1. RERA cash unlocking from FY27 onwards On track - At the Q3 FY26 call, management said "from fiscal '27 onwards, we should begin seeing a very systemic unlocking" of RERA-trapped cash, and at Q4 FY26 sized the escrow pool at \~₹11,200 cr to unlock from FY27-28 onwards. Q1 FY27 shows a RERA balance of ₹11,305 cr with no unlocking yet.
2. Goa launch in Q3 or Q4 FY26 Missed - At the Q2 FY26 call, management expected the Goa launch "hopefully in this quarter, otherwise, definitely next quarter". At Q3 FY26 it was "let's see if we can pull out in this eight weeks"; by Q4 FY26 approvals were done but held due to a PIL, and in Q1 FY27 the launch remained subject to the PIL.
3. Land bank monetization of \~31% (60 msf) over medium term On track - The Q4 FY24 PPT guided \~31% (60 msf) of land bank monetization through scaling up launches over the medium term. The Q4 FY26 PPT shows 25 msf launch pipeline, 27 msf under execution and 137 msf balance potential, with Q1 FY27 reiterating 25 msf pipeline and 27 msf execution.
4. Goa residential launch in FY27, \~₹2,000 cr On track - At the Q1 FY27 call, management sized the Goa residential component at "just about a couple of thousand" crore (\~10% of FY27 guidance) and said the ₹2,000 cr number "should ballpark still be on track" despite PIL litigation. The project has all approvals but remains subject to the PIL, with caution on accepting customer payments.
5. Medium-term launch pipeline of \~₹60,000 cr in 3-4 years On track - At the Q3 FY26 call, management outlined a medium-term launch pipeline of roughly ₹60,000 cr plus ₹20,000 cr inventory to be consummated in three to four years, reiterated at Q4 FY26. Q1 FY27 shows \~₹60,000+ cr (\~25 msf) to be launched, with \~47% of the \~37 msf / ₹1,14,500 cr FY25 plan launched till FY26.
6. Arbour 2 (Aureva) senior living launch in Q4 FY26 Partial - At the Q3 FY26 call, the Arbour 2 senior living launch was targeted for Q4 FY26, and at Q4 FY26 was expected "in next few months". In Q1 FY27 the Aureva launch was deferred pending final approvals expected "over the next few weeks".
7. FY26 collections growth of 10-15% YoY Delivered - At the Q3 FY26 call, management expected collections to grow 10-15% YoY for FY26. FY26 collections came in at ₹13,517 cr, +15% YoY.
8. FY27 collections of ₹13,000-14,000 cr On track - At the Q2 FY26 call, Badal Bagri indicated average collections of ₹13,000-14,000 cr broadly going forward for FY27. Q1 FY27 collections were ₹2,406 cr, with the full year not yet reached.
9. DCCDL dividend payout of 75-80% of PAT for FY26 and FY27 Delivered - At the Q3 FY26 call, management said it would propose to the Board to continue the DCCDL dividend payout at "in the ballpark of 75%-80%" of PAT for FY26 and FY27. DCCDL's FY26 dividend of ₹2,002 cr on PAT of ₹2,721 cr works out to \~74% payout.
10. DCCDL net debt around or below ₹20,000 cr, net debt/EBITDA ≤3.5x Delivered - The Q4 FY25 rating rationale set DCCDL aims to maintain net debt around or below ₹20,000 cr and net debt/EBITDA around or below 3.5x over the medium term. Q4 FY26 shows net debt of ₹18,150 cr at 3.2x, and Q1 FY27 ₹18,136 cr at 3.1x.
11. DCCDL operating income of \~₹6,500 cr by end of FY25 Delivered - The Q4 FY25 rating rationale expected DCCDL operating income to grow around 10-12% to \~₹6,500 cr at end of FY25. DCCDL FY25 revenue came in at ₹6,448 cr.
12. DLF share of annuity portfolio rising to 25% of total On track - The Q4 FY26 PPT guided DLF's share of the annuity portfolio to increase to 25% of total (from \~10%) as the \~27 msf pipeline is developed, reiterated in the Q1 FY27 PPT. Q1 FY27 shows DLF rental at 5.2 msf of \~50 msf total, \~10%, with a \~14 msf pipeline identified for DLF.
13. Annuity portfolio of 7.3 cr sq ft by end of five years On track - At the Q4 FY25 call, management guided the annuity/rental business to 7.3 cr sq ft of developed area by end of five years, with another 60+ msf available. Q1 FY27 shows \~50 msf operational, 13 msf under construction and 14 msf planned pipeline, with the five-year window not yet reached.
14. Surplus cash of \~₹25,000 cr from launched products Delivered - The Q3 FY25 PPT estimated \~₹25,000 cr of surplus cash to be realized from launched products, reiterated on the Q4 FY25 call. The Q4 FY26 PPT shows the potential at \~₹43,820 cr, and Q1 FY27 at \~₹43,650 cr.
15. Growth capex of \~₹26,000 cr+ across both businesses On track - The Q3 FY25 PPT flagged renewed focus on investing growth capex of \~₹26,000 cr+ across both businesses, alongside a \~₹20,000 cr capex commitment while maintaining Net Debt-to-EBITDA \~3x. DCCDL capex was ₹1,804 cr in FY25 and ₹2,467 cr in FY26, with the medium-term window open.
16. Development business gross debt zero in near term Delivered - The Q3 FY25 PPT targeted the development business becoming gross debt zero in the near term, after Q2 FY25 set the DLF-level target "on track... in next three to four quarters". At Q3 FY26, zero gross debt was achieved in the development business "ahead of our estimated timelines", confirmed at Q4 FY26.
17. Group Net Debt Zero by FY30 On track - The Q3 FY25 PPT set the aspiration to achieve Group Net Debt Zero by FY30 whilst investing in significant growth capex, echoed on the Q4 FY25 call. Q3 FY26 delivered zero gross debt in the development business ahead of timelines, while Q1 FY27 shows rental net debt of ₹21,283 cr.
18. Group PAT and cash flow to grow \~2x by FY30 On track - The Q3 FY25 PPT guided group PAT and cash flow to grow \~2x by FY30, reiterated on the Q4 FY25 call. FY26 PAT was ₹4,408 cr and FY25 PAT ₹4,357 cr, with FY30 not yet reached.
19. Annual rentals of \~₹10,000 cr by FY30 On track - The Q3 FY25 PPT expected annual rentals to reach \~₹10,000 cr by FY30, with the Q4 FY26 and Q1 FY27 PPTs aiming for \~₹10,000 cr rental income in the medium term. FY26 exit rentals were ₹7,400 cr and Q1 FY27 rental revenue ₹1,605 cr.
20. FY27 exit rentals of ₹7,300-7,500 cr On track - At the Q1 FY27 call, management guided group exit rentals for FY27 at between ₹7,300 and ₹7,500 cr. Q1 FY27 rental revenue was ₹1,605 cr, with the FY27 exit not yet reached.
21. FY27 launch pipeline of \~₹20,000 cr On track - At the Q4 FY26 call, management guided a launch pipeline of almost ₹20,000 cr for FY27, reiterated at Q1 FY27 with the Goa residential \~₹2,000 cr "ballpark still on track". Q1 FY27 saw the Aureva launch deferred pending approvals and Goa subject to PIL, with no major FY27 launch completed yet.
22. FY27 sales bookings guidance of ₹20,000 cr On track - At the Q4 FY26 call, management guided FY27 sales bookings broadly on a trajectory of ₹20,000 cr, reiterated at Q1 FY27. Q1 FY27 new sales bookings were ₹657 cr on the Aureva deferment, with management still expecting to stick to the broad guidance.
23. FY26 exit rentals of ₹6,700 cr Delivered - At the Q4 FY25 call, management guided exit rentals by FY26 of about ₹6,700 cr, reiterated at Q1 FY26. FY26 exit rentals came in at ₹7,400 cr.
24. FY26 launch plan of ₹17,000-odd cr Partial - At the Q4 FY25 call, FY26 launches were planned at ₹17,000-odd cr, comprising Privana North, Mumbai, Goa, plus the Dahlias relaunch in Q3. FY26 delivered Privana North (₹11,000+ cr bookings), Westpark Mumbai (₹2,300+ cr) and Dahlias (₹4,800+ cr), while the Goa launch was deferred to FY27 due to PIL.
25. FY26 sales bookings guidance of ₹20,000-22,000 cr Delivered - At the Q4 FY25 call, management guided FY26 presales of ₹20,000-22,000 cr, reiterated as "completely secure" at Q1 FY26, as ₹20,000-21,000 cr at Q2 FY26, and reaffirmed at Q3 FY26. FY26 new sales bookings were ₹20,143 cr.
26. FY25 launch pipeline of 11.6 msf / ₹36,000 cr Delivered - The Q4 FY24 PPT set an FY25 launch pipeline of \~11.6 msf with sales potential of ₹36,000 cr, raised from the earlier 10 msf / ₹32,000 cr, with Q1 FY25 adding \~₹5,000-6,000 cr to launch guidance. FY25 launched The Dahlias (₹13,744 cr bookings) and Privana West (₹5,600 cr) among others, with identified pipeline sales potential of \~₹40,600 cr launched.
27. Mumbai first launch within 9-12 months (by June 2024) Partial - At the Q1 FY24 call, the 900,000 sq ft Mumbai first launch was anticipated "12 months from now at the latest, hopefully within this financial year", with successive pushes to before June '24, end of Q3 or later, December/January, Q4 FY25 and Q1 FY26 with "hopefully RERA in June for sure". The Westpark launched in Q2 FY26, driving bookings over ₹4,300 cr, after Phase 1 sold out "in record time" in Q1 FY26.
28. FY25 exit rentals of ₹5,900-6,000 cr Partial - At the Q4 FY24 call, exit rentals for FY25 were guided at ₹5,900-6,000 cr, later reframed at Q2 FY25 as DCCDL \~₹5,000 cr plus \~₹300 cr in DLF, total ₹5,300 cr, with Q3 FY25 shifting FY26 guidance to \~₹6,300-6,315 cr for DCCDL and ₹800 cr in DLF. DCCDL FY25 rental income was ₹4,754 cr, and FY26 exit rentals reached ₹7,400 cr.
29. FY25 collections growth of at least 15% Delivered - At the Q4 FY24 call, collections were targeted to grow at least 15% for FY25. FY25 collections came in at ₹11,773 cr, +36% YoY.
30. FY25 sales bookings guidance of ₹17,000 cr Delivered - At the Q4 FY24 call, management set FY25 pre-sales guidance of ₹17,000 cr, with Q1 FY25 noting "hopefully some upward bias" and Q2 FY25 stating "very confident of ₹17,000 cr". FY25 new sales bookings were a record ₹21,223 cr, +44% YoY.
31. March '24 exit rentals of ₹380-420 cr/month (₹4,800-4,900 cr annualized) Delivered - At the Q4 FY23 call, March '24 exit rentals were guided at "ballpark of ₹380-400 cr, ₹420 cr a month", annualized ₹4,800-4,900 cr. Q4 FY24 exit rentals came in at ₹5,000-5,100 cr, with the \~₹5,000 cr run-rate flagged as early as Q1 FY24.
32. FY24 collections growth of 20-25% Delivered - At the Q4 FY23 call, FY24 collections were expected to grow 20-25% vs ₹5,300 cr in FY23, later restated at Q2 FY24 as 13-15% growth, ₹6,400-6,500 cr. FY24 collections were ₹8,301 cr including the Chennai land sale of ₹728 cr, \~₹7,600 cr excluding it - growth of \~57% including, \~43% excluding.
33. FY24 launch plan of \~1.1 cr sq ft, ₹19,700 cr sales potential Delivered - At the Q4 FY23 call, management planned to launch \~1.1 cr sq ft in FY24 with sales potential of almost ₹19,700 cr. FY24 launches included Privana South, Central 67 and Valley Orchard, over 0.5 cr sq ft in Q3 alone, with FY24 new additions reaching \~8.8 msf and management calling the guidance "broadly achieved".
34. FY24 sales bookings guidance of ₹11,000-12,000 cr (later ₹12,000-13,000 cr) Delivered - At the Q4 FY23 call, management guided FY24 new sales bookings of ₹11,000-12,000 cr, reiterated at ₹12,000-13,000 cr at Q1 FY24 and maintained with upside at Q2 FY24, with 9M bookings of ₹13,316 cr meaning the guidance would be exceeded. FY24 new sales bookings were ₹14,778 cr, in the vicinity of ₹15,000 cr.
35. Net debt to come down quarter-on-quarter Delivered - At the Q1 FY23 call, management committed to bringing net debt down quarter-on-quarter without a specific number. Net debt fell from ₹2,259 cr (Q1 FY23) to ₹2,142 cr (Q2 FY23), ₹2,091 cr (Q3 FY23), ₹721 cr (Q4 FY23), ₹57 cr (Q1 FY24) and net cash ₹142 cr (Q2 FY24), with zero gross debt achieved by Q3 FY26.
36. Retail portfolio to double in next few years On track - At the Q1 FY23 call, management hoped "to double our retail presence in the next few years", with the Q4 FY24 PPT and FY23 annual report framing it as 2x over 4-5 years, later refined at Q4 FY26 to \~15% of total portfolio from \~10%. Retail grew from \~4.0 msf (FY24) to \~4.93 msf (FY26), with a \~7 msf pipeline identified.
37. Dividend policy - Devco ₹250 cr, Rentco ₹750 cr, slight YoY increase Delivered - At the Q1 FY23 call, Devco declared a ₹250 cr dividend with focus on slight YoY increase and Rentco ₹750 cr, hopefully sustained, later moving toward a \~50% payout ratio over time and "dividend will keep increasing". Dividend rose from ₹2 to ₹3 to ₹4 to ₹5 to ₹6 per share over FY22-FY25 and to ₹8 per share in FY26, 33% YoY, a ₹1,980 cr payout.
38. Hines JV rent-yielding by fiscal 2025 Partial - At the Q1 FY23 call, management said the Hines JV should be in rent-yielding mode by fiscal 2025. Atrium Place Phase 1 OC (0.21 cr sq ft) came only in Q2 FY26, with rent commencement starting in Q3 FY26 - roughly a year past the guided deadline, though the \~0.31 cr sq ft is fully leased.
39. Downtown Chennai finished middle of 2023, rentals Q3 FY24, \~80% pre-leasing Delivered - At the Q1 FY23 call, Downtown Chennai (0.22 cr sq ft) was to be finished in the middle of 2023 with rentals from Q3 FY24 and \~80% pre-leasing, later pushed to eight-odd months at Q4 FY23 and Blocks 1-2 rentals before end of FY24. Downtown Chennai was fully leased by Q2 FY24, OCs for 1 and 2 came in Q4 FY24, and Block 3 OC was received May 4, 2025, 99% leased.
40. REIT in market in six to eight months if shareholders press button Missed - At the Q1 FY23 call, the REIT could be in the market in six to eight months if the two shareholders pressed the button, with the perimeter covering all Cyber City assets; timing then slipped through Q2 FY23, Q3 FY23 and Q2 FY24's 180-day readiness. By Q3 FY25 management awaited the next capex buildout cycle of 4-5 years and by Q2 FY26 saw no plans for at least three years, with no listing through Q1 FY27.
41. DCCDL office occupancy back to mid-90s% in four quarters Delivered - At the Q1 FY23 call, DCCDL planned to return to mid-90s% vacancy-adjusted occupancy in the next four-odd quarters from 88%. Occupancy moved to 89% in Q2 FY23, 91% in Q2 FY24, 92% at Q4 FY24, 94% at Q4 FY25, 95% at Q4 FY26 and over 95% by space, 97% by value in Q1 FY27.
42. DLF Avenue Goa and Summit Plaza in market by mid-to-late calendar 2024 Partial - At the Q1 FY23 call, DLF Avenue Goa (Patto Plaza) and Summit Plaza high street in DLF 5 were expected in the market by mid-to-latter calendar 2024. Summit Plaza's OC was received in Q2 FY26 and Promenade Goa's in Q4 FY26, with the Goa mall OC received in July 2026 and Summit Plaza soft-launched just before the Q1 FY27 call.
43. Mall of India Gurgaon construction commencement Delivered - At the Q1 FY23 call, plans with CallisonRTKL were to be finalized in three to five months, with construction expected to start in Q3 FY24, later revised at Q2 FY25 to civil construction by late December/early January on National Building Code changes. Construction commenced on Downtown Gurgaon Phase 2 (0.45-0.46 cr offices, 0.2 cr retail) in Q3 FY25, was in full swing at Q4 FY25, with completion now expected by about end of '29.
44. DCCDL capex ₹1,200-1,500 cr over 3-5 years plus DLF-platform ₹400-500 cr/year Delivered - At the Q1 FY23 call, management guided DCCDL capex of ₹1,200-1,500 cr over three to five years across Downtown Gurgaon, Downtown Chennai, Mall of India Gurgaon and Vasant Kunj, plus \~₹400-500 cr a year on DLF-platform projects, later raised to ₹1,800 cr in FY25 and RentCo capex of \~₹5,000 cr in FY26 and FY27. DCCDL capex ran ₹1,042 cr in FY24, ₹1,804 cr in FY25, ₹2,467 cr in FY26 and ₹814 cr in Q1 FY27.
45. FY23 collections upwards of ₹5,000 cr Delivered - At the Q1 FY23 call, management committed to scaling collections in line with sales growth with H2 higher than H1, and at Q3 FY23 expected full-year FY23 collections upwards of ₹5,000 cr, \~20% growth. FY23 collections were ₹5,300 cr, growth of almost 25%.
46. EBITDA margin target of 35%-plus Partial - At the Q1 FY23 call, Ashok Tyagi confirmed "we obviously have a target EBITDA, which is the 35%-plus level for sure", with Q2 FY23 guiding FY23 at "somewhere close to the range of 35, 36%"; margins were later guided to late 30s-40s, new projects at 40% plus/minus and \~45%+ gross margins medium term. FY23 EBITDA margin was 35%, FY24 38%, FY25 35%, but FY26 fell to 30%, with Q1 FY27 OPM at 11.74% on a statement basis.
47. FY23 launch guidance of \~0.76-0.78 cr sq ft Delivered - At the Q1 FY23 call, management reiterated FY23 launch guidance of 0.76 cr sq ft (later \~0.78 cr sq ft), totaling \~₹8,000-8,500 cr of product value, with H2 guidance maintained at Q2 FY23. FY23 cumulative new launches were \~1 cr sq ft, with The Arbour preponed and sold out in Q4.
48. FY23 sales bookings guidance of \~₹8,000 cr Delivered - At the Q1 FY23 call, management reiterated FY23 sales bookings guidance of \~₹8,000 cr, with Aakash Ohri saying "We won't revise anything for now. We will continue to stay to our guidance" despite Q1 pre-sales of ₹2,040 cr, reaffirmed with "hopefully an upside risk" at Q2 FY23 and confidence without a new number at Q3 FY23. FY23 new sales bookings were a record ₹15,058 cr, including the preponed Arbour launch with \~₹8,000 cr sold in Q4 alone.