DLF Ltd reported stable operating performance for the quarter ended December 31, 2025 (Q3 FY26), supported by strong cash collections and continued balance sheet improvement. The real estate developer said it ended the quarter with a net cash position, reflecting sustained operating cash flows and disciplined capital management.
DLF operates across residential development and annuity-based commercial assets through its subsidiaries. The company said its financial position strengthened further during the quarter, aided by collections from ongoing projects and steady rental income.
Latest Quarterly Results
For the third quarter of FY26, DLF reported consolidated revenue of ₹2,479 crore. Operating profit, measured by EBITDA, stood at ₹849 crore for the quarter. The company recorded a consolidated profit after tax of ₹1,207 crore.
Cash generation stood out. Net collections during Q3 FY26 and the nine months ended December 31, 2025 totalled ₹10,216 crore, reflecting payments received from customers across residential projects. Operating cash flows for the nine-month period reached ₹3,876 crore, enabling the company to fully eliminate its gross debt during the quarter.
As a result, DLF reported a net cash surplus of ₹11,660 crore at the end of December 2025. The company described this as a significant milestone in its balance sheet strategy.
Sales activity during the quarter was largely driven by existing inventory. New sales bookings in Q3 FY26 stood at ₹419 crore, as certain new project launches were deferred.
Q3 FY26 Context
DLF said that some planned launches were postponed during the quarter due to design and planning considerations. These projects remain part of the company’s future development pipeline. The quarter therefore reflected a focus on cash collections and execution rather than new launches.
Business and Operations Update
The annuity business, housed under DLF Cyber City Developers Ltd (DCCDL), continued to provide stable income. For the nine months ended December 31, 2025, the annuity portfolio reported revenue of ₹1,878 crore, EBITDA of ₹1,464 crore, and profit after tax of ₹707 crore.
During the quarter, DLF added DLF Summit Plaza in Gurugram to its retail portfolio, expanding its annuity asset base.
Strategic Developments
DLF did not announce any mergers or acquisitions during the quarter. The company reiterated its focus on balance sheet strength, disciplined capital allocation, and execution of its existing project pipeline. It also reported an upgrade in its long-term credit rating during the quarter.
Outlook
Looking ahead, DLF said it remains focused on sustaining cash flows, progressing with planned project launches, and growing its annuity portfolio in a calibrated manner, while maintaining financial discipline.