DLF Q2 FY26 Results: Profit Falls but Sales Skyrocket with Mumbai Launch
India’s real estate major DLF Ltd has announced its financial results for the second quarter of FY26, showcasing a sharp contrast between profits and sales. Despite a dip in net profit, the company achieved record-breaking sales, thanks to the roaring success of its maiden Mumbai project The Westpark.
Net Profit Dips, But Sales Tell a Different Story
it reported a 15% decline in consolidated net profit, standing at ₹1,180.09 crore for Q2 FY26, compared to ₹1,381 crore in the same period last year. The dip came mainly due to lower revenue from operations, which fell by about 20% to ₹1,643.04 crore during July–September.
However, the sales story tells a completely different tale. its new sales bookings surged six-fold, reaching ₹4,332 crore a major leap from ₹692 crore last year. This massive jump was driven primarily by The Westpark in Mumbai, marking DLF’s strong debut in India’s financial capital.
The Westpark: DLF’s Big Mumbai Breakthrough
DLF’s entry into Mumbai through The Westpark has been nothing short of spectacular. The project captured the attention of luxury homebuyers and investors alike, becoming one of the top-selling launches of the quarter.
Industry analysts note that Mumbai’s high demand for branded luxury homes has opened a lucrative gateway for developers like DLF. The company’s successful debut is expected to pave the way for more high-end projects in the region.
Strong Balance Sheet and Robust Cash Flow
Even with lower quarterly profits, it continues to display impressive financial discipline. The company’s net cash position stood at ₹7,717 crore at the end of the quarter a sign of strong liquidity and efficient cash flow management.
This comes despite the company paying out a dividend of ₹1,485 crore and repaying ₹963 crore of debt during the same period. Such a strong financial cushion gives DLF ample room to fund new launches and expand its luxury portfolio.
Cumulative Sales and Positive Outlook
DLF’s H1 FY26 cumulative sales bookings reached ₹15,757 crore, aligning with its annual targets. The company expects continued demand across luxury and premium housing segments, particularly in metropolitan markets.
In addition, rating agency CRISIL upgraded DLF’s credit rating to AA+/Stable, citing the developer’s strong fundamentals and stable cash flows.
Luxury Housing Market on the Rise
DLF’s management highlighted that the housing market remains buoyant, fueled by a resilient economy and a growing desire for homeownership. More buyers are now seeking trustworthy, branded developers, which plays perfectly to DLF’s strengths.
“We continue to leverage our high-quality land bank by calibrating our new product offerings to match the sustained market momentum,” DLF said in its statement.
Annuity Business Delivers Consistent Growth
DLF’s commercial real estate arm, DLF Cyber City Developers Ltd (DCCDL), continues to be a strong performer. The company reported a 12% year-on-year revenue growth, with Q2 FY26 consolidated revenue at ₹1,822 crore and EBITDA at ₹1,412 crore.
Moreover, DCCDL’s profit for the quarter jumped 23% year-on-year to ₹643 crore. Its operational annuity portfolio now stands at 49 million sq ft, one of the largest organically grown portfolios in the country.
The company also plans to continue its robust capital expenditure program to expand its annuity business and strengthen long-term revenue streams.
Sanjeev Singh, MD, SKJ Landbase, on DLF’s Performance
Commenting on the Q2 results, Sanjeev Singh, Managing Director of SKJ Landbase, shared his insights:
“DLF’s strategy reflects a clear understanding of India’s evolving real estate landscape. While short-term profit fluctuations are part of any business cycle, the company’s strong sales growth and prudent financial management show long-term strength. The success of The Westpark also reaffirms Mumbai’s potential as a premium housing hotspot. Going forward, DLF’s focus on branded luxury and sustainable developments will continue to drive investor confidence.”
His statement underlines the fact that strategic expansion and a steady financial foundation matter more than temporary dips in profit.
Future Outlook: Strong Momentum Ahead
Despite a profit dip this quarter, the performance paints an optimistic picture. With a healthy sales pipeline, strong balance sheet, and consistent annuity growth, the company remains well-positioned to capitalize on India’s booming real estate market.
The surge in The Westpark sales also signals that luxury housing demand in urban India remains unstoppable. As DLF gears up for more launches across Delhi-NCR and Mumbai, it’s clear that the brand continues to command trust and aspirational value among homebuyers.
Final Thoughts
DLF’s Q2 FY26 results showcase a company that’s evolving with market dynamics. While profits dipped slightly, the six-fold rise in sales and strong financial resilience speak volumes about the brand’s leadership in Indian real estate.
With visionary projects like The Westpark and a focus on quality, transparency, and customer trust, it stands ready to shape the next chapter of India’s urban transformation.
