DLF LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 908 INR | +1.59% |
|
+6.12% | +25.00% |
| Apr. 15 | DLF to Invest INR22 Billion in New Shopping Mall in Gurgaon, India | MT |
| Mar. 27 | DLF Arm Raises INR6 Billion from Bond Sale | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 396,291 | 340,232 | 710,538 | 941,732 | 882,944 | 2,247,583 | - | - |
| Enterprise Value (EV) 1 | 488,309 | 365,190 | 751,591 | 971,804 | 888,829 | 2,224,744 | 2,193,790 | 2,157,963 |
| P/E ratio | 33.7 x | -57 x | 64.9 x | 62.8 x | 43.4 x | 84.6 x | 63.3 x | 50 x |
| Yield | 0.99% | 1.46% | 0.7% | 0.79% | 1.12% | 0.46% | 0.51% | 0.47% |
| Capitalization / Revenue | 4.74 x | 5.59 x | 13.1 x | 16.5 x | 15.5 x | 33.7 x | 28.6 x | 22.3 x |
| EV / Revenue | 5.84 x | 6 x | 13.9 x | 17 x | 15.6 x | 33.4 x | 27.9 x | 21.4 x |
| EV / EBITDA | 22.8 x | 32.2 x | 53 x | 55.8 x | 51.5 x | 106 x | 79.6 x | 59.6 x |
| EV / FCF | 33.9 x | 308 x | 52 x | 36.2 x | 36.6 x | 63.8 x | 69.5 x | 59.9 x |
| FCF Yield | 2.95% | 0.33% | 1.92% | 2.76% | 2.73% | 1.57% | 1.44% | 1.67% |
| Price to Book | 1.33 x | 0.99 x | 2.01 x | 2.59 x | 2.34 x | 5.67 x | 5.31 x | 4.92 x |
| Nbr of stocks (in thousands) | 1,957,475 | 2,475,315 | 2,475,312 | 2,475,312 | 2,475,312 | 2,475,312 | - | - |
| Reference price 2 | 202.4 | 137.4 | 287.0 | 380.4 | 356.7 | 908.0 | 908.0 | 908.0 |
| Announcement Date | 5/21/19 | 6/4/20 | 6/11/21 | 5/17/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 83,661 | 60,828 | 54,141 | 57,174 | 56,948 | 66,598 | 78,575 | 100,710 |
| EBITDA 1 | 21,415 | 11,350 | 14,178 | 17,426 | 17,259 | 20,961 | 27,566 | 36,211 |
| EBIT 1 | 19,169 | 9,347 | 12,583 | 15,931 | 15,772 | 21,859 | 29,698 | 38,383 |
| Operating Margin | 22.91% | 15.37% | 23.24% | 27.86% | 27.7% | 32.82% | 37.8% | 38.11% |
| Earnings before Tax (EBT) 1 | 6,457 | 6,535 | 8,396 | 11,646 | 15,024 | 21,759 | 29,253 | 38,438 |
| Net income 1 | 13,192 | -5,832 | 10,936 | 15,009 | 20,340 | 26,488 | 35,450 | 44,897 |
| Net margin | 15.77% | -9.59% | 20.2% | 26.25% | 35.72% | 39.77% | 45.12% | 44.58% |
| EPS 2 | 6.000 | -2.410 | 4.420 | 6.060 | 8.220 | 10.73 | 14.35 | 18.14 |
| Free Cash Flow 1 | 14,389 | 1,187 | 14,467 | 26,834 | 24,270 | 34,870 | 31,575 | 36,009 |
| FCF margin | 17.2% | 1.95% | 26.72% | 46.93% | 42.62% | 52.36% | 40.18% | 35.76% |
| FCF Conversion (EBITDA) | 67.19% | 10.46% | 102.04% | 153.99% | 140.62% | 166.36% | 114.55% | 99.44% |
| FCF Conversion (Net income) | 109.07% | - | 132.28% | 178.79% | 119.32% | 131.65% | 89.07% | 80.2% |
| Dividend per Share 2 | 2.000 | 2.000 | 2.000 | 3.000 | 4.000 | 4.139 | 4.601 | 4.235 |
| Announcement Date | 5/21/19 | 6/4/20 | 6/11/21 | 5/17/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15,430 | 17,126 | 11,395 | 14,809 | 15,497 | 15,473 | 14,416 | 13,023 | 14,948 | 14,561 | 14,232 | 14,755 | 16,458 | 17,426 | - |
| EBITDA 1 | 4,991 | 4,539 | 3,954 | 4,583 | 5,213 | 3,675 | 4,137 | 4,367 | 4,772 | 3,984 | 3,962 | 3,852 | 5,690 | 5,556 | - |
| EBIT 1 | 4,600 | 4,154 | 3,575 | 4,210 | 4,840 | 3,306 | 3,763 | 4,000 | 4,386 | 3,623 | 3,598 | 2,874 | 4,142 | 4,680 | - |
| Operating Margin | 29.81% | 24.25% | 31.37% | 28.43% | 31.23% | 21.37% | 26.1% | 30.71% | 29.34% | 24.88% | 25.28% | 19.48% | 25.17% | 26.86% | - |
| Earnings before Tax (EBT) 1 | 3,868 | 4,182 | - | 3,207 | 2,512 | 3,073 | 3,458 | 3,512 | 4,080 | 3,974 | 3,734 | 3,624 | 5,872 | 6,985 | - |
| Net income 1 | 4,512 | 4,809 | 3,371 | 3,790 | 3,795 | 4,053 | 4,696 | 4,770 | 5,179 | 5,696 | 5,270 | 5,502 | 6,722 | 7,637 | - |
| Net margin | 29.24% | 28.08% | 29.58% | 25.59% | 24.49% | 26.2% | 32.57% | 36.63% | 34.65% | 39.12% | 37.03% | 37.29% | 40.84% | 43.82% | - |
| EPS 2 | 1.820 | 1.940 | 1.360 | 1.530 | 1.530 | 1.640 | 1.900 | 1.930 | 2.100 | 2.300 | 2.130 | 2.090 | 2.705 | 2.850 | 2.710 |
| Dividend per Share | - | 2.000 | - | - | - | 3.000 | - | 3.000 | - | - | - | - | - | - | - |
| Announcement Date | 1/29/21 | 6/11/21 | 7/26/21 | 10/28/21 | 1/31/22 | 5/17/22 | 7/29/22 | 10/21/22 | 1/25/23 | 5/12/23 | 7/21/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 92,018 | 24,958 | 41,053 | 30,072 | 5,886 | - | - | - |
| Net Cash position 1 | - | - | - | - | - | 22,839 | 53,794 | 89,620 |
| Leverage (Debt/EBITDA) | 4.297 x | 2.199 x | 2.896 x | 1.726 x | 0.341 x | - | - | - |
| Free Cash Flow 1 | 14,389 | 1,187 | 14,467 | 26,834 | 24,270 | 34,870 | 31,575 | 36,009 |
| ROE (net income / shareholders' equity) | 3.83% | -1.71% | 3.13% | 4.19% | 5.49% | 7.04% | 8.5% | 9.87% |
| ROA (Net income/ Total Assets) | 2.04% | -0.94% | 1.95% | 2.8% | 3.82% | 3.66% | 4.45% | 5.49% |
| Assets 1 | 647,947 | 620,758 | 560,251 | 536,558 | 532,448 | 722,914 | 796,639 | 818,313 |
| Book Value Per Share 2 | 153.0 | 139.0 | 143.0 | 147.0 | 152.0 | 160.0 | 171.0 | 185.0 |
| Cash Flow per Share 2 | 9.290 | 1.340 | 5.900 | 11.40 | 10.90 | 18.50 | 17.50 | 18.90 |
| Capex 1 | 6,041 | 2,063 | 135 | 1,484 | 2,590 | 3,501 | 4,058 | 4,620 |
| Capex / Sales | 7.22% | 3.39% | 0.25% | 2.6% | 4.55% | 5.26% | 5.16% | 4.59% |
| Announcement Date | 5/21/19 | 6/4/20 | 6/11/21 | 5/17/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
908
INR
Average target price
859.8
INR
Spread / Average Target
-5.30%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +25.00% | 26.95B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B | |
| -1.25% | 14.69B |
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- Financials DLF Limited
