DLF shares climbed 0.2% to ₹676.25 on Monday after unveiling Q3 figures. The stock closed at ₹675 on Friday, marking a modest 2% month‑to‑date gain while slipping 2% year‑to‑date.
September quarter presales leapt 478% sequentially to ₹3,800 crore, but dropped 12% year‑on‑year, according to JPMorgan’s filing. Net operating cash flow rose 37% to ₹1,860 crore, and free cash before dividends climbed 27% to ₹1,440 crore.
HSBC now targets ₹950, a 41% upside from Friday’s close, while Jefferies, CLSA and JPMorgan set ₹830, ₹810 and ₹800 respectively, translating to 23%, 20% and 19% gains. Nomura’s lower target of ₹740 still offers a 10% upside, reflecting divergent risk assessments.
The bullish outlook hinges on a rebound in luxury housing demand and steadier cash flows from leasing and development, with occupancy above 95% reported. DLF projects a full‑year presales target of ₹20,000 crore for FY27, underpinned by new launches slated for the second half.
Management highlighted a net cash position of ₹61 per share and an expectation to deliver 11–12 million sq ft of annuity assets by FY30, positioning the company for sustained revenue recognition. Investors will watch next quarter’s guidance and any updates on project timelines.