DLF trades pre-sales growth for margins; FY27 bookings guided flat at ₹20-22k cr
Q4FY26 revenue missed by 29% and Ebitda by 43% on low-margin mix, but DLF is doubling down on FCF (₹8,000 cr target) and annuity income. Three malls near launch promise double-digit rental growth, while net cash sits at ₹14,155 cr. Stock down 17% YTD as market digests the strategic pivot.
DLF prioritizes margins and FCF over pre-sales growth, guiding FY27 bookings at ₹20-22k cr. Q4 revenue/Ebitda missed consensus on low-margin mix. Three malls nearing operational, supporting double-digit rental growth in annuity portfolio.