Transcript of earnings call for Q1 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 7th August 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: Sr. No. Particulars Details 1. Date of Earnings 4th August 2026 webcast 2. List of - Mr. Ashok Kumar Tyagi – Managing Director, DLF Limited management - Mr. Sriram Khattar – Vice Chairman and Managing attendees Director, Rental Business, DLF Limited - 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 Q1FY27_earning_transcript.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 For Stock Exchange’s clarifications, please contact: Mr. R. P. Punjani – 09810655115/ punjani-rp@dlf.in Ms. Nikita Rinwa – 09069293544/ rinwa-nikita@dlf.in 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 Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT: MR. ASHOK KUMAR TYAGI – MANAGING DIRECTOR DLF LIMITED MR. SRIRAM KHATTAR – VICE CHAIRMAN AND MANAGING DIRECTOR (RENTAL BUSINESS), DLF LIMITED MR. AAKASH OHRI – MANAGING DIRECTOR AND CHIEF BUSINESS OFFICER MR. BADAL BAGRI – GROUP CHIEF FINANCIAL OFFICER – DLF LIMITED Page 1 of 12 DLF Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to DLF Limited’s Q1 FY27 Earnings Conference Call. We have with us today on the call, Mr. Ashok Tyagi, Managing Director, DLF Limited; Mr. Sriram Khattar, Vice Chairman and Managing Director, Rental Business; 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. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference to Mr. Badal Bagri. Thank you, and over to you, sir. Badal Bagri: Good evening, and thank you for joining us today. We are pleased to report a resilient performance during the first quarter. This performance continues to reflect the underlying asset quality, disciplined execution, our brand strength, and prudent capital allocation across a well- diversified mix of development and annuity businesses. I'll briefly talk about the operating highlights and thereafter the financial highlights. Overall collection for the current quarter stood at INR 2,406 crores. Operating cash flow continues to be strong at over INR 1,300 crores in the quarter. Consequently, our net cash position at the end of the first quarter stood at INR 15,200 crores, of which close to INR 11,000 crores is sitting in the RERA, 70% escrow accounts. New sales bookings for the quarter were INR 657 crores, reflecting the timing impact of deferment of our launch of Aureva, our senior living product. We are awaiting the final approvals and expecting them to be received over the next few weeks. Our rental portfolio stands at over 50 million square feet and continues to operate at an industry- leading occupancy at over 95% in terms of space and over 97% in terms of value. Our revenue stood at INR 1,605 crores, yielding an EBITDA of INR 476 crores for the quarter. Net profit for the quarter was INR 794 crores versus INR 766 crores in the same period last year. It's important to reiterate here that given the current applicable laws and standards, we continue to follow a conservative practice of completed contract method of accounting, which reflects the recognition of revenue and profits from the projects once it's completed in that relevant period. We strongly believe that FY28 would be an inflection point from a reporting perspective, wherein all our large products, starting from the Arbour, will start to contribute to the P&L and consequently, we will start to unlock the significant gross margin potential that we have been highlighting over the last several quarters now. Just to remind, the gross margin potential as it stands today, is approximately INR 39,000 crores. It's important to highlight that in the current quarter, in the month of July, we also got the operation certificate for our mall in Goa. With this, all 3 malls in DLF Limited will be operational in the current financial year, leading to a significant increase in run rate of rental business within the DLF entities itself. Page 2 of 12 DLF Limited August 04, 2026 As a result, from the current quarter, we have started reporting segment financials in DLF Limited depicting individual performance of both development and rental businesses. We have also added one slide in our presentation to show the combined scale of our rental business across DLF, DCCDL and Atrium from this quarter. Moving to DCCDL. Our consolidated revenue stood at INR1,917 crores, reflecting a growth of 10% year-over-year, yielding an EBITDA of INR 1,474 crores. Net profit continues to be a strong performance of INR 717 crores, a growth of over 20% year-over-year. With this, I hand it over to Sriram to give you details of the annuity business. Sriram Khattar: Good evening. I'll very quickly take you through the rental businesses. I'll start with offices. Last 2 quarters, there has been a fair amount of debate on the impact of AI on the hiring of the various multinationals and GCCs and how it is impacting, and from February onwards, the war between Iran and U.S. and the ever-changing dynamics there. These two did slow down the decision-making of the global companies because as you investors and analysts will appreciate, no one likes uncertainty. But last about 4, 5 weeks, I personally see the green shoots of the international companies coming back and making enquiries and starting to take decisions and I believe that Q2 and Q3 will be good quarters from that point of view. As Badal has just explained to you, the vacancy levels are very low. And fortunately, for us, our newer projects, which is Cyber Park, Atrium Place, Downtown Gurgaon, Downtown Chennai are nearly 100% leased. Our capex program on Downtown Gurgaon Phase 2 and Downtown Chennai Phase 2 are going at full speed and the leasing here in Gurgaon is about 40%. The leasing in Taramani pre-leasing is at about 17%-18%. But as I said, we will see reasonable momentum in Q2 and Q3. The rentals in the portfolio grew by about 8.5%-9% from Q1 of FY26. In retail, as Badal mentioned, the three new malls, they are getting operational slowly. The one in Midtown Plaza is now fully operational. It's about 85% open with more than 97%-96% leasing. The Summit Plaza, we did the opening pooja and soft launch yesterday. We think it will come to its full bloom in the next 2-2.5 months. That is also about 90% leased. In Goa, while we have got the OC, the finishing works are in progress. Leasing is in progress, and we are targeting to open the mall in either end of this year or early next year. The retail business, the consumption in the first quarter and the spend have been good. We have done as per our budget, so slightly better and the growth from previous year is about 13.5%- 14%. We continue on our journey [Showing first 8,000 characters — download PDF for full document]