DLF Q4 FY26 Results: PAT at ₹1,269 Crore, 400% Dividend Declared — Full Analysis
By Kaushik Brahmakshatriya
Published On 02 June 2026.
DLF Q4 FY26 Results
India’s largest listed real estate developer,DLF Limited, announced its audited financial results for the fourth quarter and full financial year ending March 31, 2026, on May 13, 2026. The results presented a mixed but largely optimistic picture — quarterly revenue came under pressure, but full-year profitability, sales bookings, and balance sheet strength delivered strong signals for investors and market watchers alike.
Q4 FY26 Quarterly Highlights
DLF posted a consolidated net profit of ₹1,268.6 crore for Q4 FY26, meeting analyst expectations. However, quarterly revenue came in at ₹1,814.1 crore, marking a sharp decline of 42% on a year-on-year basis, missing street estimates of ₹2,478 crore.
Despite the revenue shortfall, profitability remained resilient. DLF’s EPS for Q4 FY26 stood at ₹5.1, surpassing the analyst forecast of ₹4.32 by over 18%, which drove a 2.47% rise in the stock in after-hours trading.
On a quarterly basis, Q4 EBITDA stood at ₹4.10 billion with an EBITDA margin of 22.60%, compared to a margin of 31.30% in Q4 FY25, reflecting year-on-year pressure on operating profitability.
DLF Q4 FY26 vs Q4 FY25 — Key Financial Metrics
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Revenue from Operations | ₹1,814 crore | ₹3,127 crore | ▼ 42% |
| Net Profit (PAT) | ₹1,269 crore | ₹1,282 crore | ▼ 1.1% |
| EPS (Basic) | ₹5.10 | ₹4.32 (est.) | Beat by 18% |
| EBITDA Margin | 22.60% | 31.30% | ▼ 870 bps |
Full Year FY26 Performance — The Bigger Picture
The quarterly dip becomes less worrying when viewed against the backdrop of DLF’s full-year performance. For the year ended March 31, 2026, DLF reported a net profit of ₹4,256 crore before exceptional items, up 16% over the previous year. Its revenue grew 13.1% to ₹10,174 crore, and EBITDA stood at ₹3,070 crore for FY26 compared to ₹3,111 crore in FY25.
DLF’s consolidated net profit for the full year, including associates and joint ventures, came in at ₹4,414.68 crore. The share of profit from associates and JVs for FY26 stood at ₹1,792.83 crore, compared to ₹1,672.31 crore in FY25. Total consolidated assets as of March 31, 2026 reached ₹74,874.77 crore.
DLF Full Year FY26 vs FY25 Financial Comparison
| Metric | FY26 | FY25 | YoY Change |
| Revenue from Operations | Revenue from Operations | ₹8,996 crore | ▲ 13.1% |
| Net Profit (PAT) | ₹4,257 crore* | ₹3,672 crore | ▲ 16% |
| EBITDA | ₹3,070 crore | ₹3,111 crore | Broadly Flat |
| Gross Margin | ~39% | ~37% | ▲ ~200 bps |
| Total Assets | ₹74,875 crore | ₹69,475 crore | ▲ 7.8% |
Sales Bookings & Project Performance
One of the standout highlights of FY26 for DLF was its development business performance. The development business achieved ₹20,143 crore in new sales bookings for the year, driven by successful sellouts such as Privana North in Gurugram and West Park in Mumbai. The super-luxury offering, Dahlias, played a pivotal role in Q4 performance, contributing ₹3,967 crore in Q4 alone.
This was broadly in line with internal guidance, and management has maintained a similar target for FY27. DLF has reiterated guidance for FY27 new sales bookings of approximately ₹20,000 crore, signaling confidence in ongoing demand for its residential launches despite macroeconomic uncertainties.
Balance Sheet Strength & Dividend
DLF’s balance sheet story is one of its strongest narratives in FY26. The company exited FY26 with a zero gross debt position in its development business and a net cash surplus, reflecting a significantly strengthened balance sheet.
On the dividend front, shareholders received a generous reward. DLF declared a final dividend of ₹8 per equity share for FY26 — amounting to a 400% payout on the face value of ₹2 per share — marking a 33% increase over the previous year’s dividend.
DLF Dividend History — Last 5 Years
| Financial Year | Dividend Per Share | % on Face Value | YoY Change |
| FY26 | ₹8.00 | 400% | ▲ 33% |
| FY25 | ₹6.00 | 300% | — |
| FY24 | ₹5.00 | 250% | — |
| FY23 | ₹4.00 | 200% | — |
| FY22 | ₹3.00 | 150% | — |
Management Outlook for FY27
On the Q4 FY26 earnings call, DLF’s management highlighted robust collections, continued focus on reducing leverage, and efforts to preserve margins even as input costs and competitive intensity remain key challenges for large Indian real estate developers.
The company also pointed to a robust launch pipeline across both its development and rental businesses, supported by a sizable land bank and a consistent cash flow model.
Frequently Asked Questions (FAQ)
Q1. What was DLF’s net profit in Q4 FY26?
DLF reported a consolidated net profit of ₹1,269 crore in Q4 FY26, which was largely in line with analyst expectations despite a sharp fall in quarterly revenue.
Q2. Why did DLF’s Q4 revenue fall so sharply?
DLF’s Q4 FY26 revenue dropped 42% YoY to ₹1,814 crore primarily due to timing of project deliveries and lower revenue recognition in the development segment, a common pattern in Indian real estate accounting.
Q3. What dividend did DLF declare for FY26?
DLF declared a final dividend of ₹8 per equity share for FY26, equivalent to 400% on the face value of ₹2, representing a 33% increase over the FY25 payout.
Q4. What were DLF’s total new sales bookings for FY26?
DLF’s development business achieved new sales bookings of ₹20,143 crore in FY26, in line with its internal guidance.
Q5. Is DLF debt-free?
As of March 31, 2026, DLF’s development business reported a zero gross debt position with a net cash surplus — a significant milestone for the company’s financial health.
Q6. What is DLF’s FY27 sales bookings guidance?
DLF has guided for approximately ₹20,000 crore in new sales bookings for FY27, maintaining confidence in sustained demand across its premium and luxury residential portfolio.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions.we are not responsible for any loss.
