Reported Earnings • May 14
Full year 2026 earnings: EPS in line with expectations, revenues disappoint Full year 2026 results: EPS: ₹17.83 (up from ₹17.65 in FY 2025). Revenue: ₹98.2b (up 23% from FY 2025). Net income: ₹44.1b (up 1.1% from FY 2025). Profit margin: 45% (down from 55% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 08
DLF Limited to Report Q4, 2026 Results on May 13, 2026 DLF Limited announced that they will report Q4, 2026 results on May 13, 2026 Reported Earnings • Jan 23
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹4.86 (up from ₹4.28 in 3Q 2025). Revenue: ₹20.2b (up 32% from 3Q 2025). Net income: ₹12.0b (up 14% from 3Q 2025). Profit margin: 60% (down from 69% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 8.5%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
DLF Limited to Report Q3, 2026 Results on Jan 22, 2026 DLF Limited announced that they will report Q3, 2026 results at 4:00 PM, Indian Standard Time on Jan 22, 2026 Reported Earnings • Oct 31
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: ₹4.77 (down from ₹5.58 in 2Q 2025). Revenue: ₹22.6b (up 3.7% from 2Q 2025). Net income: ₹11.8b (down 15% from 2Q 2025). Profit margin: 52% (down from 63% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 28%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
DLF Limited to Report Q2, 2026 Results on Oct 30, 2025 DLF Limited announced that they will report Q2, 2026 results on Oct 30, 2025 Announcement • Jul 29
DLF Limited to Report Q1, 2026 Results on Aug 04, 2025 DLF Limited announced that they will report Q1, 2026 results on Aug 04, 2025 Declared Dividend • Jul 16
Dividend increased to ₹6.00 Dividend of ₹6.00 is 20% higher than last year. Ex-date: 28th July 2025 Payment date: 2nd September 2025 Dividend yield will be 0.7%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹17.65 (up from ₹11.02 in FY 2024). Revenue: ₹79.9b (up 24% from FY 2024). Net income: ₹43.7b (up 60% from FY 2024). Profit margin: 55% (up from 42% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 32% per year. Announcement • Jul 14
DLF Limited, Annual General Meeting, Aug 04, 2025 DLF Limited, Annual General Meeting, Aug 04, 2025, at 12:30 Indian Standard Time. Reported Earnings • May 22
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹17.64 (up from ₹11.02 in FY 2024). Revenue: ₹79.9b (up 24% from FY 2024). Net income: ₹43.7b (up 60% from FY 2024). Profit margin: 55% (up from 42% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 34% per year. Announcement • May 13
DLF Limited to Report Q4, 2025 Results on May 19, 2025 DLF Limited announced that they will report Q4, 2025 results on May 19, 2025 Reported Earnings • Jan 25
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ₹4.28 (up from ₹2.65 in 3Q 2024). Revenue: ₹17.4b (up 14% from 3Q 2024). Net income: ₹10.6b (up 61% from 3Q 2024). Profit margin: 61% (up from 43% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
DLF Limited to Report Q3, 2025 Results on Jan 24, 2025 DLF Limited announced that they will report Q3, 2025 results on Jan 24, 2025 Announcement • Dec 04
DLF Limited Announces Chief Financial Officer Changes DLF Limited and approved the appointment of Mr. Badal Bagri, as Chief Financial Officer (CFO) of the Company, designated as Group CFO with effect from 6th December 2024. Further, with reference to earlier letter dated 13th May 2024 regarding the appointment of Mr. Ashok Kumar Tyagi as CFO in addition to his existing role and responsibilities as the Managing Director of the Company, would like to inform that, upon appointment of Mr. Bagri as stated above, Mr. Tyagi will cease to hold the position of CFO and will continue in his role as Managing Director of the Company. Mr. Bagri aged 52 years is a Chartered Accountant and Cost Accountant with a total work experience of around 30 years. Previously, he served as the Business Head of the Electronics vertical at Reliance Retail Limited. Prior to that he was CFO of Bharti Airtel Limited and has also held finance leadership roles at Genpact and GE India. Mr. Bagri has considerable experience in the fields of corporate finance & controllership, treasury, financial planning and analysis, tax, M & A transactions, investor relations, strategic planning and risk management etc. Mr. Ashok Kumar Tyagi was appointed as CFO in addition to his position as Managing Director of the Company until a new CFO is appointed. Upon the appointment of Mr. Badal Bagri as CFO, Mr. Tyagi will cease to hold the position of CFO w.e.f. 6th December 2024 and will continue in his existing role as Managing Director of the Company. Reported Earnings • Oct 26
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹5.58 (up from ₹2.52 in 2Q 2024). Revenue: ₹21.8b (up 62% from 2Q 2024). Net income: ₹13.8b (up 122% from 2Q 2024). Profit margin: 63% (up from 46% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 41%. Earnings per share (EPS) also surpassed analyst estimates by 73%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 25% per year. Announcement • Oct 19
DLF Limited to Report Q2, 2025 Results on Oct 25, 2024 DLF Limited announced that they will report Q2, 2025 results on Oct 25, 2024 Board Change • Oct 03
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. Independent Director Umesh Chaudhary was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 27
DLF Limited Approves Appointment of Mahender Singh as an Independent Director DLF Limited announced that the shareholders through postal ballot approved the appointment of Mr. Mahender Singh as an independent director of the company. Board Change • Jul 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Non-Executive & Non-Independent Director Savitri Devi Singh was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 21
DLF Limited to Report Q1, 2025 Results on Jul 25, 2024 DLF Limited announced that they will report Q1, 2025 results on Jul 25, 2024 Announcement • Jul 18
DLF Limited, Annual General Meeting, Aug 07, 2024 DLF Limited, Annual General Meeting, Aug 07, 2024, at 12:30 Indian Standard Time. Reported Earnings • Jul 18
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₹11.02 (up from ₹8.23 in FY 2023). Revenue: ₹64.3b (up 13% from FY 2023). Net income: ₹27.3b (up 34% from FY 2023). Profit margin: 42% (up from 36% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 17
Dividend increased to ₹5.00 Dividend of ₹5.00 is 25% higher than last year. Ex-date: 31st July 2024 Payment date: 6th September 2024 Dividend yield will be 0.6%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 06
DLF Limited Approves Appointment of Ajai Singh (Retd.) as an Independent Director DLF Limited approved appointment of Lt. Gen. Ajai Singh (Retd.) as an Independent Director. Board Change • May 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. Non-Executive & Non-Independent Director Savitri Devi Singh was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₹11.02 (up from ₹8.23 in FY 2023). Revenue: ₹64.3b (up 13% from FY 2023). Net income: ₹27.3b (up 34% from FY 2023). Profit margin: 42% (up from 36% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 15
DLF Limited Proposes Dividend for the Fiscal Year 2023-24 DLF Limited announced dividend of INR 5 each per equity share (250%) of face value of INR 2 each for fiscal year 2023-24, subject To Approve the shareholders. Announcement • May 08
DLF Limited to Report Q4, 2024 Results on May 13, 2024 DLF Limited announced that they will report Q4, 2024 results on May 13, 2024 Price Target Changed • Jan 29
Price target increased by 16% to ₹797 Up from ₹686, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of ₹769. Stock is up 118% over the past year. The company is forecast to post earnings per share of ₹10.78 for next year compared to ₹8.22 last year. Announcement • Jan 28
DLF Limited Announces Demise of Gurvirendra Singh Talwar, Non-Executive Director DLF Limited regrets to inform about the sad demise of Mr. Gurvirendra Singh Talwar, Non-Executive Director of the Company on 27th January 2024 which was intimated to the Company by the family members. Reported Earnings • Jan 25
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹2.65 (up from ₹2.10 in 3Q 2023). Revenue: ₹16.4b (up 9.9% from 3Q 2023). Net income: ₹6.57b (up 27% from 3Q 2023). Profit margin: 40% (up from 35% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 2.0%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 43% per year. Announcement • Jan 18
DLF Limited to Report Q3, 2024 Results on Jan 24, 2024 DLF Limited announced that they will report Q3, 2024 results on Jan 24, 2024 Price Target Changed • Jan 18
Price target increased by 9.9% to ₹686 Up from ₹624, the current price target is an average from 16 analysts. New target price is 12% below last closing price of ₹776. Stock is up 107% over the past year. The company is forecast to post earnings per share of ₹11.34 for next year compared to ₹8.22 last year. Announcement • Dec 12
DLF Limited Announces CFO Changes DLF Limited announced that after a stint of over 4 years, Mr. Vivek Anand, Group Chief Financial Officer, has decided to move on from the Company, to pursue other career avenues. Mr. Vivek Anand has played an important role in strengthening the Finance organization, systems and controls over the past 4 years. His resignation letter dated 11th December 2023 has been accepted by the Audit Committee in its meeting held on 11th December 2023 which placed on record their appreciation for his contributions to the Company. Mr. Vivek Anand will continue in his role until 29th February 2024. Mr. Ashok Kumar Tyagi, MD, DLF Limited, who has the overall responsibility for all Corporate functions, including Finance, will now have oversight of the Group Finance, IT, and Secretarial functions in addition to his current responsibilities as Managing Director. Mr. Tyagi has had a long stint as the Group CFO and continued to review the function in his role as CEO and Whole-time Director. He brings significant expertise and continuity to this responsibility. Price Target Changed • Nov 02
Price target increased by 8.8% to ₹589 Up from ₹542, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of ₹578. Stock is up 50% over the past year. The company is forecast to post earnings per share of ₹11.12 for next year compared to ₹8.22 last year. Reported Earnings • Oct 31
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ₹2.52 (up from ₹1.93 in 2Q 2023). Revenue: ₹14.8b (up 13% from 2Q 2023). Net income: ₹6.23b (up 31% from 2Q 2023). Profit margin: 42% (up from 37% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Announcement • Oct 24
DLF Limited to Report Q2, 2024 Results on Oct 30, 2023 DLF Limited announced that they will report Q2, 2024 results on Oct 30, 2023 Recent Insider Transactions • Sep 04
Insider recently sold ₹13m worth of stock On the 31st of August, Sanjay Goenka sold around 26k shares on-market at roughly ₹502 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹7.3b. Insiders have been net sellers, collectively disposing of ₹7.3b more than they bought in the last 12 months. Recent Insider Transactions • Aug 03
Chairman Emeritus recently sold ₹7.3b worth of stock On the 1st of August, Kushal Singh sold around 14m shares on-market at roughly ₹502 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹7.3b more than they bought in the last 12 months. Upcoming Dividend • Jul 21
Upcoming dividend of ₹4.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 02 September 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.6%). Reported Earnings • Jul 15
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹8.23 (up from ₹6.06 in FY 2022). Revenue: ₹56.9b (flat on FY 2022). Net income: ₹20.4b (up 36% from FY 2022). Profit margin: 36% (up from 26% in FY 2022). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jul 15
DLF Limited to Report Q1, 2024 Results on Jul 21, 2023 DLF Limited announced that they will report Q1, 2024 results on Jul 21, 2023 Announcement • Jul 14
DLF Limited, Annual General Meeting, Aug 04, 2023 DLF Limited, Annual General Meeting, Aug 04, 2023, at 12:30 Indian Standard Time. Agenda: To consider and adopt the Audited and consolidated Financial Statements of the Company for the financial year ended 31 March 2023 together with the Reports of the Board of Directors and Auditors thereon; to declare dividend on equity shares for the financial year ended 31 March 2023; to consider appointment of directors; and to consider any other matters. Price Target Changed • May 16
Price target increased by 9.3% to ₹482 Up from ₹441, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of ₹472. Stock is up 41% over the past year. The company is forecast to post earnings per share of ₹11.76 for next year compared to ₹8.22 last year. Announcement • May 13
DLF Limited Recommends Dividend for the Fiscal Year 2022-23 DLF Limited at its board meeting held on May 12, 2023, recommended dividend of INR 4 each per equity share (200%) of face value of INR 2 each for the fiscal year 2022-23, subject To Approve the shareholders. Reported Earnings • May 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹8.22 (up from ₹6.06 in FY 2022). Revenue: ₹60.1b (up 5.2% from FY 2022). Net income: ₹20.4b (up 36% from FY 2022). Profit margin: 34% (up from 26% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • May 12
DLF Limited Announces Demise of Rajiv Krishan Luthra, Non-Executive Independent Director DLF Limited announced demise of Mr. Rajiv Krishan Luthra, Non-Executive Independent Director on the Board of DLF Limited. Mr. Luthra left for his heavenly abode on late evening of 10th May 2023. Announcement • May 06
DLF Limited to Report Q4, 2023 Results on May 12, 2023 DLF Limited announced that they will report Q4, 2023 results at 4:00 PM, Indian Standard Time on May 12, 2023 Reported Earnings • Jan 26
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ₹2.10 (up from ₹1.53 in 3Q 2022). Revenue: ₹15.6b (flat on 3Q 2022). Net income: ₹5.19b (up 37% from 3Q 2022). Profit margin: 33% (up from 25% in 3Q 2022). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 19
DLF Limited to Report Q3, 2023 Results on Jan 25, 2023 DLF Limited announced that they will report Q3, 2023 results on Jan 25, 2023 Reported Earnings • Oct 22
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ₹1.93 (up from ₹1.53 in 2Q 2022). Revenue: ₹13.6b (down 8.1% from 2Q 2022). Net income: ₹4.77b (up 26% from 2Q 2022). Profit margin: 35% (up from 26% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
DLF Limited to Report Q2, 2023 Results on Oct 21, 2022 DLF Limited announced that they will report Q2, 2023 results at 12:08 PM, Indian Standard Time on Oct 21, 2022 Announcement • Aug 08
DLF Reportedly Mulls Auction Bid for Delhi Mall with Base Price of $366 Million DLF Limited (NSEI:DLF) is evaluating a bid for a prominent New Delhi shopping mall which has a starting auction price of $366 million, according to two sources and a public notice seen by Reuters. The 1.2 million square feet "Ambience Mall" in the posh southern district of India's capital has been put up for auction as its current owner, the Ambience Group, has not paid debt of $149 million to Indiabulls Housing Finance and other creditors, according to a previously unreported public auction notice. DLF will review data related to the mall's occupancy status and contractual obligations and then consider whether to bid for it or not, one of the sources with direct knowledge said on August 5, 2022. DLF declined to comment. A director of Ambience Group, Aman Gehlot, declined to comment on the notice or auction process. Indiabulls did not immediately respond to Reuters queries. A public notice stated the auction will end on September 5, 2022 and that the reserve price for the mall was INR 29 billion ($366 million). It was not immediately clear when the auction began. An Indiabulls executive involved in the auction process told Reuters two companies had expressed interest in the mall already, but declined to share their names. Upcoming Dividend • Jul 26
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.7%). In line with average of industry peers (0.7%). Announcement • Jul 23
DLF Limited to Report Q1, 2023 Results on Jul 29, 2022 DLF Limited announced that they will report Q1, 2023 results at 4:00 AM, Indian Standard Time on Jul 29, 2022 Announcement • Jul 20
DLF Limited Recommends Dividend for the Fiscal Year 2021-2022, Payable on or Before September 8, 2022 DLF Limited announced that the board of directors have recommended dividend of INR 3 per equity share of the face value of INR 2 each for fiscal year 2021-2022, subject To Approve the shareholders at the upcoming Annual General Meeting to be held on August 10, 2022. Pursuant to Regulation 42 of SEBI LODR, the Company has fixed August 3, 2022 as the Record Date for determining entitlement of shareholders for payment of dividend for fiscal year 2021-2022. The dividend will be paid /dispatched to the shareholders on or before September 8, 2022, if approved by the shareholders and subject to deduction of tax at source at applicable rates. Reported Earnings • Jul 20
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹6.06 (up from ₹4.42 in FY 2021). Revenue: ₹57.2b (up 5.6% from FY 2021). Net income: ₹15.0b (up 37% from FY 2021). Profit margin: 26% (up from 20% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 14%, compared to a 21% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jul 19
DLF Limited, Annual General Meeting, Aug 10, 2022 DLF Limited, Annual General Meeting, Aug 10, 2022, at 12:30 Indian Standard Time. Agenda: To consider and adopt the Audited Financial Statements of the Company for the financial year ended 31 March 2022 together with the Reports of the Board of Directors and Auditors thereon; to consider dividend on equity shares for the financial year ended 31 March 2022; to consider appoint a Director in place of Mr. Gurvirendra Singh Talwar (DIN: 00559460), who retires by rotation and being eligible, offers himself for re-appointment; and to consider other matters. Announcement • May 19
DLF Limited Announces Recommends Dividend for the Fiscal Year 2021-22 The Board of Directors of the DLF Limited at its meeting held 17 May 2022 has considered and approved, recommendation of Dividend of 3 each per equity share of face value of 2 each for the Fiscal Year 2021-22, subject To Approve the shareholders. Reported Earnings • May 19
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹6.06 (up from ₹4.42 in FY 2021). Revenue: ₹57.2b (up 5.6% from FY 2021). Net income: ₹15.0b (up 37% from FY 2021). Profit margin: 26% (up from 20% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 11%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • May 12
DLF Limited to Report Q4, 2022 Results on May 17, 2022 DLF Limited announced that they will report Q4, 2022 results on May 17, 2022 Reported Earnings • Feb 01
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹1.53 (down from ₹1.82 in 3Q 2021). Revenue: ₹16.9b (up 9.3% from 3Q 2021). Net income: ₹3.79b (down 16% from 3Q 2021). Profit margin: 23% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 7.4%, compared to a 24% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Price Target Changed • Nov 02
Price target increased to ₹406 Up from ₹360, the current price target is an average from 13 analysts. New target price is 5.6% below last closing price of ₹430. Stock is up 163% over the past year. The company is forecast to post earnings per share of ₹7.17 for next year compared to ₹4.42 last year. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹1.53 (vs ₹0.94 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: ₹15.6b (down 9.7% from 2Q 2021). Net income: ₹3.79b (up 63% from 2Q 2021). Profit margin: 24% (up from 14% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Recent Insider Transactions • Sep 25
Insider recently sold ₹11m worth of stock On the 22nd of September, Rajeev Talwar sold around 30k shares on-market at roughly ₹365 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹18m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₹402, the stock trades at a forward P/E ratio of 51x. Average forward P/E is 33x in the Real Estate industry in India. Total returns to shareholders of 139% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 30 September 2021. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.5%). Recent Insider Transactions • Aug 04
Insider recently sold ₹1.5m worth of stock On the 30th of July, Sunil Arora sold around 5k shares on-market at roughly ₹338 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.9m. Insiders have been net sellers, collectively disposing of ₹6.9m more than they bought in the last 12 months. Price Target Changed • Jul 29
Price target increased to ₹337 Up from ₹314, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of ₹340. Stock is up 143% over the past year. Reported Earnings • Jul 27
First quarter 2022 earnings released: EPS ₹1.36 (vs ₹0.29 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹11.4b (up 108% from 1Q 2021). Net income: ₹3.37b (up ₹4.08b from 1Q 2021). Profit margin: 30% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jul 03
Insider recently sold ₹3.9m worth of stock On the 30th of June, Puneet Rakheja sold around 14k shares on-market at roughly ₹281 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹5.3m more than they bought in the last 12 months. Price Target Changed • Jun 26
Price target increased to ₹316 Up from ₹294, the current price target is an average from 14 analysts. New target price is 7.7% above last closing price of ₹294. Stock is up 90% over the past year. Price Target Changed • Jun 14
Price target increased to ₹309 Up from ₹284, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of ₹299. Stock is up 105% over the past year. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS ₹4.42 (vs ₹2.41 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹54.1b (down 11% from FY 2020). Net income: ₹10.9b (up ₹16.8b from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 01
CEO & Whole-time Director Rajeev Talwar has left the company On the 31st of March, Rajeev Talwar, was replaced as CEO by Devinder Singh after 5.6 years in the role. We don't have any record of a personal shareholding under Rajeev's name. A total of 5 executives have left over the last 12 months. Under Rajeev's leadership, the company delivered a total shareholder return of 172%. Executive Departure • Apr 01
Non-Executive Independent Director has left the company On the 31st of March, Dharam Kapur's tenure as Non-Executive Independent Director ended after 15.0 years in the role. We don't have any record of a personal shareholding under Dharam's name. A total of 5 executives have left over the last 12 months. Executive Departure • Apr 01
Lead Independent Director has left the company On the 31st of March, Kashi Memani's tenure in the role of Lead Independent Director ended. We don't have any record of a personal shareholding under Kashi's name. A total of 5 executives have left over the last 12 months. Is New 90 Day High Low • Mar 04
New 90-day high: ₹326 The company is up 54% from its price of ₹211 on 04 December 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹25.84 per share. Is New 90 Day High Low • Feb 04
New 90-day high: ₹305 The company is up 82% from its price of ₹168 on 06 November 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹19.52 per share. Price Target Changed • Feb 01
Price target raised to ₹249 Up from ₹230, the current price target is an average from 14 analysts. The new target price is 12% below the current share price of ₹282. As of last close, the stock is up 22% over the past year. Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS ₹1.82 (vs ₹1.67 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₹16.7b (up 24% from 3Q 2020). Net income: ₹4.51b (up 9.0% from 3Q 2020). Profit margin: 27% (down from 31% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 93% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 22%, compared to a 15% growth forecast for the Real Estate industry in India. Price Target Changed • Jan 27
Price target raised to ₹234 Up from ₹217, the current price target is an average from 13 analysts. The new target price is 9.5% below the current share price of ₹259. As of last close, the stock is down 0.08% over the past year. Announcement • Jan 23
DLF Limited to Report Q3, 2021 Results on Jan 29, 2021 DLF Limited announced that they will report Q3, 2021 results on Jan 29, 2021 Price Target Changed • Jan 20
Price target raised to ₹228 Up from ₹211, the current price target is an average from 12 analysts. The new target price is 21% below the current share price of ₹290. As of last close, the stock is up 12% over the past year. Is New 90 Day High Low • Jan 19
New 90-day high: ₹289 The company is up 68% from its price of ₹172 on 21 October 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹184 per share. Is New 90 Day High Low • Dec 30
New 90-day high: ₹236 The company is up 51% from its price of ₹156 on 01 October 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹181 per share. Recent Insider Transactions • Dec 22
Insider recently sold ₹450k worth of stock On the 16th of December, Gopal Ramdev sold around 2k shares on-market at roughly ₹225 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹958k. Insiders have been net sellers, collectively disposing of ₹1.9m more than they bought in the last 12 months. Recent Insider Transactions • Dec 15
Insider recently sold ₹958k worth of stock On the 8th of December, Giriraj Tripathi sold around 5k shares on-market at roughly ₹208 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹1.5m more than they bought in the last 12 months. Is New 90 Day High Low • Dec 09
New 90-day high: ₹212 The company is up 41% from its price of ₹150 on 10 September 2020. The Indian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹26.20 per share. Is New 90 Day High Low • Nov 11
New 90-day high: ₹181 The company is up 22% from its price of ₹148 on 13 August 2020. The Indian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹12.87 per share. Announcement • Sep 13
DLF Limited to Report Q1, 2021 Results on Aug 05, 2020 DLF Limited announced that they will report Q1, 2021 results on Aug 05, 2020 
