DLF (DLF) · mywealthgrid

Loading page…

About

DLF is India's largest listed real estate developer with a strong presence in premium residential projects in the NCR region, complemented by a rental arm that contributes to diversified revenue streams. The company carries no debt (D/E ratio of 0) and maintains a substantial market capitalization of ₹1,64,920 crore, positioning it as a major player in India's residential real estate sector.

Founded: 1946
Face value: ₹2

Market cap

₹1,63,283 Cr

P/E

36.7×

P/B

3.6×

Dividend yield

2.1%

ROE

10%

ROCE

6.1%

Debt / equity

OPM

17.7%

EPS (TTM)

₹18.0

Book value

₹183.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme operating margin volatility: standalone OPM swings from -44.61% (Jun 2026) to 66.94% (Mar 2026), suggesting lumpy project recognition or segment performance variability; verify drivers of the negative margins in the most recent quarter.
Valuation risk: PE of 37.09 is elevated relative to reported ROE of 10.03%; verify earnings sustainability and what justifies this multiple.
Project execution and delivery timing: real estate revenue is tied to project milestone recognition; verify on-time delivery track record for the stated NCR pipeline.
Market underperformance: 1-year return of -12.46% lags broader market; verify whether this reflects sector weakness, company-specific execution issues, or valuation reset.

Generated analysis · source review pending

Growth drivers

Rental arm contribution: consolidated Jun 2026 profit (₹793.9 Cr) is 12× standalone (₹65.34 Cr), indicating significant recurring revenue from the rental business independent of project cycles.
Premium NCR pipeline: stated premium residential launch pipeline in NCR provides visibility into near-term project recognitions; verify launch volumes and demand momentum.
Strong balance sheet: zero debt (D/E = 0) enables capital deployment without refinancing risk; verify whether management has announced project or acquisition plans leveraging this capacity.
High-margin project mix: quarters with 60%+ OPM demonstrate cash-generation potential; verify completion schedule for near-term premium projects in FY2026–27.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹658.4+0.8%1Y

Quick read

rule-based

Pros

+Profit CAGR of 32.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 14.7×
+Dividend payout of 78.1% of profit
+High promoter holding of 74.1% with no pledge

Cons

−Low return on equity of 9.3% (3-yr avg)
−Modest revenue growth of 8.6% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 53
Growth: 44

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
DLFDLFDLF	₹1,63,283 Cr	₹1,63,328 Cr	₹6,758 Cr	₹1,235 Cr	17.7%	₹4,446 Cr	53.9%	6.1%	10%	1,769
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,926	6,707	6,707	8,366	5,414	5,717	5,695	6,427	7,994	8,194
COGS	—	3,115	3,115	—	2,849	2,745	2,434	2,794	4,132	4,849
Gross profit	—	3,591	3,591	—	2,565	2,972	3,261	3,633	3,862	3,345
	—	1,030	1,030	6,225	542	573	602	417	81	104
	—	2,562	2,562	2,142	2,023	2,399	2,659	3,217	3,781	3,241
OPM %	—	38.2%	38.2%	25.6%	37.4%	42%	46.7%	50.1%	47.3%	39.6%
Depreciation	—	534	534	225	159	149	149	148	151	142
Interest	2,680	2,951	2,951	2,062	853	625	392	356	397	199
	475	9,722	9,722	791	435	196	317	531	700	1,825
Profit before tax	—	8,800	8,800	—	1,445	1,821	2,435	3,244	3,933	4,725
Tax	209	4,323	4,323	277	362	321	402	520	-434	310
Tax %	—	49.1%	49.1%	—	25.1%	17.6%	16.5%	16%	-11%	6.6%
	305	4,477	4,477	1,314	1,083	1,500	2,034	2,724	4,367	4,415
PAT margin %	3.1%	66.8%	66.8%	15.7%	20%	26.2%	35.7%	42.4%	54.6%	53.9%
EPS (₹)	1.9	25	25	7.4	4.4	6.1	8.2	11	17.6	17.8
EPS adjusted (₹)	—	—	—	6	4.4	6.1	8.2	11	17.6	17.8
	107.5%	8%	8%	27.1%	45.2%	49.5%	48.7%	45.4%	34%	44.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	441	495	495	495	495	495	495	495
Reserves	32,385	33,952	34,849	35,867	37,192	38,936	42,055	44,978
Minority interest	791	18	20	19	4	1	—	—
	14,778	6,329	6,663	3,960	3,334	4,834	4,103	45
	18,527	16,435	12,782	12,162	12,902	15,997	22,822	29,356
Total equity & liabilities	66,922	57,230	54,810	52,503	53,928	60,262	69,475	74,875
	2,626	2,272	2,302	2,200	1,834	1,854	1,796	1,753
CWIP	103	89	94	81	61	68	77	159
Investments	21,005	18,566	22,300	22,442	22,433	22,163	23,042	24,053
	43,189	36,303	30,114	27,780	29,600	36,177	44,560	48,910
Total assets	66,922	57,230	54,810	52,503	53,928	60,262	69,475	74,875

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.5%	—	47.4%	52%	57.3%	56.5%	48.3%	40.8%
EBITDA margin %	35.5%	25.6%	26.2%	30.5%	30.3%	33%	26.4%	17.7%
EBIT margin %	27.5%	22.9%	23.2%	27.9%	27.7%	30.7%	24.5%	15.9%
PAT margin %	66.8%	15.7%	20%	26.2%	35.7%	42.4%	54.6%	53.9%
Working capital
Receivable days	—	36	39	36	35	31	37	38
Inventory days	—	1,291	2,701	2,674	2,903	2,764	2,175	1,861
Payable days	—	121	158	203	246	234	200	129
NWC days	—	1,205	2,582	2,506	2,692	2,561	2,012	1,769
Leverage
Current ratio	—	1.21	2.08	2.29	2.31	2.34	1.86	1.59
Debt to EBITDA	—	6.9	4.7	2.27	1.93	2.28	1.95	0.03
Debt to equity	—	0.45	0.19	0.11	0.09	0.12	0.1	0
Interest coverage	0.9	1.3	2.1	3.2	4.8	7	7.5	14.7
Asset turnover	—	0.13	0.1	0.11	0.11	0.11	0.12	0.11
Return ratios
Return on assets %	—	2%	2%	2.9%	3.8%	4.5%	6.3%	5.9%
Return on capital employed %	—	6.3%	4.3%	4.8%	4.5%	5.6%	6.3%	6.1%
Return on equity %	—	4%	3.1%	4.1%	5.4%	6.9%	10.3%	9.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%	74.08%
	15.89%	15.75%	16.53%	16.16%	16.65%	16.37%	16.27%	15.97%	15.45%	14.81%	13.54%	12.31%
	5.27%	5.47%	4.77%	4.81%	4.65%	4.87%	4.72%	5.01%	5.21%	5.78%	6.94%	8.03%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%
	4.76%	4.7%	4.62%	4.95%	4.62%	4.68%	4.93%	4.94%	5.26%	5.33%	5.44%	5.57%
No. of shareholders	—	—	—	—	—	—	—	—	5,00,928	4,92,129	5,06,572	5,00,743

Promoter holding up 0 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
KUMARAN WALAJA RAJAMANICKAMEmployees/Designated Employees	BuyMarket Purchase	1,000	₹7.68 L	0.00% → 0.00%	23 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

52 deals · 31 Aug 2021 – 20 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Mar 2026	ICICI PRUDENTIAL MUTUAL FUND	Block	BSE	Buy	21,70,473	₹531.70	₹115.40 Cr
20 Mar 2026	GOLDMAN SACHS INVESTMENTS MAURITIUS I LIMITED	Block	BSE	Buy	21,70,473	₹531.70	₹115.40 Cr
20 Mar 2026	BAILLIE GIFFORD PACIFIC FUND A SUB FUND OF BG OVERSEAS GRWTH FD ICVC	Block	BSE	Sell	21,70,473	₹531.70	₹115.40 Cr
20 Mar 2026	BEST INVESTMENT CORPORATION	Block	BSE	Sell	13,22,743	₹531.70	₹70.33 Cr
20 Mar 2026	BAILLIE GIFFORD PACIFIC FUND A SUB FUND OF BG OVERSEAS GRWTH FD ICVC	Block	BSE	Sell	7,09,284	₹531.70	₹37.71 Cr
20 Mar 2026	BG WW ASIA EX JAPAN FUND A SUB FUND OF BAILLIE GIFFORD WORLDWIDE FUNDS PLC	Block	BSE	Sell	1,38,446	₹531.70	₹7.36 Cr
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	1,47,493	₹767.50	₹11.32 Cr
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	1,47,493	₹767.50	₹11.32 Cr
13 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Block	BSE	Buy	5,68,616	₹864.35	₹49.15 Cr
13 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Block	BSE	Sell	5,68,616	₹864.35	₹49.15 Cr

1–10 of 52

1 / 6

Mr. Rajiv SinghExecutive Director-Chairperson related to Promoter
Mr. Ashok Kumar TyagiExecutive Director-MD
Mr. Devinder SinghExecutive Director-MD
Ms. Pia SinghNon-Executive - Non Independent Director
Ms. Savitri Devi SinghNon-Executive - Non Independent Director
Ms. Anushka SinghNon-Executive - Non Independent Director
Mr. Vivek MehraNon-Executive - Independent Director
Ms. Priya PaulNon-Executive - Independent Director
Mr. Umesh Kumar ChaudharyNon-Executive - Independent Director
Mr. Ajai SinghNon-Executive - Independent Director
Mr. Mahender SinghNon-Executive - Independent Director

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹674.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹668.8	+4.5	+0.7%	₹668.8	36,934	-123	4,255	950
23 Nov 2026	₹670.2	+3.8	+0.6%	₹670.2	371	+22	87	950
29 Dec 2026	₹673.0	+10.3	+1.5%	₹673.0	7	+7	7	950

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

25

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	520

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

115

across 20 fund houses

Held by these funds

4.59%

of the company's equity

All mutual funds

6.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

115 schemes · 20 fund houses

		Shares
Focused Fund	SBI Mutual Fund	1.73 Cr	1,196.39	2.33%	0.698%	-0
Large Cap Fund	ICICI Prudential Mutual Fund	1.53 Cr	1,056.36	1.32%	0.616%	-0
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	1.37 Cr	947.42	0.64%	0.553%	+1.29 Cr
Aggressive Hybrid FundNEW	SBI Mutual Fund	1.3 Cr	898.37	1.01%	0.524%	—
Business Cycle Fund	ICICI Prudential Mutual Fund	71.75 L	495.82	3.12%	0.289%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	51.24 L	354.08	1.16%	0.207%	—
Balanced Advantage Fund	SBI Mutual Fund	45.83 L	316.69	0.76%	0.185%	-0
Flexicap Fund	SBI Mutual Fund	36.74 L	253.93	1.09%	0.148%	+2.21 L

1–8 of 115

1 / 15

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

1 Oct 2026, 7:19 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

1 Oct 2026, 7:18 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

30 Sept 2026, 5:18 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 6:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

17 Sept 2026, 7:02 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Sept 2026, 5:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

18 Aug 2026, 5:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

7 Aug 2026, 3:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:19 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
1 Oct 2026, 7:18 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Loading announcements…

Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.5%	—	47.4%	52%	57.3%	56.5%	48.3%	40.8%
EBITDA margin %	35.5%	25.6%	26.2%	30.5%	30.3%	33%	26.4%	17.7%
EBIT margin %	27.5%	22.9%	23.2%	27.9%	27.7%	30.7%	24.5%	15.9%
PAT margin %	66.8%	15.7%	20%	26.2%	35.7%	42.4%	54.6%	53.9%
Working capital
Receivable days	—	36	39	36	35	31	37	38
Inventory days	—	1,291	2,701	2,674	2,903	2,764	2,175	1,861
Payable days	—	121	158	203	246	234	200	129
NWC days	—	1,205	2,582	2,506	2,692	2,561	2,012	1,769
Leverage
Current ratio	—	1.21	2.08	2.29	2.31	2.34	1.86	1.59
Debt to EBITDA	—	6.9	4.7	2.27	1.93	2.28	1.95	0.03
Debt to equity	—	0.45	0.19	0.11	0.09	0.12	0.1	0
Interest coverage	0.9	1.3	2.1	3.2	4.8	7	7.5	14.7
Asset turnover	—	0.13	0.1	0.11	0.11	0.11	0.12	0.11
Return ratios
Return on assets %	—	2%	2%	2.9%	3.8%	4.5%	6.3%	5.9%
Return on capital employed %	—	6.3%	4.3%	4.8%	4.5%	5.6%	6.3%	6.1%
Return on equity %	—	4%	3.1%	4.1%	5.4%	6.9%	10.3%	9.7%

Calls	Strike	Puts
0	0	0	₹0.0	520

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,957	-898	270	2,043	356	1,460	2,832	2,375	2,539	5,235	6,347
	-818	872	-1,965	5	6,517	150	267	-463	-1,529	-3,543	721
	-1,929	787	-232	875	-9,522	-2,184	-3,828	-2,011	176	-2,335	-5,547
Net cash flow	210	761	-1,927	2,923	-2,649	-573	-729	-99	1,186	-642	1,522
Free cash flow	2,957	-898	270	2,043	356	1,447	2,683	2,312	2,423	5,139	6,218
CFO / Operating profit %	—	-37.8%	11.4%	95.4%	—	103%	162.5%	137.6%	119.6%	248.3%	438.3%

DLF

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

25

Fund holders

Documents

Announcements

Events

Announcements

3

25

Announcements

Annual reports

Investor Presentation and earnings call

1

23

1

Compounded sales growth

Compounded profit growth

Return on equity

DLF

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Option chain25

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Futures3

Option chain25

Announcements

Annual reports

Investor Presentation and earnings call

Upcoming and recent1

Dividends23

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

25

3

25

1

23

1