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DLF Limited (DLF)

Realty · Realty · NSE · Updated 5 July 2026

₹675.9 ↓ 19.15% (1Y)

🎯 Key Takeaways

DLF Limited is in a growth phase driven by strong project execution and capital recycling, transitioning from a pure-play developer to a more diversified real estate platform with rental income emerging as a key strategic pillar. Despite a 19% decline in 1Y return, recent financial performance shows robust profitability and cash generation, supported by high-margin developments and disciplined capital allocation.
Revenue declined 22.6% QoQ to ₹1,529 in Q3FY25.
⚠️ Ongoing legal uncertainties, including a pending ₹630 crore Competition Commission penalty appeal and Gurugram land disputes, pose material risks to f

Market Cap

₹1.40 L Cr

P/E Ratio

35.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

DLF Limited is in a growth phase driven by strong project execution and capital recycling, transitioning from a pure-play developer to a more diversified real estate platform with rental income emerging as a key strategic pillar. Despite a 19% decline in 1Y return, recent financial performance shows robust profitability and cash generation, supported by high-margin developments and disciplined capital allocation.

📰 What's Happening

In FY26, DLF reported consolidated revenue of Rs 10,174 crore, up 7% YoY, with net profit rising 33% YoY to Rs 4,408 crore and record net cash surplus of Rs 7,746 crore. New sales bookings reached Rs 20,143 crore, fueled by strong demand in DLF Privana North, DLF Westpark, and The Dahlias. The company recorded zero gross debt in development and strengthened its balance sheet with a net cash position of Rs 14,155 crore. A dividend of Rs 1,980 crore was declared, reflecting confidence in sustained growth. Management highlighted plans to expand the rental portfolio to 25% of total assets from the current 10%, up from 17% rental income contribution in Q4FY26.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,456	1,423	1,348	1,521	2,135	1,362	1,975	1,529
Operating Profit	518	495	591	633	936	596	708	306
OPM %	27.4%	27.8%	34.3%	33.6%	35.3%	16.8%	25.4%	26.2%
Net Profit	570	526	622	656	920	645	1,381	1,059
EPS	₹2.30	₹2.13	₹2.52	₹2.65	₹3.72	₹2.61	₹5.58	₹4.28

Operating margins have shown improvement, rising from 16.8% in Q1FY25 to 35.3% in Q4FY24, indicating better cost control and product mix. Despite a dip in Q2FY25 (25.4%), margins rebounded strongly in later quarters, aligning with management's focus on premium developments. Net profit growth outpaced revenue growth in FY26 (33% vs 7%), driven by higher collections and rental income. The sequential revenue trend shows volatility, but the full-year FY26 performance reflects strong execution, particularly in Q4, where rental income grew 17% YoY to Rs 1,425 crore.

🔮 Management Outlook & What's Next

Management expressed confidence in sustained demand for quality products and outlined a strategic shift toward expanding the rental portfolio to 25% of total assets from the current 10%. This transition is part of a broader capital recycling and monetization strategy, supported by strong cash generation. The board recommended a dividend of Rs 8 per share (33% increase) pending shareholder approval, underscoring commitment to shareholder returns. Forward guidance emphasizes continued focus on premium developments and rental expansion as key growth drivers.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Realty

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
DLF Limited	1.40 L Cr	35.0	—	—	—
Lodha Developers Limited	84,910	33.5	—	—	—
The Phoenix Mills Limited	62,175	46.0	—	—	—
Oberoi Realty Limited	58,802	22.8	—	—	—
Prestige Estates Projects Limited	57,813	71.4	—	—	—
Godrej Properties Limited	51,630	32.1	—	—	—
Anant Raj Limited	17,569	30.5	10.5%	9.6%	0.10
Brigade Enterprises Limited	16,836	25.1	—	—	—
Sobha Limited	14,942	227.9	—	—	—
Aditya Birla Real Estate Limited	14,430	-62.6	-4.3%	-2.8%	1.52

🔗 Peer Stock Analyses

LODHA PHOENIXLTD OBEROIRLTY PRESTIGE GODREJPROP

⚠️ Risk Factors

1. Ongoing legal uncertainties, including a pending ₹630 crore Competition Commission penalty appeal and Gurugram land disputes, pose material risks to future cash flows and asset valuations. 2. The company's reliance on project execution and market demand exposes it to sector-specific cyclicality and regulatory changes. 3. The strategic shift to rental expansion requires sustained capital investment and operational execution, with no guarantee of timely returns. 4. Despite strong cash generation, the pending Supreme Court appeals on penalties and land matters create significant going concern uncertainty, as highlighted in the audit report.

📋 Recent Filings

🧠 Analyst's Read

DLF is executing a strategic transformation with improving financial discipline and growing rental ambitions, supported by strong cash flows and dividend policy. However, unresolved legal risks and sector volatility require close monitoring. The next key developments to watch are the resolution of CCI and land disputes, progress on rental portfolio expansion, and updates on capital allocation strategy in upcoming investor communications.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on DLF

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-05.

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