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DLF Limited
(DLF)
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Rating:79Outperform
Price Target:
₹772.00
▲(19.60% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by strong financial performance (very low leverage, improving returns, and cash-backed profitability) and supportive earnings-call fundamentals (strong bookings/collections and record rental occupancy). Technicals are constructive with the stock trading above major moving averages and neutral-to-positive momentum. The main constraint is valuation (P/E ~37.6 with only ~1.19% dividend yield), alongside management’s acknowledgement that accounting revenue recognition is delayed until FY2027–28 and that near-term execution could face disruption and approval-related timing risks.
Positive Factors
Very low leverage
DLF’s exceptionally low leverage preserves financial flexibility and reduces interest and refinancing pressure. That balance-sheet strength can support project execution, asset investment, and resilience through real-estate cycles without requiring heavy dependence on additional borrowing.
Negative Factors
Delayed revenue recognition
The completed-contract method delays reported revenue until projects are completed and receive occupancy certificates, creating a sustained gap between bookings, construction activity, and accounting results. This can make near-term growth appear uneven despite underlying sales progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
DLF’s exceptionally low leverage preserves financial flexibility and reduces interest and refinancing pressure. That balance-sheet strength can support project execution, asset investment, and resilience through real-estate cycles without requiring heavy dependence on additional borrowing.
Read all positive factors
DLF Limited (DLF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.62T
Dividend Yield1.22%
Average Volume (3M)319.26K
Price to Earnings (P/E)35.6
Beta (1Y)1.84
Revenue Growth-29.29%
EPS Growth6.62%
CountryIN
Employees4,310
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)17.96
Shares Outstanding2,475,311,500
10 Day Avg. Volume245,387
30 Day Avg. Volume319,262
Financial Highlights & Ratios
PEG Ratio26.25
Price to Book (P/B)2.74
Price to Sales (P/S)15.23
P/FCF Ratio15.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹755.00Price Target Upside16.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)20.26
Revenue Forecast (FY)₹94.57B
DLF Limited Business Overview & Revenue Model
Company Description
DLF Limited operates as a leading Indian real estate development and property management firm. Its comprehensive operations span the entire lifecycle of property creation, beginning with the identification and acquisition of land, progressing thro...
How the Company Makes Money
DLF makes money mainly through two broad engines: (1) development income from selling real estate and (2) recurring income from leasing and operating completed commercial properties.
1) Development (sales-led) revenue
- Residential and other deve...
DLF Limited Earnings Call Summary
Earnings Call Date:Oct 16, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 22, 2027
Earnings Call Sentiment Positive
The call was strongly positive, supported by robust bookings, a complete sellout of Oreoa, continued luxury pricing power, strong collections and operating cash flow, record rental occupancy, and 17% year-over-year DCCDL net profit growth. The main challenges were the timing of accounting revenue recognition, near-term construction disruption risks, approval-dependent launches, and the continued annual dividend policy. Overall, the breadth and strength of the operating achievements significantly outweighed the stated challenges.Positive Updates
Strong Quarterly Sales Bookings
New sales bookings for the quarter stood at approximately ₹3.8 thousand crores, reflecting strong demand across the development portfolio.
Negative Updates
Accounting Revenue Below Expectations
The company acknowledged that revenue for the first two quarters remained below market expectations despite strong launches. Management explained that it follows the completed-contract method, under which revenue is recognized when projects are completed and receive an occupancy certificate.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Quarterly Sales Bookings
New sales bookings for the quarter stood at approximately ₹3.8 thousand crores, reflecting strong demand across the development portfolio.
Read all positive updates
Company Guidance
Management said DLF’s rental exit run rate with full potential should be close to ₹175, ₹180 crores this year, quarterly, or close to ₹750 crores annual on an annualized basis, while DCCDL’s exit run rate will be close to ₹6.8 thousand crores per base. The revenue inflection point is expected in 2027-28, with revenue recognized over the next 4-5 years; completion timelines are broadly give or take a quarter, although Q3 may have some challenges and Gurgaon could see 30 to 40 days of disruption. The Experience Center is expected by December if everything goes well, Mumbai is planned for Q3, a Gurgaon project and an unnamed luxury plus product are scheduled for Q4, Chennai Blocks 4 and 5 together totaling 3.6 million square feet should become operational by calendar next year, and the Mall Of India Gurgaon is expected in FY 2030. Other expenses are expected to be in similar range, with the average of last 2 quarters used for forward guidance, while other income is expected to average ₹100 to ₹200, ₹150 to ₹200 crores; DLF’s dividend guidance continues to be an annual dividend.DLF Limited Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 67.58B | 81.94B | 79.94B | 64.27B | 56.95B | 57.17B |
| Gross Profit | 23.27B | 25.63B | 38.62B | 36.33B | 32.61B | 29.72B |
| EBITDA | 33.23B | 50.66B | 21.27B | 21.24B | 17.26B | 17.45B |
| Net Income | 44.46B | 44.15B | 43.68B | 27.27B | 20.36B | 15.01B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 748.75B | 694.75B | 602.62B | 539.28B | 525.03B |
| Cash, Cash Equivalents and Short-Term Investments | 95.86B | 96.25B | 109.98B | 43.22B | 27.46B | 11.75B |
| Total Debt | 0.00 | 3.06B | 41.03B | 48.34B | 33.36B | 41.82B |
| Total Liabilities | -454.73B | 294.01B | 269.25B | 208.31B | 162.36B | 161.22B |
| Stockholders Equity | 454.73B | 454.73B | 425.50B | 394.31B | 376.88B | 363.62B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 82.22B | 51.39B | 24.23B | 23.12B | 26.83B |
| Operating Cash Flow | 0.00 | 83.51B | 52.35B | 25.39B | 23.75B | 28.32B |
| Investing Cash Flow | 0.00 | -15.00B | -35.43B | -15.29B | -4.63B | 2.63B |
| Financing Cash Flow | 0.00 | -53.24B | -24.03B | 1.77B | -20.13B | -38.28B |
DLF Limited Technical Analysis
Negative
645.50
Price Trends
664.00
Negative
646.90
Positive
621.26
Positive
Market Momentum
0.54
Negative
46.20
Neutral
45.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DLF, the sentiment is Negative. The current price of 645.5 is below the 20-day moving average (MA) of 662.88, below the 50-day MA of 664.00, and above the 200-day MA of 621.26, indicating a neutral trend. The MACD of 0.54 indicates Negative momentum. The RSI at 46.20 is Neutral, neither overbought nor oversold. The STOCH value of 45.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DLF.
DLF Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹1.62T | 35.61 | ― | 1.22% | -29.29% | 6.62% | |
73 Outperform | ₹664.60B | 52.31 | ― | 0.13% | 17.67% | 20.00% | |
70 Outperform | ₹962.44B | 23.31 | ― | 0.44% | 26.04% | 38.93% | |
69 Neutral | ₹575.58B | 22.29 | ― | 0.50% | 15.93% | 17.82% | |
57 Neutral | ₹451.21B | 33.40 | ― | 0.67% | 16.90% | -13.70% | |
56 Neutral | ₹178.56B | 19.26 | ― | 0.37% | 4.81% | -7.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:DLF
DLF Limited
653.55
-116.19
-15.09%
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IN:GODREJPROP
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IN:LODHA
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IN:OBEROIRLTY
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1,583.00
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IN:PHOENIXLTD
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8.81%
DLF Limited Corporate Events
DLF Moves to Reclassify Madhukar Housing as Public Shareholder
Oct 16, 2026
DLF Limited has submitted applications to Indian stock exchanges to reclassify Madhukar Housing and Development Company from the promoter and promoter group category to the public shareholder category under SEBI’s Listing Regulations. The mo...
DLF Board Clears Q2 FY27 Unaudited Results Amid Ongoing Legal Disputes
Oct 16, 2026
DLF Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and submitted them to the stock exchanges in line with Indian securities regulations. The res...
DLF Board Clears Reclassification of Madhukar Housing as Public Entity
Oct 16, 2026
DLF Limited has announced that its Board of Directors has approved the reclassification of Madhukar Housing and Development Company from the promoter or promoter group category to the public shareholder category, subject to final clearance by the ...
DLF’s Luxury Retirement Project The Aureva Sells Out, Nets ₹1,985 Crore
Oct 4, 2026
DLF has fully sold out The Aureva, its newly introduced luxury retirement housing project in Sector 63, Gurugram, generating approximately ₹1,985 crore in sales and signaling strong market demand for premium senior living communities. Positi...
DLF discloses participation in Jefferies India Forum, affirms compliance with SEBI norms
Sep 17, 2026
DLF Limited has disclosed that its executives participated in the Jefferies India Forum held on 17 September 2026 in Gurugram, engaging with investors through one-to-one and group meetings. The company emphasized that no unpublished price sensitiv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.