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DLF Limited
(DLF)
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Rating:70Outperform
Price Target:
₹730.00
▲(13.09% Upside)
Action:Reiterated
Date:05/18/26
The score is primarily driven by strong financial performance—especially very low leverage and solid cash-backed profitability—tempered by weak technical trends (trading below major moving averages) and a relatively high P/E with only a modest dividend yield.
Positive Factors
Very low leverage / strong balance sheet
Extremely low debt-to-equity (~0.007) and steady equity build provide durable financial flexibility for cyclical real estate work. This limits refinancing risk, permits opportunistic land buys or project completions, and supports capital preservation across downturns.
Negative Factors
Recent revenue decline and margin weakening
A meaningful year-over-year revenue drop (-12.3%) and softer gross/operating margins indicate recognition timing and demand sensitivity in development operations. Sustained top-line pressure or margin compression would reduce cash generation and slow deleveraging progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Extremely low debt-to-equity (~0.007) and steady equity build provide durable financial flexibility for cyclical real estate work. This limits refinancing risk, permits opportunistic land buys or project completions, and supports capital preservation across downturns.
Read all positive factors
DLF Limited (DLF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.63T
Dividend Yield1.21%
Average Volume (3M)63.94K
Price to Earnings (P/E)37.0
Beta (1Y)1.88
Revenue Growth2.51%
EPS Growth1.08%
CountryIN
Employees4,310
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)17.83
Shares Outstanding2,475,311,500
10 Day Avg. Volume68,620
30 Day Avg. Volume63,936
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.81
Revenue Forecast (FY)₹99.02B
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 Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 81.94B | 79.94B | 64.27B | 56.95B | 57.17B |
| Gross Profit | 25.63B | 38.62B | 36.33B | 32.61B | 29.72B |
| EBITDA | 50.66B | 21.10B | 21.08B | 17.09B | 17.27B |
| Net Income | 44.15B | 43.68B | 27.27B | 20.36B | 15.01B |
Balance Sheet | |||||
| Total Assets | 748.75B | 694.75B | 602.62B | 539.28B | 525.03B |
| Cash, Cash Equivalents and Short-Term Investments | 96.25B | 109.98B | 43.22B | 27.46B | 11.75B |
| Total Debt | 3.06B | 41.03B | 48.34B | 33.36B | 41.82B |
| Total Liabilities | 294.01B | 269.25B | 208.31B | 162.36B | 161.22B |
| Stockholders Equity | 454.73B | 425.50B | 394.31B | 376.88B | 363.62B |
Cash Flow | |||||
| Free Cash Flow | 82.22B | 51.39B | 24.23B | 23.12B | 26.83B |
| Operating Cash Flow | 83.51B | 52.35B | 25.39B | 23.75B | 28.32B |
| Investing Cash Flow | -15.00B | -35.43B | -15.29B | -4.63B | 2.63B |
| Financing Cash Flow | -53.24B | -24.03B | 1.77B | -20.13B | -38.28B |
DLF Limited Technical Analysis
Positive
645.50
Price Trends
624.39
Positive
593.75
Positive
637.67
Positive
Market Momentum
8.26
Positive
55.70
Neutral
64.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DLF, the sentiment is Positive. The current price of 645.5 is below the 20-day moving average (MA) of 656.27, above the 50-day MA of 624.39, and above the 200-day MA of 637.67, indicating a bullish trend. The MACD of 8.26 indicates Positive momentum. The RSI at 55.70 is Neutral, neither overbought nor oversold. The STOCH value of 64.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹664.28B | 25.27 | ― | 0.44% | 29.10% | 27.52% | |
70 Outperform | ₹1.63T | 36.98 | ― | 1.24% | 2.51% | 1.08% | |
70 Outperform | ₹1.24T | 30.11 | ― | 0.37% | 26.04% | 38.93% | |
63 Neutral | ₹676.81B | 52.90 | ― | 0.12% | 17.67% | 20.01% | |
62 Neutral | ₹633.96B | 34.28 | ― | ― | 21.54% | 24.62% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹189.14B | 22.01 | ― | 0.28% | 12.28% | -6.98% |
* General Sector Average
IN:DLF
DLF Limited
642.90
-107.63
-14.34%
IN:BRIGADE
Brigade Enterprises Limited
573.50
-138.90
-19.50%
IN:GODREJPROP
Godrej Properties Limited
2,095.00
55.12
2.70%
IN:LODHA
Macrotech Developers Ltd.
1,227.00
8.37
0.69%
IN:OBEROIRLTY
Oberoi Realty Limited
1,777.70
175.73
10.97%
IN:PHOENIXLTD
Phoenix Mills Ltd.
1,917.20
463.93
31.92%
DLF Limited Corporate Events
DLF sets virtual 61st AGM for August 3, 2026
Jul 12, 2026
DLF Limited has announced that its 61st Annual General Meeting will be held on August 3, 2026, at 12:30 p.m. IST through video conferencing and other audio-visual means, reflecting its continued use of virtual formats for shareholder engagement. T...
DLF Publishes AGM Notice and Sets Record Date for Dividend
Jul 10, 2026
DLF Limited, a prominent Indian real estate developer based in Gurugram, operates across commercial, residential and retail segments and is listed on both BSE and NSE. The company is known for flagship projects such as DLF City and maintains a sub...
DLF Promoter Group Confirms No Encumbrance on 6.1% Equity Stake for FY26
Jun 5, 2026
Promoter group member Renuka Talwar and four affiliated entities, collectively holding about 6.10% of DLF Limited’s paid-up equity share capital, have declared that no encumbrances were created on their DLF shares during the financial year e...
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.