DLF Limited (DLF.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.1%

₹457.13

vs ₹704.75 price

Levered DCF

₹1,008.12

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.67

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.27×	37.59×	86.05×	43.39×	62.78×	64.94×	-57.03×	26.5×
P/B	2.74×	3.86×	5.95×	2.34×	2.59×	2.01×	0.97×	1.28×
P/S	15.23×	20.53×	36.52×	15.5×	16.47×	13.12×	5.47×	5.14×
EV / EBITDA	23.17×	77.06×	112.42×	52.99×	56.22×	52.3×	33.97×	25.72×
Gross margin	31.3%	48.3%	56.5%	57.3%	52.0%	47.4%	44.4%	40.8%
Operating margin	15.9%	40.6%	47.7%	47.4%	45.5%	40.8%	36.9%	35.1%
Net margin	53.9%	54.6%	42.4%	35.7%	26.3%	20.2%	-9.6%	15.8%
Current ratio	1.54×	1.85×	2.3×	2.3×	2.32×	2.08×	1.83×	1.31×
Debt / equity	0.01×	0.1×	0.12×	0.09×	0.12×	0.19×	0.24×	0.51×
Interest coverage	6.56×	8.16×	8.59×	6.88×	4.16×	2.59×	1.57×	1.42×
Dividend yield	1.2%	0.8%	0.4%	0.8%	0.5%	0.3%	2.4%	0.4%
Payout ratio	33.5%	28.2%	36.2%	36.5%	33.1%	18.2%	-138.5%	12.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.7%	10.3%	6.9%	5.4%	4.1%	3.1%	-1.7%	3.9%
Return on invested capital	2.5%	6.6%	5.3%	5.0%	4.9%	3.6%	-1.9%	4.6%
Return on assets	5.9%	6.3%	4.5%	3.8%	2.9%	2.0%	-1.0%	2.0%
Free cash flow yield	6.6%	3.1%	1.0%	2.6%	2.8%	2.0%	0.4%	3.3%
Earnings yield	3.5%	2.7%	1.2%	2.3%	1.6%	1.5%	-1.8%	3.1%
Enterprise value	₹1.2T	₹1.6T	₹2.4T	₹914.6B	₹980.8B	₹768.5B	₹400.1B	₹559.5B
Net debt / EBITDA	-1.47×	-0.11×	1.91×	1.84×	2.24×	3.94×	5.73×	5.96×
Cash conversion cycle (days)	1,548	2,012	2,650	2,845	2,623	2,739	2,496	1,703