DLF Ltd. share price target

FY27 pre-sales guidance flattish, to focus on execution & cashflows: DLF conservatively guided for launch and pre-sales of 20,000 crore for FY27 (FY26 - 20,143 crore). FY27 launch pipeline projects include 1) Arbour Senior living 2) Hamilton II 3) Goa 4) Westpark phase II. Overall FY27 presales bakes in 1) 13000-14000 crore from 20,000 project launches and 2) 5000-6000 crore from Dahlias. Its current launch pipeline of 1.14 lakh crore has over 60,000 crore projects which are yet to be launched, while it would unlock future phase of launch pipeline as per market demand and its execution strategy. Instead to chasing pre-sales, management...

Q3FY26 performance: DLF reported weakest pre-sales booking of 419 crore (excluding Dahlias) over trailing 21 quarters for Q3FY26. As per management, new bookings in Dahlias were on hold in Q3 due to redesign for enhanced customer experience; bookings resumed now in Q4. However, collections were at record high at 5100 crore (up 64% YoY, up 91% QoQ). Higher revenue booking led to 32% YoY growth (up 23% QoQ) in consolidated revenues at 2020 crore for Q3FY26. Consolidated EBITDA declined 2.5% YoY (up 37.5% QoQ) at 390 crore. Higher other income YoY, lower tax outgo and adjusting for 60 crore one-off expense...

In 3QFY26, DLF reported bookings of INR4b, down 97% YoY and 90% QoQ (90% below our estimate due to sales being halted at Dahlias for redesign). In 9MFY26, bookings were at INR161.8b, down 16% YoY.

DLF’s portfolio of luxury residential development has seen exceptional traction at launch, with Gurugram increasingly emerging as a hub for ultra-luxury housing where DLF enjoys a dominant position.

Q2FY26 performance: DLF reported healthy pre-sales booking of 4332 crore for Q2FY26 (up 6.3x YoY, down 62.1% QoQ) led by its maiden project launch in Mumbai The Westpark ( 2316 crore) and healthy contribution from super-luxury project Camellias ( 1624 crore). However, collections were soft at 2672 crore (up 12.7% YoY, down 4.4% QoQ). Lower revenue booking led to 17% YoY decline in consolidated revenues at 1643 crore for Q2FY26. Further, gross margins and EBITDA margins were lower 222 bps and 816 bps YoY at 43.1% and 17.3%. Consolidated net profit of 1180 crore (down 15% YoY, up 55% QoQ) was aided by...

In 2QFY26, DLF reported bookings of INR43b, up 6x YoY and down 62% QoQ (55% above our est.). In 1HFY26, bookings stood at INR157.6b, up 2x YoY.

*over or under performance to benchmark index DLF Ltd. is India's largest real estate developer with over 73 years of experience in the realty sector. It operates in all stages of development and generates revenue from...

In 1QFY26, bookings surged 78% YoY/5x QoQ to INR114b (11% below our est.), fueled by healthy sales from the luxury project, DLF Privana North, launched during the quarter.

DLF clocked INR 212bn of sales bookings in FY25 driven mainly by the stellar response to its super luxury Dahlias project in Phase V, Gurugram, which clocked over INR 135bn of sales bookings at a carpet area realisation of over INR 100,000/psf.

DLF recently held an Analyst meet. Management reiterated focus on achieving DLF’s medium-term goal of execution of its INR 1,145bn GDV across its residential ongoing and upcoming/pipeline projects over the next 4–5 years.

We attended DLF’s Analyst Day, which included visits to several projects followed by a meeting with management.

Launch pipeline to drive sustained growth

DLF reported pre-sales of INR121b in 3QFY25, up 34% YoY/17x QoQ (2.4x our estimate; exceeds FY25 pre-sales guidance).

Lack of launches impacts bookings, pipeline remains strong

DLF reported weak pre-sales bookings of INR7b in 2QFY25 due to the lack of launches amid approval delays. The company sustains momentum in its ultra-luxury project, The Camellias, in DLF 5, with bookings of INR1.8b.

DLF reported a more than three-fold jump in pre-sales as it clocked bookings of INR64b, largely driven by the successful launch of the second phase of Privana West, Gurugram.

Strong cash flow despite higher BD, launch pipeline intensifies

DLF witnessed moderation in pre-sales to INR14.6b in 4QFY24, down 83%
YoY/84% QoQ (48% below estimate) due to the lack of key project launches. In FY24, the company achieved bookings of INR148b, flat YoY

Blockbuster quarter, launch pipeline strengthens