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DLF

DLF NSE
₹720.00 No trade today
P/E
39.02
View as Markdown
MCP
Close 4 Nov 2026 ₹720.00 −38.35 −5.06% 1Y
Start ₹758.35

Key Fundamentals

LargecapRealtyConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.32%
Debt to Equity
0.01
EPS (TTM)
₹18.45
Book Value
₹184.17
Market Cap
—
P/E (TTM)
39.02
P/B
3.91
ROE
9.50%
Dividend Yield
1.13%
EBITDA
₹3,070 Cr
52W High
₹773.90
52W Low
₹489.40
Volume
0

Peer Comparison

Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects

DLF peer comparison
DLF (this company)
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Median 7 companies₹1,580.0032.73₹67,457 Cr3.910.38%10.50%10.50%₹6,214 Cr₹1,629 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
50
Average
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
8
Poor
Sales & profit trajectory 9% weight
Financial Health
67
Strong
Solvency, leverage, coverage 9% weight
Momentum
71
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 3.60 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.2,069 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
68.92
Neutral
MACD (12,26,9)
11.33
Bullish
SMA (50)
668.45
Bullish
SMA (200)
626.27
Bullish

As of

Analyst Rating

Based on 21 analysts
BUY90%

19 of 21 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
19
90%
HOLD
1
5%
SELL
1
5%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y−1.90%
5Y+8.64%
3Y+12.89%
1Y+2.50%
TTM−29.30%

Net profit

Net profit growth by window
10Y+30.64%
5Y+32.45%
3Y+29.48%
1Y+1.10%
TTM+6.61%

Operating cash flow

Operating cash flow growth by window
10Y+7.94%
5Y+34.17%
3Y+38.77%
1Y+21.24%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−22.28 pp
5Y−9.45 pp
3Y−12.63 pp
1Y−8.70 pp
TTM−7.19 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,221 Cr
Mar 2018₹6,707 Cr
Mar 2019₹8,366 Cr
Mar 2020₹6,083 Cr
Mar 2021₹5,414 Cr
Mar 2022₹5,717 Cr
Mar 2023₹5,695 Cr
Mar 2024₹6,427 Cr
Mar 2025₹7,994 Cr
Mar 2026₹8,194 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹708 Cr
Mar 2018₹4,477 Cr
Mar 2019₹1,314 Cr
Mar 2020−₹590 Cr
Mar 2021₹1,083 Cr
Mar 2022₹1,500 Cr
Mar 2023₹2,034 Cr
Mar 2024₹2,724 Cr
Mar 2025₹4,367 Cr
Mar 2026₹4,415 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹485 Cr −54.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-02, DLF Ltd trades at ₹701 with a market cap of ₹1,71,601 Cr, a P/E (TTM) of 37.99x, and a near-zero debt-to-equity ratio of 0.01. The company has delivered strong profit compounding of 29% CAGR over five years but faces a sharp TTM sales decline of -29%, and its return on equity stands at a modest 5.77%.

Bull Case 6
  • DLF is virtually debt-free with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience against interest rate cycles
  • Compounded profit growth of 29% CAGR over both the 5-year and 10-year periods demonstrates sustained earnings power across market cycles
  • The company maintains a healthy dividend payout ratio of 41.4%, with a current dividend yield of 1.16%, offering income to shareholders even at elevated valuations
  • 3-year compounded sales growth of 13% indicates a meaningful revenue recovery trajectory in recent years despite longer-term topline weakness
  • 10-year stock price CAGR of 16% reflects long-term wealth creation for shareholders, outperforming many broader market benchmarks over the same horizon
  • Last year's return on equity of 10% marks an improvement over the 5-year average ROE of 8% and the 10-year average of 5%, suggesting a positive trend in capital efficiency
Bear Case 8
  • TTM sales have declined by -29%, a sharp contraction that raises questions about near-term revenue visibility and project launch momentum
  • At a P/E of 37.99x, the stock carries a premium valuation that leaves limited room for earnings disappointment
  • Earnings include other income of ₹2,069 Cr, meaning a significant portion of reported profit is not driven by core real estate operations
  • Price-to-book ratio of 3.81x is elevated for a realty company and implies the market is pricing in substantial future growth that may or may not materialise
  • 10-year compounded sales growth of -2% highlights a prolonged period of topline stagnation, suggesting structural challenges in scaling revenue consistently
  • 3-year average ROE of approximately 9% and current ROE of 5.77% remain modest, indicating the company is not generating outsized returns on shareholder equity
  • The 1-year stock CAGR of -14% signals recent underperformance, with the stock having corrected meaningfully from its 52-week high of ₹784.50
  • A seemingly low tax rate raises transparency concerns about the sustainability of reported net profit margins going forward

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: DLF delivered 10% net profit growth and strong pre-sales of ₹3,800 crore in Q2 FY27, but the quality of earnings is mixed — revenue fell 23%, EBITDA collapsed 92%, and profit was boosted by non-operating fair value gains. The balance sheet is a clear strength at ₹15,084 crore net cash, and luxury project sellouts (Aureva, Westpark, Dahlias) validate pricing power. The key risk is execution: H1 bookings of ₹4,457 crore mean DLF needs ~₹15,500 crore in H2 to hit its ₹20,000 crore FY27 target, heavily dependent on timely regulatory approvals for Westpark Phase 2, Hamilton Court, and other launches.

Headwinds 6
  • Revenue drops 23% in Q2 Oct 17

    Consolidated revenue from operations declined 23% YoY to ₹1,260 crore in Q2 FY27, with H1 FY27 total income falling to ₹3,903 crore from ₹5,243 crore.

  • EBITDA collapses 92% YoY Oct 17

    EBITDA dropped to ₹22.3 crore from ₹283 crore YoY in Q2, with EBITDA margin contracting 15.49 percentage points to 1.77%.

  • Pre-sales down 12% YoY Oct 19

    Q2 FY27 new sales bookings of ₹3,800 crore were down 12% YoY from ₹4,332 crore, and H1 bookings of ₹4,457 crore leave heavy dependence on H2 to meet ₹20,000 crore FY27 target.

Positives 7
  • Net profit up 10% YoY Oct 16

    Consolidated net profit rose 10% YoY to ₹1,301 crore in Q2 FY27, beating analyst estimates of ₹1,000 crore, with sequential growth of 63.9% from Q1.

  • Aureva senior living sold out Oct 16

    The 172-home Aureva luxury senior-living project in Gurugram achieved complete sellout with ₹1,985 crore in sales during Q2 FY27.

  • ₹15,084 crore net cash position Oct 17

    DLF maintained a net cash position of ₹15,084 crore with zero gross debt in the development business, even after ₹1,980 crore in dividend payouts.

Neutral 3
  • Major fund increases DLF stake Oct 8

    Parag Parikh Flexi Cap Fund added 390.64 lakh DLF shares in September 2026, nearly quadrupling its holding from 137.10 lakh to 527.73 lakh shares.

  • Madhukar Housing reclassification approved Oct 16

    DLF board approved reclassifying promoter group entity Madhukar Housing to Public category under SEBI regulations, with no change to the promoter group's 74.08% shareholding.

  • Revenue backlog of ₹60,134 crore Oct 18

    Of ₹87,471 crore in total booked sales, only ₹27,337 crore has been recognized as revenue; the remaining ₹60,134 crore awaits construction milestones.

Quarterly Results

₹ Cr
DLF quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,348
1,521
2,135
1,362
1,975
1,529
3,128
2,717
1,643
2,020
1,814
1,280
1,261
Expenses
885
1,010
1,381
1,134
1,473
1,129
2,150
2,353
1,359
1,630
1,403
1,130
1,238
Operating Profit
462
511
754
229
502
400
978
364
284
390
411
150
23
OPM %
34%
34%
35%
17%
25%
26%
31%
13%
17%
19%
23%
12%
1.8%
Other Income
129
122
182
367
206
−94
220
264
854
399
308
325
1,037
Interest
90
84
98
101
94
94
109
79
63
36
21
18
18
Depreciation
37
38
37
37
38
39
37
34
30
30
48
35
38
PBT
464
512
802
458
577
174
1,053
515
1,045
723
649
423
1,003
Tax %
24%
26%
21%
26%
−81%
−154%
17%
26%
26%
−1%
−14%
27%
20%
Net Profit
622
656
920
645
1,381
1,059
1,282
763
1,180
1,203
1,269
794
1,301
EPS (₹)
2.52
2.65
3.72
2.61
5.58
4.28
5.18
3.08
4.77
4.86
5.12
3.21
5.26

Profit & Loss

₹ Cr
DLF profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
6,375
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
5,401
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
974
OPM %
39%
40%
42%
35%
26%
19%
27%
30%
30%
33%
26%
18%
15%
Other Income
503
506
1,135
9,722
784
1,135
383
195
317
531
700
1,825
2,069
Interest
2,304
2,680
2,980
2,951
2,062
1,427
853
625
392
356
397
199
93
Depreciation
545
766
572
534
225
200
159
149
149
148
151
142
152
PBT
668
1,026
1,030
8,615
646
653
840
1,165
1,502
2,151
2,261
2,932
2,798
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
4,567
EPS (₹)
3.03
1.72
4.01
25.02
5.98
−2.36
4.42
6.06
8.22
11.02
17.64
17.83
18.45
Div. Payout %
66%
117%
50%
8%
33%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
45%
49%
49%
45%
34%
45%
—

Balance Sheet

₹ Cr
DLF balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
356
357
357
357
441
495
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
45,092
Borrowings
24,495
25,264
29,202
17,491
17,222
8,103
6,886
4,182
3,334
4,834
4,103
306
314
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
32,202
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
78,104
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
4,637
CWIP
5,901
1,779
153
137
103
89
95
81
61
71
86
162
82
Investments
623
21,310
1,209
20,832
21,005
18,566
19,746
19,779
19,481
20,138
21,336
21,692
22,947
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
50,437
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
78,104

Cash Flow

₹ Cr
DLF cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
89
91
−17
29
106
35
72
150
143
132
254
484

Ratios

DLF financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view DLF insights

65 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.08%
  • FIIs 11.43%
  • DIIs 9.08%
  • Public 4.49%
  • Others 0.93%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about DLF

What does DLF Ltd do?
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.
Where is DLF Ltd (DLF) listed?
DLF Ltd trades as DLF on the NSE and under code 532868 on the BSE.
Which sector does DLF Ltd belong to?
DLF Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the PE ratio of DLF Ltd?
DLF Ltd trades at a PE ratio of 39.02 as of 4 Nov 2026, on earnings per share of ₹18.45, against a book value of ₹184.17 per share.
What is the 52-week high and low of DLF Ltd?
Over the last 52 weeks DLF Ltd has traded between ₹489.4 and ₹773.9 as of 4 Nov 2026.
Does DLF Ltd pay dividends?
DLF Ltd has a dividend yield of 1.13%.
What is the Return on Equity (ROE) of DLF Ltd?
DLF Ltd reported a return on equity of 9.50%. Its debt-to-equity ratio is 0.01.

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.

Website dlf.in
CEO Mr. Rajiv Singh
Employees 3,103
Listed 5 Jul 2007
Face Value ₹2

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