DLF Q2 Net Profit Rises 10.3% to ₹1,301 Crore as Revenue and EBITDA Decline

DLF Ltd, India’s largest listed real estate developer, reported a 10.3% year-on-year increase in consolidated net profit to ₹1,301 crore for the second quarter of Financial Year 2026–27, even as revenue and operating earnings declined sharply.

The company’s net profit stood at ₹1,180 crore in the corresponding quarter last year. However, revenue from operations fell 23.3% to ₹1,261 crore during the July–September quarter, compared with ₹1,643 crore a year earlier, according to its financial results.

The decline in revenue was accompanied by a significant drop in operating profitability. DLF’s earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 91.9% year-on-year to ₹23 crore from ₹284 crore in the corresponding period last year.

Consequently, the EBITDA margin narrowed to 1.8% from 17.3% a year earlier, highlighting the pressure on the company’s operating performance during the quarter.

A sharp increase in other income helped offset some of the weakness in the company’s core operations. Other income rose to ₹1,037 crore in the September quarter, compared with ₹619 crore in the year-ago period. The increase coincided with higher net profit despite lower revenue and operating earnings.

The financial results indicate a divergence between DLF’s reported net profit and its operating performance. The company did not provide a detailed explanation for the movements in revenue and EBITDA in the regulatory disclosure cited in the report.

Separately, DLF’s board approved a request from Madhukar Housing and Development Company, an entity belonging to the promoter group, to be reclassified from the promoter category to the public category.

In a regulatory filing dated October 16, the company said the approval followed a recommendation from its Stakeholders Relationship Committee. The reclassification remains subject to approval from the BSE and the National Stock Exchange of India.

DLF stated that Madhukar Housing and Development Company currently holds no equity shares or voting rights in the company and has met the applicable conditions under Regulation 31A of the Securities and Exchange Board of India’s listing regulations.

The company added that the proposed change would not affect its operations, financial position or existing shareholding structure. Subject to regulatory approval, the promoter and promoter group will continue to hold 1,83,36,36,385 equity shares, representing 74.08% of DLF’s paid-up equity share capital.

DLF said it would submit a detailed application to the stock exchanges within the prescribed timelines.