DLF · Realty
DLF Ltd. reported revenue of ₹3,128 cr for January to March 2025, +46.5% on the year and +104.6% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹7,994 cr, +24.4% on the four before.
Operating profit (EBITDA) was ₹978 cr, a margin of 31.3%, −405 bps on the year and +511 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.8% to 35.3%, averaging 28.8%. Operating costs grew +55.7%, faster than revenue at +46.5%, so operating profit grew less than sales.
Net profit was ₹1,282 cr, +39.3% on the year and +21.1% on the quarter, with earnings per share of ₹5.18. Profit before other income, one-offs and tax grew 34.4%, so 5 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 25% over the previous 5 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹4,367 cr, +60.3% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹17.65 over the last four quarters, the stock at ₹673.25 trades at 38.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,348 cr | ₹1,521 cr | ₹2,135 cr | ₹1,362 cr | ₹1,975 cr | ₹1,529 cr | ₹3,128 cr | ₹2,717 cr | ₹1,643 cr | ₹2,020 cr | ₹1,814 cr | ₹1,280 cr |
| YoY | — | — | — | −4% | +47% | +1% | +47% | +99% | −17% | +32% | −42% | −53% |
| EBITDA margin | 34.3% | 33.6% | 35.3% | 16.8% | 25.4% | 26.2% | 31.3% | 13.4% | 17.3% | 19.3% | 22.7% | 11.7% |
| Other income, % of PBT | 28% | 24% | 23% | 80% | 36% | −54% | 21% | 51% | 82% | 55% | 47% | 77% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 26% | 21% | 26% | — | — | 17% | 26% | 26% | −1% | −14% | 27% |
| Net profit | ₹622 cr | ₹656 cr | ₹920 cr | ₹645 cr | ₹1,381 cr | ₹1,059 cr | ₹1,282 cr | ₹763 cr | ₹1,180 cr | ₹1,203 cr | ₹1,269 cr | ₹794 cr |
| YoY | — | — | — | +23% | +122% | +61% | +39% | +18% | −15% | +14% | −1% | +4% |
| Core profit YoY | — | — | — | −67% | +11% | −31% | +34% | +176% | −49% | +21% | −59% | −61% |
| EPS | ₹2.52 | ₹2.65 | ₹3.72 | ₹2.61 | ₹5.58 | ₹4.28 | ₹5.18 | ₹3.08 | ₹4.77 | ₹4.86 | ₹5.12 | ₹3.21 |
| Flags | · | · | · | 3 | 3 | 2 | 1 | 2 | 2 | 4 | 3 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
DLF Ltd. reported revenue of ₹3,128 cr (+46.5% on the year) and net profit of ₹1,282 cr (+39.3% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +34.4% on the year, against +39.3% for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.