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Informist, Tuesday, Jan. 20, 2026

By Astha Oriel

MUMBAI – Real estate major DLF Ltd. is likely to report a sharp year-on-year increase in its consolidated top line for the December quarter, despite subdued presales, according to brokerages tracking the company. However, the company's net profit is expected to fall from a year ago due to a high base effect. The company is likely to witness double-digit growth in its consolidated net sales due to increased demand and price cuts it has implemented in the National Capital Region, according to brokerages.

The net profit of the real estate company is expected to be INR 10.66 billion, down over 21% on year, according to the average of estimates from seven brokerages. This will, however, be up nearly 13% on quarter. The highest estimate for the company's December quarter net profit is INR 17.57 billion by Elara Securities (India) Pvt. Ltd. and the lowest is INR 7.01 billion by HDFC Securities Ltd.

The sharp decline in the company's bottom line is due to a high base effect, as it had a deferred tax benefit of INR 8.2 billion in the year-ago quarter. In the reporting quarter, however, the company is likely to have a deferred tax liability of INR 2 billion, according to Motilal Oswal Financial Services Ltd.

The company's net sales are expected to be INR 24.21 billion, up over 58% on year in the December quarter, according to the average of estimates. This implies an increase of over 47% on quarter. The company's net sales were INR 15.29 billion in the year-ago quarter. The highest estimate for net sales is INR 32.46 billion from Elara Securities, whereas the lowest is INR 16.10 billion from HDFC Securities.

The company's pre-sales are likely to have fallen, as it did not have any new launches in the quarter, brokerages said. Only two brokerages have provided an estimate for the company's pre-sales. Motilal Oswal Financial Services expects pre-sales of INR 43 billion, whereas Kotak Securities Ltd. sees it at INR 25 billion for the December quarter. The company's pre-sales were INR 120.93 billion in the year-ago quarter.

The company's earnings before interest, tax, depreciation, and amortisation are expected to be INR 7.50 billion, up over 23% year-on-year but down nearly 17% on quarter, according to the average of estimates. The company's EBITDA was INR 6.09 billion in the year-ago quarter. The highest EBITDA estimate is INR 16.61 billion by Elara Securities, while the lowest is INR 2.77 billion by HDFC Securities.

HDFC Securities, Kotak Securities, and Motilal Oswal Financial Services estimate the EBITDA margin to contract by 414 basis points – 898 basis points year-on-year. Motilal Oswal estimates the highest EBITDA margin at 30%, while HDFC Securities estimates the lowest at 17%. The company's EBITDA margin was 35% in the year-ago quarter.

The company will report its December quarter results Thursday.

Shares of DLF have fallen over 21% since the company reported its September quarter earnings on Oct. 30. Tuesday, shares of the company closed 4.5% lower at INR 612.9 on the National Stock Exchange.

All seven brokerage reports on the company available with Informist have a ‘buy' rating on the stock, with an average target price of INR 988, which is almost 38% above the current market price.

The following are the December quarter earnings estimates for DLF Ltd. from seven brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Saji George Titus

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