DLF's rental venture DCCDL lifts quarterly rent 9% to ₹1,481 crore

DLF Cyber City Developers Ltd (DCCDL), the joint venture between DLF and Singapore's GIC, reported rental income of ₹1,481 crore from its office and retail assets for the quarter ended 30 September 2026, up 9% from a year earlier. The figures were reported on 10 November 2026. Some reports of the same quarter give ₹1,482 crore, a difference of rounding in the published figure.

Office rent contributed about ₹1,222 crore and retail about ₹259 crore, each up 9%. Total revenue rose 11% to ₹2,014 crore from about ₹1,822 crore. EBITDA rose 9% to ₹1,537 crore, and net profit rose 17% to ₹752 crore. Management said on the earnings call that net profit for the quarter was over ₹750 crore.

Balance sheet and ratings

DCCDL reported net debt of ₹18,420 crore as of the September 2026 quarter. Net debt was 3.1 times EBITDA and 18% of gross asset value. ICRA and CRISIL have both rated the venture AAA with a Stable outlook. DLF holds about 67% of the joint venture and GIC owns the rest.

The portfolio covers 44.3 million sq ft of operating office and retail space, of which about 4 million sq ft is retail. Most of the office space is in Gurugram and Chennai. For the wider DLF rental portfolio, the company said occupancy reached its highest level, at 96% by area and 97% by value.

Full-year and earlier quarters

For FY26, DCCDL's rental income was ₹5,525 crore, up 16%. Office rent rose 17% to ₹4,550 crore and retail rent rose 11% to ₹975 crore, according to the investor presentation. Net profit for the year rose 38% to ₹2,726 crore on consolidated revenue of ₹7,393 crore.

The venture's third-quarter rental income for FY26 was ₹1,412 crore, up 18%. Against that base, the 9% rise in the latest quarter is a slower rate of growth.

Guidance and what comes next

• Exit rental: the company said on the call that its exit rental would be close to ₹6,800 crore.
• Medium term: the annuity business aims to grow its portfolio from about 50 million sq ft to about 76 million sq ft, with rental income of about ₹10,000 crore a year. No target date was given.
• Pipeline: the Atrium Place office complex in Gurugram and three shopping malls under development are expected to add recurring rent in the coming fiscal year.
• Mall of India in Gurugram is expected to be completed in FY30.

For investors, the figures to watch are the pace of rent growth against the 9% seen this quarter, the net debt ratio of 3.1 times, and whether the Atrium Place and mall completions add rent on the schedule the company has given. DLF's own consolidated net profit for the same quarter rose 10.28% to ₹1,301.35 crore. The joint venture's results do not affect the sale prices of homes, and the company has not made any statement on residential rents or prices in this filing.