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Informist, Tuesday, May 12, 2026

By Astha Oriel

NEW DELHI – Real estate major DLF Ltd. is likely to report a marginal decline on year in its consolidated bottom line and a moderate fall in top line for the March quarter, according to brokerages tracking the company. Analysts see the moderation in sales of luxury apartments in the Delhi-National Capital Region exerting pressure on the company's bottom line.

DLF's consolidated net profit for the March quarter is likely to be INR 12.52 billion, down more than 2% on year and flat on quarter, according to an average of estimates from six brokerages. Elara Securities (India) Pvt. Ltd. has the highest estimate for the net profit at INR 15.80 billion. The lowest estimate is INR 10.27 billion from Nuvama Wealth Management Ltd. The fall in the company's net profit for the March quarter, as per the consensus, will follow a rise of nearly 14% on year in the bottom line for the December quarter.

Elara Securities expects a blip in the near-term demand for high-ticket projects and markets like Delhi-NCR on account of delays in decision making owing to the geopolitical crisis in West Asia hitting various businesses. HDFC Securities Ltd. expects 25-30% of sales getting deferred because of the crisis and the correction in the stock market. "NCR is worst impacted followed by luxury segment in MMR (Mumbai Metropolitan Region)," HDFC Securities said in its earnings preview report.

Motilal Oswal Financial Services Ltd. estimates the minority interest and profit or loss of associated companies to be INR 4.35 billion for the March quarter, and DLF's tax liability to be INR 1.5 billion. Kotak Securities Ltd. expects the tax liability to be nearly INR 1.6 billion. The minority interest represents ownership by investors in a subsidiary where the parent company controls more than 50% of the voting stock.

The company's consolidated net sales for the March quarter are expected to be INR 27.18 billion, down 13% on year and up nearly 35% on quarter, according to the average of estimates. JM Financial Institutional Securities Ltd. has the highest estimate for net sales at INR 32.36 billion while Motilal Oswal has the lowest estimate at INR 17.79 billion.

The Delhi-headquartered company is expected to have registered pre-sales of INR 26 billion-INR 40 billion for the March quarter owing to resumption of bookings for The Dahlias, according to estimates by four brokerages. In the year-ago quarter, the company's new sales bookings reached INR 20.36 billion. Motilal Oswal expects the collection for the March quarter to be INR 43 billion. In the year-ago quarter, the collection was INR 33 billion. Collection refers to the amount collected by a real estate developer from buyers.

The company's earnings before interest, tax, depreciation, and amortisation are expected to be INR 9.45 billion, down more than 21% on year but up over 11% on quarter, according to the average of estimates. JM Financial has the highest estimate for EBITDA at INR 15.15 billion while the lowest is INR 3.53 billion by Motilal Oswal.

For the financial year 2025-26 (Apr-Mar), Motilal Oswal expects DLF's net profit to be INR 41.02 billion, down more than 12% from FY25. The brokerage expects FY26 net sales to rise 2% on year to INR 81.59 billion. The firm expects the EBITDA for the year to be INR 13.90 billion, up 16%. Elara Securities expects the company's FY26 pre-sales to add up to INR 239.60 billion, higher than the company's guidance of INR 200 billion-INR 220 billion.

DLF will announce its March quarter results Wednesday. Tuesday, its shares closed nearly 4% lower at INR 569.20 on the National Stock Exchange. The stock has fallen over 7% since the company reported its December quarter earnings on Jan. 22.

All eight brokerage reports on DLF available with Informist have a "buy" recommendation on the stock with an average target price of INR 900 per share, over 58% higher than the current price.

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

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Edited by Rajeev Pai

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