DLF
Large CapDLF Limited
Real Estate
DLF is a diversified Indian real estate developer with an 8-decade track record. It operates through two main segments: Development (residential/commercial sales) and Annuity (leasing of offices, retail malls, hospitality, asset management). The company emphasizes high-quality land bank, integrated ecosystems, and strong brand positioning.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -42% YoY · PAT -1% YoY · margin compression · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,814 Cr | -42.0% | -10.2% |
| EBITDA | ₹411 Cr | -58.0% | +5.4% |
| Operating margin | 23.0% | -800 bps | +400 bps |
| PAT | ₹1,269 Cr | -1.0% | +5.5% |
| PAT margin | 70.0% | +2898 bps | +1041 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
DLF reported FY26 sales bookings of INR 20,143 cr (inline with guidance) and record collections of INR 13,517 cr (up 15% YoY). DLF Limited's PAT grew 1% YoY to INR 4,408 cr, while DCCDL's PAT (before exceptional items) surged 38% YoY to INR 2,726 cr.
The company delivered strong FY26 sales bookings and record collections, supported by a healthy launch pipeline and robust annuity business performance. A net cash positive balance sheet for DLF Limited and improving debt metrics for DCCDL provide financial stability, reinforcing the investment thesis.
Annuity Business Portfolio by Area
Latest issuer-disclosed distribution across 2 reported categories.
High Quality Land Bank
Established locations with significant upside from TOD/TDR policy, no dependency on incremental acquisitions.
Luxury/Super-Luxury Offerings
Low-cost land bank coupled with premium products to deliver consistent margin accretion.
New Product Launches
~25 msf with sales potential of ~INR 60,215 cr planned for medium term.
Annuity Business Expansion
Aiming to increase retail portfolio to 15% of total, driving higher portfolio growth.
Launched Projects (till FY26)
~13 msf with sales potential of INR 54,285 cr.
Planned Launches (Medium Term)
~25 msf with sales potential of INR 60,215 cr.
Sustained Demand
Continue to witness sustained demand for quality products.
Integrated Ecosystems
Strategically located, large & scalable integrated ecosystems offering world-class amenities.
Infrastructure Upgradation
Continues to support further value creation.
Economic Growth in India
Actual results may differ materially due to economic growth in India.
Government Policies & Regulations
Government policies and actions related to investments, regulation & policies.
Time & Cost Overruns
Time & cost overruns on contracts.
Competition
Ability to manage competition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the overall growth trajectory and performance against annual targets in the project-driven real estate sector. QoQ provides insight into sequential momentum, project execution, and demand trends.
Sales Bookings
FY26: INR 20,143 cr (inline with guidance). Q4FY26: INR 3,967 cr.
Collections
FY26: INR 13,517 cr (15% YoY growth). Q4FY26: INR 3,301 cr.
Launch Pipeline (Sales Potential)
~INR 60,215 cr from ~25 msf to be launched in medium term.
Embedded Gross Margins
FY26: 45% from sales booked.
Prioritizing Customer Satisfaction
Focus for the Group remains on prioritizing customer satisfaction and expectations.
Strong Cash Flow Generation
Focus for the Group remains on strong cash flow generation.
Higher Margin Delivery
Focus for the Group remains on higher margin delivery.
Future Rental Income Target
Aiming to reach ~INR 10,000 crore of Rental income in the medium-term.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Bookings | INR 20,143 cr (FY26) | Sustained demand and growth in new bookings. |
| Collections Efficiency | INR 13,517 cr (FY26) | Continued high efficiency across projects. |
| Launch Pipeline Execution | ~25 msf (medium term) | Timely launches and sales conversion. |
| Annuity Rental Income | INR 7,400 cr (FY26 exit rate) | Progress towards the INR 10,000 cr medium-term target. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Quarterly construction spend is expected to be in the range of Rs. 900-1,000 crores over the coming quarters.
"a range of Rs. 900 crores to Rs. 1,000 crores is a good number to kind of look at on a quarterly basis."
Overall collections are expected to grow 10-15% year-over-year for the current and next fiscal year.
"10%-15% growth this year, full year, and then next year also similar number? Yes. Indicatively, yes."
Margins for the Dahlias project will remain intact or be positive despite design modifications.
"our margin for this project will remain intact despite what we are doing. Intact to positive"
Outcome check: OPM moved from 19.0% to average 23.0% (+4.0 pp).
Pricing for the Dahlias project will continue to increase.
"The Dahlias will continue to rise."
Outcome check: OPM moved from 19.0% to average 23.0% (+4.0 pp).
Trend score and candlestick chart
42NeutralSMA20 -8.4% / mo
Technical chart
DLFweekly · 3Y-26.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 33% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 76th percentile of the scored universe and 91st percentile within Real Estate. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 74.1%. Key concern: ROCE is low at 6.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 91st pctile, median 61 · Large: 52nd pctile, median 74
116 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸8 years of positive FCF.
Trust risks
- ▸ROCE is low at 6.3%.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.80
- P/B
- 3.05
- EV/EBITDA
- 87.58
- Market Cap
- 138951.00Cr
Profitability
- ROE
- 9.62%
- ROCE
- 6.34%
- ROA
- 5.90%
- Dividend Y
- 1.07%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 7.28×
- Altman Z
- 4.07
- Book Value
- 184.00
Cash Flow
- FCF Yield
- 3.47%
- FCF Positive Y
- 8/5
- OCF
- 6347.00 Cr
- EPS TTM
- 17.83
Shareholding
- Promoter Hold
- 74.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.