DLF DLF
Largest listed developer by market value: luxury housing in Gurugram plus a large office and mall rental business through DCCDL (a JV with GIC)
Mapped in 1 theme: Real Estate.
Where DLF sits in the supply chain
DLF appears in 4 supply-chain layers in one theme, Real Estate.
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 6,427 | 7,994 | 8,194 |
| Net profit | 2,724 | 4,367 | 4,415 |
Latest-year revenue ₹8,194 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths
- Net cash of ₹14,155 Cr at Mar 2026 with zero gross debt in the development business
- FY26 bookings of ₹20,143 Cr; large low-cost Gurugram land bank supports high-margin luxury launches
- Rental arm (DCCDL) adds steady office and mall income
Risks
- Bookings are lumpy: Q1 FY27 pre-sales were only ~₹657 Cr as launches were deferred
- Heavy concentration in Gurugram luxury housing
- FY27 guidance (₹20,000 Cr) depends on launches still pending
Common questions
What does DLF do?
Largest listed developer by market value: luxury housing in Gurugram plus a large office and mall rental business through DCCDL (a JV with GIC).
Where does DLF sit in the supply chain?
DLF (NSE: DLF) is mapped in 4 supply-chain layers: Residential developers (Real Estate), Office REITs & landlords (Real Estate), Malls & retail REITs (Real Estate) and Land banks & approvals (Real Estate).
Who are DLF's peers?
In the Residential developers layer of Real Estate: Godrej Properties, Prestige Estates Projects, Lodha Developers (Macrotech), Oberoi Realty, Signatureglobal (India), Sobha and 3 more.
What is DLF's market cap and valuation?
As of 30 Oct 2026: market cap ₹1.71L Cr, P/E 37.2x, ROCE 6.3%, ROE 9.5%, dividend yield 1.16%.