DLF Q2 FY27 Results: Consolidated Net Profit ₹1,301 Crore on Total Income of ₹2,297 Crore
Earnings
Real Estate
Blacklitt Research4 min read
Wilfredor, via Wikimedia Commons (CC0 1.0). Illustrative image.
DLF reported consolidated total income of ₹2,297.30 crore and net profit of ₹1,301.35 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,386.19 crore and net profit was ₹800.32 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,297 crore, up 1.6% YoY, up 43.1% QoQ
Net profit: ₹1,301 crore, up 10.3% YoY, up 63.9% QoQ
EPS: ₹5.25, against ₹4.77 in Q2 FY26
Revenue from operations: ₹1,260.58 crore, down 23.3% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,386 crore, down 12.3% YoY, up 189.0% QoQ
Net profit: ₹800 crore, down 21.0% YoY, up 1124.9% QoQ
EPS: ₹3.24, against ₹4.10 in Q2 FY26
Other income: ₹947.11 crore, 68% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,297.30
2,261.80
+1.6%
1,605.56
+43.1%
Revenue from operations
1,260.58
1,643.04
-23.3%
1,280.34
-1.5%
Other income
1,036.72
618.76
+67.5%
325.22
+218.8%
1,301.35
1,180.09
+10.3%
793.90
+63.9%
Finance costs
18.22
63.12
-71.1%
17.62
+3.4%
Depreciation
38.20
29.54
+29.3%
35.14
+8.7%
Tax expense
201.25
276.32
-27.2%
114.69
+75.5%
Net profit margin
56.65%
52.17%
+4.47 pp
49.45%
+7.20 pp
Tax as share of profit before tax
20.1%
26.4%
-6.39 pp
27.1%
-7.07 pp
EPS, basic (₹)
5.25
4.77
+10.1%
3.21
+63.6%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit rose while the core business shrank. Revenue from operations fell 23.3% to ₹1,260.58 crore, from ₹1,643.04 crore, yet net profit rose 10.3% to ₹1,301.35 crore. The gap is other income, ₹1,036.72 crore against ₹618.76 crore and now 45% of total income against 27% (derived), and the share of profit of associates and joint ventures, ₹499.28 crore against ₹411.56 crore, which is about 38% of net profit (derived).
The jump from Q1 FY27 is also other income. Revenue from operations was flat on the quarter (down 1.5%) but net profit rose 63.9% from ₹793.90 crore, and other income rose by ₹711 crore, more than the ₹507 crore rise in profit. The notes the filing gives for the quarter do not explain the rise.
Costs fell. Finance costs dropped 71.1% to ₹18.22 crore and tax took 20.1% of profit before tax against 26.4%, while depreciation rose 29.3% to ₹38.20 crore. For H1 FY27 revenue from operations is ₹2,540.92 crore against ₹4,359.74 crore, down 41.7%, while net profit is ₹2,095.25 crore against ₹1,942.76 crore, up 7.8%. The filing does not explain the fall in revenue from operations.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,386.19
1,581.28
-12.3%
479.61
+189.0%
Revenue from operations
439.08
646.53
-32.1%
256.94
+70.9%
Other income
947.11
934.75
+1.3%
222.67
+325.3%
800.32
1,013.45
-21.0%
65.34
n/a
Finance costs
5.40
43.43
-87.6%
4.60
+17.4%
Depreciation
18.44
11.12
+65.8%
16.21
+13.8%
Tax expense
24.03
206.03
-88.3%
21.89
+9.8%
Net profit margin
57.74%
64.09%
-6.36 pp
13.62%
+44.11 pp
Tax as share of profit before tax
2.9%
16.9%
-13.98 pp
25.1%
-22.18 pp
EPS, basic (₹)
3.24
4.10
-21.0%
0.26
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone company is mostly a holding company this quarter. Other income of ₹947.11 crore is 68% of its total income of ₹1,386.19 crore (derived), revenue from operations fell 32.1% to ₹439.08 crore, and net profit fell 21.0% to ₹800.32 crore from ₹1,013.45 crore, though up from ₹65.34 crore in Q1 FY27 when other income was ₹222.67 crore.
Tax cushioned the fall. Profit before tax fell about 32%, to ₹824 crore from ₹1,219 crore (derived: net profit plus tax), because tax fell to ₹24.03 crore from ₹206.03 crore, only 2.9% of profit before tax against 16.9%. The filing does not explain the low rate.
Old litigations remain open and the auditors draw attention to them in an emphasis of matter, with no adjustment made to the results. They include a Competition Commission of India penalty of ₹630.00 crore on the company, about 48% of the quarter's consolidated net profit (derived), against which the Supreme Court has stayed the order until further orders, and a SEBI matter that began with a 2013 show cause notice over disclosure in the 2007 prospectus: SEBI's 2014 order was set aside by the Securities Appellate Tribunal in 2015, and SEBI's appeal is admitted in the Supreme Court without an interim stay.
Two balance-sheet items from the notes. The company settled its dispute with Twenty Five Downtown Realty (formerly Joyous Housing) in the previous year at ₹801.00 crore plus interest; ₹251.10 crore has been received and the balance is secured by a first mortgage over residential units of a RERA-registered project. And on 14 Jan 2026 the NCLT approved the merger of sixteen group companies into DLF: one was restated for the year-ago period and the other fifteen are accounted as asset acquisitions from that date, so year-ago standalone figures are partly restated.
Inference
DLF's reported profit is increasingly non-operating: revenue from operations is falling while other income and the share of associates and joint ventures are rising, and the filing does not say what is in the other income or why operating revenue fell.
For shareholders, the Competition Commission penalty and the SEBI appeal are unresolved with no dates in the filing, and the collection of the balance of the Twenty Five Downtown Realty settlement depends on the security the notes describe.
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