that’s… Puneet: Understood. Aakash Ohri: Otherwise, so all -- technically everything was done before 30th September. Puneet: Understood. Secondly on – Yes. Aakash Ohri: The booking amount, Puneet, was INR 50 lakhs. Puneet: Yes. That's very clear. Secondly, on Dahlias, you talked about taking the price increases. Are you already seeing those price increases or should we still expect them post the launch of Experience Centre? Aakash Ohri: No. If you see this time's report, Dahlias has been seeing a price increase. In fact, it's already gone up by almost about 10% even this time. And the post the Experience Centre, once the show- and-tell begins, it's going to be there. So, the total super luxury, including The Camellias, we did gross sales of about 19 this quarter. And so, Dahlias has shown a very, very strong trend. In fact, this time the North sales have happened, so which you may have seen per unit, about INR 120, 124, 125 crores per unit. That's the 10,000 square feet ones. And the one penthouse that we reported for about INR 271. So, this time there were more North sales than there were Page 3 of 11 DLF Limited October 17, 2026 South, Plus that, obviously, Dahlias is the algorithm, the price algorithm makes sure that there is an increase with every sale. So, it is not linked to velocity or it's not linked to, the number of sales. It is a progressive kind of a statement. Puneet: Got it. And North commands better value, as you said, versus South. Aakash Ohri: Yes. A bit. There's a IN [Showing first 8,000 characters — download PDF for full document]