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DLF Limited (532868) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of DLF Limited ₹151, price ₹663, upside -77.3%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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DL
Thin data
Sep 24, 2026
DLF Limited
532868 · BSEStretched ValuationStrong overvaluation with only moderate quality.
!Fair value ₹150.69 · Strongly overvalued (−77.3%)
✓Quality 65/100
✓Healthy Growth (revenue 5y +5.6 %/yr)
!Loss over the last twelve months · -20.2% net margin (TTM) · fiscal year 2025 54.6%
✓Low debt
✓1.1% dividend yield · Well covered
!Narrow moat 36/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹267.11 – ₹924.60 · fair‑value band ₹129.52 – ₹180.17 · the ₹662.60 price screens above the ₹150.69 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
DLF Limited, together with its subsidiaries, engages in the business of colonization and real estate development in India. Its activities include identification and acquisition of land; and planning, execution, construction, and marketing of projects.
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DLF Limited, together with its subsidiaries, engages in the business of colonization and real estate development in India. Its activities include identification and acquisition of land; and planning, execution, construction, and marketing of projects. The company develops and sells residential properties, such as plotted developments, houses, and villas and apartments; and commercial and retail properties. It also engages in the lease of developed office space, ITes, and retail properties. In addition, the company owns and operates The Lodhi hotel and the Hilton Garden Inn in New Delhi; and golf and country clubs. Further, it engages in the provision of maintenance services; generation and sale of power; and recreational activities. DLF Limited was founded in 1946 and is based in Gurugram, India. DLF Limited operates as a subsidiary of Rajdhani Investments & Agencies Private Limited.
Stock analysis
DLF Limited (532868) currently trades at ₹662.60, while our model-based Fair Value estimate is ₹150.69, 77.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹296.00 per share, and 0 of the 15 models we run sit above the ₹662.60 price.
Bear case: the Dividend Discount group reads lowest at ₹63.73, and 15 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹129.52 (bear) to ₹180.17 (bull), the price of ₹662.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
DLF Limited reported revenue of ₹79.9B in FY2025 versus ₹54.1B in FY2021, a compound +10.2%/yr. Reported net income was ₹43.7B in FY2025, compounding +41.4%/yr from FY2021.
Key figures
Market cap ₹414B (≈ $4.3B) · P/E ratio 21.9 · P/S ratio 11.9 · EPS (TTM) ₹−2.30 · Dividend yield 1.1% · Net margin 54.6% · Return on assets (EBIT) 2.7% · Operating margin 13.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −77%, 532868 screens richer than that median.
Fair Value models
Bear ₹129.52
Fair Value ₹150.69
Bull ₹180.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
₹208.42
₹297.35
₹418.81
80
Growth DCF
₹213.90
₹296.00
₹403.26
79
5Y EBITDA Exit
₹126.12
₹172.91
₹223.45
76
All 15 models by family
DCF Models
FCF DCF
₹208.42
₹297.35
₹418.81
80
5Y Revenue Exit
₹110.83
₹145.72
₹186.31
74
5Y EBITDA Exit
₹126.12
₹172.91
₹223.45
76
10Y Revenue Exit
₹145.08
₹182.88
₹225.93
68
10Y EBITDA Exit
₹156.12
₹200.84
₹252.37
69
Dividend Discount
Gordon GGM
₹43.77
₹73.04
₹106.51
67
DDM Multi-Stage
₹43.77
₹63.73
₹84.90
67
Multiples
P/S Multiple
₹157.43
₹209.91
₹262.39
58
P/B Multiple
₹224.97
₹299.96
₹374.95
55
EV/EBIT
₹105.79
₹142.98
₹180.17
66
EV/EBITDA
₹88.19
₹119.52
₹150.84
67
EV/Revenue
₹55.75
₹82.12
₹108.49
53
Asset-Based
NCAV (Graham)
₹85.95
₹115.17
₹171.90
54
Growth DCF
Growth DCF
₹213.90
₹296.00
₹403.26
79
Economic Profit
Residual Income
₹151.11
₹166.89
₹203.75
76
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Set up alert →Quality Score breakdown
Overall quality
65/100
Of which business quality 67 · Market factors (momentum, volatility) 49
Profitability
41
Margins and returns on capital today
Quality Growth
56
Are margins and returns improving?
Cashflow
83
Earnings quality: real cash, not paper profit
Fin. Strength
72
Balance sheet, leverage, solvency risk
Investment
75
Disciplined investing over empire-building
Low Volatility
58
Calm price path (market factor)
Momentum
50
Price trend over the last 3–12 months (market factor)
52W Momentum
40
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
Start year 2020 (pandemic). Over 10 years: +0.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
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’24
’25
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)1.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 21%
⚠ Revenue per share shrinking 6.5%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 115% above its own trend.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 575 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Sun Hung Kai Properties Limited 0016 | HK$107.10 | HK$155.14 | +45% |
| China Resources Land Limited 1109 | HK$28.64 | HK$71.60 | +150% |
| CK Asset Holdings 1113 | HK$45.90 | HK$71.49 | +56% |
| Hongkong Land Holdings H78 | $8.57 | $1.52 | −82% |
| China Overseas Land & Investment Limited 0688 | HK$12.42 | HK$22.33 | +80% |
| Sino Land Company 0083 | HK$9.94 | HK$7.28 | −27% |
| Lodha Developers Limited LODHA | ₹1,165 | ₹274.14 | −76% |
| Poly Developments and Holdings 600048 | ¥5.77 | ¥5.87 | +2% |
| China Merchants Shekou Industrial Zone Holdings 001979 | ¥7.18 | ¥6.04 | −16% |
| The Wharf (Holdings) Limited 0004 | HK$19.39 | HK$8.31 | −57% |
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Frequently asked questions
Is DLF Limited (532868) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹150.69 versus a price of ₹662.60, about −77% upside (overvalued).
What is the fair value of 532868?
Our model-based fair value for DLF Limited is ₹150.69 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹662.60.
What is the quality score of 532868?
DLF Limited has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DLF Limited (532868)?
Our model-based price target is the fair value of ₹150.69 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario ₹129.52, optimistic scenario ₹180.17. It is a calculation from audited fundamentals, not an analyst target.
What is the DLF Limited stock forecast for 2026?
Our models put fair value at ₹150.69, about −77% upside versus a price of ₹662.60 (overvalued). Cautious scenario ₹129.52, optimistic scenario ₹180.17. The calculation is refreshed regularly with new filings.
What is the revenue of DLF Limited (532868)?
DLF Limited reported trailing-twelve-month revenue of about ₹53.0B (latest available figure, as of Sep 24, 2026).
Does DLF Limited pay a dividend?
DLF Limited currently shows a dividend yield of about 1.10% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of DLF Limited (532868)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DLF Limited it is ₹150.69 per share (as of Sep 24, 2026), against a price of ₹662.60. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is DLF Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532868 trades above its calculated fair value: price ₹662.60, fair value ₹150.69, a gap of about −77% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532868?
No. The price is what the market pays today (₹662.60); the fair value is what the company's own numbers justify (₹150.69). For DLF Limited the two are ₹511.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is DLF Limited worth?
The market values DLF Limited at about ₹414B (market capitalisation, as of Sep 24, 2026). Per share that is ₹662.60; our models calculate a fair value of ₹150.69 per share.
What do the bullish and bearish scenarios say about 532868?
Our models span a range for DLF Limited: cautious scenario ₹129.52, base ₹150.69, optimistic ₹180.17 per share (as of Sep 24, 2026, price ₹662.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532868?
DLF Limited trades at a price-to-earnings ratio of 21.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹150.69 is built from several models across several years. Other multiples: P/S 0.1, EV/EBITDA 2.1.
How solid is the balance sheet of DLF Limited (532868)?
Balance-sheet figures for DLF Limited (as of Sep 24, 2026): debt of 0.04 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 532868 from its 52-week high?
DLF Limited trades at ₹662.60, about 14% below its 52-week high of ₹769.74 and 33% above the low of ₹497.46 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹150.69 is for.
Which stocks are comparable to DLF Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, Hongkong Land Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DLF Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹662.60, calculated fair value ₹150.69 (−77%), Quality Score 65/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532868 calculated?
We run DLF Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹150.69, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. DLF Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DLF Limited (532868)?
The closing price on Oct 1, 2026 was ₹662.60. Our model-based fair value is ₹150.69, about −77% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DLF Limited right now?
The price sits above even our optimistic bull case (₹180.17). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of DLF Limited
How large is the market capitalisation of DLF Limited (532868)?
The market capitalisation of DLF Limited is ₹414B (≈ $4.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DLF Limited (532868)?
The price-to-sales ratio of DLF Limited is 11.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DLF Limited (532868)?
Earnings per share at DLF Limited are ₹−2.30 (price ÷ EPS = P/E 21.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DLF Limited (532868)?
The dividend yield of DLF Limited is 1.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DLF Limited (532868)?
The net margin of DLF Limited is 54.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of DLF Limited (532868)?
On an EBIT basis the return on assets of DLF Limited is 2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DLF Limited (532868)?
The operating margin of DLF Limited is 13.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DLF Limited (532868)?
Revenue at DLF Limited is growing −58.8% versus a year earlier (3y avg +11.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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