DLF Ltd

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DLF Ltd

₹ 675 0.82%
23 Sep - close price
dlf.in BSE: 532868 NSE: DLF F&O
About

DLF Ltd with its subsidiaries, associates and JVs is engaged in real estate development, from the identification and acquisition of land to planning, execution, construction and marketing of projects. It is also engaged in business of leasing, generation of power, provision of maintenance services, hospitality and recreational services which are related to the overall development of real estate business.[1]

Key Points

Business Segments
1) Development Business: The company is one of the largest domestic real estate developers, primarily engaged in the development and sale of residential properties like high-rise condominiums, low-rise independent floors, plotted development, Shop-cum-Offices, etc. As of Q2 FY25, it has developed over 180 real estate projects covering an area of over 351 million square feet (MSF). It is credited for developing many well-known urban colonies in Delhi, including South Extension, Greater Kailash, Kailash Colony, and Hauz Khas, and one of Asia’s largest private townships, DLF City, in Gurgaon, Haryana. [1] [2] [3]

The company’s new sales bookings grew by over 103% between FY22 and FY24, from Rs. 7,273 Cr to Rs. 14,778 Cr in FY24. New sales bookings and collections for Q2 FY25 stood at Rs 692 Cr and Rs. 2,370 Cr respectively. [4] [5]

Website BSE NSE F&O
  • Market Cap ₹ 1,66,623 Cr.
  • Current Price ₹ 675
  • High / Low ₹ 786 / 489
  • Stock P/E 38.7
  • Book Value ₹ 184
  • Dividend Yield 1.19 %
  • ROCE 6.32 %
  • ROE 9.50 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 29.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 41.4%

Cons

  • Stock is trading at 3.67 times its book value
  • The company has delivered a poor sales growth of 8.64% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 9.32% over last 3 years.
  • Earnings include an other income of Rs.1,886 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Realty Realty Residential, Commercial Projects

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty Next 50

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,423 1,348 1,521 2,135 1,362 1,975 1,529 3,128 2,717 1,643 2,020 1,814 1,280
1,027 885 1,010 1,381 1,134 1,473 1,129 2,150 2,353 1,359 1,630 1,403 1,130
Operating Profit 396 462 511 754 229 502 400 978 364 284 390 411 150
OPM % 28% 34% 34% 35% 17% 25% 26% 31% 13% 17% 19% 23% 12%
98 129 122 182 367 206 -94 220 264 854 399 308 325
Interest 85 90 84 98 101 94 94 109 79 63 36 21 18
Depreciation 36 37 38 37 37 38 39 37 34 30 30 48 35
Profit before tax 373 464 512 802 458 577 174 1,053 515 1,045 723 649 423
Tax % 27% 24% 26% 21% 26% -81% -154% 17% 26% 26% -1% -14% 27%
526 622 656 920 645 1,381 1,059 1,282 763 1,180 1,203 1,269 794
EPS in Rs 2.13 2.52 2.65 3.72 2.61 5.58 4.28 5.18 3.08 4.77 4.86 5.12 3.21
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
7,649 9,926 8,221 6,707 8,366 6,083 5,414 5,717 5,695 6,427 7,994 8,194 6,758
4,635 5,960 4,775 4,329 6,218 4,937 3,945 3,974 3,969 4,303 5,885 6,746 5,523
Operating Profit 3,014 3,966 3,446 2,378 2,148 1,146 1,469 1,743 1,726 2,124 2,109 1,449 1,234
OPM % 39% 40% 42% 35% 26% 19% 27% 30% 30% 33% 26% 18% 18%
503 506 1,135 9,722 784 1,135 383 195 317 531 700 1,825 1,886
Interest 2,304 2,680 2,980 2,951 2,062 1,427 853 625 392 356 397 199 138
Depreciation 545 766 572 534 225 200 159 149 149 148 151 142 143
Profit before tax 668 1,026 1,030 8,615 646 653 840 1,165 1,502 2,151 2,261 2,932 2,839
Tax % 24% 55% 22% 50% 43% 326% 43% 28% 27% 24% -19% 11%
507 305 708 4,477 1,314 -590 1,083 1,500 2,034 2,724 4,367 4,415 4,446
EPS in Rs 3.03 1.72 4.01 25.02 5.98 -2.36 4.42 6.06 8.22 11.02 17.64 17.83 17.96
Dividend Payout % 66% 117% 50% 8% 33% -85% 45% 49% 49% 45% 34% 45%
Compounded Sales Growth
10 Years: -2%
5 Years: 9%
3 Years: 13%
TTM: -28%
Compounded Profit Growth
10 Years: 29%
5 Years: 29%
3 Years: 27%
TTM: 2%
Stock Price CAGR
10 Years: 16%
5 Years: 10%
3 Years: 9%
1 Year: -11%
Return on Equity
10 Years: 5%
5 Years: 8%
3 Years: 9%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 356 357 357 357 441 495 495 495 495 495 495 495
Reserves 27,013 23,712 24,216 34,954 33,135 33,952 34,849 35,867 37,192 38,936 42,055 44,978
24,495 25,264 29,202 17,491 17,222 8,103 6,886 4,182 3,334 4,834 4,103 306
14,398 12,396 10,179 7,783 15,684 13,341 11,258 10,623 11,551 14,804 21,819 27,685
Total Liabilities 66,262 61,729 63,954 60,585 66,483 55,890 53,488 51,167 52,572 59,069 68,472 73,465
19,619 3,943 24,640 8,082 6,322 5,187 4,856 4,862 4,785 3,880 3,502 4,114
CWIP 5,901 1,779 153 137 103 89 95 81 61 71 86 162
Investments 623 21,310 1,209 20,832 21,005 18,566 19,746 19,779 19,481 20,138 21,336 21,692
40,119 34,697 37,952 31,533 39,053 32,049 28,791 26,444 28,245 34,981 43,549 47,497
Total Assets 66,262 61,729 63,954 60,585 66,483 55,890 53,488 51,167 52,572 59,069 68,472 73,465

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,037 2,957 -898 270 2,043 356 1,460 2,832 2,375 2,539 5,235 6,347
98 -818 872 -2,102 3 6,508 150 267 -461 -1,529 -3,475 721
-1,547 -1,929 787 -232 875 -9,522 -2,184 -3,828 -2,013 177 -2,403 -5,547
Net Cash Flow 588 210 761 -2,064 2,921 -2,658 -573 -729 -98 1,186 -642 1,522
Free Cash Flow 1,198 2,371 -1,101 -455 1,474 217 1,529 2,684 2,321 3,166 5,140 6,231
CFO/OP 89% 91% -17% 29% 106% 35% 72% 150% 143% 132% 254% 484%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 76 126 63 70 36 43 39 36 35 31 37 38
Inventory Days
Days Payable
Cash Conversion Cycle 76 126 63 70 36 43 39 36 35 31 37 38
Working Capital Days 686 290 533 495 133 612 788 799 742 745 615 245
ROCE % 6% 8% 7% 5% 5% 4% 4% 5% 5% 6% 7% 6%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Operational Rental Portfolio (DLF + DCCDL + Atrium Place)
msf

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Rental Portfolio Occupancy (by area)
%
Total Development Potential / Land Bank (DevCo)
msf ・Standalone data
Embedded Gross Margin from Sales Booked
% ・Standalone data
New Sales Bookings (DevCo)
INR crore ・Standalone data
DCCDL Weighted Average Office Rental Rate
INR psf/month
DCCDL Gross Leasing
msf
Medium-term Launch Pipeline (Sales Potential of To Be Launched Projects)
INR crore

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08% 74.08%
15.89% 15.75% 16.53% 16.17% 16.66% 16.37% 16.27% 15.98% 15.46% 14.82% 13.54% 12.31%
5.27% 5.47% 4.77% 4.81% 4.66% 4.87% 4.72% 5.01% 5.21% 5.78% 6.94% 8.03%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
4.76% 4.72% 4.62% 4.95% 4.62% 4.69% 4.93% 4.93% 5.25% 5.34% 5.43% 5.56%
No. of Shareholders 3,95,8454,04,8324,26,2534,66,9874,39,1414,58,3234,92,1164,83,0295,00,9284,92,1295,06,5725,00,743

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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