NSE: DLF · BSE: 532868
DLF LIMITED
Develops and sells residential and commercial real estate in India, with a focus on luxury housing in Gurugram and Mumbai, alongside a rental business that owns and leases office and retail properties. In FY26, new sales bookings totalled ₹20,143 crores and the company collected ₹13,500 crores from customers, with the super-luxury Dahlias project selling 32 apartments in Q4 at average prices of ₹90–100 crores per unit and Camellias at ₹1,20,000 per sq ft. The rental portfolio spans 50 million square feet at 95% occupancy; the rental subsidiary DCCDL posted ₹7,400 crores of revenue and ₹5,700 crores of EBITDA in FY26, with FY27 exit rent guided to ₹8,200 crores. The development business carries zero gross debt and the company sits on a net cash position of ₹14,155 crores, including ₹11,200 crores in RERA escrow. Materials are the biggest input at 59.2% of revenue, with employee costs at 7.8% and other operating expenses at 15.3%. The FY27 launch pipeline of ₹20,000 crores spans Gurugram (DLF City, Arbour Senior Living), Mumbai (Westpark Phase 2), and Goa. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Development, Rental (DCCDL). Asset-heavy real estate; cyclical development cash flows paired with a recurring rental annuity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,717 | 5,695 | 6,427 | 7,994 | 8,194 |
| EBITDA (ex other income) | 1,518 | 1,726 | 2,124 | 1,806 | 1,651 |
| margin % | 26.6 | 30.3 | 33.0 | 22.6 | 20.2 |
| Owners' profit | 1,501 | 2,036 | 2,727 | 4,368 | 4,415 |
| EPS, as reported (₹) | 6.06 | 8.22 | 11.02 | 17.64 | 17.83 |
| ROE % · ROCE % | 4.1 · 4.2 | 5.4 · 4.4 | 6.9 · 5.4 | 10.3 · 5.6 | 9.7 · 6.4 |
| Debt / equity (x) | 0.11 | 0.09 | 0.12 | 0.10 | 0.00 |
| Cash from operations | 2,832 | 2,375 | 2,539 | 5,235 | 6,347 |
| Capex | (148) | (64) | (116) | (96) | (129) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,975 | 1,529 | 3,128 | 2,717 | 1,643 | 2,020 | 1,814 | 1,280 |
| Profit before tax | 577 | 174 | 1,053 | 515 | 1,045 | 723 | 649 | 423 |
| Net profit | 1,381 | 1,059 | 1,282 | 763 | 1,180 | 1,203 | 1,269 | 794 |
| EPS (₹) | 5.58 | 4.28 | 5.18 | 3.08 | 4.77 | 4.86 | 5.12 | 3.21 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED ◆ | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.1 | 20.5 | 46 of 57 | 20% |
| P/B | 3.6 | 1.9 | 57 of 64 | 11% |
| ROCE | 6.0 | 6.4 | 35 of 66 | 48% |
| ROE | 9.7 | 8.0 | 24 of 64 | 64% |
| Debt / Equity | 0.0 | 0.4 | 5 of 64 | 94% |
| EBITDA margin | 37.1 | 29.6 | 24 of 66 | 65% |
| Revenue growth | (52.9) | 12.8 | 61 of 67 | 9% |
| Profit growth | 4.1 | 7.5 | 37 of 66 | 45% |
| Market cap | 164917 | 1781 | 1 of 67 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · DLF Q2 FY27: INR 3,800 crore bookings and INR 15,100 crore net cash | investor communications | medium | — | — |
| 17 Oct 2026 · DLF shares link to Q2 FY27 earnings call recording | investor communications | low | — | — |
| 17 Oct 2026 · Newspaper publication of Q2FY27 unaudited financial results | compliance | minimal | — | — |
| 16 Oct 2026 · DLF seeks reclassification of Madhukar from Promoter to Public category | ownership changes | high | — | — |
| 16 Oct 2026 · DLF board approves reclassification of promoter group entity to public | ownership changes | medium | — | — |
| 16 Oct 2026 · DLF Q2FY27 results: PAT up 31% YoY at Rs 1,301 cr | board shareholder meetings | low | — | — |
| 16 Oct 2026 · DLF Q2FY27 results: Net profit Rs 1,301 cr, up 11% YoY | results | high | — | — |
| 16 Oct 2026 · DLF board approves reclassification of Madhukar from promoter group to public | ownership changes | medium | — | — |
| 16 Oct 2026 · DLF Q2 FY27 results: H1 consolidated PAT up 65% YoY, revenue up 33% | results | high | — | — |
| 16 Oct 2026 · DLF Q2 FY27: standalone PAT at Rs 615 cr, revenue up 134% YoY | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.