DLF Share Price: All You Need to Know

DLF share price is witnessing renewed interest from investors. 

In a month, shares of the real estate company have increased by nearly 10%. 

If you look at the last 5 years, the stock price has returned close to 450%. 

DLF share price – 5 year performance

So, what is working in favor of DLF and what is the future growth potential? Let’s do a complete analysis. 

Business Overview of DLF

DLF has a legacy spanning over 75 years. The company was founded in 1946 by Chaudhary Raghvendra Singh, who pioneered the concept of planned urban development in India.

The company gained prominence by developing DLF City in Gurugram, which is now a landmark integrated township. It is primarily engaged in the development of residential, commercial, and retail properties across major Indian cities. 

DLF operates through two key business verticals:

Development Business: Majorly focused on the development of residential and commercial projects, including luxury and semi-luxury spaces. A few landmark residential projects include DLF Camellias and Dahilas in Gurugram, DLF Mall of India in Noida, etc. 

Rental Business: This business vertical is managed by its subsidiary, DLF Cyber City Developers. It leases high-end official space and retail assets, especially in Gurugram and other metro cities. The group enters long-term leases with MNCs and large Indian corporates that generate stable rental income. 

DLF also owns a high-quality, large land bank of nearly 200 million sq-ft of development potential, giving it an edge in future planning and development. 

The company follows an asset-light model and often enters into joint ventures or partnerships, like GIC for rentals. 

DLF’s business model balances short-term profitability via sales with long-term sustainability via rentals, which is the key to its strong financial position among real estate developers. 

DLF Leadership Team

Rajiv Singh is the Chairman and Whole-time Director. He has graduated with a B.S. (Mech) from MIT and has been part of DLF Limited since November 1981. 

Aakash Ohri is the Joint Managing Director and Chief Business Officer at DLF. A Harvard Business School alumnus, Aakash has been a part of DLF since September 1998.

Ashok Kumar Tyagi is the Managing Director at DLF Limited. He holds a PGDM degree from IIM Ahmedabad and a B.E. in Mechanical. Before joining DLF in 2008, he was Senior Vice President at Genpact. 

Sanjay Goenka is the Senior Executive Director and a key management professional at DLF. He has diversified hands-on experience in corporate finance, budgeting, corporate planning, restructuring, fundraising, etc. Mr. Sanjay Goenka has been with DLF since 1992 and is a qualified Chartered Accountant. 

Badal Bagri is the Chief Financial Officer at DLF and was appointed to the role in December 2024. Before, he was serving as the Business Head of the electronics vertical at Reliance Retail Limited. Before that, he was CFO at Bharti Airtel. 

DLF Shareholding Pattern

As of June 2025, DLF’s market capitalization is Rs 2.1 lakh crore, and the free float is Rs 54,236 crore, meaning only 25% of the shares are freely available for trading. 

DLF Financial Review

Total Income 

In FY25, DLF witnessed a 29% jump in net profit to Rs 8,996 crores from Rs 6,958 crores in FY24. It was the first big jump in 5 years, after stagnant sales growth since FY21. 

EBITDA

DLF has improved its EBITDA in FY25, increasing from Rs 2,655 crores in FY24 to Rs 3,111 crores. EBITDA margin in FY25 was 39%. 

Net Profit

The net profit of the company also witnessed a massive jump in FY25. It increased from Rs 2,733 crores in FY24 to Rs 4,357 crores in FY25, registering a year-on-year growth of 60%.

Apart from these metrics, one important metric to check for a realty firm is its debt. There have been several instances in the past where a heavy debt burden took down the entire business of the firm.

For DLF, the company has marginal debt on its books. At the end of FY25, it had 0.11% debt on its total equity capital base. 

DLF Share Price Analysis

DLF share price was trading at Rs 161 level on 19th June 2020, and it rose to Rs 849 level on 23th June 2025. An increase of more than 5 times in five years. The 52-week high level of DLF share price is Rs 929.

The company has a consistent track record of paying dividends to shareholders. In FY24, it paid Rs 5 as dividends, and in FY25, it paid Rs 6 as dividends. At the current share price of Rs 849, the dividend yield of DLF is 0.58%. 

DLF Share Price Valuation Analysis

Earnings Per Share (EPS)

DLF has shown a consistent rise in Earnings Per Share in the last five years. It rose from Rs 4.42 level to Rs 17.64 level, close to 4X growth in five years. This indicates a sharp rerating, which may have happened due to a sharp turnaround.

Period	FY21	FY22	FY23	FY24	FY25
EPS (₹)	4.42	6.06	8.22	11.02	17.64

Price-to-Book Value (P/B Ratio)

As of 23rd June 2025, DLF share price is trading at a price-to-book value of 5 times. The median 5-year Price-to-book value is 2.8 times, largely indicating the stock is trading at a premium compared to its book value. The premium may be due to improved business performance. 

Price-to-Equity Ratio (PE Ratio)

As of 23rd June 2025, DLF share price is trading at a PE of 46.4. Meaning that for every Rs 1 of earnings, you are paying Rs 46.4 as a premium. The 5-year median PE of the DLF share price is 56.6 times, indicating that the stock is trading at a discounted valuation compared to its historical averages. 

DLF Share Price: Future Growth Potential

DLF stands at a strong inflection point, backed by robust pipeline, stable rental income, and a deleveraged balance sheet. Here’s the breakdown of key growth drivers and risks that could impact DLF share price. 

Growth Drivers

Strong Rental Income: DLF operates over 32.9 million sq. ft. of Grade-A commercial space with ~95% occupancy. This provides steady, inflation-linked annuity income and adds long-term stability to cash flows.

Robust Land Bank for Future Development: DLF owns nearly large land bank of nearly 200 million sq-ft across prime locations. In FY25, the company booked Rs 21,223 crore in real estate projects, year-on-year growth of 44%.

Balanced Business Model: By combining cyclical residential development with stable rental earnings, DLF reduces reliance on one revenue stream. Its entry into mid-income housing also expands its market reach, driving volume growth. 

DLF has strategically reduced its net debt by following an asset-light model. It transferred assets and formed joint ventures, particularly with GIC. This has brought down financing costs and improved creditworthiness. The company has already achieved net debt zero and is working towards eliminating gross debt.

Ambitious Gross Margin Targets: The company has set a long-term gross margin target of 45% for development business, with super-premium and commercial segments projected at 30% margins.

Key Risks and Challenges

High Dependence on Luxury Sales: A significant chunk of FY25 bookings came from ‘The Dahlias’. Also, such luxury projects are priced at a premium, require timely completion and sustained demand. Any delay or market softening in luxury could impact cash flows and perception.

Interest Rate Risk: Real estate business is sensitive to interest rate cycles. Rising interest rates are detrimental for the growth of the sector. Also, the major part of the operation is concentrated in the NCR region. Any slowdown in homebuyer sentiment, especially in NCR, could weigh on future sales.

Modest ROE Outlook: While margins and earnings of the company are improving, historical ROE remains in low single digits (4–7%), raising questions about long-term value creation .

FAQ 

How has DLF share price performed in the last 5 years?

DLF has become a multibagger stock in the last 5 years. DLF share price gave an annualized return of 42% in the last five years, rising from Rs 161 level on 19th June 2020, and it rose to Rs 849 level on 23rd June 2025.

Is DLF a financially stable company for long-term investment?

Yes, DLF is a financially stable company. It has achieved a net debt-zero position and consistently improved its earnings per share (EPS). 

Is DLF totally into commercial real estate?

No, DLF is present in both residential and commercial segments. It balances its revenue stream by combining cyclical residential development with stable rental earnings from commercial properties.

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