Strong presales, margin tailwind, but revenue inflection delayed to FY28

Consolidated includes INR 738 Cr one-time JV valuation gain; reported PAT 1301.3 Cr matches

Collections INR 2,780 Cr with dividend payout INR 1,980 Cr supports strong cash, though no separate OCF figure verified

Q2 revenue run-rate ~₹5,000 Cr annualized; two quarters in, pace is 40% below target. Clear miss signal.

Rental revenues INR 120 Cr this quarter; exit guidance ₹750 Cr annual implies consistent rental income stream

274 units sold to date; initial booking INR 50 lakhs; sales concluded by Sept 30 for this quarter reporting

Prior guidance FY27 ₹20,000 Cr reaffirmed but implicit miss clear: Q2 run-rate ~₹5,000 Cr annualized. Major recognition now FY27-28 onwards, not FY27.

DLF rental exit ₹750 Cr annual (~₹175-180 Cr/quarter) confirmed; DCCDL ₹6,800 Cr specified. No change from prior ₹7,300-7,500 Cr exit guidance range, but breakdown now clearer.

Aureva complete sellout response; Dahlias 280 units sold with pricing up ~10%; new Hamilton luxury Q4 launch. Brand momentum in premium segment visible.

GRAP constraints in Delhi (30-40 days possible), labor shortages post-monsoon. H1 construction expenditure lower due to bottlenecks. Q3 may still face headwinds.

Sales concluded by Sept 30; booking (₹50L/unit) recorded only when money in account + paperwork complete. Initial booking substantial; spillover and paperwork delays normal.

Price increase already visible, ~10% rise expected. North sales now ₹120-125 crores/unit. Price algorithm ensures increase with every sale.

Arbour inflection FY27-28 onwards. Series: Arbour > 3 Priavnas > Dahlias. Post-Camelias/pre-Arbour period is 'shadow' phase. FY27-28 from Arbour onwards, series start completing.

Exit run-rate ₹175-180 Cr quarterly, or ~₹750 Cr annual. For DCCDL, ₹6,800 Cr potential exit value.

H1 lower due to labor migration post-monsoon and Chhath Puja. GRAP guidelines (30-40 days impact) may hit Q3 but not crisis. Contractors in place. Q3 may see some challenges; recovery expected.

Unsold inventory value ₹15,000 Cr. Margin on that inventory ₹11,000 Cr. Balance sheet shows ₹10,825 Cr margin yet-to-be-recognized.

IREO: 28.5 acres acquired over ~18 months; 19.5 acres conveyed earlier, 7.06 acres with encumbrances cleared Q2. New 7.48-acre collaboration for 36-acre contiguous Sector 61 parcel; completion expected Q4.

Accounting revenue tied to project completions, not sales. Inflection point ₹75,000 Cr launches identified; major recognition FY27-28+. Cyber City/Atrium (~₹2,000-2,175 Cr/quarter) not consolidated due to AVM rights.

Chennai 1-3 operational. Block 4-5 under construction (3.6M sqft), operational by calendar next year. Downtown Gurgaum 5-8 + MOIG completion end FY28-29.

Establishing more predictable DCCDL-to-DLF dividend pipeline. Current guidance: annual dividend continues. Future flexibility possible but not committed.

Run-rate risk: Q2 pace ~₹5,000 Cr annualized vs ₹20,000 Cr target. Management reaffirmed but implicit miss clear. Dependent on Q3/Q4 launches + completion acceleration.

Rental portfolio delivering 96-97% occupancy; exit potential ₹750 Cr (DLF) + ₹6,800 Cr (DCCDL). Cash generation strong.

GRAP guidelines (Delhi) may impact Q3 by 30-40 days. Contractors in place; recovery expected. Post-Arbiour, major project completions begin.

₹75,000 Cr inflection point launches now recognized FY27-28 onwards (delayed from FY27). If project completions slip further, FY28 guidance at risk.

H1 FY27 construction spend lower due to labor influx post-monsoon and Chhath Puja cycles. GRAP guidelines may impose 30-40 day delays Q3 if air quality thresholds triggered.

Cyber City (~₹2,000 Cr/quarter) + Atrium (~₹150-175 Cr/quarter) excluded from consolidation. Investors lack visibility into control restrictions and future consolidation timing.

New land parcel between Midtown and Chanakyapuri still 'early stage' on DMP approval. No launch timeline given; potential multi-year delay.

96-97% occupancy strong, but portfolio concentrated in Gurgaon/Delhi commercial (CyberCity dominant tenant base likely). Economic slowdown could reduce expansion appetite.