Buy DLF; target of Rs 954: ICICI Securities

ICICI Securities's research report on DLF

DLF clocked INR 212bn of sales bookings in FY25; Q1FY26 started on a strong note with sales bookings of INR 114bn driven primarily by the Privana Phase 3, Gurugram launch with Mumbai launch in Jul’25 garnering over ~INR 20bn of sales bookings. Going forward, it targets ~INR 1,145bn of sales bookings of which ~INR 516bn has already been launched till Jun’25 (~45% of overall target), with another 15% expected to be launched in FY26. We model sales bookings of INR 239bn in FY26E (company guidance of INR 210bn) and INR 273bn in FY27E. For DCCDL.

Outlook

We estimate rental EBITDA of INR 55bn in FY26E and INR 62bn in FY27E driven by new completions. Retain BUY with an unchanged TP of INR 954, based on Mar’26E NAV and retain 20% premium to NAV of INR 795. Key risks: Weakness in office leasing and residential demand.