NEW DELHI, Jan 23, 2026, 14:35 (IST)
- DLF’s Q3 profit jumped roughly 14%, driven by strong collections and rising cash reserves
- Sales bookings plunged to 4.19 billion rupees amid a halt in new launches
- The developer reported zero gross debt and finished the quarter with a net cash surplus
Shares of DLF Ltd fell on Friday following a steep decline in sales bookings reported in its Q3 results, even as the company announced it has become gross debt-free for the first time since its 2007 IPO. By mid-afternoon, DLF was trading around 588.5 rupees, down roughly 4% after starting the day higher.
The update arrives amid a tricky period for India’s listed property stocks. Big developers rely on steady collections and strong demand for premium housing, yet investors are pushing for new launches to translate into actual bookings, not merely a catch-up in revenue.
DLF’s debt wipeout marks a milestone markets tend to cheer. The drop in bookings, though, has traders double-checking the calendar, wondering, “What’s actually coming to market next?”
DLF reported a 13.66% rise in profit after tax for the quarter ending Dec. 31, reaching 12.03 billion rupees. Total income surged 42.71% to 24.80 billion rupees, according to a company filing. Gross collections hit around 51.0 billion rupees, while new sales bookings came in at 4.19 billion rupees. 1
The company reported EBITDA of roughly 8.49 billion rupees. It posted a net operating cash surplus of 38.76 billion rupees, pushing its net cash position to 116.6 billion rupees. Gross debt, defined as total borrowings before cash, stood at zero. 2
Revenue from operations climbed 32.2% to 20.20 billion rupees. In real estate, income usually registers as construction milestones are reached, boosting earnings even if new bookings taper off.
Sales bookings, or pre-sales, measure the value of homes sold during the period but not yet counted as revenue. They dropped sharply to 4.19 billion rupees from over 120 billion a year earlier. The decline came as DLF had no major residential launches this quarter and faced a tough comparison against the strong base set by its super-luxury Dahlias project in Gurugram.
DLF confirmed it’s holding firm to its full-year booking target of 200–220 billion rupees. Sources close to the company’s filings say it has already recorded 161.69 billion rupees in sales for the first nine months of FY26.
DLF told analysts it has “strong visibility” on upcoming launches and that bookings for Dahlias, which were on hold last quarter for a redesign, have now restarted. The company said occupancy in its rental portfolio stands above 94% by area, with Summit Plaza nearly 95% pre-leased. 3
Jefferies stays bullish on DLF, forecasting roughly 63% gain from its last close, Moneycontrol reported. It’s one of eight brokerages betting the stock will top 1,000 rupees within a year. On Friday, shares kicked off at 620 rupees, climbing about 1% before slipping back. 4
Peers are still showing strong quarterly bookings. Godrej Properties reported sales of 84.21 billion rupees this quarter, with Lodha Developers and Prestige Estates posting 56.20 billion and 41.84 billion rupees, respectively, LiveMint noted. “Aggregate pre-sales of our universe are likely to decline, primarily driven by a sharp year-on-year fall in DLF’s pre-sales,” said Pankaj Kumar, vice president for fundamental research at Kotak Securities. 5
The coming months will be crucial, overshadowing the debt headline. Should launches delay again or premium housing demand drop harder than anticipated, bookings might remain subdued, putting the cash flow narrative under pressure.
