With a strong launch pipeline and luxury demand, DLF is on track to meet its ₹20,000–22,000 crore pre-sales guidance.
DLF shares have risen 12% over the last six months, and SEBI-registered investment advisor True North Capital shared a positive outlook for the real estate major over the next few months.
They noted that DLF’s quarterly performance highlights a maturing business cycle, where strong cash conversions typically follow quarters with heavy bookings. The first quarter of fiscal year 2026 began with record pre-sales of ₹11,425 crore, marking a 78% year-over-year increase. Collections during this period stood at ₹2,794 crore, showing a collection efficiency of 24–25%.
True North highlighted that this mirrors the pattern seen in FY25, when a blockbuster Q3 marked by launch-led bookings preceded elevated collections in Q4, pushing annual collection efficiency to ~55–58% and demonstrating robust monetization of the order book.
FY25 delivered all-time high pre‑sales of around ₹21,200 crore, with collections of nearly ₹11,800 crore, broadly sustaining a mid‑50% collection efficiency, which is a healthy level for premium residential.
What to expect in FY26
Looking ahead, True North Capital shared three expectations. Firstly, collection efficiency is likely to return to the mid-50% range as Q1 and Q2 bookings convert through scheduled project milestones.
Second, pre-sales visibility is supported by a pipeline of new launches, including Privana North and phase launches in Mumbai and Goa, alongside sustained demand for luxury projects. This should help DLF achieve its ₹20,000–22,000 crore guidance in pre-sales.
And lastly, the operating cash flows are expected to strengthen, aided by low leverage and pricing power in the NCR super‑luxury segment.
They advised traders to watch for cadence between launch-heavy quarters (booking spikes) and subsequent quarters (collection catch‑up). Additionally, the mix of ready‑to‑move/near‑completion inventory (faster cash), and any timing shifts in approvals that can bunch receipts are important factors at play.
Overall, investors can anticipate high bookings in launch quarters and improving quarterly collections through FY26, with full‑year efficiency staying structurally healthy and funding future launches without balance‑sheet strain for DLF.
What Is The Retail Mood?
Data on Stocktwits shows that retail sentiment moved from ‘bearish’ to ‘neutral’ last week.
DLF shares have declined 6% year-to-date (YTD).
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