DLF
DLF share price & financials
- Price
- ₹624.5
- Market cap
- ₹1.6L Cr
- Sector
- Realty
- Calls analysed
- 9
DLF Limited Q1 FY27
What went well
- Net profit grew 3.65% YoY to INR 794 crores for the quarter, reflecting resilient performance.
- Strong collections of INR 2,406 crores and operating cash flow exceeding INR 1,300 crores underscore robust cash generation.
- Net cash position of INR 15,200 crores provides significant financial flexibility, with a large portion in RERA escrow.
What to watch
- New sales bookings for the quarter were INR 657 crores, impacted by the timing of deferment of the Aureva senior living product launch.
- The Goa Residential project is currently involved in PIL litigation, though management expects the overall FY sales guidance to remain on track.
What DLF Limited does
DLF develops and sells residential real estate — high-rise condominiums, low-rise independent floors, plotted developments and shop-cum-offices — and earns recurring income by leasing office space and retail malls, largely through its DCCDL platform. It also operates a hospitality vertical (hotels, clubs, F&B) and a services/asset-management business. With roughly eight decades of experience and 178 projects developed, its operations are concentrated in Gurugram, with a growing footprint in Chennai, Mumbai, Goa and other cities.
Segments
- Development Business
- Annuity (Rental) Business
- Hospitality
- Services / Asset Management
- Experience in real estate
- ~8 decades
- Real estate projects developed
- 178
- Operational rental (annuity) portfolio
- ~50 million sq ft (offices ~44.6 msf + retail ~4.93 msf)
- Area under execution
- ~22 million sq ft
- Development potential (land bank)
- ~143 million sq ft
- Rental platform position
- One of India's largest organically grown annuity platforms
Guidance record · Q1 FY27
what the last two calls moved 30 tracked 8 delivered 2 missed 20 open- FY25 Presales delivered said Q1 FY25 Promised: INR 17,000 crores+ with upward bias Q1 FY27: Historical target achieved.
- Quarterly Construction Spend went quiet said Q3 FY26 Promised: ₹900-1,000 crores quarterly Q1 FY27: No specific update on quarterly construction spend.
- Dahlias Main Launch Timeline delayed said Q4 FY25 Promised: November-December (Q3 FY26) Q1 FY27: Momentum expected post Experience Center launch, which was previously guided for Diwali (Q3 FY27). The original Q1 FY27 revised launch timeline has passed.
All 30 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 52.9%, net profit up 4.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,975 | 1,529 | 3,128 | 2,717 | 1,643 −17% | 2,020 +32% | 1,814 −42% | 1,280 −53% |
| EBITDA | 502 | 400 | 978 | 364 | 284 −43% | 390 −2% | 411 −58% | 150 −59% |
| Net profit | 1,381 | 1,059 | 1,282 | 763 | 1,180 −15% | 1,203 +14% | 1,269 −1% | 794 +4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −14.6% 1Y
1Y: ₹754.3 on 10 Sept 2025 → ₹644.5. High ₹786.75 (16 Sept 2025), low ₹504.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- 0.0%
- 7 Aug
- Q4 FY26
- +1.6%
- 14 May
- Q3 FY26
- −4.1%
- 23 Jan
- Q2 FY26
- −2.6%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.7k Cr | ₹6.4k Cr | ₹8.0k Cr | ₹8.2k Cr |
| Operating profit | ₹1.7k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹1.4k Cr |
| Operating margin | 30.3% | 33.0% | 26.4% | 17.7% |
| Interest | ₹392 Cr | ₹357 Cr | ₹398 Cr | ₹199 Cr |
| Depreciation | ₹149 Cr | ₹148 Cr | ₹151 Cr | ₹142 Cr |
| Net profit | ₹2.0k Cr | ₹2.7k Cr | ₹4.4k Cr | ₹4.4k Cr |
| Net margin | 35.7% | 42.4% | 54.6% | 53.9% |
| Cash from operations | ₹2.4k Cr | ₹2.5k Cr | ₹5.2k Cr | ₹6.3k Cr |
| Free cash flow | ₹2.3k Cr | ₹3.2k Cr | ₹5.1k Cr | ₹6.2k Cr |
| ROCE | 5.0% | 6.0% | 7.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹495 Cr | ₹495 Cr | ₹495 Cr | ₹495 Cr | ₹495 Cr | ₹495 Cr |
| Reserves | ₹34.8k Cr | ₹35.9k Cr | ₹37.2k Cr | ₹38.9k Cr | ₹42.5k Cr | ₹45.0k Cr |
| Borrowings | ₹6.9k Cr | ₹4.2k Cr | ₹3.3k Cr | ₹4.8k Cr | ₹1.8k Cr | ₹306 Cr |
| Other liabilities | ₹11.3k Cr | ₹10.6k Cr | ₹11.6k Cr | ₹14.8k Cr | ₹24.2k Cr | ₹27.7k Cr |
| Total liabilities | ₹53.5k Cr | ₹51.2k Cr | ₹52.6k Cr | ₹59.1k Cr | ₹68.9k Cr | ₹73.5k Cr |
| Fixed assets | ₹4.9k Cr | ₹4.9k Cr | ₹4.8k Cr | ₹3.9k Cr | ₹3.5k Cr | ₹4.1k Cr |
| Capital work in progress | ₹95 Cr | ₹81 Cr | ₹61 Cr | ₹71 Cr | ₹98 Cr | ₹162 Cr |
| Investments | ₹19.7k Cr | ₹19.8k Cr | ₹19.5k Cr | ₹20.1k Cr | ₹21.9k Cr | ₹21.7k Cr |
| Other assets | ₹28.8k Cr | ₹26.4k Cr | ₹28.2k Cr | ₹35.0k Cr | ₹43.4k Cr | ₹47.5k Cr |
| Total assets | ₹53.5k Cr | ₹51.2k Cr | ₹52.6k Cr | ₹59.1k Cr | ₹68.9k Cr | ₹73.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.67 pp while DIIs added +3.02 pp. The shareholder count grew 4% to 5,00,743.
- Promoters
- 74.1%
- FIIs
- 12.3%
- DIIs
- 8.0%
- Government
- 0.0%
- Public
- 5.6%
Since Jun 2025
- FIIs −3.67 pp
- DIIs +3.02 pp
- Public +0.63 pp
How it drifted, 12 quarters
Over this window FIIs fell from 15.9% to 12.3% — −3.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 15.9%, DIIs 5.3%, Public 4.8%.Dec '23: Promoters 74.1%, FIIs 15.8%, DIIs 5.5%, Public 4.7%.Mar '24: Promoters 74.1%, FIIs 16.5%, DIIs 4.8%, Public 4.6%.Jun '24: Promoters 74.1%, FIIs 16.2%, DIIs 4.8%, Public 5.0%.Sep '24: Promoters 74.1%, FIIs 16.7%, DIIs 4.7%, Public 4.6%.Dec '24: Promoters 74.1%, FIIs 16.4%, DIIs 4.9%, Public 4.7%.Mar '25: Promoters 74.1%, FIIs 16.3%, DIIs 4.7%, Public 4.9%.Jun '25: Promoters 74.1%, FIIs 16.0%, DIIs 5.0%, Public 4.9%.Sep '25: Promoters 74.1%, FIIs 15.5%, DIIs 5.2%, Public 5.3%.Dec '25: Promoters 74.1%, FIIs 14.8%, DIIs 5.8%, Public 5.3%.Mar '26: Promoters 74.1%, FIIs 13.5%, DIIs 6.9%, Public 5.4%.Jun '26: Promoters 74.1%, FIIs 12.3%, DIIs 8.0%, Government 0.0%, Public 5.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Mutual Fund Mutual fund newly disclosed 1.70% held
- ICICI Prudential Mutual Fund Mutual fund newly disclosed 1.43% held
- Divine Light Films Llp newly disclosed 0.00% held
- Auraview Realty Private Limited newly disclosed 0.00% held
- Tara Divine Light Private Limited newly disclosed 0.00% held
- Paramhansa Yogananda Films Llp newly disclosed 0.00% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of DLF Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajdhani Investments And Agencies Private Limited | 61.53% | unchanged |
| Prem Traders Llp | 3.64% | unchanged |
| Mallika Housing Company Llp | 2.90% | unchanged |
| Raisina Agencies Llp | 2.66% | unchanged |
| Jhandewalan Ancillaries Llp | 1.91% | unchanged |
| SBI Mutual Fund Mutual fund | 1.70% | newly disclosed |
| ICICI Prudential Mutual Fund Mutual fund | 1.43% | newly disclosed |
| Invesco Global Fund Global fund house | 1.27% | unchanged |
| Pia Singh | 0.87% | unchanged |
| Parvati Estates Llp | 0.26% | unchanged |
| Universal Management And Sales Llp | 0.22% | unchanged |
| Renuka Talwar | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in DLF
Filings to Aug 2026
0 new, 11 added, 7 trimmed, 1 sold out — net −7.29 L shares (−1.3%).
- Held by funds
- ₹3.9k Cr
- 33 schemes
- Biggest holder
- SBI Focused Fund
- ₹1.2k Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Focused Fund SBI Mutual Fund | ₹1.2k Cr | held | Apr '26 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹898 Cr | held | Mar '26 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹317 Cr | held | Sep '21 |
| SBI Flexicap Fund SBI Mutual Fund | ₹254 Cr | +2.21 L | Jul '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹173 Cr | −5.00 L | Aug '21 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹156 Cr | +0.73 L | Jan '19 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹153 Cr | held | Jan '26 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹140 Cr | held | Dec '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 7 trimmed — net −7.29 L shares (−1.3%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹3.9k Cr
- 33 schemes · ≈ 2.2% of the company
- Biggest holder
- SBI Focused Fund
- ₹1.2k Cr · 2.3% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 10y 6m · since Mar '16
Shares held by these funds +112%
Aug '23 5.70 cr shares Jul '26
All earnings calls (9)
Read the Q1 FY27 call →Learn to analyse DLF Limited
Guides on how to read this kind of business and the numbers that matter.