Motilal Oswal's research report on DLF
In 1QFY26, bookings surged 78% YoY/5x QoQ to INR114b (11% below our est.), fueled by healthy sales from the luxury project, DLF Privana North, launched during the quarter. Privana North contributed INR110b or ~96% of total presales, while the remaining 4% came from Dahlias. Collections declined 6% YoY/16% QoQ to INR28b (45% below est.). As a result, OCF fell 14% YoY/37% QoQ to INR16b. Net cash stood at INR80b vs. INR68b in 4QFY25.
Outlook
We reiterate our BUY rating with a revised TP of INR1,005 (vs. INR967 earlier).
For all recommendations report, click here
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