DLF, HPCL, Shriram Finance, GAIL, BEL, Lodha Developers, Dr. Lal, Mphasis, CemIndia, Bata And More Q2 Review

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Institutional Equities

DLF - Presales surge amid resilient market appetite

DLF Ltd. reported a strong quarter with presales of Rs 43.3 billion (+526%/-62.2% YoY/QoQ), backed by Dahlias project (Rs 16 billion) and new Andheri launch (Rs 23 billion).

Collections remained muted at Rs 26.7 billion (-12.7%/-4.4% YoY/QoQ) and DLF expects Rs 130 billion+ run rate from FY27 as construction milestone gets hit.

Dahlias super luxury project continues to witness strong traction, with over 50% of sales completed and prices crossing Rs 1 Lakh psf. Future launches include Goa, Arbour 2, Dahlias Phase 2, Privana next phase, Panchkula and IREO land over the next 12-18months.

The company is also evaluating entry into Noida and further expansion in MMR, with new business development deals under discussion in these markets.

DLF highlighted that real estate demand remains robust, supported by NRI investments, and presales are expected to remain steady at Rs 220 billion+ in FY26, with a potential for upside.

With significant embedded potential from its existing land bank, DLF continues to generate healthy margins, targeting 45%+ gross margins in the medium term. We maintain Buy on DLF with a target price of Rs 988/share.

Lodha Developers - Strong show

Lodha Developers Ltd. recorded Q2 FY26 presales of Rs 45.7 billion (+6.5/+2.7% YoY/QoQ), maintaining its quarterly run rate of >Rs 40 billion, and expects Rs 60 billion quarterly run rate from Q3 FY26. Presales growth is led by strong demand across segments with premium to luxury segments leading the way.

Collections were Rs 34.3 billion (+30.4/+28.8% YoY/QoQ). The embedded Ebitda margin on presales was ~32%. In terms of launches, Lodha has launched gross develioment value of Rs 49 billion in Q2 FY26 with a saleable area of 3.9msf.

In terms of business development, Lodha has already achieved BD guidance of Rs 250 billion in H1 FY26 itself, with Rs 23 billion worth of projects added in Q2 FY26.

The company is aligning with its long-term strategy, which aims to deliver a 20% CAGR in presales to reach Rs 500 billion by FY31. The company’s current annuity asset base provides visibility of Rs 11.6 billion, aiming for Rs 15 billion net annuity income by FY31, indicating a clear path toward its FY31 goals.

Strategic bets on high-growth markets like Pune where it aims to become the leading developer within two years and infrastructureled value unlocking in Palava could further strengthen its growth narrative.

Additionally, Lodha’s data center strategy, while promising, is still under development with delivery models being evaluated. Key growth drivers include land monetization at Palava, targeting Rs 80 billion in township presales by 2030 with high Ebitda margins c.50%.

Additionally, Lodha plans to enter the Delhi NCR market, starting with a pilot project within the next 12 months, followed by a full-scale launch by FY27.

Given robust growth visibility, betterthan-expected GDV addition, and uptick in land prices (Palava may see price and volume increase as new infra projects get commissioned), we remain constructive.

We maintain our Add rating with a target price of Rs 1,311/share.

HPCL - Weaker-than-expected marketing margins

Our Reduce rating on Hindustan Petroleum Corporation Ltd. with a price target of Rs 413 is premised on the risk of lower auto-fuel marketing margins and elevated debt levels, given the high capex cycle.

Q2 FY26 Ebitda came in at Rs 68.9 billion (+1.5x YoY, - 9.4% QoQ), while PAT came in at Rs 38.3 billion (+5x YoY, -12.4% QoQ), below our estimate, owing to lower-than-expected marketing margin and other income and higher-thanexpected operating expenses.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.