DLF reports ₹1,301 crore Q2 profit as bookings rise to ₹3,800 crore

DLF reported consolidated net profit of ₹1,301.35 crore for the September quarter, up 10% from ₹1,180.09 crore a year earlier, as new sales bookings reached ₹3,800 crore. The Gurugram-based developer filed its Q2 FY27 results on 16 October 2026. After the results, four brokerages retained positive ratings, with price targets ranging from ₹740 to ₹830 against a reference closing price of ₹675.

Bookings were about 12% lower than the ₹4,330 crore recorded in Q2 FY26, but rose sharply from ₹657 crore in the June quarter. That sequential increase reflects a low Q1 base. Nomura had estimated Q2 bookings of about ₹2,500 crore, making the reported figure a substantial beat on its model, although the brokerage said revenue and EBITDA were weaker than consensus.

Sales concentrated in two projects

DLF’s regulatory filing said its senior-living project The Aureva in Sector 63, Gurugram, sold 172 homes for about ₹1,985 crore. The project was declared sold out on 4 October. CLSA said Aureva contributed about half of the quarter’s bookings. The rest included sales from DLF’s existing luxury offering, including The Dahlias.

The concentration matters when assessing the quarter’s sales pace: a single project accounted for a large share of bookings. DLF’s first-half FY27 presales were about ₹4,460 crore, down 72% year on year. The company has set a ₹20,000 crore presales target for FY27, so it needs roughly ₹16,000 crore in the second half to reach it.

Brokerages focus on launches and execution

Jefferies retained Buy with a ₹830 target; CLSA kept Outperform at ₹810; JP Morgan maintained Overweight at ₹800; and Nomura retained Buy at ₹740. Their positive ratings came despite weaker revenue and profitability indicators flagged by analysts, with the sales booking figure and upcoming launches central to the outlook.

DLF is targeting the second phase of The Westpark in Andheri West, Mumbai, for the December quarter, subject to approvals. A luxury-plus project in DLF Phase 4, Gurugram, and Magnolias 2 are targeted for the January-March quarter. The company has said launch timelines depend on the required approvals. JM Financial analyst Sumit Kumar said timely execution of the Mumbai and Gurugram launches will be critical to the FY27 target; the two projects have an estimated gross development value of ₹10,000 crore to ₹12,000 crore.

DLF’s first-half revenue from operations fell 46% to ₹2,341 crore from ₹4,360 crore, while first-half net profit increased 8% to ₹2,095 crore. The company expects revenue growth to accelerate from FY28 as launched projects worth about ₹75,000 crore near completion and are handed over, CFO Badal Bagri said. For investors, the next markers are whether the planned launches receive approvals on time and how much bookings they generate in the second half.