Arthneeti

DLF Q2 FY27 Share Price & Earnings Call Analysis

₹691.55-0.40% today
Market cap
₹1.71L Cr
P/E
37.24
ROE
9.50%
PEG
1.37
Price to sales
26.87
Debt to equity
0.01
52W high / low
₹777 / ₹504
Sales growth (5Y)
8.64%
EBITDA margin
15.28%
Net profit margin
51.03%
Promoter holding
74.08%
Sales (last year)
₹6,375 Cr

DLF Ltd with its subsidiaries, associates and JVs is engaged in real estate development, from the identification and acquisition of land to planning, execution, construction and marketing of projects. It is also engaged in business of leasing, generation of power, provision of maintenance services, hospitality and recreational services which are related to the overall development of real estate business.[1]

Guidance scorecard · Q2 FY27 call

What DLF's management guided
and where it ranks in Realty

#21of 41 in
Realty
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

10–20%
  • Revenue inflection point expected in FY27-28, with a significant recognition of launched projects' revenue over the next 2-5 years.
  • Strong pre-sales of identified products remain a key business driver; recent launches like Aureva (Q4) and continued sales of Dahlias indicate robust demand.
  • Launches scheduled in coming quarters, including a luxury product in DLF Phase 4, aimed at boosting sales volume.
  • Rental business expected to grow steadily with new assets like Atrium (first fully rent-generating year) and upcoming commissioning of Summit Plaza, Midtown Plaza, and Promenade Goa by year-end.
  • Overall business growth to be driven by strong cash and margin generation along with sustained rental growth.

2 more points from DLF's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what DLF said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • DLF completed payment for a 7.06-acre land parcel from IREO with some encumbrances cleared this quarter.
  • Entered into collaboration for an additional contiguous 7.48-acre land adjacent to the above, forming a 36-acre parcel in Sector 61.
  • This land acquisition is driven by a bank delinquency rule; proceeds will be paid to lenders of that company.
  • The project potential has enhanced after adding this land; transaction expected to conclude by Q4.
  • Construction expenditure was slightly lower in the first half of the year, partly due to seasonal labor migration and Delhi's GRAP guidelines affecting construction activity.
  • No major change expected in completion timelines, with an inflection point of completions from FY27-28 onwards (Arbour and other projects).

2 more points from DLF's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what DLF said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising

Ask what DLF said on the order book →

Full Q2 FY27 analysis
Full Realty ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Realty
on management's own guidance

  1. Sobha LtdGood growth
    2
  2. Strong growth
    1
  3. Man Infraconstruction LtdGood growth
    3
See all potential multibaggersWhere does DLF rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Realty companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹12,035 Cr41.1
2Sobha Ltd20–40%Up 2%+₹12,548 Cr54.4
3Man Infraconstruction Ltd20–40%Up 2%+₹4,602 Cr21.2
420–40%Up 2%+₹1,157 Cr12.7
520–40%Flat₹1.06L Cr25.6
620–40%Flat₹61,922 Cr23.4

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Pro shows every company guiding 40%+ revenue growth →Full Realty ranking

Financials of DLF

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

DLF

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%
FIIs +15.75%16.53%16.17%16.66%16.37%16.27%15.98%15.46%14.82%13.54%12.31%11.43%
DIIs +5.47%4.77%4.81%4.66%4.87%4.72%5.01%5.21%5.78%6.94%8.03%9.06%
Government +0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.01%
Public +4.72%4.62%4.95%4.62%4.69%4.93%4.93%5.25%5.34%5.43%5.56%5.41%
No. of Shareholders4,04,8324,26,2534,66,9874,39,1414,58,3234,92,1164,83,0295,00,9284,92,1295,06,5725,00,7434,85,492

Financials of DLF

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,3481,5212,1351,3621,9751,5293,1282,7171,6432,0201,8141,2801,261
Expenses +8851,0101,3811,1341,4731,1292,1502,3531,3591,6301,4031,1301,238
Operating Profit46251175422950240097836428439041115023
OPM %34%34%35%17%25%26%31%13%17%19%23%12%1.8%
Other Income +129122182367206-942202648543993083251,037
Interest9084981019494109796336211818
Depreciation37383737383937343030483538
Profit before tax4645128024585771741,0535151,0457236494231,003
Tax %24%26%21%26%-81%-154%17%26%26%-1%-14%27%20%
Net Profit +6226569206451,3811,0591,2827631,1801,2031,2697941,301
EPS in Rs2.522.653.722.615.584.285.183.084.774.865.123.215.26

Financials of DLF

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +7,6499,9268,2216,7078,3666,0835,4145,7175,6956,4277,9948,1946,375
Expenses +4,6355,9604,7754,3296,2184,9373,9453,9743,9694,3035,8856,7465,401
Operating Profit3,0143,9663,4462,3782,1481,1461,4691,7431,7262,1242,1091,449974
OPM %39%40%42%35%26%19%27%30%30%33%26%18%15%
Other Income +5035061,1359,7227841,1353831953175317001,8252,069
Interest2,3042,6802,9802,9512,0621,42785362539235639719993
Depreciation545766572534225200159149149148151142152
Profit before tax6681,0261,0308,6156466538401,1651,5022,1512,2612,9322,798
Tax %24%55%22%50%43%326%43%28%27%24%-19%11%
Net Profit +5073057084,4771,314-5901,0831,5002,0342,7244,3674,4154,567
EPS in Rs3.031.724.0125.025.98-2.364.426.068.2211.0217.6417.8318.45
Dividend Payout %66%117%50%8%33%-85%45%49%49%45%34%45%

Financials of DLF

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital356357357357441495495495495495495495495
Reserves27,01323,71224,21634,95433,13533,95234,84935,86737,19238,93642,05544,97845,092
Borrowings +24,49525,26429,20217,49117,2228,1036,8864,1823,3344,8344,103306314
Other Liabilities +14,39812,39610,1797,78315,68413,34111,25810,62311,55114,80421,81927,68532,202
Total Liabilities66,26261,72963,95460,58566,48355,89053,48851,16752,57259,06968,47273,46578,104
Fixed Assets +19,6193,94324,6408,0826,3225,1874,8564,8624,7853,8803,5024,1144,637
CWIP5,9011,77915313710389958161718616282
Investments62321,3101,20920,83221,00518,56619,74619,77919,48120,13821,33621,69222,947
Other Assets +40,11934,69737,95231,53339,05332,04928,79126,44428,24534,98143,54947,49750,437
Total Assets66,26261,72963,95460,58566,48355,89053,48851,16752,57259,06968,47273,46578,104

Financials of DLF

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,0372,957-8982702,0433561,4602,8322,3752,5395,2356,347
Cash from Investing Activity +98-818872-2,10236,508150267-461-1,529-3,475721
Cash from Financing Activity +-1,547-1,929787-232875-9,522-2,184-3,828-2,013177-2,403-5,547
Net Cash Flow588210761-2,0642,921-2,658-573-729-981,186-6421,522
Free Cash Flow1,1982,371-1,101-4551,4742171,5292,6842,3213,1665,1406,231
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit89%91%-17%29%106%35%72%150%143%132%254%484%

Financials of DLF

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days7612663703643393635313738
Inventory Days
Days Payable
Cash Conversion Cycle7612663703643393635313738
Working Capital Days686290533495133612788799742745615245
ROCE %6%8%7%5%5%4%4%5%5%6%7%6%

Guidance history

How DLF's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned—Rising
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

32out of 100

Momentum score · price trend

32 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−10.9%49%
Last 6 months+17.8%74%
Last 3 months+4.9%76%

The price is 42.1% below its all-time high of ₹1,193.9 (11 Jan 2008). Stocks more than 20% below their peak have their score halved, so 65 became 32.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For DLF: 0.4 × 49 + 0.4 × 74 + 0.2 × 76 = 65, halved to 32 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What DLF's management said in earlier quarters

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