DLF Ltd(DLF)

NSE: DLFBSE: 532868

₹ 653.55-1.66%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.62 L crWebsite: www.dlf.inUpdated: 24 Oct 2026

About

DLF Ltd is India's largest listed real estate developer, operating across two businesses: a development business (DevCo) that builds and sells residential projects, and an annuity business (RentCo) through its DCCDL joint venture that owns and operates commercial offices and retail malls. It has about 8 decades of experience and has developed 178 real estate projects and about 349 million sq. ft. of area. FY26 revenue was Rs 8,194.02 crore, and its rental portfolio of ~50 msf was at 96% occupancy by area in Q2 FY27.^[1][2][3][4]

Business segments

Development business: develops and sells high-rise condominiums, low-rise independent floors, plotted development and shop-cum-offices (FY25).^[2]
Annuity business: office leasing, retail malls, asset management (common area maintenance) and hospitality, including hotels, clubs and food & beverages (FY25).^[2]
DCCDL FY26 revenues INR 7,393 crore (+15% YoY), EBITDA INR 5,718 crore (+16% YoY).^[1]
Group rental income was Rs 3,334 cr in H1 FY27; the rental portfolio spans ~50 msf.^[4]
Hospitality portfolio, including The Lodhi and Hilton Garden Inn, recorded revenues of Rs 521 crore in FY25.^[2]

Key operating numbers

Sales bookings were INR 3,800 cr in Q2 FY27, vs INR 657 crore in Q1 FY27, when the Aureva launch was deferred.^[4][5]
Collections were INR 2,780 cr and operating cash flow INR 1,858 cr in Q2 FY27.^[4]
FY26 collections were a record INR 13,517 crore (+15% YoY).^[5]
Unsold launched inventory was Rs 10,825 cr in Q2 FY27.^[4]
Residual gross margin from sales done to 30.09.2026 was Rs 28,700 crore; total margin potential including unsold launched inventory is ~Rs 39,525 cr, vs INR 39,045 crore at 30 June 2026.^[4][5]
Development business net cash was INR 15,084 cr in Q2 FY27, after zero gross debt was reached in FY26.^[4][1]
DCCDL net debt was Rs 18,420 cr, or 3.1x EBITDA, in Q2 FY27.^[4]

Rental portfolio

Rental occupancy was 96% by area and 97% by value in Q2 FY27, vs 95% by area in Q1 FY27.^[4][5]
DCCDL office and retail rentals each grew 9% YoY in Q2 FY27.^[4]
Atrium Place (Gurugram, 3.1 msf), a JV with Hines, is 100% leased (Q2 FY27).^[4][1]
Midtown Plaza is fully operational and 97% leased as of Q1 FY27.^[5]
Summit Plaza soft-launched on 3 August 2026 and was ~90% leased.^[5]
Promenade Goa received its OC in July 2026 and was 64% leased; it is targeted to open end-CY2026 or early 2027.^[5]
DLF Promenade, Delhi has 4.8 lakh sq ft of gross leasing area, 146 brands and ~8.5 million annual footfall (FY25).^[2]

Launch pipeline and land bank

Of the ~Rs 1,14,500 cr medium-term pipeline, Rs 56,270 cr (14 msf) was launched up to H1 FY27, with Rs 58,230 cr (~24 msf) still to be launched.^[4]
FY27 new sales bookings guidance is ~INR 20,000 crore, with Dahlias expected to contribute INR 5,000 - 6,000 crore.^[1]
Westpark Mumbai has a pipeline exceeding 5 msf; 900,000 sq ft has been launched, with Phase 2 (~800,000 sq ft) targeted for FY27.^[1]
Further development potential beyond the pipeline: ~144 msf in development and ~62 msf in annuity, including TOD/TDR (FY25).^[2]
Land acquisition payments were Rs 353 cr in Q2 FY27, vs Rs 210 cr in Q1 FY27 and Rs 92 cr a year earlier.^[4]

Expansion and capex

The rental portfolio is to grow to ~76 msf, aiming for ~Rs 10,000 cr of group rental income in the medium term; the retail share is to rise from ~10% to ~15%.^[4]
DLF Downtown Chennai Towers 4 and 5 (3.5 msf) are targeted for completion in Q2 FY28.^[1]
DLF Downtown Gurugram Phase 2 Towers 5 - 8 and mall (7.5 msf) are targeted for late FY28 or early FY29.^[1]
Quarterly construction spend in the development business is guided at INR 900 - 1,000 crore.^[6]

Recent developments

Q2 FY27 PAT rose 31% YoY to Rs 1,301 cr, helped by other income that included a fair-value gain on Atrium; revenue from operations fell 23% YoY.^[4]
CRISIL upgraded DLF Limited to AA+/Stable during Q2 FY26.^[7]
DCCDL's Kolkata IT SEZ sale closed in December 2025.^[6]
FY28 is flagged as a P&L inflection point, when Arbour and later large projects begin revenue recognition under completed-contract accounting.^[5]

Market Cap

₹1,61,774 Cr

High / Low

₹786 / 489

Stock P/E

35.4

Price / Book

3.5

Book Value

₹184

EPS

₹17.8

No. of Shares

247.53 Cr

ROCE

10.2%

ROE

10.0%

OPM

29.8%

Debt / Equity

0.00

Sales

₹8,194 Cr

Net Profit

₹4,415 Cr

Promoter holding

74.1%

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DLF Ltd(DLF)

About

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Key operating numbers

Rental portfolio

Launch pipeline and land bank

Expansion and capex

Recent developments

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