DLF Limited
DLF.BO · BSE
Company research
DLF Limited (formerly Delhi Land & Finance) is India's largest publicly listed real estate developer, founded in 1946 by Chaudhary Raghvendra Singh and headquartered in Gurugram, Haryana, with a presence spanning 15 states and 24 cities across the country. With nearly eight decades of experience, the company has developed over 185 real estate projects covering more than 352 million square feet, ranging from premium residential complexes and plotted developments to Grade-A commercial office spaces, retail destinations, and hospitality assets. DLF operates through a dual revenue model comprising its Development Business — focused on the sale of luxury and high-end residential properties — and its Annuity Business, which generates stable recurring income through the leasing of commercial and retail properties, with an annuity portfolio of over 49 million square feet. Listed on the Bombay Stock Exchange since 2007, DLF also derives revenues from power generation, maintenance services, and recreational activities, reinforcing its position as a fully integrated real estate enterprise with a market capitalisation of approximately ₹1.63 trillion INR.
Research reports
Q3FY26 result update noting pre-sales collapsed to Rs 419 crore amid no new launches and a temporary pause at The Dahlias, but collections hit a record Rs 5,100 crore and DCCDL rental income rose 18.4% year-on-year, leading the broker to maintain a positive view with a Rs 900 target price while highlighting risks from any real-estate demand slowdown in Delhi-NCR and adverse macro factors such as higher interest rates.
Motilal Oswal Financial Services · January 23, 2026Bookings soften amid Dahlias pause and launch drought3QFY26 results report showing presales slumped sharply as Dahlias sales were paused and no new launches occurred, but collections more than doubled, DLF achieved a gross debt-free position, and management guided to meeting FY26 presales of Rs 200–220 billion supported by a Rs 602 billion medium-term launch pipeline and growing rental income, underpinning a BUY rating with an INR 974 target price and upside of about 65% while acknowledging execution and demand risks around the launch schedule.
Motilal Oswal Financial Services · January 16, 2026Play on uber-luxury RRE with strong rental incomeThematic company update arguing that DLF’s dominant position in Gurugram’s ultra-luxury housing, a presales CAGR of roughly 16% projected through FY28, a sizable land bank, and a growing high-occupancy rental portfolio together support strong cash-flow visibility and a net cash balance sheet, leading to a BUY stance with an INR 993 NAV-based target price while noting that growth remains contingent on sustained demand and successful execution of the residential and commercial launch pipeline.
ICICI Securities (Retail Equity Research) · November 6, 2025DLF Ltd – Strong H1; mid-term launch pipeline robustQ2FY26 retail research result update highlighting robust pre-sales of Rs 4,332 crore led by the maiden Mumbai project Westpark and super-luxury Camellias despite softer collections and margin compression, and emphasizing a strong Rs 60,215 crore medium-term residential launch pipeline plus a 49 msf high-occupancy rental portfolio and capex-backed rental growth, underpinning a BUY recommendation with a Rs 1,000 SOTP-based target while calling out regional concentration, execution, and diversification risks as key concerns.