DLF Ltd.
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ABOUT
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Company has delivered good profit growth of 40.6% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.03x)
- Company has been maintaining a healthy dividend payout of 44.9%
CONS
- A large part of profit comes from other income (55.3% of PBT)
- Company has a low return on capital employed of 6.2%
- Company has a low return on equity of 5.6% over last 3 years
- Operating margins have contracted to 17.3% from 35.9%
- Effective tax rate is unusually low at 10.6% - earnings may be flattered
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 643.60 | 35.83 | 159311.06 | 1.24 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1113.00 | 26.96 | 111226.00 | 0.38 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1891.15 | 52.85 | 67642.25 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1505.00 | 56.92 | 64824.90 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1747.40 | 24.16 | 63535.85 | 0.46 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1745.00 | 32.85 | 52564.02 | 0.57 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 599.05 | 37.26 | 21558.43 | 0.17 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 638.90 | 30.00 | 20844.71 | 0.24 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1284.65 | 108.49 | 14348.99 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1217.35 | 56.45 | 13020.02 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 762.15 | 10.27 | 10722.39 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| MAXESTATES | 560.60 | 793.00 | 9169.45 | 0.00 | 8.35 | -30.00 | 51.91 | 0.86 | 2.05 | 15.65 |
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 | 1,183 | |
| Operating Profit | 396 | 462 | 511 | 754 | 229 | 502 | 400 | 978 | 364 | 284 | 390 | 411 | 98 |
| OPM % | 27.84% | 34.31% | 33.59% | 35.32% | 16.78% | 25.42% | 26.17% | 31.27% | 13.40% | 17.26% | 19.30% | 22.64% | 7.62% |
| 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 | 909 |
| Tax % | 27.16% | 24.18% | 26.40% | 21.39% | 25.86% | -80.96% | -153.51% | 17.22% | 25.85% | 26.45% | -1.03% | -14.19% | 12.62% |
| Net Profit | 0 | 0 | 0 | 0 | 6,447 | 1,381 | 10,587 | 1,282 | 7,627 | 11,801 | 12,034 | 12,686 | 794 |
| 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 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,221 | 6,707 | 8,366 | 6,083 | 5,414 | 5,717 | 5,695 | 6,427 | 7,994 | 8,194 | 6,758 | |
| 4,788 | 4,329 | 6,225 | 4,948 | 3,996 | 3,975 | 3,969 | 4,303 | 5,885 | 6,746 | 5,576 | |
| Operating Profit | 3,433 | 2,377 | 2,142 | 1,135 | 1,418 | 1,743 | 1,726 | 2,124 | 2,109 | 1,448 | 1,182 |
| OPM % | 41.76% | 35.45% | 25.60% | 18.66% | 26.19% | 30.48% | 30.31% | 33.04% | 26.38% | 17.68% | 17.49% |
| 1,149 | 9,722 | 791 | 1,146 | 435 | 196 | 317 | 531 | 700 | 1,825 | 1,886 | |
| Interest | 2,980 | 2,951 | 2,062 | 1,427 | 853 | 625 | 392 | 356 | 397 | 199 | 138 |
| Depreciation | 572 | 534 | 225 | 200 | 159 | 149 | 149 | 148 | 151 | 142 | 143 |
| Profit before Tax | 1,030 | 8,615 | 646 | 653 | 840 | 1,165 | 1,502 | 2,151 | 2,261 | 2,932 | 3,325 |
| Tax % | 22.27% | 50.18% | 42.96% | 326.36% | 43.15% | 27.56% | 26.72% | 24.19% | -19.19% | 10.57% | 8.77% |
| Net Profit | 800 | 4,292 | 368 | -1,479 | 477 | 844 | 1,101 | 1,630 | 2,695 | 2,622 | 3,034 |
| EPS | 3.89 | 23.62 | 6.00 | -2.41 | 4.42 | 6.06 | 8.22 | 11.02 | 17.64 | 17.83 | — |
| Dividend Payout % | 49.92% | 7.99% | 33.46% | -84.89% | 45.27% | 49.48% | 48.64% | 45.38% | 34.00% | 44.86% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -2%
- 5 Years:
- 9%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 31%
- 5 Years:
- 32%
- 3 Years:
- 29%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 14%
- 3 Years:
- 7%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 4%
- 3 Years:
- 6%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 357 | 357 | 441 | 495 | 495 | 495 | 495 | 495 | 495 | 495 |
| Minority Interest | 124 | 49 | 41 | 18 | 20 | 19 | 4 | 1 | 0 | 0 |
| 24,203 | 34,191 | 32,385 | 33,952 | 34,849 | 35,867 | 37,192 | 38,936 | 42,055 | 44,978 | |
| 31,618 | 18,924 | 17,579 | 9,603 | 8,126 | 5,298 | 4,484 | 5,937 | 4,256 | 1,594 | |
| Trade Payables | 1,407 | 1,218 | 1,277 | 1,056 | 1,234 | 1,529 | 1,644 | 1,655 | 2,261 | 1,720 |
| 1,887 | 5,847 | 12,822 | 10,766 | 8,763 | 7,958 | 8,752 | 12,045 | 19,405 | 24,677 | |
| Total Liabilities | 59,596 | 60,585 | 64,546 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 73,465 |
| 3,449 | 2,722 | 2,626 | 2,591 | 2,302 | 2,002 | 1,917 | 1,854 | 1,796 | 1,753 | |
| Capital Work in Progress | 153 | 137 | 103 | 89 | 94 | 81 | 61 | 68 | 77 | 159 |
| 1,209 | 20,832 | 21,005 | 18,566 | 19,746 | 19,779 | 19,481 | 20,138 | 21,336 | 21,692 | |
| 20,099 | 19,753 | 22,009 | 22,486 | 21,087 | 20,107 | 19,361 | 21,154 | 24,621 | 24,717 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 538 | 802 | 847 | |
| Cash & Bank | 4,099 | 2,278 | 4,855 | 2,420 | 1,407 | 932 | 2,275 | 4,384 | 4,338 | 7,746 |
| 30,588 | 14,863 | 13,948 | 9,738 | 8,853 | 8,266 | 9,477 | 10,932 | 15,502 | 16,549 | |
| Total Assets | 59,596 | 60,585 | 64,546 | 55,890 | 53,488 | 51,167 | 52,572 | 59,069 | 68,472 | 73,465 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -570 | 694 | 2,277 | 398 | 1,059 | 2,612 | 2,461 | 2,539 | 5,235 | 6,347 | |
| Cash from Investing | 872 | -1,965 | 5 | 6,517 | 154 | 263 | -463 | -1,529 | -3,543 | 721 |
| Cash from Financing | 787 | -232 | 875 | -9,522 | -2,184 | -3,828 | -2,013 | 177 | -2,403 | -5,547 |
| 761 | -1,927 | 2,923 | -2,649 | -570 | -733 | -101 | 1,187 | -710 | 1,522 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-18 - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-07 - Transcript of earnings call for Q1 FY27
2026-08-04 - Audio/ Video recording for Earnings Call on Un-audited Financial Results of the Company for Q1FY27
2026-08-04 - Publication of extracts of Un-audited Financial Results for Q1FY27
2026-08-03 - Scrutiniser's Report along with voting results of 61st Annual General Meeting held on 3 August 2026
2026-08-03 - 61st Annual General Meeting - Chairman's Speech
2026-08-03 - Summary of proceedings of the 61st Annual General Meeting held on 3 August 2026
2026-08-03 - DLF Limited has informed the Exchange about Investor Presentation
2026-08-03 - DLF announces Financial Results for Q1FY27
News
Recent coverage and analyst commentary for DLF
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DLF Ltd.
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