Prestige, DLF outperform: Top 10 builders eye ₹1.5 lakh cr sales in FY26

Top listed players targeting 23% growth over FY25 in pre-sales this fiscal

India’s largest listed developers are on track to hit  booking targets of ₹1.49 lakh crore in FY2026, with nearly 30% of these pre-sales already achieved in the very first quarter, according to ANAROCK Research.

 

"Players like DLF Ltd and Prestige Estates are cases in point - DLF has hit  nearly 52% of its total pre-sales target of INR 20,000-22,000 CR for FY  2026 in Q1 FY2026," said Anuj Puri, Chairman - ANAROCK Group. 

 

"Prestige Estates has already clocked pre-sales of nearly 45% of its Rs 27,000 Cr target for FY 2026."  

 

The top 10 listed developers' booking targets in FY 2025 stood at approximately Rs 1,20,818 crore. In short, they are targeting pre-sales growth of 23% over FY25 in the current fiscal.

 

 

In terms of actual annual sales bookings in FY 2025, Godrej Properties led the pack in last fiscal with pre-sales of nearly INR 29,444 Cr, followed by DLF Ltd. with sales  bookings of approximately Rs 21,233 crore. 

 

"Buoyed by this sales momentum, their continued land buying spree in H1 2025, when  over 2,898 acres of land were transacted in 76 deals across India," said Puri. "The total  land volume transacted in H1 2025 is already 1.15 times of the deals volume in the  whole of 2024, when 133 deals for about 2,515 acres were concluded across the  country." 

The listed players' pre-sales actuals achieved in FY 2025 have set the tone for FY 2026.

 

Why Should You Care as an Investor?

 

Stronger Balance Sheets = Lower Risk

The average net debt-to-equity ratio for leading listed developers has fallen to just 0.05 in FY25 — a historic low compared to 0.55 in FY17. With most players close to being debt-free, the risk of defaults or stalled projects is drastically reduced. 

The average net debt-to-equity ratio of leading listed players has dropped to a historic low of 0.05 in FY25. This marks an over 90% reduction from the FY17 peak of about 0.55

 

Growth Opportunities

Developers like DLF and Prestige Estates have already achieved 52% and 45% of their annual pre-sales targets in Q1 FY26. This kind of visibility in revenues offers a more predictable outlook for shareholders.

 

Institutional Confidence Rising

With lower leverage, global and domestic institutions are more comfortable investing in Indian real estate firms. That means continued capital inflows and, potentially, stronger stock performance.

 

What It Means for Homebuyers

 

Higher Consumer Confidence: With developers sitting on healthier balance sheets, buyers face lower risk of delays or unfinished projects.

 

Land Buying Continues: In H1 2025 alone, over 2,898 acres of land changed hands across 76 deals, ensuring a strong project pipeline for years to come.

 

Price Trends: With demand holding steady and developers financially stronger, buyers may have fewer distressed-sale opportunities. This means prices could remain firm, particularly in prime urban markets like NCR, Bengaluru, and Mumbai.

 

Strong Balance Sheets = Greater Flexibility 

The sharp decline in leverage has provided multiple advantages to developers:

 

Lower interest burden: Lower financing costs have freed up capital for ongoing  and new projects. 

 

Improved credit profiles: Many developers have received rating upgrades, facilitating access to institutional funding at more competitive rates.

 

Higher consumer confidence: Buyers are increasingly favouring financially  sound developers, further supporting their pre-sales momentum. 

 

With some large developers now with net cash balances, the collective goal now is keeping the net debt-to-equity ratio under 0.4 and more players are targeting a net cash  position over the next three fiscal years.