DLF Ltd
DLF Ltd
Consumer Discretionary F&ODLF Ltd with its subsidiaries, associates and JVs is engaged in real estate development, from the identification and acquisition of land to planning, execution, construction and marketing of projects. It is also engaged in business of leasing, generation of power, provision of maintenance services, hospitality and recreational services which are related to the overall development of real estate business.[1]
DLF enjoys unanimous analyst consensus (22/22 buy ratings) and strong 29% profit CAGR over 5 years, backed by a near debt-free balance sheet. However, the stock's 27% decline over the past year and weak 3% TTM sales growth warrant caution at the current PE of 35.8x.
Key Fundamentals
LargecapResidential Commercial ProjectsRealtyTechnical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 29.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 41.4%
Weaknesses
5- Stock is trading at 3.36 times its book value
- The company has delivered a poor sales growth of 8.64% over past five years.
- Tax rate seems low
- Company has a low return on equity of 9.37% over last 3 years.
- Earnings include an other income of Rs.1,825 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoDLF enjoys unanimous analyst consensus (22/22 buy ratings) and strong 29% profit CAGR over 5 years, backed by a near debt-free balance sheet. However, the stock's 27% decline over the past year and weak 3% TTM sales growth warrant caution at the current PE of 35.8x.
- Unanimous analyst consensus with 100% buy ratings (22 out of 22 analysts recommend buy)
- Exceptional profit CAGR of 29% over 5 and 10 year periods demonstrates consistent earnings compounding
- Company is almost debt-free, having significantly reduced leverage — a rare feat for a real estate developer
- Healthy dividend payout ratio of 41.4% with current yield of 0.94%, indicating shareholder-friendly capital allocation
- Long-term stock CAGR of 16% over both 5-year and 10-year periods reflects sustained wealth creation
- ROE improving trend — from 5% (10-year average) to 8% (5-year) to 10% (last year) — signals operational improvement
- Market cap of Rs.1,57,207 Cr positions DLF as India's largest listed real estate company with premium land bank optionality
- 3-year sales CAGR of 13% shows recent revenue acceleration versus the longer-term 10-year decline of -2%
- Stock declined 27% over the past 1 year, significantly underperforming broader markets
- TTM sales growth of only 3% and 5-year sales CAGR of just 9% indicate sluggish topline momentum
- PE of 35.8x is expensive for a company delivering only 10% ROE, implying stretched valuations
- Earnings quality concern — other income of Rs.1,825 Cr forms a significant portion of profits, inflating reported earnings
- 3-year ROE of only 9.37% is below cost of equity, indicating suboptimal capital efficiency for shareholders
- Trading at 3.48x book value is steep for a real estate business with cyclical cash flows
- TTM profit growth turned negative at -9%, suggesting near-term earnings deceleration
- 10-year compounded sales growth of -2% reveals a structurally challenged topline over longer periods
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- Q4 revenue drops 42% YoY Jun 10
Revenue declined 42% YoY to ₹1,814 crore in Q4 FY26 vs ₹3,128 crore in Q4 FY25, while net profit dipped 1.1% to ₹1,269 crore.
- Elara cuts target to ₹900 Jun 10
Elara Capital cut DLF's target price to ₹900 from ₹1,050, noting the stock has declined 35% in the past year and underperformed Nifty Realty by 8%.
- FY26 presales down 5% YoY Jun 10
Presales fell 5% YoY in FY26 as market share in Gurugram has plateaued and new competition from listed players in NCR intensifies.
- Stock needs ₹610-650 to recover Jun 01
DLF trading at ₹575 needs to sustain above ₹610-₹650 for meaningful technical improvement; breach of supports could trigger further downside.
- Sector pre-sales growth moderating Jun 01
Pre-sales growth for 18 listed developers slowed to 17% in FY26 from 20% in FY25, with FY27 expected to further moderate to 10-15%.
- Dahlias 60% sold, ₹18,562 cr booked Jun 15
DLF's The Dahlias ultra-luxury project has sold 60% of inventory with ₹18,562 crore booked till March 2026; prices have appreciated from ₹60 crore to ₹90 crore per unit since October 2024 launch.
- Strong residential operating cashflow Jun 10
Core residential operating cashflow rose 23% YoY to ₹78 billion in FY26; DevCo maintains net cash of ₹141 billion with ₹8/share dividend declared.
- Rental portfolio growing at 15% CAGR Jun 10
Exit rentals reached ₹74 billion growing at 15% per annum since FY22, with 50 million sq ft at 95%+ occupancy and FY27 guidance of ₹82 billion.
- Nomura rates DLF a Buy Jun 01
Nomura includes DLF among preferred picks with a Buy rating, citing opportunities in Mumbai where absorption volumes are priced 4x higher than Gurugram.
- Marquee investor buys ₹120 cr flat Jun 15
Veteran investor Madhusudan Kela purchased a ₹120 crore apartment in The Dahlias, joining a list of high-profile buyers validating ultra-luxury demand.
- ₹100 cr block trade on NSE Jun 18
DLF recorded a ₹100.18 crore block trade on NSE with ~15.68 lakh shares transacted at ₹638.80 per share, indicating significant institutional activity.
- Promoter confirms no share pledge Jun 06
Renuka Talwar and entities holding 6.10% of DLF declared no encumbrance on shares during FY26 under SEBI Takeover Regulations.
- Morgan Stanley forum attendance May 29
DLF participated in the Morgan Stanley India Investment Forum 2026 on June 3 in Mumbai for institutional investor meetings.
TL;DR: DLF's ultra-luxury Dahlias project is a standout success with 60% sold and strong price appreciation, while the annuity portfolio delivers steady 15% rental growth. However, Q4 revenue dropped sharply, presales declined 5% in FY26, and geographic concentration in Gurugram remains a structural risk. The stock trades at a 40% discount to estimated NAV, suggesting the market is pricing in execution concerns around scaling beyond NCR. The trend is mixed — cash generation is robust but topline growth needs catalysts from Mumbai expansion and new launches.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,456 | 1,423 | 1,348 | 1,521 | 2,135 | 1,362 | 1,975 | 1,529 | 3,128 | 2,717 | 1,643 | 2,020 | 1,814 |
| Expenses | 1,058 | 1,027 | 885 | 1,010 | 1,381 | 1,134 | 1,473 | 1,129 | 2,150 | 2,353 | 1,359 | 1,630 | 1,403 |
| Operating Profit | 398 | 396 | 462 | 511 | 754 | 229 | 502 | 400 | 978 | 364 | 284 | 390 | 411 |
| OPM % | 27% | 28% | 34% | 34% | 35% | 17% | 25% | 26% | 31% | 13% | 17% | 19% | 23% |
| Other Income | 120 | 98 | 129 | 122 | 182 | 367 | 206 | -94 | 220 | 264 | 854 | 399 | 308 |
| Interest | 85 | 85 | 90 | 84 | 98 | 101 | 94 | 94 | 109 | 79 | 63 | 36 | 21 |
| Depreciation | 36 | 36 | 37 | 38 | 37 | 37 | 38 | 39 | 37 | 34 | 30 | 30 | 48 |
| PBT | 397 | 373 | 464 | 512 | 802 | 458 | 577 | 174 | 1,053 | 515 | 1,045 | 723 | 649 |
| Tax % | 28% | 27% | 24% | 26% | 21% | 26% | -81% | -154% | 17% | 26% | 26% | -1% | -14% |
| Net Profit | 570 | 526 | 622 | 656 | 920 | 645 | 1,381 | 1,059 | 1,282 | 763 | 1,180 | 1,203 | 1,269 |
| EPS in Rs | 2.3 | 2.13 | 2.52 | 2.65 | 3.72 | 2.61 | 5.58 | 4.28 | 5.18 | 3.08 | 4.77 | 4.86 | 5.12 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,649 | 9,926 | 8,221 | 6,707 | 8,366 | 6,083 | 5,414 | 5,717 | 5,695 | 6,427 | 7,994 | 8,194 |
| Expenses | 4,635 | 5,960 | 4,775 | 4,329 | 6,218 | 4,937 | 3,945 | 3,974 | 3,969 | 4,303 | 5,885 | 6,746 |
| Operating Profit | 3,014 | 3,966 | 3,446 | 2,378 | 2,148 | 1,146 | 1,469 | 1,743 | 1,726 | 2,124 | 2,109 | 1,448 |
| OPM % | 39% | 40% | 42% | 35% | 26% | 19% | 27% | 30% | 30% | 33% | 26% | 18% |
| Other Income | 503 | 506 | 1,135 | 9,722 | 784 | 1,135 | 383 | 195 | 317 | 531 | 700 | 1,825 |
| Interest | 2,304 | 2,680 | 2,980 | 2,951 | 2,062 | 1,427 | 853 | 625 | 392 | 356 | 397 | 199 |
| Depreciation | 545 | 766 | 572 | 534 | 225 | 200 | 159 | 149 | 149 | 148 | 151 | 142 |
| PBT | 668 | 1,026 | 1,030 | 8,615 | 646 | 653 | 840 | 1,165 | 1,502 | 2,151 | 2,261 | 2,932 |
| Tax % | 24% | 55% | 22% | 50% | 43% | 326% | 43% | 28% | 27% | 24% | -19% | 11% |
| Net Profit | 507 | 305 | 708 | 4,477 | 1,314 | -590 | 1,083 | 1,500 | 2,034 | 2,724 | 4,367 | 4,415 |
| EPS in Rs | 3.03 | 1.72 | 4.01 | 25.02 | 5.98 | -2.36 | 4.42 | 6.06 | 8.22 | 11.02 | 17.64 | 17.83 |
| Div. Payout % | 66% | 117% | 50% | 8% | 33% | -85% | 45% | 49% | 49% | 45% | 34% | 45% |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 356 | 357 | 357 | 357 | 441 | 495 | 495 | 495 | 495 | 495 | 495 | 495 |
| Reserves | 27,013 | 23,712 | 24,216 | 34,954 | 33,135 | 33,952 | 34,849 | 35,867 | 37,192 | 38,936 | 42,055 | 44,978 |
| Borrowings | 24,495 | 25,264 | 29,202 | 17,491 | 17,222 | 8,103 | 6,886 | 4,182 | 3,334 | 4,834 | 4,103 | 306 |
| Other Liabilities | 14,398 | 12,396 | 10,179 | 7,783 | 15,684 | 13,341 | 11,258 | 10,623 | 11,551 | 14,804 | 21,819 | 29,096 |
| Total Liabilities | 66,262 | 61,729 | 63,954 | 60,585 | 66,483 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 74,875 |
| Fixed Assets | 19,619 | 3,943 | 24,640 | 8,082 | 6,322 | 5,187 | 4,856 | 4,862 | 4,785 | 3,880 | 3,502 | 4,117 |
| CWIP | 5,901 | 1,779 | 153 | 137 | 103 | 89 | 95 | 81 | 61 | 71 | 86 | 159 |
| Investments | 623 | 21,310 | 1,209 | 20,832 | 21,005 | 18,566 | 19,746 | 19,779 | 19,481 | 20,138 | 21,336 | 21,692 |
| Other Assets | 40,119 | 34,697 | 37,952 | 31,533 | 39,053 | 32,049 | 28,791 | 26,444 | 28,245 | 34,981 | 43,549 | 48,907 |
| Total Assets | 66,262 | 61,729 | 63,954 | 60,585 | 66,483 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 74,875 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 2,037 | 2,957 | -898 | 270 | 2,043 | 356 | 1,460 | 2,832 | 2,375 | 2,539 | 5,235 | 6,347 |
| Investing | 98 | -818 | 872 | -2,102 | 3 | 6,508 | 150 | 267 | -461 | -1,529 | -3,475 | 721 |
| Financing | -1,547 | -1,929 | 787 | -232 | 875 | -9,522 | -2,184 | -3,828 | -2,013 | 177 | -2,403 | -5,547 |
| Net Cash Flow | 588 | 210 | 761 | -2,064 | 2,921 | -2,658 | -573 | -729 | -98 | 1,186 | -642 | 1,522 |
| Free Cash Flow | 1,198 | 2,371 | -1,101 | -455 | 1,474 | 217 | 1,529 | 2,684 | 2,321 | 3,166 | 5,140 | 6,231 |
| CFO/OP | 89 | 91 | -17 | 29 | 106 | 35 | 72 | 150 | 143 | 132 | 254 | 484 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 126 | 63 | 70 | 36 | 43 | 39 | 36 | 35 | 31 | 37 | 38 |
| Inventory Days | — | — | — | — | — | — | — | — | — | — | — | 1,861 |
| Days Payable | — | — | — | — | — | — | — | — | — | — | — | 129 |
| Cash Conversion Cycle | 76 | 126 | 63 | 70 | 36 | 43 | 39 | 36 | 35 | 31 | 37 | 1,769 |
| Working Capital Days | 686 | 290 | 533 | 495 | 133 | 612 | 788 | 799 | 742 | 745 | 615 | 271 |
| ROCE % | 6% | 8% | 7% | 5% | 5% | 4% | 4% | 5% | 5% | 6% | 7% | 6% |
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Company Information
DLF Ltd with its subsidiaries, associates and JVs is engaged in real estate development, from the identification and acquisition of land to planning, execution, construction and marketing of projects. It is also engaged in business of leasing, generation of power, provision of maintenance services, hospitality and recreational services which are related to the overall development of real estate business.[1]