DLF Cyber City Developers plans to raise up to ₹1,100 crore via NCDs

DCCDL, a DLF-GIC joint venture, to raise Rs 1,100 crore via NCDs for projects and debt repayment, aims to cap net debt at Rs 20,000 crore with strong rental-led cash flows

DLF Cyber City Developers (DCCDL), a joint venture between DLF and Singapore’s Sovereign Wealth Fund (SWF) GIC, is planning to raise up to ₹1,100 crore via non-convertible debentures (NCDs) for funding construction of projects and repayment of debt.

 

The real estate company, where DLF group holds 66.67 per cent stake, has estimated annual capital expenditure of ₹3,500-4,000 crore in the current financial year (FY26) that should moderate to around ₹2,000 crore over the medium term. 

 

It also has an annual interest payment obligation of ₹1,500-2,000 crore and majority of scheduled repayments are likely to be refinanced, according to rating agency CRISIL. 

 

CRISIL has assigned “AAA” rating to the debentures, reflecting sustenance of the strong business risk profile, backed by high-occupancy levels and scale of the operational portfolio. DCCDL has about 40.4 million square feet (msf) and around 4 msf of operational commercial and retail areas, respectively, spread across Gurugram, Chennai, Noida, Delhi, Hyderabad, and Chandigarh. 

 

The rating agency said the real estate has strong debt protection metrics and refinancing ability. The sustained growth in rentals, along with reduction in net debt to ₹17,287 crore as on June 30, 2025, from ₹17,583 crore as on June 30, 2024, has strengthened debt protection metrics. The net debt to Ebitda ratio has improved to 3.2 times as on June 30, 2025, from 5.6 times as on March 31, 2021. The ratio is expected to reduce over the medium term.

 

The real estate developer aims to maintain net debt levels at around or below ₹20,000 crore and has also indicated to keep net debt to Ebitda at around or below 3.5 times and the Loan To Value ratio below 35-40 per cent. This would be despite the ongoing and planned construction of assets.

 

CRISIL has also pointed out the exposure to execution risk associated with expansion plans. The group will develop about 11.9 msf over the next seven years and could develop additional 16 msf in a phased manner over the longer term.

 

DCCDL posted operating income of ₹1,728 crore in the quarter ended June 2025 (Q1FY26) as against ₹1,536 crore a year ago. Its net profit stood at ₹593 crore in Q1FY26, up from ₹470 crore in the quarter ended June 2024.