Demand Environment Looks Strong But We Are Not Looking To Hike Our FY26 Guidance: DLF | CNBC TV18
📅 Nov 20, 2025CNBC-TV1812 MIN544 VIEWS16 SEGMENTS · 3 SPEAKERS
Biz Outlook | Ashok Kumar Tyagi, MD, DLF to @CNBCTV18News
Demand environment looks strong but we are not looking to hike our FY26 guidance
End FY26 rentals will be Rs 6,000 cr going up to Rs 7,000 cr in FY27
No plans of any REIT in the near term
#dlf #dlfhomes #realestatesector #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
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3:09Is it as strong as it was when we used to speak six months, one year ago? Is the absorption as smooth?
5:17Are those things affecting you at all, pricing-wise or volume-wise?
6:20Is there a sweetener you're looking to give your shareholders?
9:16Now quickly, Nigel's question on how you'll use that cash — 7,000 crores plus — and also since the first half has been strong and you'll remain optimistic on your business, will you revise the guidance which is currently at 22,000 crores?
11:18The pessimists are saying we're very close to the end; optimists — and you're sounding very optimistic — are saying we're at the start of it, day one of the five-day test match. Where are we?
We'll move to our next guest. Quick glance at the screen — market is down but not out, the bulls are trying to fight back, about 35 to 40 points lower on the Nifty. There was a tinge of green on the Nifty while we were speaking with Harsha, but now there's some selling — interesting Friday morning playing out. But for the time being, we're putting the spotlight on the real estate space, and we have Mr. Ashok Tyagi, MD of DLF, joining in. Sir, it's so good to have you in — always wonderful to get your perspective on the business and the overall market. A couple of key talking points we want to focus on: obviously we want an update on the guidance because you've done very well in the first half, so we need to see how strong those demand trends are — the bookings target and the launch pipeline. Let me start by understanding your sense of demand in your home turf, the NCR market. It's been a very good first half, you're already at 70% plus of your guidance. What are you expecting in H2? What is the consumer telling you?
Good morning. Two points: as far as the consumer is concerned, the underlying demand for the more credible developers and more credible products is there — I don't think there's a slowdown. Yes, there are challenges going forward as you read in the papers, and a tinge of caution is not a bad thing. Some of the fizz may gradually start slowing down, but for the underlying credible players — the five or six key players — the demand continues to be strong. As far as we're concerned, we guided the market to a sales pipeline of ballpark 20 to 22,000 crores for the fiscal, and we stick to that. We've done 15,000 plus in the first half, but this is not like an auto assembly line where you launch something every day, so for now we'll stick to our originally guided launch pipeline of ballpark 20 to 22,000 crores. Over the medium term, in March we came out with a five-year plan — we have a pipeline of almost 60,000 crores of products lined up for potential launch in the next 24 to 36 months. All of them will gradually come, subject to approvals and how demand is shaping up. We've defined our gridrails, and we should hopefully keep having a reasonably good ride on them.
Mr. Tyagi, just a quick one — I know you were at an investor conference and you've guided everything to the street, and maybe we can touch upon some of that. But since you're coming on after a while, how's the consumer in your core market holding up? Is it as strong as it was when we used to speak six months, one year ago? Is the absorption as smooth? Just wanted to get some color.
To supplement the reply I gave just now — the more credible players, where the customer has an underlying belief that these guys will deliver products to the quality specs they've committed, the demand at least in the NCR, in Gurgaon, and even in Goa continues to be underlying strong. What happens in any bull market is that some non-serious players get on the ride, and over time some of them may start feeling the slowdown. But for the more credible players, there's no challenge right now. Obviously, one needs to be sensible about product, pricing, and location. Given that we have most of those things lined up neatly, we don't foresee a demand slowdown in terms of what we bring to the launch pipeline. You can't launch 50,000 crores in a quarter — that would be far more than the market can absorb. But as long as there's a certain interval between launches and a degree of upgrades and variation in what you're offering, the demand continues to be good.
Right, so setting everything else aside for DLF — you're a credible player, the oldest player perhaps. Is there any difference or some volatility in terms of absorption because non-serious players may have overbuilt? Has too much supply spoiled the market in some ways? Are those things affecting you at all, pricing-wise or volume-wise?
The simple answer is no. Our last major launch, The Camellias North, did extraordinarily well. The resale market, which I've always maintained is a very secular indicator of how the market is performing, continues to be very bullish and strong at least in our micro-markets — both in terms of demand for new transactions happening as well as price points and price acceleration. The secondary market continues to be strong, which leads us to believe that there continues to be underlying demand for good primary products.
All right. Hi Mr. Tyagi, good morning. Good to see you — it's been a while since we chatted. Let's get a couple of aspects out of the way. The rentals: you have the completion of some retail projects — Midtown Plaza, Summit Plaza, Goa Mall. How do they aid rentals? I think you were talking about exit rentals in FY27 of around 400 crores. Could you reconfirm that number? And your balance sheet is in fantastic shape — you're sitting on closer to around a billion dollars. How will you be using this for expansion activities? Is there a sweetener you're looking to give your shareholders?
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Tyagi, A. (2025, November 20). Demand Environment Looks Strong But We Are Not Looking To Hike Our FY26 Guidance: DLF | CNBC TV18 [Interview transcript]. CNBC-TV18. CEOInterviews.AI. https://ceointerviews.ai/interview/1028891/
MLA
Ashok Tyagi. "Demand Environment Looks Strong But We Are Not Looking To Hike Our FY26 Guidance: DLF | CNBC TV18." CNBC-TV18, 20 Nov. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1028891/.
BibTeX
@misc{tyagi2025_1028891,
author = {Ashok Tyagi},
title = {Demand Environment Looks Strong But We Are Not Looking To Hike Our FY26 Guidance: DLF | CNBC TV18},
howpublished = {Interview transcript, CNBC-TV18. CEOInterviews.AI},
year = {2025},
month = {nov},
url = {https://ceointerviews.ai/interview/1028891/},
note = {Speaker-attributed transcript with timestamps}
}
