Synopsis:
DLF and Lodha, two leading real estate stocks, reported strong Q1FY26 results. While DLF posted a near 100 percent jump in revenue and Rs. 11,425 crore in new sales bookings, Lodha delivered higher profitability and robust pre-sales.
The Indian real estate sector has seen a strong revival over the last few quarters, held by steady demand, falling inventory levels, and strong pricing power in select markets. Within the listed space, DLF and Lodha are two of the most prominent players, each with distinct strengths and market strategies. However, investors are often divided between the two when it comes to portfolio allocation.
1. DLF Ltd (NSE: DLF)
DLF has a market capitalization of Rs. 1,88,173 crore and trades at Rs. 760 per share. Over the past one year, the stock has declined by 8 percent, underperforming the broader realty index. The stock hit a 52-week high of Rs. 928.70.
For the quarter ended June 2025 (Q1FY26), DLF reported a sharp year-on-year rise in revenue from operations, which surged 99.4 percent from Rs. 1,362 crore to Rs. 2,717 crore. Operating profit rose 59.0 percent from Rs. 229 crore to Rs. 364 crore, while profit before tax (PBT) grew 12.4 percent from Rs. 458 crore to Rs. 515 crore. Net profit also increased 18.3 percent year-on-year, from Rs. 645 crore to Rs. 763 crore.
Operationally, DLF recorded new sales bookings of Rs. 11,425 crore, reflecting a 78 percent year-on-year growth. Total collections stood at Rs. 2,794 crore, while the company generated a net cash surplus of Rs. 1,131 crore.
Net debt of its rental subsidiary DCCDL stood at Rs. 17,287 crore. A major highlight for the quarter was the rapid sell-out of its luxury project DLF Privana North in Gurugram, with a value of Rs. 11,000 crore sold within just one week of launch.
2. Lodha Developers Ltd (NSE: LODHA)
Lodha has a market capitalization of Rs. 1,18,288 crore and currently trades at Rs. 1,185. Unlike DLF, the stock has declined by a modest 0.67 percent in the past year. It touched a 52-week high of Rs. 1,534.25.
In Q1FY26, Lodha posted a revenue of Rs. 3,492 crore, a 22.7 percent increase from Rs. 2,846 crore in the same quarter last year. Operating profit rose 30.2 percent to Rs. 984 crore from Rs. 756 crore. Profit before tax jumped 38.8 percent from Rs. 651 crore to Rs. 904 crore, while net profit increased 41.8 percent, rising from Rs. 476 crore to Rs. 675 crore.
Lodha’s pre-sales reached Rs. 4,450 crore, marking a 10 percent year-on-year growth despite a temporary slowdown in activity due to geopolitical tensions. Collections for the quarter stood at Rs. 2,840 crore, while the company’s net debt was reported at Rs. 5,080 crore.
The company maintained a robust EBITDA margin of 33 percent. During the quarter, Lodha added five new projects across MMR, Pune, and Bengaluru with a gross development value (GDV) of Rs. 22,700 crore, covering more than 90 percent of its full-year guidance.
About the Companies
DLF Ltd, with its subsidiaries and joint ventures, is involved in end-to-end real estate development. Its business model covers land acquisition, project planning, execution, leasing, hospitality, power generation, and maintenance services. DLF is also a dominant player in the commercial leasing space through its rental arm DCCDL.
Lodha Developers, founded in 1980, is one of India’s largest real estate firms with projects spanning across Mumbai, Pune, Hyderabad, Bengaluru, and even London. It operates in both residential and commercial real estate and is known for its asset light model with aggressive land monetisation and joint development strategy.
Written By Manan Gangwar
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