DLF Q4 FY26 Results: PAT ₹1,265 cr, revenue ₹2,172 cr

Key takeaway

DLF’s March-quarter (Q4 FY26) update showed a sharp year-on-year drop in revenue even as profit after tax (PAT) stayed broadly stable. The company also disclosed separate quarter data points for Q3 FY26, along with management commentary on collections, cash generation, dividend intent, and its rental business outlook.

Q4 FY26 headline numbers

DLF reported Q4 FY26 revenue of ₹2,172 crore. The company described this as 8% sequential growth but down 42% year-on-year (YoY).

On profitability, consolidated PAT rose to ₹1,265 crore, which was up 5% sequentially but down 2.3% YoY. The company also reported net profit before JV profits at ₹720 crore, which was down 7% sequentially.

How Q4 FY26 compares with the preceding quarter

The Q4 FY26 revenue number was presented as an improvement over the immediately preceding quarter on a sequential basis, but the company simultaneously flagged a steep YoY contraction. That combination suggests a quarter where execution picked up versus the prior quarter, while the comparable base in the year-ago quarter remained significantly higher.

On profits, the difference between “net profit before JV profits” and consolidated PAT was explicitly highlighted in the data provided. The sequential decline in profit before JV profits and the sequential increase in consolidated PAT were both part of the same Q4 FY26 disclosure.

Q3 FY26 performance: revenue growth and profitability metrics

For the quarter ended December 31, 2025 (Q3 FY26), DLF reported a 13.6% YoY jump in consolidated net profit to ₹1,203.36 crore. It also disclosed consolidated income of ₹2,479.54 crore, described as up 42% YoY.

The Q3 FY26 update also referenced the immediately preceding quarter (Q2 FY26) consolidated net profit of ₹1,180.09 crore and consolidated income of ₹2,261.80 crore.

DCCDL numbers disclosed for Q3 FY26

DLF’s annuity arm, DLF Cyber City Developers Limited (DCCDL), recorded Q3 FY26 consolidated revenue of ₹1,878 crore. DCCDL’s EBITDA was ₹1,464 crore, and this EBITDA figure was described as reflecting 18% YoY growth. DCCDL’s consolidated profit for the quarter was reported at ₹707 crore.

These numbers are relevant because DCCDL forms a large part of DLF’s rental and annuity profile, and management commentary in the same material focused heavily on collections, cash generation, and rental earnings trajectory.

Net sales snapshots: standalone vs consolidated

The data set also included net sales for the September and December 2025 quarters, split between standalone and consolidated:

• DLF consolidated net sales (Dec 2025): ₹2,020.22 crore, up 32.15% YoY
• DLF consolidated net sales (Sep 2025): ₹1,643.04 crore, down 16.81% YoY
• DLF standalone net sales (Dec 2025): ₹562.90 crore, down 39.91% YoY
• DLF standalone net sales (Sep 2025): ₹646.53 crore, down 28.45% YoY

Taken together, these figures show that consolidated and standalone trends can diverge meaningfully from quarter to quarter, reflecting the group structure and the contribution of subsidiaries and joint ventures.

Management commentary: collections, cash generation, and pricing

In a management discussion summary dated May 07, 2026, DLF highlighted improved balance sheet strength, operating execution, and cash flows. It disclosed net collections of ₹10,216 crore for the nine-month period, representing 21% YoY growth.

The same update stated net surplus cash generation of ₹6,432 crore for the nine-month period, exceeding the entire cash generated in the last fiscal, as described in the source material. Management also referred to a 25% increase in daily pricing over the past year.

Rental business outlook and payout intent

On rental/annuity income, management indicated that FY26 earnings were expected to be about ₹5,900 crore in DCCDL and about ₹550 crore in another bucket mentioned in the material, implying about ₹6,400 crore for the rental or annuity business in FY26. It further stated that next year this could rise to ₹7,400 to ₹7,500 crore.

On dividends, management indicated it would propose to the board to continue the dividend payout at the same broad level as the last year, described as a ballpark 75% to 80% of PAT, for FY26 and FY27.

Q4 FY25 reference: revenue, profit, margins, and dividend

A separate Q4 FY25 note stated DLF reported consolidated revenue of ₹3,348 crore and net profit of ₹1,268 crore. The same material mentioned a ₹6 per share dividend for FY25, described as a 20% increase over the previous year’s payout.

It also disclosed gross margins of 47% and EBITDA of ₹1,198 crore for that quarter. The YoY growth in net profit was described inconsistently in the provided text, cited once as 59% YoY and elsewhere as 37% YoY, alongside the same ₹1,268 crore profit figure.

Market reaction data point

On January 22, DLF shares on the BSE were reported to have closed 0.67% lower at ₹613.65.

Key numbers at a glance

What investors will track next

The disclosed numbers put focus on two moving parts: the sharp YoY revenue drop in Q4 FY26 and the cash and collections momentum described for the nine-month period. Alongside this, the rental business outlook of ₹6,400 crore in FY26 and ₹7,400 to ₹7,500 crore next year offers an explicit marker that investors can compare against future quarterly disclosures.

The next updates to watch will be any board decisions on the dividend proposal referenced by management, and subsequent quarters’ disclosures that reconcile revenue movement with collections, profitability, and the rental platform trajectory.