DLF Limited (DLF) fair value: what the stock is really worth
We calculate from audited financials what DLF Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹270.56 – ₹936.02 · fair‑value band ₹155.76 – ₹223.96 · the ₹644.35 price screens above the ₹170.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
DLF Limited, together with its subsidiaries, engages in the business of colonization and real estate development in India. The company offers real estate development activities, including 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. The company offers real estate development activities, including identification and acquisition of land, and planning, execution, construction, and marketing of projects. The company also develops and sells residential housing projects; and operates and maintains commercial office spaces, including under-construction projects, as well as retail properties, such as malls, shopping complexes, recreational spaces, and hotels and clubs. In addition, the company engages in leasing, maintenance, power generation, and recreational activities. It owns and operates The Lodhi Hotel and the Hilton Garden Inn. DLF Limited was founded in 1946 and is headquartered in Gurugram, India. DLF Limited operates as a subsidiary of Rajdhani Investments and Agencies Private Limited.
Stock analysis
DLF Limited (DLF) currently trades at ₹644.35, while our model-based Fair Value estimate is ₹170.37, implying the stock looks roughly 278.2% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹639.44 per share, and 1 of the 15 models we run sit above the ₹644.35 price.
Bear case: the Dividend Discount group reads lowest at ₹95.55, and 14 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹155.76 (bear) to ₹223.96 (bull), the price of ₹644.35 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 68/100 (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 ₹81.9B in FY2026 versus ₹57.2B in FY2022, a compound +9.4%/yr. Reported net income was ₹44.1B in FY2026, compounding +31.0%/yr from FY2022.
Key figures
Market cap ₹1.6T (≈ $16.6B) · P/E ratio 36.1 · P/S ratio 19.4 · EPS (TTM) ₹17.86 · Dividend yield 1.2% · Net margin 53.9% · Return on equity 10.0% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 32% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −17% fair-value upside, at −74%, DLF screens richer than that median.
Fair Value models
Bear ₹155.76Fair Value ₹170.37Bull ₹223.96
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹4.70 per share) are deliberately not added.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.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.
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.82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.5%
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.
+12.9%
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.
+8.6%
Revenue growth 24 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.
+12.4%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+36.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.6%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.28% vs 19%, picking up
Profit margin 2002 to 2026 ⓘ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.32% → 16%
2026 sits 62% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 3.6%/yr over ~10Y (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.
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.8%
Yearly sales growth analysts expect, extended to five years.
Price, fair value, quality and upside side by side.
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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 · 572 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−79% · Bottom 25%
Profitability
Return on equity (TTM)10% · Top 25%
Return on assets1% · Above median
Net margin (TTM)54% · Top 25%
Operating margin (TTM)21% · Above median
Growth and dividend
Revenue growth−42% · Bottom 25%
Dividend yield (TTM)1.2% · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (TTM)36.1× · Priciest 25%
P/B3.58× · Priciest 25%
P/S (TTM)19.87× · Priciest 25%
P/FCF0.2× · Cheaper than median
PEG0.14× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 51
FUTURE (revenue growth)0· sector 0
PAST (return on equity)40· sector 11
HEALTH (low debt)100· sector 85
DIVIDEND (yield)25· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "DLF Limited Fair Value". https://www.fairvalue-calculator.com/stock/DLF
Frequently asked questions
Is DLF Limited (DLF) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹170.37 versus a price of ₹644.35, about −74% upside (overvalued).
What is the fair value of DLF?
Our model-based fair value for DLF Limited is ₹170.37 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹644.35.
What is the quality score of DLF?
DLF Limited has a Quality Score of 68/100. 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 (DLF)?
Our model-based price target is the fair value of ₹170.37 (as of Sep 18, 2026) from 15 valuation models. Cautious scenario ₹155.76, optimistic scenario ₹223.96. 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 ₹170.37, about −74% upside versus a price of ₹644.35 (overvalued). Cautious scenario ₹155.76, optimistic scenario ₹223.96. The calculation is refreshed regularly with new filings.
What is the revenue of DLF Limited (DLF)?
DLF Limited reported trailing-twelve-month revenue of about ₹81.9B (latest available figure, as of Sep 18, 2026).
Does DLF Limited pay a dividend?
DLF Limited currently shows a dividend yield of about 1.24% relative to its recent price (as of Sep 18, 2026).
What growth is priced into DLF Limited (DLF)?
For today's price to be fair in a discounted-cash-flow model, DLF Limited would have to grow free cash flow by +9.5 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.6 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of DLF use?
Our models discount DLF Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.30, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DLF Limited that is +9.5 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has DLF Limited (DLF) delivered so far?
Over the past 5 years revenue at DLF Limited grew +8.6 % a year. The price currently implies +9.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DLF Limited (DLF) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into DLF Limited (+9.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DLF Limited (DLF)?
The free-cash-flow yield on the price is 5.15 %: that much free cash flow DLF Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DLF Limited (DLF)?
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 ₹170.37 per share (as of Sep 18, 2026), against a price of ₹644.35. 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 18, 2026, DLF trades above its calculated fair value: price ₹644.35, fair value ₹170.37, a gap of about −74% (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 DLF?
No. The price is what the market pays today (₹644.35); the fair value is what the company's own numbers justify (₹170.37). For DLF Limited the two are ₹473.98 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 ₹1.6T (market capitalisation, as of Sep 18, 2026). Per share that is ₹644.35; our models calculate a fair value of ₹170.37 per share.
What do the bullish and bearish scenarios say about DLF?
Our models span a range for DLF Limited: cautious scenario ₹155.76, base ₹170.37, optimistic ₹223.96 per share (as of Sep 18, 2026, price ₹644.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DLF?
DLF Limited trades at a price-to-earnings ratio of 36.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹170.37 is built from several models across several years. Other multiples: PEG 0.1, P/B 3.6, P/S 19.9.
What is the PEG ratio of DLF?
The PEG ratio of DLF Limited is 0.14 (P/E divided by earnings growth, as of Sep 18, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of DLF Limited (DLF)?
Balance-sheet figures for DLF Limited (as of Sep 18, 2026): return on equity 10.0%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is DLF from its 52-week high?
DLF Limited trades at ₹644.35, about 27% below its 52-week high of ₹880.36 and 32% above the low of ₹489.40 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹170.37 is for.
Which stocks are comparable to DLF Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, CK Asset Holdings, Hongkong Land Holdings, China Overseas Land & Investment Limited, 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 18, 2026: price ₹644.35, calculated fair value ₹170.37 (−74%), Quality Score 68/100, 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 DLF 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 ₹170.37, 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 16.1 % 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 (DLF)?
The closing price on Sep 18, 2026 was ₹644.35. Our model-based fair value is ₹170.37, about −74% 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 (₹223.96). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) 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.
Where does the earnings growth of DLF Limited (DLF) come from?
Earnings per share at DLF Limited grew +20.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share −5.0 %, EBIT margin −4.5 %, tax rate +5.0 %, residual (interest, one-offs) +26.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of DLF Limited
How large is the market capitalisation of DLF Limited (DLF)?
The market capitalisation of DLF Limited is ₹1.6T (≈ $16.6B). 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 (DLF)?
The price-to-sales ratio of DLF Limited is 19.4 (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 (DLF)?
Earnings per share at DLF Limited are ₹17.86 (price ÷ EPS = P/E 36.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DLF Limited (DLF)?
The dividend yield of DLF Limited is 1.2% (payout 44.8%). 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 (DLF)?
The net margin of DLF Limited is 53.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DLF Limited (DLF)?
The return on equity (ROE) of DLF Limited is 10.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DLF Limited (DLF)?
On an EBIT basis the return on assets of DLF Limited is 4.3% (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 (DLF)?
The operating margin of DLF Limited is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DLF Limited (DLF)?
Revenue at DLF Limited is growing −42.0% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DLF Limited (DLF)?
Earnings per share at DLF Limited are growing −1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does DLF Limited (DLF) hold?
DLF Limited holds more cash than debt, ₹74.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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