DLF Shares Poised to Break ₹1,000 Mark, Analysts Predict
DLF Ltd., one of India's leading real estate developers, is set to see its shares in focus following strong March quarter earnings. Analysts are bullish, with at least eight expecting the stock to surpass the ₹1,000 mark.
DlfReal EstateStock AnalysisFinancial PerformanceInvestmentReal EstateMay 20, 2025
DLF's net profit rose by 36% from last year to ₹1,282 crore. Revenue also jumped by 46.5% to ₹3,127.6 crore. EBITDA for the quarter surged by 29.7% from the year-ago period to ₹978 crore, while margins narrowed by 400 basis points from last year to 31.3%.
Out of the 24 analysts that have coverage on DLF, 21 of them have a 'Buy' rating on the stock, while three others have a 'Hold' rating. As many as eight analysts tracking the stock believe DLF has the potential to cross ₹1,000 levels.
Jefferies, Axis Capital, JM Financial, Kotak Securities, Elara Capital, ICICIdirect.com, Nuvama Wealth, and YES Research are among the firms that have set price targets ranging from ₹1,000 to ₹1,060 per share.
Global brokerage firm Jefferies has a 'Buy' rating on DLF, with a price target of ₹1,000 per share. According to the brokerage, DLF's fourth quarter was strong, led by sustained momentum in the luxury Dahlias project, which drove over ₹2,000 crore in pre-sales. Project deliveries in the NCR were slightly ahead of expectations, contributing to a profit and loss beat. Net profit stood at ₹1,280 crore, the highest in over 15 years.
Jefferies pointed to robust operating cash flow generation, leading to a jump in cash balances, which remains a key positive. The office segment also showed steady improvement, with occupancy reaching 94%.
Morgan Stanley has maintained an 'Overweight' rating, and a price target of ₹910 on the counter. The brokerage said that DLF reported Q4 pre-sales of ₹2,000 crore, beating Morgan Stanley estimates. This took FY25 pre-sales to ₹21,200 crore, up 44% year-on-year and the highest among peers. Even assuming flat pre-sales in FY26 and a 30% net margin, the implied P/E multiple would be 18.5x, which the brokerage views as attractive relative to peers.
Collections for FY25 stood at ₹11,800 crore, a 36% YoY increase, while operating cash flow rose 52% YoY to ₹6,800 crore. DLF's net cash position improved to ₹6,800 crore, up from ₹4,500 crore in Q3. Rental income grew 3% quarter-on-quarter and 9% year-on-year, driven by the completion of 2.7 million sq ft of leasing space. An additional 6.2 million sq ft is expected to be completed in FY26.
The company declared a dividend of ₹6 per share, in line with Morgan Stanley’s estimate, reflecting a 20% YoY increase. This implies a payout ratio of 34%, compared to 45% in FY24 and against a guided payout of 50%.
Nomura, meanwhile, has a ‘Neutral’ rating on DLF, with a price target of ₹700 per share. The foreign brokerage mentioned that DLF's medium-term launch guidance remains unchanged at ₹73,900 crore, while FY26 forecasted launches are maintained in the range of ₹17,000–18,000 crore.
Shares of DLF Ltd. settled with gains of 3.11% on Monday, at ₹738.15. The stock has fallen 11% so far in 2025.
Frequently Asked Questions
What was DLF's net profit in the March quarter?
DLF's net profit in the March quarter was ₹1,282 crore, a 36% increase from the previous year.
How many analysts have a 'Buy' rating on DLF?
21 out of 24 analysts have a 'Buy' rating on DLF.
What is the highest price target set by analysts for DLF?
The highest price target set by analysts for DLF is ₹1,060 per share.
What was DLF's revenue in the March quarter?
DLF's revenue in the March quarter was ₹3,127.6 crore, a 46.5% increase from the previous year.
What is DLF's current stock price?
DLF's current stock price is ₹738.15, as of the last trading session.
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