Shares of DLF Ltd. were trading higher on Monday, October 19, as global investment banking firms remained bullish on the real estate major, with HSBC seeing as much as 41% upside after raising its target price to ₹950 from ₹920. Analysts cited a recovery in presales, resilient luxury housing demand and improving cash flows as key growth drivers.
Jefferies has a target price of ₹830 per share, implying a 23% upside from Friday’s close of ₹675. CLSA has a target of ₹810, pointing to a 20% upside, while JPMorgan sees an upside of nearly 19% on DLF, with a target price of ₹800. Nomura has the lowest target price of ₹740, implying a potential upside of about 10%.
HSBC has also raised its target price on DLF to ₹950 from ₹920, maintaining a ‘Buy’ rating. The revised target implies an upside of around 41% from Friday’s closing price of ₹675.
Jefferies on DLF: Buy, target price ₹830
Global investment banking firm Jefferies has maintained a “Buy” rating on DLF with a target price of ₹830 per share. It expects a revival in new launches and sustained demand for luxury housing to support the company’s financial year 2026-27 (FY27) presales guidance of ₹20,000 crore.
Jefferies said DLF’s leasing business remains steady, with occupancy above 95%. However, it expects financial performance in FY27 to remain uneven despite a better-than-expected contribution from other income in the September quarter.
The firm also highlighted the development business’s strong net cash position of ₹61 per share.
CLSA on DLF: Outperform, target price ₹810
CLSA has an “Outperform” rating on DLF with a target price of ₹810 per share. It highlighted September-quarter presales of ₹3,800 crore, driven by the sell-out of the Aureva senior living project.
The firm noted that operating cash flow improved on the back of higher collections and lower operating expenses. Upcoming launches in the second half of FY27 are expected to support the company’s presales guidance of ₹20,000 crore for the full year.
CLSA also expects DLF to complete 11-12 million square feet of annuity assets by FY30, while FY28 could mark an inflection point for revenue recognition.
JPMorgan on DLF: Overweight, target price ₹800
Global investment banking firm JPMorgan has an “Overweight” rating on DLF with a target price of ₹800 per share. It said presales recovered to ₹3,800 crore in the September quarter, up 478% sequentially but down 12% year-on-year.
The Aureva project was sold out at around ₹1,900 crore, while the Dahlias and Camellias projects contributed another ₹1,900 crore. Realisations at Dahlias crossed ₹1 lakh per square foot, with prices rising 10% sequentially.
Collections increased 4% year-on-year to ₹2,780 crore, while net operating cash flow rose 37% to ₹1,860 crore. Net free cash flow before dividends increased 27% year-on-year to ₹1,440 crore.
JPMorgan said the development business’s net cash position remained broadly stable at ₹15,100 crore after dividend payments.
Nomura on DLF: Buy, target price ₹740
Nomura has a “Buy” rating on DLF with a target price of ₹740 per share. It noted that September-quarter pre-sales of ₹3,800 crore exceeded its estimate of ₹2,500 crore, keeping the company on track to meet its FY27 pre–sales target of ₹20,000 crore.
However, revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) were below consensus estimates. Nomura expects stronger revenue recognition from the September quarter of FY28.
The firm also highlighted annual free cash flow of ₹7,000 crore to ₹8,000 crore as a source of support for shareholder returns and new business development. Annuity income is expected to grow at a compound annual growth rate of 12% – 13% as new assets become operational, while execution in luxury and super-luxury projects remains a key growth driver.
Analysts view and stock reaction
24 analysts have coverage on DLF with 22 of them having a “buy” rating on the stock, while one analyst each have a “hold” and “sell” rating. The consensus estimates of price targets implies an upside potential of more than 22% from Friday’s closing price.
Shares of DLF are trading 0.2% higher on Monday after the results at ₹676.25. The stock is up 2% in the last one month, but is down 2% so far for the year, indicating narrow, rangebound trading.
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