DLF Limited (DLF) AI Stock Analysis

• Market Cap: ₹1.63T
• Dividend Yield: 0.86%
• Average Volume (3M): 63.94K
• Price to Earnings (P/E): 36.9
• Beta (1Y): 1.94
• Revenue Growth: 28.92%
• EPS Growth: 18.86%
• Country: IN
• Employees: 2,507
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 4.90
• Shares Outstanding: 2,475,311,500
• 10 Day Avg. Volume: 68,620
• 30 Day Avg. Volume: 63,936
• PEG Ratio: 0.63
• Price to Book (P/B): 3.86
• Price to Sales (P/S): 20.54
• P/FCF Ratio: 31.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹855.00
• Price Target Upside: 20.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ₹723.00 ▲(1.62% Upside)

DLF Limited's overall stock score is driven primarily by its strong financial performance, which is offset by mixed technical indicators and a stretched valuation. The company's robust revenue growth and cash flow management are significant strengths, but the high P/E ratio and low dividend yield suggest caution. Technical analysis indicates a lack of strong momentum, contributing to a moderate overall score.

Positive Factors

Balance sheet strength

DLF’s capital structure shows a strong equity base and very low leverage versus equity, giving the firm financial flexibility to fund projects, absorb cyclical downturns, and pursue opportunistic investments without undue refinancing pressure. Sustained low leverage supports durable creditor confidence and long-term project execution.

Robust cash flow generation

Large free cash flow expansion and operating cash well above reported net income indicate strong cash conversion. That cash provides durable funding for development, reduces dependence on external debt, and supports reinvestment into projects and recurring-asset acquisition over multiple cycles.

High margins and recurring income mix

Elevated gross and net margins point to pricing power and cost control in development and operations. Combined with a recurring rental/annuity business that generates leasing income, DLF has a diversified earnings base that can smooth volatility from project sales and sustain cash flow across cycles.

Negative Factors

Cyclicality of development revenue

A material portion of DLF’s earnings depends on for-sale development activity, which is structurally exposed to housing demand swings. Over multi-month horizons, downturns in buyer demand or affordability can materially compress sales volumes and delay recognition, stressing near-term cash conversion.

Interest rate and input-cost sensitivity

DLF’s margins and sales pacing are structurally sensitive to financing costs and construction input inflation. Rising rates raise buyer financing costs and corporate funding expenses, while input-cost inflation compresses margins unless fully passed to buyers—both reduce durable profitability.

Execution and collections risk

Revenue recognition and cash generation depend on successful, timely project execution and customer collections. Persistent delays in construction, slower sales or collection slippage can defer revenue and cash, making long-term forecasts and reinvestment plans vulnerable to operational execution risk.

DLF Limited Business Overview & Revenue Model

Company Description

DLF Limited, together with its subsidiaries, engages in the business of colonization and real estate development in India. Its activities include identification and acquisition of land; and planning, execution, construction, and marketing of projects. The company develops and sells residential properties, such as land, plots, apartments, and commercial units; and commercial and retail properties. It also engages in the lease of developed office space, ITes, and retail properties. In addition, the company owns and operates The Lodhi and the Hilton Garden Inn in New Delhi; and golf and country clubs. Further, it engages in the provision of maintenance services; generation and sale of power; and recreational activities. DLF Limited was founded in 1946 and is based in Gurugram, India. DLF Limited is a subsidiary of Rajdhani Investments & Agencies Private Limited.

How the Company Makes Money

DLF generates revenue primarily through the sale and leasing of its real estate properties. Its key revenue streams include residential sales, commercial leasing, and retail operations. The company sells residential units directly to consumers, while its commercial properties are leased to businesses, providing a steady stream of rental income. Additionally, DLF engages in joint ventures and partnerships with other firms for various projects, which can enhance its revenue potential. The company also benefits from real estate appreciation and the growing demand for housing and commercial spaces in urban areas, driven by economic growth and demographic trends.

DLF Limited Financial Statement Overview

Summary

DLF Limited exhibits strong financial health with robust revenue and profitability growth, a stable balance sheet, and impressive cash flow management. The company's financial statements reflect effective cost management, efficient operations, and prudent financial management, positioning it well for future success.

Income Statement

DLF Limited shows a robust improvement in revenue and profitability. The gross profit margin for the latest period stands at 48.3%, and the net profit margin is an impressive 54.6%, indicating strong cost management and pricing power. Revenue growth is consistent, with a notable increase from the previous year. EBIT and EBITDA margins are healthy at 24.5% and 26.4% respectively, reflecting efficient operations and solid earnings before interest and taxes.

Balance Sheet

The company maintains a strong equity position with an equity ratio of 61.2%, indicating a stable capital structure. The debt-to-equity ratio is moderate at 9.6%, showing a manageable level of leverage. Return on equity is remarkably high at 10.3%, showcasing effective use of shareholder funds to generate profits. Overall, the balance sheet reflects financial stability and prudent financial management.

Cash Flow

DLF Limited demonstrates impressive cash flow management with significant free cash flow growth of 112.1%. The operating cash flow to net income ratio is healthy at 1.2, indicating that the company generates ample cash relative to its net income. The free cash flow to net income ratio is equally strong at 1.2, suggesting efficient conversion of earnings into cash. The cash flow position supports the firm's ability to fund operations and growth initiatives.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	93.48B	79.94B	64.27B	56.95B	57.17B	54.14B
Gross Profit	39.30B	38.62B	36.33B	32.61B	29.72B	25.65B
EBITDA	22.52B	21.10B	21.08B	17.09B	17.27B	14.51B
Net Income	44.85B	43.68B	27.27B	20.36B	15.01B	10.94B
Balance Sheet
Total Assets	0.00	694.75B	602.62B	539.28B	525.03B	548.10B
Cash, Cash Equivalents and Short-Term Investments	109.98B	109.98B	43.22B	27.46B	11.75B	21.26B
Total Debt	0.00	41.03B	48.34B	33.36B	41.82B	67.85B
Total Liabilities	-425.50B	269.25B	208.31B	162.36B	161.22B	194.45B
Stockholders Equity	425.50B	425.50B	394.31B	376.88B	363.62B	353.44B
Cash Flow
Free Cash Flow	0.00	51.39B	24.23B	23.12B	26.83B	14.47B
Operating Cash Flow	0.00	52.35B	25.39B	23.75B	28.32B	14.60B
Investing Cash Flow	0.00	-35.43B	-15.29B	-4.63B	2.63B	1.54B
Financing Cash Flow	0.00	-24.03B	1.77B	-20.13B	-38.28B	-21.84B

DLF Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 711.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DLF, the sentiment is Neutral. The current price of 711.5 is above the 20-day moving average (MA) of 637.17, above the 50-day MA of 674.50, and below the 200-day MA of 745.57, indicating a neutral trend. The MACD of -9.57 indicates Negative momentum. The RSI at 53.87 is Neutral, neither overbought nor oversold. The STOCH value of 81.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DLF.

DLF Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DLF	69 Neutral	₹1.63T	36.91	―	0.86%	28.92%	18.86%
OBEROIRLTY	68 Neutral	₹561.17B	25.08	―	0.48%	2.76%	-3.84%
LODHA	65 Neutral	₹1.06T	31.56	―	0.39%	25.57%	58.31%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PHOENIXLTD	64 Neutral	₹614.71B	56.43	―	0.14%	-1.32%	-4.67%
GODREJPROP	59 Neutral	₹516.01B	32.17	―	―	37.14%	3.92%
PRESTIGE	54 Neutral	₹660.42B	68.06	―	0.11%	-2.28%	5.18%

DLF Limited Corporate Events

DLF Hits Zero Gross Debt on Record Collections as Annuity Portfolio Expands in Q3FY26

DLF Limited reported robust consolidated results for the third quarter of FY26, with revenue of Rs 2,479 crore, EBITDA of Rs 849 crore and net profit of Rs 1,207 crore, supported by record gross collections of about Rs 5,100 crore and 21% year-on-year growth in cumulative net collections to Rs 10,216 crore for the nine-month period. Strong operating cash flows generated a net operating cash surplus of Rs 3,876 crore in the quarter, enabling the company to reach its target of zero gross debt and build a net cash position of Rs 11,660 crore, while new sales bookings of Rs 419 crore and an upgrade of its credit rating to AA+/Stable by ICRA underscore improved financial strength. The annuity business, led by DCCDL, continued to perform strongly, with Q3FY26 consolidated revenue of Rs 1,878 crore, EBITDA of Rs 1,464 crore (up 18% year-on-year) and profit of Rs 707 crore, and the addition of the DLF Summit Plaza retail asset expanded the retail portfolio to about 5 million sq ft within an overall operational annuity portfolio of roughly 49 million sq ft. These results reinforce DLF’s strategy of pairing consistent and profitable growth with balance sheet strengthening, as it leverages sector tailwinds, scales its rental and annuity assets, and seeks to deliver long-term value to shareholders and other stakeholders.