DLF Limited (DLF) AI Stock Analysis

• Market Cap: ₹1.50T
• Dividend Yield: 0.86%
• Average Volume (3M): 63.94K
• Price to Earnings (P/E): 33.8
• Beta (1Y): 1.97
• 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): 17.6
• Revenue Forecast (FY): ₹92.06B

• Rating: 69 Neutral
• Price Target: ₹646.00 ▼(-9.21% Downside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

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

Strong cash generation

Robust free cash flow growth and operating cash conversion indicate durable internal funding for project execution, land acquisition and capex without heavy reliance on external financing. This strengthens strategic flexibility across real estate cycles and supports reinvestment or deleveraging over months.

Healthy balance sheet

A strong equity base and low leverage provide resilience against cyclical downturns and financing shocks common in real estate. This capital structure enables continued project launches, joint-venture flexibility and ability to service obligations while preserving capacity to fund growth over the medium term.

High margins & revenue momentum

Sustained high gross and net margins with strong top-line growth suggest pricing power, cost control and profitable project mix. Combined with diversified income (development + leasing), this supports long-term earnings durability and the ability to generate cash through varying demand environments.

Negative Factors

Cyclicality / elevated volatility

A near-2.0 beta signals above-market sensitivity, reflecting real estate cyclicality. Higher volatility translates into sharper swings in bookings, collections and asset valuations during economic slowdowns, stressing cashflows and execution risk across the project pipeline over the medium term.

Development revenue dependence

Heavy reliance on development sales ties performance to project launches, sales velocity and collections. This increases working-capital needs and exposure to demand or regulatory shifts versus a stable annuity model, making near-term revenue and cash visibility more volatile over coming quarters.

Limited shareholder cash returns

A low dividend yield points to restrained cash returns to shareholders and suggests management prioritizes reinvestment or balance-sheet uses. For income-focused investors this reduces appeal and may pressure shareholder base if cash returns don’t improve as free cash flow accumulates.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Negative
• Last Price: 711.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 711.5 is above the 20-day moving average (MA) of 639.63, above the 50-day MA of 654.88, and below the 200-day MA of 743.54, indicating a bearish trend. The MACD of -12.53 indicates Positive momentum. The RSI at 35.76 is Neutral, neither overbought nor oversold. The STOCH value of 10.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹1.50T	33.77	―	0.86%	28.92%	18.86%
OBEROIRLTY	68 Neutral	₹555.09B	24.81	―	0.48%	2.76%	-3.84%
LODHA	65 Neutral	₹987.95B	29.54	―	0.39%	25.57%	58.31%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PHOENIXLTD	64 Neutral	₹594.30B	54.55	―	0.14%	-1.32%	-4.67%
GODREJPROP	59 Neutral	₹520.89B	32.92	―	―	37.14%	3.92%
PRESTIGE	54 Neutral	₹599.40B	61.77	―	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.