DLF
DLF is India's largest listed real estate developer, building and selling homes (mainly premium, NCR-centric) while earning steady rental income from offices and malls through its DCCDL joint venture with GIC.
- P/E ~38x (premium to peers)
- Net cash, debt almost nil
- Bookings fell 94% in Q1 FY27
- Still 34% below Jan-2008 peak
- Promoter 74%, zero pledge
Updated on 14 Oct 2026 · Data as of 13 Oct 2026
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Snapshot
- Share price
- ₹664.80
- 13 Oct 2026
- 52-week range
- ₹497.85 – ₹769.83
- All-time peak
- ₹1,011.51
- 14 Jan 2008 · −34.3% from peak
- Dividend yield
- 1.20%
- Price history since
- 2007
- About 19 years of prices
What's happening
DLF's board meets on 16 October 2026 - two days from now - to approve Q2 and H1 FY27 results, which will show whether new home bookings recovered after a sharp Q1 slump. In Q1 FY27 (Apr-Jun 2026), consolidated PAT rose 4% YoY to Rs 794 crore, but new sales bookings collapsed 94% YoY to Rs 657 crore from Rs 11,425 crore because planned residential launches were delayed pending approvals. Separately, DLF sold out all 172 units at its luxury Aureva project in Gurugram for Rs 1,985 crore, suggesting buyer demand itself is intact.
In plain terms
DLF makes money two ways: selling homes (lumpy - revenue books only when a project launches and sells) and renting out offices/malls through DCCDL (steady, growing slowly every quarter). The tension right now: headline profit looked fine last quarter (+4%), but that was lifted by income from joint ventures, not the core business - meanwhile actual new home bookings, the real growth engine, fell 94% because launches got delayed. Until those delayed projects actually launch, it's hard to call this a growth story rather than a waiting game.
Quarters
Q1 FY27 (Apr-Jun 2026): revenue from operations fell about 53% YoY to roughly Rs 1,280 crore from Rs 2,717 crore; total income (including other income) was Rs 1,605 crore. This isn't a clean apples-to-apples comparison - real estate revenue is booked on a project-completion schedule, so quarters swing hard depending on which projects were handed over. Consolidated PAT rose 4% YoY to Rs 794 crore, but that entire increase came from a jump in profit from associates/JVs (Rs 486 crore vs Rs 381 crore a year ago) - the operating business itself was roughly flat to down. New sales bookings fell 94% YoY to Rs 657 crore, which management attributed to delayed launches awaiting approvals. The rental arm, DCCDL, was the steadier half: EBITDA grew 9% YoY to Rs 1,474 crore on 95% occupancy across 50 million sq ft. Q2/H1 FY27 numbers are due at the 16 October 2026 board meeting and are not yet public - treat any Q2 figures circulating before that date as unverified.
Performance
Share price
−9.2% over 1 year
Returns by period
| Period | DLF | Nifty 50 | GODREJPROP |
|---|---|---|---|
| 3 months | +0.3% | −5.5% | −24.0% |
| 1 year | −9.2% | −9.9% | −23.6% |
| 3 years | +20.3% | +15.2% | −5.8% |
| 5 years | +62.0% | +25.1% | −34.8% |
₹100 invested on 13 Oct 2021 became…
- DLF₹162
- Nifty 50₹125
- GODREJPROP₹65
The stock closed at Rs 664.8, still 34.3% below its all-time high of Rs 1,011.51 set in January 2008 - nearly 19 years ago, at the top of the pre-financial-crisis real estate bubble shortly after DLF's listing. No split or demerger is involved here, so this is a genuine, uncushioned price gap - anyone who bought at that peak is still underwater, and dividends received since then don't come close to closing it. Away from that one extreme reference point, medium-term performance has actually been good: 3-year return of +20.25% beats the Nifty's +15.15%, and the 5-year return of +62.04% beats both the Nifty (+25.11%) and peer Godrej Properties, which lost 34.83% over the same five years. The 1-year return is roughly in line with the index (-9.18% vs -9.93%).
Dividend
Paid in the last 12 months
₹8.00 per share
Dividend yield
1.20%
Dividend yield is the last 12 months of dividends divided by today's share price. A 1.2% yield means every ₹100 of DLF shares paid about ₹1.2 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 27 Jul 2026 | ₹8.00 |
| 28 Jul 2025 | ₹6.00 |
| 31 Jul 2024 | ₹5.00 |
| 28 Jul 2023 | ₹4.00 |
| 2 Aug 2022 | ₹3.00 |
| 23 Aug 2021 | ₹2.00 |
| 15 Sept 2020 | ₹0.80 |
| 12 Feb 2020 | ₹1.20 |
Valuation
DLF trades around 38x trailing earnings and roughly 3.6x book value - about a 14-28% premium to its real estate peer group's median multiples. Why it's expensive: a debt-free, net-cash balance sheet, a dominant NCR land bank, and a growing rental income stream (DCCDL) that the market tends to value more like steady annuity income than cyclical development profit. Whether it's actually cheap is a separate question, and the answer leans no - DLF's ROCE of roughly 6.3-6.8% trails several peers, so the market is paying a premium multiple for below-average capital efficiency, not for superior returns on capital.
Growth
Split picture. The annuity/rental business (DCCDL) is growing steadily and is volume-led in a healthy way - EBITDA up 9% YoY with 95% occupancy and new retail space being added. The residential development business, by contrast, saw its sales-booking volumes collapse 94% YoY in Q1 FY27 - but this looks like a launch-timing problem (projects awaiting approval) rather than a demand problem, since the one project that did launch (The Aureva) sold out immediately. FY27 growth hinges almost entirely on whether the delayed launches actually come to market.
Health
Financial risk is minimal here: gross borrowings of just Rs 306 crore against a net cash position of about Rs 15,200 crore, plus operating cash flow of Rs 1,317 crore in a single quarter. The real risk is business risk, not balance-sheet risk - project approval delays, launch timing, and dependence on a handful of large launches for the sales-booking number that drives future revenue recognition.
Ownership
Promoters held 74.08% as of June 2026, unchanged, and the promoter group filed a formal zero-encumbrance (no pledge) declaration for the year ended March 2026 - a clean signal on that front. No well-known individual marquee investor appears on the register; outside ownership is split between FIIs (about 12.3%, across 702 investors) and domestic mutual funds (about 6.1%, across 44 schemes). One minor item worth noting: a request has been filed to reclassify promoter entity Madhukar Housing into the public shareholder category.
The View
The one thing to watch
Whether the delayed residential launches get approved and convert into bookings - the Q2/H1 FY27 results due at the board meeting on 16 October 2026 (two days away) will be the first real read on this.
Strengths
- +Net cash position of roughly Rs 15,200 crore against gross debt of just Rs 306 crore (Mar 2026) - one of the strongest balance sheets among listed Indian developers.
- +DCCDL rental arm grew EBITDA 9% YoY to Rs 1,474 crore with 95% occupancy across 50 million sq ft of commercial space - a steady, less-cyclical profit stream.
- +Promoter holding steady at 74.08% with a formal zero-pledge declaration covering FY26.
- +Demand for premium launches remains intact when they happen: The Aureva in Gurugram sold out 172 units for Rs 1,985 crore.
Watchpoints
- !New sales bookings fell 94% YoY to Rs 657 crore in Q1 FY27 due to delayed project launches - the key swing factor for FY27 growth, to be tested at the 16 October 2026 results.
- !Headline PAT growth of 4% YoY in Q1 FY27 came entirely from a rise in JV/associate income (Rs 486 crore vs Rs 381 crore), not from core operations.
- !ROCE of roughly 6.3-6.8% trails many listed peers even though DLF trades at a valuation premium (P/E ~38x, P/B ~3.6x) to that peer group.
- !Stock remains 34.3% below its January 2008 peak after nearly 19 years, even though medium-term (3-5 year) returns have been strong.
How sure are we about the data? · Moderate
Q1 FY27 PAT (~Rs 794 crore) and bookings (Rs 657 crore) figures were cross-checked across Outlook Business, ScanX, Business Standard and Screener.in and are consistent. Revenue and EBITDA figures vary between 'revenue from operations' and 'total income' and between standalone/consolidated reporting bases across sources - not independently reconciled, so treated as approximate. Q2 FY27 results were not yet published as of this report (board meeting scheduled 16 October 2026); any Q2 figures seen in secondary aggregators before that date should be treated as unverified. Valuation multiples (P/E, P/B, ROCE, debt) sourced from Screener.in as of October 2026.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 13 Oct 2026.