Announcement
Announcement under Regulation 31A (LODR)-(8)(b) Outcome of Board Meeting 16 Oct - DLF board approved Madhukar Housing reclassification from promoter group to public, subject to stock exchange approval.
Source: Bse
DLF Limited (DLF)
Large CapReal Estate stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Oct, 05:07 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
53NeutralMACD + · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 60
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
DLFD candles · FIT view+14.6%Latest close ₹672.85 on 2026-10-19
Bar
-1.6%
RSI
54
MACD hist
1.86
52W pos
62%
2026-10-19O ₹684.00H ₹685.85L ₹670.05C ₹672.85Vol 25.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DLFNifty RealtyNifty 500
- DLF
- +0.6%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- +6.2 pp
Chart stats
19 Oct 2026- From 52W high
- -14.5%
- 52W range position
- 62%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.72x
- Avg traded value
- ₹229 Cr
- 20D price channel
- ₹634.2 - ₹685.9
₹786.5
₹489.4 - ₹786.5
₹16.6
Latest completed session
20-session average
29.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -23.3% · PAT +10.3% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-9.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100Rev -23% YoY · margin compression · PAT +10% YoY · operating leverage
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,260.6 Cr | -23.3% | -1.5% |
| EBITDA | ₹23 Cr | -91.9% | -84.7% |
| Operating margin | 1.8% | -1517 bps | -1017 bps |
| PAT | ₹1,301.4 Cr | +10.3% | +63.9% |
| PAT margin | 103.2% | +3141 bps | +4120 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 36.40
- P/B
- 3.67
- EV/EBITDA
- 148.67
- Market Cap
- 167084.00Cr
Profitability
- ROE
- 9.50%
- ROCE
- 6.32%
- ROA
- 5.85%
- Dividend Y
- 1.19%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 10.47×
- Altman Z
- 4.22
- Book Value
- 184.00
Cash Flow
- FCF Yield
- 2.88%
- FCF Positive Y
- 8/5
- OCF
- 6347.00 Cr
- EPS TTM
- 18.45
Shareholding
- Promoter Hold
- 74.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,984-11.1% vs prev
Net Profit
₹ CrLatest: 3,748+137.7% vs prev
Return on Equity
%Latest: 11.9+120.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 54.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 37% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
58
RS percentile
Stage 2 UptrendRecent S2
1M return
+4.4%
3M return
+0.6%
6M return
+10.2%
1Y return
-13.1%
RS 1D
+1
RS 20D
+10
Sector rank
#12
Industry rank
#18
Stage evidence
- Price is 8.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 Sept 2026
S2 age
15 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 96.83+0.72%
RS vs Nifty 50097
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality1/20
Balance Sheet12/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -9.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
36.4
PB
3.7
EV/EBITDA
148.7
ROE
9.5%
ROCE
6.3%
FCF Yield
2.9%
Debt/Equity
0.0
MoS
-9.5%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-9.5%
Previous: -9.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹276.37
-143.5% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹614.38
-9.5% MoS
PEG
1.29
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LODHA
Large
Lodha Developers Limited
Real Estate
match 166
64
25.6
15.5%
+25%
UNDERVALUED
SOBHA
Large
Sobha Limited
Real Estate
match 162
28
55.9
4.2%
-64%
OVERVALUED
PRESTIGE
Mid
Prestige Estates Projects Limited
Real Estate
match 159
25
55.8
7.5%
-67%
OVERVALUED
OBEROIRLTY
Mid
Oberoi Realty Limited
Real Estate
match 158
55
23.4
14.6%
+30%
FAIR VALUE
BRIGADE
Small
Brigade Enterprises Limited
Real Estate
match 157
34
27.5
10.5%
+19%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:11:53.358Z
Management commentary snapshot
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.
Current business mix
Annuity Business Portfolio by Area
Latest issuer-disclosed distribution across 2 reported categories.
Offices90.0%
Retail10.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
capex timelinenot yet verifiablequantified
Quarterly construction spend is expected to be in the range of Rs. 900-1,000 crores over the coming quarters.
Timeframe: Coming quartersDirection: StableConfidence: Moderate
"a range of Rs. 900 crores to Rs. 1,000 crores is a good number to kind of look at on a quarterly basis."
cash flow improvementnot yet verifiablequantified
Overall collections are expected to grow 10-15% year-over-year for the current and next fiscal year.
Timeframe: Current fiscal year (FY26) and next fiscal year (FY27)Direction: IncreaseConfidence: High
"10%-15% growth this year, full year, and then next year also similar number? Yes. Indicatively, yes."
margin outlookfailed
Margins for the Dahlias project will remain intact or be positive despite design modifications.
Timeframe: FutureDirection: Stable to positiveConfidence: High
"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).
pricingdelivered
Pricing for the Dahlias project will continue to increase.
Timeframe: Future (ongoing)Direction: IncreaseConfidence: High
"The Dahlias will continue to rise."
Outcome check: OPM moved from 19.0% to average 23.0% (+4.0 pp).
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 75th percentile of the scored universe and 89th percentile within Real Estate. Main check: results consistency is weak at 45/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
109 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Real Estate: 89th pctile, median 61 · Large: 55th pctile, median 73
Evidence depth
Financial-only
109 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
56
watch · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.9%.
- ▸8 years of positive FCF.
Trust risks
- ▸ROCE is low at 6.3%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 29.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching DLF Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Oct - DLF’s The Aureva luxury project sold out completely, generating about ₹1,985 crore in sales.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Oct - Publication of extracts of Un-audited Financial Results for Q2FY27
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - The executive(s) of the Company participated in investor conference held on 23rd & 24th September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - The executive(s) of the Company participated in investor conference held on 17th September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep - DLF executives will attend Jefferies India Forum on 17 September 2026 in Gurugram.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - DLF executives will attend CITIC Securities Investors' Forum 2026 on 23-24 September in Hong Kong.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Aug - DLF subsidiary to acquire 26.97% of Balang Renewables for ₹4.20 crore within 30 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 May - Publication of extracts of Audited Financial Results for Q4 & FY26
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.