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Swing Capital

DLF Ltd

NSE: DLF BSE: 532868Energy

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]

₹569
52W: ₹489 — ₹888
PE 39.4 · Book ₹128 · +345% vs book
Market Cap₹1,40,759 Cr
Stock P/E39.4Price to Earnings
ROCE13.7%Return on Capital
ROE11.7%Return on Equity
Div. Yield1.07%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 81.9%
  • +Company's working capital requirements have reduced from 420 days to 13.5 days

Weaknesses

  • −Stock is trading at 4.34 times its book value
  • −The company has delivered a poor sales growth of 0.28% over past five years.
  • −Company has a low return on equity of 7.46% over last 3 years.
  • −Earnings include an other income of Rs.2,970 Cr.
  • −Debtor days have increased from 50.3 to 124 days.

Shareholding Pattern

Promoters74.08%
FIIs13.54%
DIIs6.94%
Public5.43%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.08%74.08%74.08%74.08%74.08%74.08%74.08%74.08%
FIIs16.17%16.66%▲0.516.37%▼0.316.27%▼0.115.98%▼0.315.46%▼0.514.82%▼0.613.54%▼1.3
DIIs4.81%4.66%▼0.14.87%▲0.24.72%▼0.25.01%▲0.35.21%▲0.25.78%▲0.66.94%▲1.2
Public4.95%4.62%▼0.34.69%▲0.14.93%▲0.24.93%5.25%▲0.35.34%▲0.15.43%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales7979094059049372,2364686475632,307
Expenses4966404967597221,240482542463763
Operating Profit301269-90145215996-141041001,544
OPM %38%30%-22%16%23%45%-3%16%18%67%
Net Profit4644434192-1661,549401,0132952,401
EPS ₹1.871.790.020.78-0.676.260.164.091.199.7

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,984Cr, down 11.1% YoY. OPM at 43%.

Debt Position

Borrowings at ₹46Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.94% (+2.07pp change). FIIs: 13.54% (-1.76pp change). Promoters hold 74.08%.

Margin & Efficiency

ROCE improving from 9% (Mar 2015) to 14% (Mar 2026). Working capital days: 14.

Valuation

PE 39.4x with 13.7% ROCE. Price is 345% above book value of ₹128. Dividend yield: 1.07%.

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