Macrotech Developers Ltd.
NSE: LODHA
Real Estate · Real Estate - Development
₹1,037.00 last close on 30 Oct 2026 −0.84%
Research updated
DLF Ltd.
NSE: DLFReal EstateReal Estate - Development
- Last close
- ₹691.55
- Day change
- −₹2.80 (−0.40%)vs
- Market cap
- ₹1.67 lakh crIndian rupees
- Research updated
- 3 reports
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About DLF
DLF Ltd. is a prominent real estate company in India known for its expansive portfolio in the property development sector. The company primarily engages in the development of commercial, residential, and retail properties, catering to a diverse range of customers including corporations, retail businesses, and individual homebuyers. Founded in 1946 and headquartered in Gurugram, Haryana, DLF Ltd. has played a significant role in shaping the urban landscape in various parts of India. DLF Ltd.'s primary function revolves around its large-scale projects that include luxury residences, office spaces, and integrated townships. It has been a key player in the development of India's major urban cities by creating landmark projects and setting new standards in real estate with some of the most iconic buildings and business districts. The company operates across various verticals, including commercial complexes and retail malls, which have contributed to its status as a dominant force in the real estate sector. Within the financial market, DLF Ltd. represents a significant entity in the real estate investment realm, influencing market trends and development strategies across the nation. Its presence on major exchanges underscores its role as a key driver in the economic growth of India's real estate industry.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: DLF
- Chief executive
- Mr. Devinder Singh
- Employees
- 4,310
- Headquarters
- Gurugram, India
- ISIN
- INE271C01023
- Website
- dlf.in
Public research · Report of
Business model & financial foundation
DLF (NSE: DLF), Residential development (Gurugram-led luxury housing) with a 66.66% stake in the DCCDL office and retail rental platform: revenue of ₹8,194 crore in FY26 (+2.5% on FY25), an EBITDA margin of 17.7%, net profit of ₹4,415 crore and net cash of ₹14,155 crore.
- Revenue, FY26 (₹ crore)
- 8,194
- consolidated
- Revenue growth, FY26
- +2.5%
- on FY25
- EBITDA margin, FY26
- 17.7%
- EBITDA (rev less cogs, employee, other exp; excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 4,415
- to owners
- Return on equity, FY26
- 10.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -14,155
- Net debt as stated by DLF (negative = net cash)
- Market capitalisation (₹ crore)
- 1,67,084
- at the close of 16 Oct 2026
Company profile
DLF is India's largest listed real estate developer by market capitalisation. Its development business sells mainly luxury and super-luxury housing in Gurugram (DLF5, Golf Course Road, Dwarka Expressway) and is extending into Mumbai, Goa, Panchkula and Chennai, from a land bank largely bought decades ago. It owns 66.66% of DLF Cyber City Developers (DCCDL), jointly controlled with GIC, which leases office and retail space (Cyber City, Cyber Hub, DLF malls) and is equity-accounted.
| Item | Value |
|---|---|
| Legal name | DLF Limited |
| Exchange and ticker | NSE: DLF; BSE: 532868 |
| ISIN | INE271C01023 |
| CIN | L70101HR1963PLC002484 |
| Sector | Real Estate |
| Industry | Residential development (Gurugram-led luxury housing) with a 66.66% stake in the DCCDL office and retail rental platform |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 57th AGM) |
| Market capitalisation | ₹1,67,084 crore (16 Oct 2026) |
| Shares outstanding | 247.53 crore shares (FY26) |
| Price | ₹670.5 (close, 16 Oct 2026) |
| 52-week range | ₹489.4 - ₹786.5 (to 16 Oct 2026) |
| Website | https://www.dlf.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| DLF Cyber City Developers Limited (DCCDL) | 66.66% | Office and retail rental platform (Cyber City, Cyber Hub, malls); joint control with GIC; equity-accounted as a JV in consolidated accounts |
| DLF Home Developers Limited | 100% | Residential development |
| DLF Power & Services Limited | 66.66% | Power and facility services to the rental portfolio |
| DLF Homes Panchkula Private Limited | 99.94% | Residential development, Tri-city region |
Material subsidiaries as per the FY26 annual report; DCCDL revenue is not consolidated in consolidated turnover and is accounted as a JV. Auditor re-appointed for second five-year term to the 62nd AGM.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.08% | 74.08% | 74.08% | 74.08% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 14.80% | 13.50% | 12.31% | 11.43% |
| Domestic institutions | 5.80% | 6.90% | 8.00% | 9.10% |
| of which mutual funds | 4.12% | 5.15% | 6.12% | 6.92% |
| Retail | 5.34% | 5.43% | 5.56% | 5.41% |
| Other | 1.66% | 1.79% | 1.92% | 2.15% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
DLF earns in two ways. (1) Development: it sells mainly luxury and super-luxury housing in Gurugram (DLF5, Golf Course Road, Dwarka Expressway/New Gurugram) from a land bank largely acquired decades ago, with 188 msf of development potential, 135 msf in Gurugram. Revenue is recognised on completion, so the P&L lags bookings by three to four years: Rs57,180cr of sold-but-unrecognised revenue carrying Rs27,010cr of unbooked margin sat in the pool at 30 Jun 2026. (2) Annuity: a 66.67% stake in DCCDL (jointly controlled with GIC, equity-accounted), a ~44 msf office and retail portfolio with Rs1,444cr of quarterly rentals in Q1FY27, plus DLF-owned malls and offices and 67% of Atrium Place. DLF controls land, approvals pipeline and pricing in its micro-markets; it does not control approval timing (Goa PIL, Aureva delay) or the Gurugram price cycle.
| Peer | Why the dossier compares them |
|---|---|
| Godrej Properties (GODREJPROP) | National residential developer with the largest pre-sales peer to DLF, NCR exposure |
| Macrotech Developers (Lodha) (LODHA) | |
| Prestige Estates Projects (PRESTIGE) | Mixed residential plus office/retail annuity portfolio like DLF + DCCDL |
| Oberoi Realty (OBEROIRLTY) | Luxury residential plus rental assets, high-margin, net-cash peer |
| Phoenix Mills (PHOENIXLTD) | Retail-mall annuity comparable for DCCDL's retail assets |
| Brigade Enterprises (BRIGADE) | Residential plus annuity mix, mid-cap comparison |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,709 | 5,682 | 6,427 | 7,994 | 8,194 |
| Cost of revenue (vendor classification) * | 2,786 | 2,484 | 2,829 | 4,132 | 4,849 |
| Other operating costs (vendor classification) * | 745.1 | 839.0 | 868.3 | 968.2 | 892.9 |
| EBITDA (vendor classification) * | 2,001 | 2,013 | 2,393 | 3,105 | 3,065 |
| EBIT * | 1,740 | 1,867 | 2,481 | 2,635 | 3,115 |
| Finance costs | 575.8 | 364.3 | 356.5 | 397.2 | 199.1 |
| Profit before tax incl. post-tax share of JVs, after exceptional | n.r. | n.r. | 3,244 | 3,933 | 4,725 |
| Total tax expense (current + earlier years + deferred) | 321.0 | 401.5 | 520.1 | -433.9 | 310.0 |
| Net profit for the year | 1,500 | 2,034 | 2,724 | 4,367 | 4,415 |
| Diluted EPS (INR) | 6.06 | 8.22 | 11.02 | 17.64 | 17.83 |
| Other income | 531.3 | 1,002 | 1,622 | ||
| Cost of land, plots, constructed properties, dev rights and others | 2,794 | 4,132 | 4,849 | ||
| Employee benefits expense | 546.0 | 592.0 | 640.3 | ||
| Other expenses | 963.7 | 1,161 | 1,257 | ||
| EBITDA (rev less cogs, employee, other exp; excl other income) | 2,124 | 2,109 | 1,448 | ||
| Depreciation and amortisation | 148.0 | 150.7 | 142.4 | ||
| Share of profit of JVs and associates (net of tax; mainly DCCDL) | 1,093 | 1,672 | 1,793 | ||
| Exceptional items (gain +, loss -) | 0.00 | -302.4 | 202.9 | ||
| Profit attributable to non-controlling interests | -3.56 | -0.80 | 0.00 | ||
| Profit attributable to owners of the holding company | 2,727 | 4,368 | 4,415 | ||
| Dividend per share recommended for the year (INR) | 5.00 | 6.00 | 8.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of the holding company | 36,382 | 37,692 | 39,432 | 42,550 | 45,473 |
| Borrowings, current + non-current (excl. lease liabilities) | 4,182 | 3,334 | 4,834 | 3,854 | 45.0 |
| Cash and cash equivalents + other bank balances | 276.2 | 165.5 | 767.5 | 4,338 | 7,746 |
| Trade receivables (current) | 563.6 | 549.2 | 538.1 | 802.2 | 847.4 |
| Inventories | 20,107 | 19,361 | 21,154 | 24,621 | 24,717 |
| Trade payables, current (non-current 794.19 excluded) | 1,529 | 1,644 | 1,788 | 2,261 | 1,720 |
| Net property, plant and equipment * | 277.4 | 0.00 | 773.8 | 721.3 | 691.5 |
| Capital work in progress * | 82.7 | 65.4 | 72.8 | 85.9 | 180.0 |
| Total assets * | 52,503 | 53,928 | 60,262 | 69,475 | 74,875 |
| Current investments (incl. liquid funds) | 355.0 | 573.0 | |||
| Net debt as stated by DLF (negative = net cash) | -6,848 | -14,155 | |||
| Investments in JVs and associates (equity method) | 20,967 | 20,481 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 1,950 | 2,071 | 2,691 | 5,235 | 6,347 |
| Free cash flow (vendor definition) * | 2,683 | 2,312 | 2,423 | 5,139 | 6,218 |
| Dividends paid (the provider's sign: an outflow is negative) * | -496.9 | -742.8 | -986.9 | -1,234 | -1,480 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -147.6 | -54.3 | 627.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 247.53 | 247.53 | 247.53 | 247.53 | 247.53 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,529 | 3,128 | 2,717 | 1,643 | 2,020 | 1,814 | 1,280 | n.r. |
| Cost of revenue (vendor classification) * | 738.3 | 1,652 | 1,948 | 1,159 | 806.7 | 714.3 | ||
| Other operating costs (vendor classification) * | 256.9 | 369.0 | 259.9 | 303.6 | 414.9 | 239.0 | ||
| EBITDA (vendor classification) * | 608.8 | 1,198 | 628.3 | 849.2 | 690.5 | 475.5 | ||
| EBIT * | 267.6 | 1,161 | 593.9 | 758.9 | 670.2 | 440.4 | ||
| Finance costs | 93.9 | 108.6 | 78.6 | 63.1 | 36.3 | 21.1 | 17.6 | |
| Profit before tax incl. post-tax share of JVs, after exceptional | 792.1 | 1,463 | 895.9 | 1,456 | 1,196 | 1,176 | 908.6 | n.r. |
| Total tax expense (current + earlier years + deferred) | -266.7 | 181.3 | 133.2 | 276.3 | -7.42 | -92.1 | 114.7 | n.r. |
| Net profit for the period | 1,059 | 1,282 | 762.7 | 1,180 | 1,203 | 1,269 | 793.9 | 1,301 |
| Diluted EPS (INR, not annualised) | 4.28 | 5.18 | 3.08 | 4.77 | 4.86 | 5.12 | 3.21 | n.r. |
| Other income | 208.8 | 220.2 | 264.2 | 618.8 | 459.3 | 279.8 | 325.2 | |
| Cost of land, plots, constructed properties, dev rights and others | 738.3 | 1,652 | 1,948 | 935.0 | 1,159 | 806.7 | 714.3 | |
| Employee benefits expense | 133.5 | 129.0 | 144.4 | 146.0 | 168.3 | 181.6 | 176.7 | |
| Other expenses | 256.9 | 369.0 | 259.9 | 278.5 | 303.6 | 414.9 | 239.0 | |
| EBITDA (rev less cogs, employee, other exp; excl other income) | 400.0 | 978.0 | 364.2 | 283.6 | 389.9 | 410.8 | 150.3 | n.r. |
| Depreciation and amortisation | 38.7 | 36.9 | 34.5 | 29.5 | 30.2 | 48.3 | 35.1 | |
| Share of profit of JVs and associates (net of tax; mainly DCCDL) | 618.3 | 410.8 | 380.6 | 411.6 | 473.3 | 527.4 | 485.8 | n.r. |
| Exceptional items (gain +, loss -) | -302.4 | 0.00 | 0.00 | 235.2 | -60.2 | 27.9 | 0.00 | n.r. |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n.r. |
| Profit attributable to owners of the holding company | 1,059 | 1,282 | 762.7 | 1,180 | 1,203 | 1,269 | 793.9 | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.6% | -0.5% | 13.1% | 24.4% | 2.5% |
| EBITDA margin | 33.0% | 26.4% | 17.7% | ||
| Net margin | 42.4% | 54.6% | 53.9% | ||
| Return on equity | 7.1% | 10.7% | 10.0% | ||
| Return on capital employed | 4.2% | 4.6% | 5.8% | 5.8% | 6.8% |
| Return on assets | 4.8% | 6.7% | 6.1% | ||
| Net debt (₹ crore) | -6,848 | -14,155 | |||
| Net debt / EBITDA | -3.25x | -9.77x | |||
| Interest cover | 3.02x | 5.12x | 6.96x | 6.63x | 15.6x |
| Asset turnover | 0.11x | 0.11x | 0.11x | 0.12x | 0.11x |
| Receivable days | 36 | 35 | 31 | 37 | 38 |
| Inventory days (on revenue) | 1,286 | 1,244 | 1,201 | 1,124 | 1,101 |
| Payable days (on revenue) | 98 | 106 | 102 | 103 | 77 |
| Cash conversion | 0.99x | 1.20x | 1.44x | ||
| Capex intensity | 2.6% | 1.0% | 9.8% | ||
| Free cash flow (₹ crore) | 1,802 | 2,016 | 2,064 | ||
| Dividend payout | 36.2% | 28.2% | 33.5% | ||
| EPS, diluted (₹) | 6.06 | 8.22 | 11.02 | 17.64 | 17.83 |
| Book value per share (₹) | 147.0 | 152.3 | 159.3 | 171.9 | 183.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (rev less cogs, employee, other exp; excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt as stated by DLF (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (rev less cogs, employee, other exp; excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on DLF
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 2 Nov 2026.
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