DLF Q3 Results FY26: Profit Rises 14% as Net Cash Hits ₹11,660 Crore
DLF Q3 Results FY26: Institutional Earnings Overview
DLF Limited reported its consolidated financial results for the quarter ended December 31, 2025, delivering strong revenue growth, improved profitability, and a major balance sheet milestone with the company turning net cash positive. The quarter reflected strong collections, high operating cash generation, and stable annuity income from the rental portfolio.
According to the official Q3FY26 investor presentation , the company achieved zero gross debt and reported a net cash position of ₹11,660 crore during the quarter, marking a significant improvement in financial strength and capital allocation flexibility.
Key Highlights – Q3 FY26
- Revenue increased 32% year-on-year
- EBITDA grew 39% year-on-year
- Net profit rose 14% year-on-year
- Operating cash surplus of ₹3,876 crore
- Net cash position of ₹11,660 crore with zero gross debt
DLF Q3 FY26: Key Financial Metrics
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹2,020 crore | ₹1,529 crore | +32% |
| EBITDA | ₹849 crore | ₹609 crore | +39% |
| Net Profit (after exceptional items) | ₹1,207 crore | ₹1,055 crore | +14% |
| Operating Cash Surplus | ₹3,876 crore | ₹1,483 crore | +161% |
| Net Cash Position | ₹11,660 crore | ₹7,717 crore (Q2 FY26) | Improved |
DLF Q3 Results FY26: Development Business: Core Earnings Driver
The development business remained the primary growth engine during the quarter. According to the company’s Q3FY26 highlights, DLF recorded gross collections of around ₹5,100 crore, supported by strong demand and high collection efficiency across residential projects.
Operating cash surplus for the quarter stood at ₹3,876 crore, enabling the company to eliminate gross debt and strengthen its balance sheet.
New Sales and Booking Activity
New sales bookings during the quarter were reported at ₹419 crore. Management indicated that certain premium projects saw temporary booking pauses during the quarter due to design enhancements, with bookings resuming in the subsequent quarter.
The company continues to focus on luxury and super-luxury segments, which offer higher margins and stronger cash flows compared to mass housing projects.
DLF Q3 Results FY26: Balance Sheet Transformation: Net Cash Milestone
The most significant financial achievement during the quarter was the company’s transition to a net cash balance sheet.
- Operating cash surplus: ₹3,876 crore
- Net cash position: ₹11,660 crore
- Gross debt: Reduced to zero
Strong collections and disciplined capital allocation enabled the company to build a large cash reserve and eliminate leverage.
DLF Q3 Results FY26: Annuity Business: Stable Rental Income Engine
DLF’s annuity business continued to provide stable income with high occupancy levels.
- Operational rental portfolio: ~49 million sq ft
- Occupancy: ~94% by area
- Occupancy: ~96% by value
- Projected FY26 rental run-rate: ~₹7,400 crore
The company’s rental platform continues to benefit from strong tenant demand across office and retail assets.
DLF Q3 Results FY26: Cash Flow Analysis
- Collection from sales: ₹4,665 crore
- Rental inflow: ₹85 crore
- Total inflow: ₹4,750 crore
- Operating cash surplus: ₹3,876 crore
Controlled construction costs and strong collections enabled significant free cash generation during the quarter.
DLF Q3 Results FY26: Land Bank and Launch Pipeline
DLF maintains a large land bank across major urban markets. The company’s medium-term launch pipeline includes multiple premium and super-luxury projects with strong sales potential, providing revenue visibility over the next few years.
DLF Q3 Results FY26: Margin Profile and Profitability
EBITDA for the quarter stood at ₹849 crore, up 39% year-on-year, driven by higher revenue recognition and improved project mix. Net profit after exceptional items rose to ₹1,207 crore, up 14% year-on-year.
Capital Flow Context: Real Estate Cycle
Premium Housing Demand Remains Strong
India’s residential real estate cycle remains strong, particularly in premium and luxury segments, supported by rising urban incomes, consolidation toward branded developers, and improving balance sheets across the sector.
DLF’s Strategic Position
With a net cash balance sheet, a large land bank, and a strong annuity portfolio, DLF is well positioned to benefit from the ongoing real estate upcycle.
Peer Comparison
| Company | Balance Sheet | Core Segment | Profit Trend |
|---|---|---|---|
| DLF | Net cash | Luxury residential + annuity | Strong growth |
| Godrej Properties | Moderate debt | Residential launches | Growth via volume |
| Oberoi Realty | Low debt | Premium residential | Stable margins |
Key Risks
- Slowdown in residential demand
- Interest rate increases impacting affordability
- Execution delays in large projects
- Regulatory changes in real estate markets
Outlook for FY26
Management expects strong cash flow generation, new premium project launches, expansion of rental income, and continued balance sheet strength during FY26.
Conclusion
DLF delivered a strong Q3 FY26 performance, supported by revenue growth, improving margins, and a major balance sheet milestone with zero gross debt. Strong operating cash flows, a premium project pipeline, and a high-occupancy annuity portfolio position the company for sustained growth.
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