Guidance ledger · Q4 FY26

DLF Ltd DLF

4 revisions on record · 0 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Annual presales target Q4 FY25 → Q4 FY26

~~INR 20,000-22,000 crores range~~ → INR 20,000 crores trajectory with upside-risk framing

“we will broadly stay on this trajectory of a INR 20,000 crores of sales guidance and ballpark about INR 9,000-odd crores of new margin creation every year”

↑ raised Combined rental exit rate (DCCDL + DLF) Q3 FY26 → Q4 FY26

~~Rs. 7,400-7,500cr FY27~~ → INR 8,200cr FY27

“If I said separately, but I think the total should be about INR 8,200-odd crores”

↔ widened Annuity NOI long-term growth band Q2 FY26 → Q4 FY26

~~mid-teens NOI~~ → mid-teens NOI + 20-25% CAGR over 4-5 years

“our 4 to 5 -year guidance remains intact, that we will have mid-teens growth in NOI and 20 to 25% growth as a CAGR basis for the next 4 to 5 years”

↑ raised Devco annual FCF run-rate Q4 FY25 → Q4 FY26

~~Rs. 1,500cr/quarter free cash (Q4FY25)~~ → INR 7,000-8,000cr annual Devco FCF

“generating about this INR 7,000 to INR8,000 crore s of free cash flow every year on the Devco side”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.