DLF Q2 Results October 16, 2026: Profit Up 11% to ₹1,301 Crore as Revenue Falls 23%

The DLF Q2 results October 16 came with an odd shape: profit went up even as recognised sales shrank. DLF reported consolidated net profit of ₹1,301 crore for the quarter ended September 30, 2026 (Q2 FY27), 11% higher than the ₹1,171 crore it made a year earlier. Revenue from operations, though, fell 23%. The numbers came out after market hours on Friday, so Monday, October 19 is the stock’s first chance to react. For the broader picture, our stock market today India hub tracks the day’s moves.

DLF Q2 results October 16: the numbers that matter

These figures come from DLF’s Q2 FY27 results presentation and press release. All are consolidated, in ₹ crore, and rounded by the company:

• Revenue from operations: ₹1,261 crore. That’s down 23% from ₹1,643 crore a year ago and 1% below the June quarter’s ₹1,280 crore.
• Headline consolidated revenue: ₹2,298 crore in the press release. Our arithmetic says that’s revenue from operations plus ₹156 crore of interest earned on RERA accounts and ₹881 crore of other income.
• Gross margin: 47%, versus 48% a year earlier and 51% in the June quarter.
• EBITDA (as DLF defines it): ₹1,060 crore, up 18% from ₹902 crore. The EBITDA margin improved to 46% from 40%.
• Net profit: ₹1,301 crore, up 11% on the year and 64% above Q1 FY27’s ₹794 crore.

So how did profit rise when revenue fell?

Two items did the heavy lifting. Other income jumped 91% to ₹881 crore from ₹460 crore, and a footnote in the presentation says this includes a fair-valuation gain on DLF’s investment in Atrium Place, held through CCDs (compulsorily convertible debentures). By our calculation, other income alone was about 83% of the quarter’s ₹1,060 crore EBITDA. The second item was the share of profit from DLF Cyber City Developers (DCCDL) and other joint ventures. That line, which also folds in other comprehensive income, came to ₹499 crore, up 24% from ₹403 crore. It works out to roughly 38% of net profit.

Take other income out and the core business looks a lot softer. CNBC-TV18 worked out that operating EBITDA plunged 91.9% to ₹23 crore from ₹284 crore, with the margin shrinking to 2% from 17%. Real estate segment revenue dropped to ₹1,102.98 crore from ₹1,505.06 crore, it reported, while rental segment revenue climbed to ₹164.57 crore from ₹114.28 crore. CNBC-TV18 used profit attributable to owners, which puts the year-ago figure at ₹1,180.09 crore and the growth at 10.3%.

There’s one more wrinkle. The year-ago quarter carried ₹176 crore of exceptional items. Before those, profit after JV share rose 31% to ₹1,301 crore from ₹995 crore, according to the presentation. Our guide to exceptional items in results has the background if you want it.

Bookings, cash flow and the rental business

New sales bookings came in at ₹3,800 crore, and DLF said The Aureva, its retirement housing project in Gurugram, sold out completely. Collections were ₹2,780 crore. Operating cash flow after interest and tax was ₹1,858 crore. Net cash stood at ₹15,084 crore even after a ₹1,980 crore dividend payout, though the cash flow table shows the quarter ending with a net shortfall of ₹117 crore once dividends paid and received are counted.

At DCCDL, the rental arm, revenue was ₹2,014 crore. EBITDA rose 9% to ₹1,537 crore and profit before exceptional items was up 17% at ₹752 crore. Rental income grew 9% to ₹1,482 crore, and the operational portfolio was 96% occupied by area and 97% by value.

The share price, and how we read the quarter

Going into the numbers, DLF closed at ₹675.00 on the NSE on Friday, up ₹4.50 or 0.67% from ₹670.50, according to the NSE bhavcopy for October 16. Business Standard also pointed out that the results landed after market hours.

We’d call it a mixed quarter. Profit, cash generation and bookings were all strong. But the profit growth leaned on other income, valuation gain included, and on the JV share, not on property sales revenue, which actually fell. The things to watch from here are how fast bookings turn into recognised revenue and whether other income stays anywhere near this level. If you want a step-by-step method, read how to analyse quarterly results of a company, and our stock market closing report for October 16 covers how Friday’s session ended.

This article is a news summary for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.