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Updated - June 17, 2026 at 06:03 PM.

SBI Securities

Target: ₹720

CMP: ₹623.50

DLF operates as a diversified enterprise having significant presence in both development and annuity businesses. The development business delivers high margins and strong cash flows, while the rental business provides consistently growing income stream.

DLF has a strong operational portfolio of about 50 million sq ft operating at high occupancy levels of 95 per cent. It has a strong pipeline of about 27 million sq ft, currently under planning/development phase.

The company achieved record collections of ₹13,517 crore, up 15 per cent year on year during FY26 and recorded pre-sales of ₹20,143 crore, in-line with DLF’s guidance.

It also generated surplus cash of ₹7,746 crore during the year. Its pre-sales, collections and PAT have grown at a CAGR of 29 per cent/31 per cent/31 per cent respectively between FY22 and FY26.

The annuity business has also shown strong growth with rental portfolio growing 1.3x to about 50 million sq ft and exit rentals clocking 15 per cent CAGR over the last four years.

The management has explicitly stated that they will focus on high margin accretion and strong free cash flow generation, ensuring that project launches perfectly align with actual construction and execution capabilities.

The stock trades at FY27E/28E Bloomberg consensus PE of 29.1x/23.3x respectively which looks attractive given the company’s sustainable and profitable growth outlook.

Published on June 17, 2026

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