DLF
DLF
Realty F&OKey Fundamentals
LargecapResidential Commercial ProjectsRealtyTapetide Score
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 29.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 41.4%
Weaknesses
5- Stock is trading at 3.58 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 9.32% over last 3 years.
- Earnings include an other income of Rs.1,886 Cr.
Growth Rate
AI Analysis — Bull vs Bear
DLF Ltd has a market capitalisation of about Rs 1,66,267 Cr and trades at a P/E of 37.3x and a P/B of 3.65x. Profit has compounded at 29% over 5 years, while sales have grown only about 9% over the same period and TTM sales are down 28%. The company is almost debt-free and pays out 41.4% of profit as dividend, but its return on equity has stayed modest at 9% (3-year) and 10% (last year), and the stock has returned -5% over the past year.
- Profit has compounded at 29% CAGR over 5 years and at 29% over 10 years. That points to lasting improvement in profitability even though revenue growth has been uneven.
- The company is almost debt-free after cutting debt. For a realty developer, this lowers interest-rate and refinancing risk, which matters in a capital-intensive, cyclical sector.
- Profit has grown at 27% CAGR over 3 years, well ahead of 3-year sales growth of 13%. This suggests margins have widened as the business mix has improved.
- The company pays out 41.4% of profit as dividend, giving a dividend yield of 1.19%. That provides a cash return while investors wait on project cycles.
- ROE has improved steadily, from 5% on a 10-year basis to 8% (5-year), 9% (3-year) and 10% last year. Capital efficiency is moving in the right direction.
- The stock has delivered a 16% CAGR over 10 years, a long record of compounding for shareholders through several real estate cycles.
- TTM profit still grew 2% even though TTM sales fell 28%. Earnings held up despite lumpy revenue recognition.
- The stock trades at a P/E of 37.3x and 3.65x book value, while 3-year ROE is only 9%. A P/B above 3.5x is hard to justify on returns alone at that ROE, so the valuation depends on future growth.
- TTM sales fell 28%, which shows how lumpy and cyclical realty revenue recognition is and makes near-term earnings less visible.
- Other income of Rs 1,886 Cr is part of earnings. A meaningful share of reported profit may therefore not come from the core real estate business.
- Sales grew only 8.64% a year over 5 years, and the 10-year sales CAGR is -2%. Profit growth has run far ahead of the top line, which raises questions about how long margin-led growth can continue.
- ROE has stayed in single digits to low double digits (9% over 3 years, 8% over 5 years, 10% last year), even though the company is almost debt-free. Returns on shareholder capital are low.
- The tax rate looks low. If it moves back to normal levels, reported net profit growth could fall below the 29% 5-year CAGR.
- The stock has returned -5% over 1 year and a 9% CAGR over 3 years, below its 29% 3-to-5-year profit CAGR. This suggests the market is already cautious about growth durability or the current valuation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Lost Noida Sector 108 auction Sep 9
DLF bid for the 12.5-acre Noida parcel but lost to M3M, which offered about ₹1,839 crore, a 121% premium to the ₹835 crore reserve. DLF gives up an estimated ₹6,000-8,000 crore of lifecycle project revenue, and it still holds only one land parcel in Noida.
- NCR land costs escalating sharply Sep 9
M3M's winning bid works out to roughly ₹147 crore per acre including charges. That is above DLF's own 2018 Gurugram record of ₹127 crore per acre and could lift future auction benchmarks and squeeze margins on new land deals.
- Weak macro and crude overhang Sep 20
The Sensex fell 0.65% to 74,294.46 and the Nifty slipped 0.22% to 23,346.40 on worries about energy-driven inflation and US-Iran tensions. The Nifty is struggling to hold above the 24,500-24,600 resistance zone, which matches its 200-day EMA.
- Goa mall capex overrun Sep 19
Premium retail formats pushed the Goa mall's projected investment from an original ₹300-350 crore estimate to about ₹500 crore.
- Goa mall 75% pre-leased Sep 19
The 7 lakh sq ft Promenade Goa (about ₹500 crore investment) is 70-75% pre-leased to tenants including PVR and Shoppers Stop. It targets over ₹150 crore in annual rentals at ₹175-180 per sq ft, with fit-outs starting October 2026 and opening in February-March 2027.
- Rental pipeline expanding rapidly Sep 19
DLF launched about 6.5 million sq ft of office space at DLF Downtown Gurugram (completion in about 2.5 years) and is building 3.5 million sq ft at Downtown Taramani, Chennai (FY28). A 2.5 million sq ft Gurugram mall is planned for 2029, and Midtown Plaza (2.8 lakh sq ft) and Summit Plaza (1.15 lakh sq ft) are now operational.
- Fortress balance sheet, capital discipline Sep 9
DLF has net cash of ₹15,200 crore and a net debt-to-GAV of 18%, and management says its existing land bank covers several years of growth. It only pursues margin-accretive deals while targeting about ₹10,000 crore in annual rental income.
- Parag Parikh Flexi Cap buys DLF Sep 9
India's largest MF scheme (AUM ₹1,47,404.5 crore) started a new position of 137.1 lakh DLF shares in August 2026, about 0.64% of AUM.
- Anand Rathi technical buy call Sep 20
Anand Rathi's Ganesh Dongre recommended buying DLF at ₹645-650 with a ₹680 target and a ₹630 stop loss. The stock was later flagged at ₹681.6 on Sep 25, at the target.
- Large block trades on NSE Sep 25
About 6.57 lakh shares (₹44.79 crore) traded at ₹681.6 on Sep 25, after about 3.87 lakh shares (₹25.78 crore) at ₹666 on Sep 22. Both were real-time signals and not confirmed exchange disclosures.
- Institutional investor conference circuit Sep 18
DLF attended the Jefferies India Forum in Gurugram on Sep 17 and the 33rd CITIC Securities International Investors' Forum in Hong Kong on Sep 23-24, 2026, for one-to-one and group meetings.
- No retail REIT plans Sep 19
Management said there must be a 'compelling proposition' to enter a REIT. DLF prefers to keep retail assets inside DCCDL, which it owns 66.67% with GIC holding 33.33%.
TL;DR: DLF's annuity business is gaining momentum: the ₹500 crore Goa mall is 75% pre-leased with over ₹150 crore in targeted rentals, large office and retail pipelines are underway in Gurugram and Chennai, and net cash of ₹15,200 crore gives it room to stay disciplined. The stock rose from about ₹650 to ₹681.6 over the week, helped by fresh Parag Parikh fund buying and a technical buy call. Risks include losing the Noida land auction to M3M, NCR land prices climbing to about ₹147 crore per acre, capex overruns, and a weak macro backdrop driven by crude and the Middle East. The trend looks steady to improving, and timely delivery of the Goa mall and Downtown projects will be the main things to watch for a rerating of the rental business.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,423 | 1,348 | 1,521 | 2,135 | 1,362 | 1,975 | 1,529 | 3,128 | 2,717 | 1,643 | 2,020 | 1,814 | 1,280 |
| Expenses | 1,027 | 885 | 1,010 | 1,381 | 1,134 | 1,473 | 1,129 | 2,150 | 2,353 | 1,359 | 1,630 | 1,403 | 1,130 |
| Operating Profit | 396 | 462 | 511 | 754 | 229 | 502 | 400 | 978 | 364 | 284 | 390 | 411 | 150 |
| OPM % | 28% | 34% | 34% | 35% | 17% | 25% | 26% | 31% | 13% | 17% | 19% | 23% | 12% |
| Other Income | 98 | 129 | 122 | 182 | 367 | 206 | -94 | 220 | 264 | 854 | 399 | 308 | 325 |
| Interest | 85 | 90 | 84 | 98 | 101 | 94 | 94 | 109 | 79 | 63 | 36 | 21 | 18 |
| Depreciation | 36 | 37 | 38 | 37 | 37 | 38 | 39 | 37 | 34 | 30 | 30 | 48 | 35 |
| PBT | 373 | 464 | 512 | 802 | 458 | 577 | 174 | 1,053 | 515 | 1,045 | 723 | 649 | 423 |
| Tax % | 27% | 24% | 26% | 21% | 26% | -81% | -154% | 17% | 26% | 26% | -1% | -14% | 27% |
| Net Profit | 526 | 622 | 656 | 920 | 645 | 1,381 | 1,059 | 1,282 | 763 | 1,180 | 1,203 | 1,269 | 794 |
| EPS in Rs | 2.13 | 2.52 | 2.65 | 3.72 | 2.61 | 5.58 | 4.28 | 5.18 | 3.08 | 4.77 | 4.86 | 5.12 | 3.21 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6,758 |
| 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 | 5,523 |
| Operating Profit | 3,014 | 3,966 | 3,446 | 2,378 | 2,148 | 1,146 | 1,469 | 1,743 | 1,726 | 2,124 | 2,109 | 1,449 | 1,234 |
| OPM % | 39% | 40% | 42% | 35% | 26% | 19% | 27% | 30% | 30% | 33% | 26% | 18% | 18% |
| Other Income | 503 | 506 | 1,135 | 9,722 | 784 | 1,135 | 383 | 195 | 317 | 531 | 700 | 1,825 | 1,886 |
| Interest | 2,304 | 2,680 | 2,980 | 2,951 | 2,062 | 1,427 | 853 | 625 | 392 | 356 | 397 | 199 | 138 |
| Depreciation | 545 | 766 | 572 | 534 | 225 | 200 | 159 | 149 | 149 | 148 | 151 | 142 | 143 |
| PBT | 668 | 1,026 | 1,030 | 8,615 | 646 | 653 | 840 | 1,165 | 1,502 | 2,151 | 2,261 | 2,932 | 2,839 |
| 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 | 4,446 |
| 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 | 17.96 |
| Div. Payout % | 66% | 117% | 50% | 8% | 33% | -85% | 45% | 49% | 49% | 45% | 34% | 45% | — |
Balance Sheet
| Particulars | 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 | 27,685 |
| Total Liabilities | 66,262 | 61,729 | 63,954 | 60,585 | 66,483 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 73,465 |
| Fixed Assets | 19,619 | 3,943 | 24,640 | 8,082 | 6,322 | 5,187 | 4,856 | 4,862 | 4,785 | 3,880 | 3,502 | 4,114 |
| CWIP | 5,901 | 1,779 | 153 | 137 | 103 | 89 | 95 | 81 | 61 | 71 | 86 | 162 |
| 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 | 47,497 |
| Total Assets | 66,262 | 61,729 | 63,954 | 60,585 | 66,483 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 73,465 |
Cash Flow
| Particulars | 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
| Particulars | 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 |
| Cash Conversion Cycle | 76 | 126 | 63 | 70 | 36 | 43 | 39 | 36 | 35 | 31 | 37 | 38 |
| Working Capital Days | 686 | 290 | 533 | 495 | 133 | 612 | 788 | 799 | 742 | 745 | 615 | 245 |
| ROCE % | 6% | 8% | 7% | 5% | 5% | 4% | 4% | 5% | 5% | 6% | 7% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY08–FY27.
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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]
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