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Last Updated: April 2, 2026, 2:50 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532868 | NSE: DLF

DLF Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹470.44Fairly Valued by 7.76%vs CMP ₹510.00

P/E (29.3) × ROE (11.4%) × BV (₹174.00) × DY (1.18%)

₹282.98Overvalued by 44.51%vs CMP ₹510.00
MoS: -80.2% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹584.1623%Under (+14.5%)
Graham NumberEarnings₹264.6517%Over (-48.1%)
Earnings PowerEarnings₹89.9211%Over (-82.4%)
DCFCash Flow₹431.9211%Over (-15.3%)
Net Asset ValueAssets₹173.817%Over (-65.9%)
EV/EBITDAEnterprise₹102.439%Over (-79.9%)
Earnings YieldEarnings₹178.907%Over (-64.9%)
ROCE CapitalReturns₹64.107%Over (-87.4%)
Revenue MultipleRevenue₹48.476%Over (-90.5%)
Consensus (9 models)₹282.98100%Overvalued
Key Drivers: Wide model spread (₹48–₹584) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 24.2%

*Investments are subject to market risks

Investment Snapshot

54
DLF Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health65/100 · Strong
ROCE 6.5% WeakROE 11.4% AverageD/E 0.15 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.45% (6mo) SellingDII holding up 1.06% MF buyingPromoter holding at 74.1% Stable
Earnings Quality40/100 · Moderate
OPM stable around 30% SteadyWorking capital: 615 days Capital intensive
Quarterly Momentum68/100 · Strong
Revenue (4Q): +36% YoY AcceleratingProfit (4Q): +11% YoY PositiveOPM: 19.0% (down 7.0% YoY) Margin pressure
Industry Rank40/100 · Moderate
P/E 29.3 vs industry 28.7 In-lineROCE 6.5% vs industry 12.3% Below peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

DLF Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
20/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 29.3 vs Ind 28.7 | ROCE 6.5% | ROE 11.4% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.15x | IntCov 0.0x | Current 2.08x | Borrow/Reserve 0.04x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹4,367 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.64 pp | DII +0.57 pp | Prom 0.00 pp
Business Momentum
+33
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +22.9% | Q NP +1.9% | Q OPM +2.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-44.5%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.04xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.64 ppLatest FII% minus previous FII%
DII Change+0.57 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-8,799Latest shareholder count minus previous count
Quarterly Sales Change+22.9%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+1.9%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+2.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:50 am

Market Cap 1,26,179 Cr.
Current Price 510
Intrinsic Value₹282.98
High / Low 888/502
Stock P/E29.3
Book Value 174
Dividend Yield1.18 %
ROCE6.51 %
ROE11.4 %
Face Value 2.00
PEG Ratio1.21

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for DLF Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
DLF Ltd 1,26,179 Cr. 510 888/50229.3 1741.18 %6.51 %11.4 % 2.00
Phoenix Mills Ltd 54,275 Cr. 1,518 1,993/1,40249.1 3020.16 %10.8 %9.36 % 2.00
Oberoi Realty Ltd 53,613 Cr. 1,474 2,006/1,39023.8 4600.54 %17.7 %14.7 % 10.0
Godrej Properties Ltd 45,425 Cr. 1,508 2,506/1,46528.4 6080.00 %6.57 %8.98 % 5.00
Brigade Enterprises Ltd 16,451 Cr. 673 1,332/60121.7 2650.37 %13.3 %14.9 % 10.0
Industry Average14,426.24 Cr370.0328.73148.620.68%12.33%12.56%6.13

All Competitor Stocks of DLF Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,4951,4561,4231,3481,5212,1351,3621,9751,5293,1282,7171,6432,020
Expenses 1,0181,0581,0278851,0101,3811,1341,4731,1292,1502,3531,3591,630
Operating Profit 477398396462511754229502400978364284390
OPM % 32%27%28%34%34%35%17%25%26%31%13%17%19%
Other Income 6512098129122182367206-94220264854399
Interest 9585859084981019494109796336
Depreciation 39363637383737383937343030
Profit before tax 4083973734645128024585771741,0535151,045723
Tax % 27%28%27%24%26%21%26%-81%-154%17%26%26%-1%
Net Profit 5185705266226569206451,3811,0591,2827631,1801,203
EPS in Rs 2.102.302.132.522.653.722.615.584.285.183.084.774.86

Last Updated: February 6, 2026, 3:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 10:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 8,2987,6499,9268,2216,7078,3666,0835,4145,7175,6956,4277,9949,508
Expenses 5,8054,6355,9604,7754,3296,2184,9373,9453,9743,9694,3035,8857,492
Operating Profit 2,4933,0143,9663,4462,3782,1481,1461,4691,7431,7262,1242,1092,016
OPM % 30%39%40%42%35%26%19%27%30%30%33%26%21%
Other Income 1,1335035061,1359,7227841,1353831953175317001,737
Interest 2,4632,3042,6802,9802,9512,0621,427853625392356397287
Depreciation 663545766572534225200159149149148151131
Profit before tax 5006681,0261,0308,6156466538401,1651,5022,1512,2613,335
Tax % -16%24%55%22%50%43%326%43%28%27%24%-19%
Net Profit 5905073057084,4771,314-5901,0831,5002,0342,7244,3674,428
EPS in Rs 3.633.031.724.0125.025.98-2.364.426.068.2211.0217.6417.89
Dividend Payout % 55%66%117%50%8%33%-85%45%49%49%45%34%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-14.07%-39.84%132.13%532.34%-70.65%-144.90%283.56%38.50%35.60%33.92%60.32%
Change in YoY Net Profit Growth (%)0.00%-25.77%171.97%400.21%-602.99%-74.25%428.46%-245.06%-2.90%-1.68%26.39%

DLF Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:0%
5 Years:6%
3 Years:12%
TTM:47%
Compounded Profit Growth
10 Years:24%
5 Years:91%
3 Years:41%
TTM:49%
Stock Price CAGR
10 Years:20%
5 Years:37%
3 Years:24%
1 Year:-10%
Return on Equity
10 Years:4%
5 Years:7%
3 Years:8%
Last Year:11%

Last Updated: September 5, 2025, 3:05 am

Balance Sheet

Last Updated: December 4, 2025, 1:10 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 356356357357357441495495495495495495495
Reserves 27,03927,01323,71224,21634,95433,13533,95234,84935,86737,19238,93642,05542,507
Borrowings 24,13324,49525,26429,20217,49117,2228,1036,8864,1823,3344,8344,1031,777
Other Liabilities 12,99714,39812,39610,1797,78315,68413,34111,25810,62311,55114,80421,81924,161
Total Liabilities 64,52566,26261,72963,95460,58566,48355,89053,48851,16752,57259,06968,47268,940
Fixed Assets 18,83519,6193,94324,6408,0826,3225,1874,8564,8624,7853,8803,5023,477
CWIP 5,9795,9011,77915313710389958161718698
Investments 89162321,3101,20920,83221,00518,56619,74619,77919,48120,13821,33621,944
Other Assets 38,82040,11934,69737,95231,53339,05332,04928,79126,44428,24534,98143,54943,421
Total Assets 64,52566,26261,72963,95460,58566,48355,89053,48851,16752,57259,06968,47268,940

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,4682,0372,957-8982702,0433561,4602,8322,3752,5395,235
Cash from Investing Activity + 3,92498-818872-2,10236,508150267-461-1,529-3,475
Cash from Financing Activity + -4,532-1,547-1,929787-232875-9,522-2,184-3,828-2,013177-2,403
Net Cash Flow 860588210761-2,0642,921-2,658-573-729-981,186-642
Free Cash Flow 1,7771,1982,371-1,101-4551,4742171,5292,6842,3213,1665,140
CFO/OP 76%89%91%-17%29%106%35%72%150%143%132%254%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-22.00-21.00-22.00-26.00-15.00-15.00-7.00-5.00-3.00-2.00-2.00-2.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 6976126637036433936353137
Inventory Days
Days Payable
Cash Conversion Cycle 6976126637036433936353137
Working Capital Days 538686290533495133612788799742745615
ROCE %5%6%8%7%5%5%4%4%5%5%6%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.95%74.95%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%
FIIs 14.66%15.30%15.89%15.75%16.53%16.17%16.66%16.37%16.27%15.98%15.46%14.82%
DIIs 5.23%4.87%5.27%5.47%4.77%4.81%4.66%4.87%4.72%5.01%5.21%5.78%
Public 5.16%4.88%4.76%4.72%4.62%4.95%4.62%4.69%4.93%4.93%5.25%5.34%
No. of Shareholders 4,22,1524,06,2803,95,8454,04,8324,26,2534,66,9874,39,1414,58,3234,92,1164,83,0295,00,9284,92,129

Shareholding Pattern Chart

No. of Shareholders

DLF Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Large Cap Fund 14,653,318 1.22 931.5812,077,5082026-02-23 08:28:3521.33%
ICICI Prudential Business Cycle Fund 5,848,826 2.35 371.845,479,4322026-02-23 08:28:356.74%
Quant ELSS Tax Saver Fund 4,715,209 2.55 299.77N/AN/AN/A
SBI Balanced Advantage Fund 4,581,225 0.72 291.255,902,0502025-12-08 06:40:05-22.38%
Tata Arbitrage Fund 4,415,400 1.37 280.713,486,4502026-02-23 08:28:3526.64%
Nippon India Small Cap Fund 3,369,012 0.33 214.18N/AN/AN/A
Aditya Birla Sun Life Large Cap Fund 3,206,073 0.67 203.83N/AN/AN/A
Nippon India Large Cap Fund 2,644,063 0.34 168.1N/AN/AN/A
HDFC Large Cap Fund 2,119,006 0.34 134.72N/AN/AN/A
UTI Arbitrage Fund 1,982,475 1.15 126.041,637,6252026-02-23 07:21:2121.06%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 17.6411.028.226.064.42
Diluted EPS (Rs.) 17.6411.028.226.064.42
Cash EPS (Rs.) 11.497.185.054.012.57
Book Value[Excl.RevalReserv]/Share (Rs.) 171.90159.30152.27146.98142.87
Book Value[Incl.RevalReserv]/Share (Rs.) 171.90159.30152.27146.98142.87
Revenue From Operations / Share (Rs.) 32.2925.9623.0123.1021.87
PBDIT / Share (Rs.) 12.5710.738.258.747.87
PBIT / Share (Rs.) 11.9610.137.658.137.23
PBT / Share (Rs.) 9.138.696.074.703.39
Net Profit / Share (Rs.) 10.896.594.453.411.93
NP After MI And SOA / Share (Rs.) 17.6411.028.226.064.42
PBDIT Margin (%) 38.9141.3035.8737.8335.99
PBIT Margin (%) 37.0339.0033.2635.2133.04
PBT Margin (%) 28.2833.4626.3820.3615.50
Net Profit Margin (%) 33.7025.3619.3314.758.81
NP After MI And SOA Margin (%) 54.6342.4335.7426.2520.19
Return on Networth / Equity (%) 10.266.915.404.123.09
Return on Capital Employeed (%) 6.265.434.434.784.25
Return On Assets (%) 6.284.523.772.851.99
Long Term Debt / Equity (X) 0.030.060.020.060.09
Total Debt / Equity (X) 0.090.110.080.100.15
Asset Turnover Ratio (%) 0.120.110.080.080.08
Current Ratio (X) 1.852.302.302.322.08
Quick Ratio (X) 0.740.800.570.380.43
Inventory Turnover Ratio (X) 0.340.310.000.000.00
Dividend Payout Ratio (NP) (%) 28.3336.3036.4732.9818.10
Dividend Payout Ratio (CP) (%) 27.3934.4333.9929.9915.80
Earning Retention Ratio (%) 71.6763.7063.5367.0281.90
Cash Earning Retention Ratio (%) 72.6165.5766.0170.0184.20
Interest Coverage Ratio (X) 7.837.455.213.462.28
Interest Coverage Ratio (Post Tax) (X) 8.555.573.812.711.67
Enterprise Value (Cr.) 167960.89222572.4089201.3597221.0775306.92
EV / Net Operating Revenue (X) 21.0134.6315.6617.0013.91
EV / EBITDA (X) 53.9983.8343.6644.9538.65
MarketCap / Net Operating Revenue (X) 21.0734.6015.5216.4713.12
Retention Ratios (%) 71.6663.6963.5267.0181.89
Price / BV (X) 3.965.642.342.592.01
Price / Net Operating Revenue (X) 21.0734.6015.5216.4713.12
EarningsYield 0.020.010.020.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

DLF Ltd. is a Public Limited Listed company incorporated on 04/07/1963 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L70101HR1963PLC002484 and registration number is 002484. Currently Company is involved in the business activities of Real estate activities with own or leased property. Company's Total Operating Revenue is Rs. 4481.51 Cr. and Equity Capital is Rs. 495.06 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
RealtyShopping Mall, 3rd Floor, Arjun Marg, Gurgaon Haryana 122002Contact not found
Management
NamePosition Held
Dr. K P SinghChairman Emeritus
Mr. Rajiv SinghChairman
Mr. Ashok Kumar TyagiManaging Director
Mr. Devinder SinghManaging Director
Ms. Pia SinghNon Exe.Non Ind.Director
Ms. Savitri Devi SinghNon Exe.Non Ind.Director
Ms. Anushka SinghNon Exe.Non Ind.Director
Mr. Vivek MehraIndependent Director
Ms. Priya PaulIndependent Director
Dr. Umesh Kumar ChaudharyIndependent Director
Lt. Gen. (Retd.) Ajai SinghIndependent Director
Mr. Mahender SinghIndependent Director
Ms. Vinati Kastia KilambiIndependent Director

FAQ

What is the intrinsic value of DLF Ltd and is it undervalued?

As of 05 April 2026, DLF Ltd's intrinsic value is ₹282.98, which is 44.51% lower than the current market price of ₹510.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.4 %), book value (₹174), dividend yield (1.18 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of DLF Ltd?

DLF Ltd is trading at ₹510.00 as of 05 April 2026, with a FY2026-2027 high of ₹888 and low of ₹502. The stock is currently near its 52-week low. Market cap stands at ₹1,26,179 Cr..

How does DLF Ltd's P/E ratio compare to its industry?

DLF Ltd has a P/E ratio of 29.3, which is above the industry average of 28.73. The premium over industry average may reflect growth expectations or speculative interest.

Is DLF Ltd financially healthy?

Key indicators for DLF Ltd: ROCE of 6.51 % is on the lower side compared to the industry average of 12.33%. Dividend yield is 1.18 %.

Is DLF Ltd profitable and how is the profit trend?

DLF Ltd reported a net profit of ₹4,367 Cr in Mar 2025 on revenue of ₹7,994 Cr. Compared to ₹1,500 Cr in Mar 2022, the net profit shows an improving trend.

Does DLF Ltd pay dividends?

DLF Ltd has a dividend yield of 1.18 % at the current price of ₹510.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in DLF Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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