Realty · DLFU
Realty - National
from 674 today
DLF benefits from strong premium residential demand, robust cash generation, and a rapidly expanding annuity platform. We reiterate our BUY rating with a target price of INR870/share.
DLF’s Q1FY27 pre-sales plunged 94% YoY to INR6.6bn as the company didn’t launch any project and consciously curtailed sales velocity in Dahlias pending opening of the experience centre. Maintain ‘BUY’ with a revised TP of INR780 on par with Q1FY29E NAV.
DLF reported a weak 1QFY27 on pre-sales and revenue due to a limited launch pipeline, though cash generation remained robust. Backed by a net cash balance sheet, NCR leadership, a luxury product mix, and a strong launch pipeline, we reiterate our BUY recommendation with a revised SoTP target price of INR870/share.
DLF clocked Q1FY27 sales bookings of INR 7bn with no major launch during the quarter, but maintains its FY27 sales booking guidance of INR 200bn driven by multiple upcoming launches. Maintain BUY with an unchanged target price of INR 943.
In 1QFY27, pre-sales were very weak due to deferred launches, but a strong upcoming launch pipeline of INR200b in FY27 is expected to revive pre-sales. Healthy leasing traction and strong cash generation keep the balance sheet sturdy with an improved net cash position.
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