Despite a muted start, DLF is confident of achieving pre-sales or bookings target of ₹20,000 crore in FY27, largely flat year-on-year. Absence of project launches in the June quarter (Q1FY27) dragged pre-sales 94% down year-on-year to ₹657 crore. Collections fell year-on-year and sequentially to ₹2,406 crore.
The real estate company continues to focus on improving cash flows (net cash of ₹15,200 crore) and margins rather than pursuing aggressive volume growth. Still, given the limited inventory, launches need to gather pace to drive pre-sales visibility.
Q2 may also be weak with launches of DLF Hamilton Court and Arbour 2 (senior living) in H2FY27 and the next phase of Privana—a premium offering, planned for Q4. Uber-luxury project The Dahlias has sold around 65% of its inventory, but traction has moderated. The management attributes it to steep price appreciation since launch rather than demand weakness. Here, realization exceeded ₹100,000 per sq. ft and DLF's priority is price appreciation over sales velocity.
An experience centre is expected to open after Diwali, which could drive another leg of demand. DLF has around ₹16,500 crore of inventory in this project which is planned to be monetized over the next three years. While the Gurugram housing market is battling a slowdown amid falling volumes, DLF’s pedigree should help it navigate these challenges, said Nuvama Research.
The Goa residential project, which could contribute around ₹2000 crore to FY27 pre-sales, has received most approvals, but launch hinges on clarity on the pending litigation. DLF is also looking to launch a housing project in DLF City with revenue potential of ₹8,000–9,000 crore and the second phase of the Mumbai project in H2FY27. Its medium-term launch pipeline is around 24msf projects with gross development value of around ₹60,200 crore. It is exploring strategic land acquisitions in Delhi-NCR, and has invested around ₹545 crore during the last two quarters.
Nomura Research noted that DLF’s Q1FY27 revenue, Ebitda and profit after tax missed consensus estimates by 42%/70%/ 28%, respectively, and this trend is likely to continue until DLF Arbour begins revenue recognition from FY28. As per DLF, FY28 would be an inflection point from a reporting perspective as large projects contribute to the P&L, and thus, unlock the significant gross margin potential of around ₹39,000 crore.
In contrast, Godrej Properties saw bookings rise 22% year-on-year to ₹8,651 crore with new launches contributing around 59%. It has guided for 14% pre-sales growth in FY27. Lodha Developers clocked pre-sales of ₹4,629 crore, up 4% year-on-year, which included the contribution from the sale of the land bank. It targets 17% pre-sales growth, backed by new launches in H2FY27.
Meanwhile, rental income grew 9% year-on-year to ₹1,444 crore in Q1FY27. DLF expects existing assets to deliver around 10-11% rental growth this year and sees FY27-exit rentals of ₹7,300-7,500 crore.
On the basis of launches, Motilal Oswal Financial Services expects a muted 2% CAGR in DLF’s pre-sales to ₹20,900 crore in FY26-28E. “We value DLF at its NAV and currently do not assign a growth premium to it since the potential of its sizable landbank is already getting captured in our estimates. Further, delta to valuations would come via new project additions in Mumbai Metropolitan Region and/or other markets,” it added. From its 52-week high of ₹798.80 seen in August 2025, the stock is down 17%.