Pre-sales are often used to highlight the strength of a real estate business, but bookings do not necessarily translate into cash immediately. A closer look at DLF, Lodha and Godrej Properties shows a clear difference between sales momentum, collections and operating cash flow. While all three have grown their pre-sales over FY24-FY26, their ability to convert these bookings into operating cash has varied significantly.
DLF: Collections and OCF have strengthened
DLF’s pre-sales increased from ₹14,778 crore in FY24 to ₹21,223 crore in FY25 before moderating to ₹20,143 crore in FY26. However, collections continued to rise, moving from ₹8,655 crore to ₹11,773 crore and then ₹13,517 crore.
This improvement is also visible in operating cash flow. DLF’s OCF more than doubled from ₹2,539 crore in FY24 to ₹5,235 crore in FY25 and further to ₹6,347 crore in FY26. OCF as a percentage of sales consequently increased from around 17% to 31.5%.
Net debt stood at ₹17,903 crore in FY24, ₹17,488 crore in FY25 and ₹18,150 crore in FY26, showing relatively limited movement despite the improvement in operating cash generation.
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Lodha: Strong collections, but OCF has weakened
Lodha’s pre-sales increased consistently from ₹14,520 crore in FY24 to ₹17,600 crore in FY25 and ₹20,500 crore in FY26. Collections also rose from ₹11,260 crore to ₹14,490 crore and ₹15,160 crore over the same period.
However, its operating cash flow moved in the opposite direction. OCF declined from ₹2,512 crore in FY24 to ₹1,566 crore in FY25 and further to ₹959 crore in FY26. OCF as a percentage of sales consequently fell from around 17.3% to just 4.7%.
Net debt increased from ₹3,000 crore in FY24 to ₹4,000 crore in FY25 and ₹5,400 crore in FY26, making cash generation an important metric to track alongside its rising bookings.
Godrej Properties: Highest sales, but negative OCF
Godrej Properties recorded the highest pre-sales among the three, increasing from ₹22,527 crore in FY24 to ₹29,444 crore in FY25 and ₹34,171 crore in FY26. However, collections were uneven. They stood at ₹11,436 crore in FY24, fell to ₹6,961 crore in FY25 and recovered sharply to ₹19,965 crore in FY26.
The bigger difference comes from operating cash flow. Godrej Properties reported negative OCF of ₹693 crore in FY24, ₹2,242 crore in FY25 and ₹2,003 crore in FY26. Thus, despite strong pre-sales, operating cash flow remained negative throughout the period. Net debt stood at ₹6,198 crore in FY24, ₹6,873 crore in FY25 and ₹6,414 crore in FY26.
What the cash-flow comparison shows
The three companies demonstrate why pre-sales alone do not tell the complete story. DLF’s collections have strengthened alongside a sharp improvement in OCF. Lodha has maintained strong collections, but its OCF has declined significantly. Godrej Properties has delivered the strongest pre-sales growth among the three, but its OCF remained negative.
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Based on the available FY24-FY26 data, DLF shows the strongest conversion of sales into operating cash, while Lodha’s declining OCF and Godrej Properties’ negative OCF highlight a different cash-flow profile.