Resilient rental, muted pre-sales, FY28 inflection claimed

Revenue down 52.9% YoY; pre-sales only ₹657 Cr (very muted Q1); PAT +4.1% vs prior year

DCCDL PAT +20% YoY; rental revenue ₹1,605 Cr; all 3 malls now operational — claim supported

Gross margin potential ₹39,000 Cr claimed; 11-12M sq ft under construction; 3-4 quarters to fructify on land; timeline credible

Q1 pre-sales ₹657 Cr (timing impact of Aureva deferment); needs ~₹5,000 Cr/qtr avg; Goa residential only 10% of guidance and litigation-delayed; Aurevadeferment explicit

Exit rentals revised down to ₹7,300-7,500 Cr; Midtown & Summit Plazas ramping; Goa delayed to May/June next year

Prior ₹8,200 Cr → revised ₹7,300-7,500 Cr; Goa mall delayed to May/June FY28; Midtown/Summit plazas ramping slower than expected

Dahlias Q1 only 34 units vs prior ~12-15/qtr; strategy to prioritize ₹100+ Cr entry level price realization over volume; no change to guidance but Q1 execution softer

Litigation PIL delay cited as reason to defer customer payments; only ~10% of ₹20,000 Cr FY27 guidance exposed; management now 'side of caution' vs prior agenda

Q1 rental revenue ₹1,605 Cr implies ₹6,420 Cr annual run-rate; lower than prior ₹8,200 Cr guidance, now guided to ₹7,300-7,500 Cr (assumes ramp in H2 & FY28)

65% sold in 18 months; pricing now ₹100-170 Cr/unit; market interest from 25-30% outside Delhi NCR; consciously paced ahead of Experience Center opening to manage pricing and quality; no slowdown just quality-focused

Goa only ~₹2,000 Cr (10%) of guidance; litigation is PIL form not uncommon; chosen customer-first approach to defer until approvals clear; ballpark still on track

₹7,300-7,500 Cr (revised down from prior ₹8,200 Cr guidance due to Midtown/Summit ramp and Goa delay to May/June FY28)

Marginal 2-2.5% CAM cost increase; no tenant pushback; pass-through model; transparent CAM audit annually shared with tenants

GCC and multinational recovery starting; were waiting for Iran-U.S. war clarity; local Indian companies continued expansion throughout; big corporates (250K+ sq ft) now moving

No direct binary; price matrix and sales pace both planned separately; next phase depends on physical construction progress (3-3.5 years) and commercial progress in parallel

Follow-through launch on prior spectacular project expected within FY27 or calendar year; exploring other possibilities; selective on value-add; medium to long-term strategy

70-80 acres consolidated; still on drawing board; final call on sizing/timing not yet taken; decision expected next year; on horizon, just timing question

Data center needs real estate + power + rack technology; DLF focusing only on real estate as developer, not buying technology or running operations; strategic choice

Goa only ~10% (₹2,000 Cr); Q1 pre-sales muted at ₹657 Cr; dependent on Aureva, Hamilton, Privana Phase 4 launches H2 FY27; achievable but execution risk

₹39,000 Cr potential identified; Arbour and large projects completing in FY28; completed-contract method to shift in P&L; inflection point clear

Downtown Gurgaon Phase 2 & One Downtown, Downtown Chennai Phase 2, Atrium Place Tower 1 (Sep OC), Cyber City 2 SPR (70-80 acres, timing next year)

Q1 pre-sales only ₹657 Cr (Aureva timing deferment); needs ₹5,000+ Cr/qtr on average to hit ₹20,000 Cr FY27 target; dependent on unproven launches and GCC recovery

Goa Residential project in PIL form litigation (not uncommon per mgmt); deferring customer payments until approvals clear; represents ~₹2,000 Cr (10%) of ₹20,000 Cr FY27 guidance; timing uncertain

AI impact on hiring and Iran-U.S. war geopolitical uncertainty slowed GCC/multinational decision-making last 2 quarters; recovery expected Q2-Q3 but unproven; impacts rental leasing velocity

Prior guidance ₹8,200 Cr exit rentals cut to ₹7,300-7,500 Cr (~₹800 Cr miss); signals Goa mall ramp delayed to May/June FY28 and/or Midtown/Summit underperforming assumptions

Conservative accounting (revenue only on project completion) defers ₹39,000 Cr gross margin to FY28+; inflection point credibility hinges on Arbour/large projects completing on schedule and sales execution; delay pushes margin unlock to FY29