DLF Shares Poised to Hit ₹1000 as Analysts Forecast Strong Growth
Shares of real estate developer DLF Ltd. are expected to cross the ₹1000 mark, according to at least eight analysts with coverage. The company's strong Q4 results and robust pre-sales have fueled optimism.
DlfReal EstateStock MarketAnalystsEarningsReal Estate NewsMay 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 of ₹1,000 or higher.
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 rose by 36% from last year to ₹1,282 crore.
How many analysts have a 'Buy' rating on DLF?
Out of the 24 analysts that have coverage on DLF, 21 of them have a 'Buy' rating on the stock.
What is Jefferies' price target for DLF?
Jefferies has a 'Buy' rating on DLF with a price target of ₹1,000 per share.
What was DLF's pre-sales in Q4?
DLF reported Q4 pre-sales of ₹2,000 crore, which is the highest among peers.
What is DLF's office segment occupancy rate?
DLF's office segment occupancy rate reached 94%.
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