DLF Ltd.

NSE: DLF · Realty

52W Range₹489 ₹820

Snapshot

Unlock DLF Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

DLF Limited is a prominent Indian real estate developer engaged in the acquisition, planning, and construction of residential, commercial, and retail properties. The company also manages a diverse portfolio of assets, including office spaces, IT parks, luxury hotels, and golf clubs.

Business Model

The company generates revenue through the development and sale of residential units and land, alongside long-term rental income from its commercial and retail property portfolio. Additionally, it derives income from hospitality operations, power generation, and property maintenance services.

Growth Outlook

Growth is primarily driven by the expansion of its premium residential project pipeline and the sustained demand for high-quality commercial office spaces in key urban centres. The company continues to leverage its extensive land bank to capitalise on urbanisation trends across India.

Key Risks

  • Regulatory and Policy Risk. Changes in real estate regulations, land acquisition laws, or urban planning policies can significantly impact project timelines and profitability.
  • Market Cyclicality. The real estate sector is highly sensitive to economic cycles, interest rate fluctuations, and shifts in consumer demand for residential and commercial properties.
  • Execution Risk. Delays in project construction, cost overruns, or challenges in obtaining necessary clearances can adversely affect the company's financial performance.
  • Concentration Risk. A significant portion of the company's operations and land bank is concentrated in specific regions, making it vulnerable to local economic or political instability.

Price

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Key Metrics

REVENUE

₹8,194 Cr

TTM · consolidated

+2.5%YoY

NET PROFIT

₹4,415 Cr

TTM · consolidated

+1.1%YoY

EPS

₹17.83

TTM · consolidated

+1.0%YoY

RETURN ON EQUITY

10.2%

TTM · consolidated

-0.7 ppYoY

RETURN ON CAPITAL EMPLOYED

6.6%

TTM · consolidated

+0.9 ppYoY

P/E

36.3x

Q4 FY26 · consolidated

36.3 vs 90.4x5Y avg

EV/EBITDA

51.5x

Q4 FY26 · consolidated

51.5 vs 66.5x5Y avg

EBITDA MARGIN

37.5%

TTM · consolidated

-1.4 ppYoY

NET PROFIT MARGIN

69.9%

Q4 FY26 · consolidated

+28.9 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

-0.10xYoY

Peers · Realty

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
DLF Ltd.DLF
1,29,81736.3551.522.5%37.5%10.2%6.6%-23.2%
Lodha Developers Ltd.LODHA
73,41034.3123.2821.0%32.2%16.4%21.4%-18.2%
Phoenix Mills Ltd.PHOENIXLTD
54,16760.9628.3916.0%63.5%14.7%12.4%+40.9%
Oberoi Realty Ltd.OBEROIRLTY
52,50923.1116.5132.4%60.9%18.0%20.7%+2.5%
Prestige Estates Projects Ltd.PRESTIGE
51,99159.1419.9472.6%33.3%8.3%13.9%-4.5%
Knowledge Realty TrustKRT
49,89181.0%

As of Q4 FY26

Financials