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DLF

DLF NSE

Key Fundamentals

LargecapResidential Commercial ProjectsRealty
Market Cap
1.6L Cr
Volatility
Moderate
P/E Ratio
35.89
EBITDA
₹3,070 Cr
Return on Equity
5.77%
Debt to Equity
0.01
Book Value
₹183.71
EPS
₹11.5
52W High
₹794.8
52W Low
₹489.4

Tapetide Score

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

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 3.51 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

Revenue Growth
9.12% lower than 3Y
Net Income Growth
-2.7% lower than 3Y
Cash Flow Change
21.24% lower than 3Y
ROE
-8.85% lower than 3Y
ROCE
12.99% lower than 3Y
EBITDA Margin (Avg.)
-9.54% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

DLF Ltd, with a market cap of ₹1,56,923 Cr, is India's largest listed real estate developer trading at a PE of 36.5x and PB of 3.57x. The company has delivered strong 29% profit CAGR over 5 years while becoming nearly debt-free, but TTM sales have declined 28% and 3-year average ROE remains modest at 9%.

Bull Case 7
  • Company is almost debt-free, having significantly reduced leverage — a notable achievement in the capital-intensive real estate sector
  • Compounded profit growth of 29% CAGR over both 5-year and 10-year periods demonstrates sustained earnings expansion
  • Healthy dividend payout ratio of 41.4% with a current dividend yield of 1.22%, indicating shareholder-friendly capital allocation
  • ROE has improved to 10% in the last year from a 5-year average of 8% and 10-year average of 5%, showing an upward trajectory
  • Stock price CAGR of 16% over 10 years and 15% over 5 years reflects long-term wealth creation for shareholders
  • Compounded sales growth of 13% over 3 years suggests a recent revenue acceleration relative to the 10-year sales CAGR of -2%
  • Market cap of ₹1,56,923 Cr positions DLF as a sector leader with scale advantages in land bank, brand recognition, and access to capital markets
Bear Case 8
  • TTM sales growth has sharply declined to -28%, raising concerns about near-term revenue sustainability and booking momentum
  • Trading at 3.57x book value is a rich valuation for a company with ROE of only 9.32% over 3 years — the premium appears misaligned with return generation
  • 10-year compounded sales CAGR of -2% indicates the top line has structurally stagnated over a full business cycle
  • 3-year average ROE of 9% and 5-year average of 8% remain below cost of equity for most investors, suggesting limited value creation
  • Other income of ₹1,886 Cr forms a significant portion of earnings, meaning core operating profitability may be overstated
  • Stock has declined 13% over the past 1 year, underperforming the broader market rally in Indian equities
  • PE of 36.5x is elevated for a real estate company with weak sales growth and single-digit ROE, leaving limited margin of safety
  • Low effective tax rate raises questions about the sustainability of reported net profit levels if tax benefits normalize

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Lost Noida land auction to M3M Sep 9

    DLF participated in the Noida Authority auction for a 12.5-acre Sector 108 parcel but lost to M3M India, which bid ~₹1,839 crore (121% premium over ₹835 crore reserve). DLF missed an estimated ₹6,000-8,000 crore potential project revenue, though management framed it as capital discipline.

  • ED probe on Shikohpur land deal Aug 21

    The Enforcement Directorate filed a report in Rouse Avenue Court concerning an ongoing investigation into DLF's role in the Shikohpur land deal, a procedural but ongoing legal overhang.

Positives 4
  • Q1 net profit surges 62% Aug 24

    DLF reported Q1 net profit jumping 62.30% to ₹65.34 crore as announced on August 17, 2026, demonstrating robust operational performance during the quarter.

  • Parag Parikh fund adds DLF Sep 9

    Parag Parikh Flexi Cap Fund (AUM ₹1,47,404.5 crore) initiated a new position in DLF in August 2026, buying 137.1 lakh shares worth ~0.64% of AUM, signaling institutional confidence.

  • Strong balance sheet, capital discipline Sep 9

    DLF maintains a net cash position of ₹15,200 crore with net debt-to-GAV of just 18%, and targets ~₹10,000 crore in annual rental income while pursuing only margin-accretive deals.

  • Green energy via Balang Renewables Aug 18

    DLF Cyber City Developers acquired a 26.97% stake in Balang Renewables Private Limited for ₹4.20 crore, enabling captive green power supply for its rental portfolio.

Neutral 1
  • Noida land prices set new benchmark Sep 9

    M3M's winning bid of ~₹147 crore per acre in Sector 108 sets a new Noida pricing reference, exceeding DLF's 2018 Gurgaon record of ₹127 crore per acre. This could elevate land costs across the corridor for all developers including DLF.

TL;DR: DLF delivered strong Q1 results with a 62% profit surge and attracted fresh institutional buying from Parag Parikh Flexi Cap Fund. The company's fortress balance sheet (₹15,200 crore net cash) and capital discipline are clear strengths, though it lost a key Noida land parcel to M3M and faces an ongoing ED probe. The trend is broadly positive on fundamentals, but DLF's cautious land acquisition stance could mean slower growth in high-demand NCR corridors versus more aggressive competitors.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

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
6,758
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

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/OP
89
91
-17
29
106
35
72
150
143
132
254
484
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others0.96%Promot.74.08%Public4.62%DIIs8.04%FIIs12.31%As ofJun 2026

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. It is also engaged in business of leasing, generation of power, provision of maintenance service...
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 market capitalisation of DLF Ltd?
DLF Ltd has a market capitalisation of ₹1,56,923 Cr, which places it in the Large Cap band.
What is the PE ratio of DLF Ltd?
DLF Ltd trades at a PE ratio of 35.89, on earnings per share of ₹11.5, against a book value of ₹183.71 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 ₹794.8.
Does DLF Ltd pay dividends?
DLF Ltd has a dividend yield of 1.22%.
What is the Return on Equity (ROE) of DLF Ltd?
DLF Ltd reported a return on equity of 5.77%. 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.[1]

Website dlf.in
CEO Mr. Rajiv Singh
Employees 3,103
Listed 2007-07-05
Face Value ₹ 2
Issued Size 2,47,53,15,036

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