DLF keeps FY27 sales target flat at ₹20,000 crore, prioritizes margins

Bengaluru: Realty major DLF Ltd has set a sales target of ₹20,000 crore for FY27, unchanged from last year, as it prioritizes margins and cash flows over aggressive pre-sales growth.

“We are comfortable in the ₹20,000 crore sales trajectory. If we want, we can do sales of ₹50,000 crore in a year also,” DLF managing director Ashok Tyagi said during an analyst call on Thursday. “We have the land and the demand. What we have to do is chase margins and cash flows, which we believe is the primary objective and not chasing pre-sales.”

The developer has lined up launches worth around ₹20,000 crore this year across Gurugram, Mumbai and Goa.

DLF on Wednesday reported a net profit of ₹4,408.34 crore during FY26, up about 1%, while revenue from operations increased 2.5% year-on-year to ₹8,194.02 crore.

For its development business, DLF reported gross margins of 39% in FY26, compared with 48% in FY25. Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the segment stood at ₹3,070 crore in FY26 against ₹3,111 crore a year earlier.

The company saw a 5% year-on-year decline in sales bookings for FY26 to ₹20,143 crore, compared with ₹21,223 crore in FY25. The Gurugram-based developer, however, met its sales guidance of ₹20,000-22,000 crore for the year.

The conservative guidance also reflects constraints in construction execution capacity across the industry, Aakash Ohri, managing director and chief business officer, DLF Home Developers Ltd, told Mint.

“Everybody can chase their pre-sales numbers, but who will deliver on time? If one makes a commitment of a four-year delivery timeline and then delivers in 8-10 years, there is no point,” Ohri said. “We have a good launch pipeline and expect good response to our launches but we also want to be pragmatic about the targets we set.”

DLF competes with Godrej Properties Ltd, Prestige Estates Projects Ltd, and Lodha Developers Ltd in the residential sector, which has seen sales momentum surge since the pandemic.

The country's four leading real estate developers had aimed to collectively cross ₹1 trillion in residential sales bookings in FY26. They have reported cumulative sales of ₹1.05 trillion, a milestone that marks the strongest year yet for branded players.

Godrej Properties reported ₹34,171 crore in sales in FY26, Lodha clocked ₹20,530 crore, Prestige Estates recorded ₹30,024 crore, and DLF secured ₹20,143 crore in sales bookings.

Luxury focus: The Dahlias

Nearly ₹5000-6000 crore of DLF's sales target in the current financial year will be generated from its super-luxury project, The Dahlias, in Gurugram. In FY26, DLF sold around 56 residential units in Dahlias for ₹4824 crore.

The DLF management highlighted the growing momentum in Gurugram’s ultra-luxury housing market, which is increasingly being compared with Mumbai’s premium residential segment.

Dahlias, which was first launched in the end of 2024, has 420 residences valued at ₹43,350 crore. DLF has sold nearly 60% of its inventory and witnessed sharp appreciation in pricing since launch.

“When we started off, what was about ₹60 crore is now ₹90 crore, and what was about ₹75 crore is now about ₹110 crore,” Ohri said, adding that new inventory in the project is now touching around ₹135 crore per residence.

Gurugram has emerged as the country's fastest-growing high-end luxury residential market, recording ₹24,120 crore in transactions for homes priced at ₹10 crore and above in 2025, according to a February report by India Sotheby’s International Realty and CRE Matrix.