Buy DLF; target of Rs 320: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on DLF

DLF reported Revenue/EBITDA/APAT at Rs 15.4/5.0/4.5 bn, (8)/(9)/8% beat/(miss) on our estimates. Presales rebounded to Rs 10.2bn vs Rs 8.5bn QoQ. While office collection remains robust with +98% collections, occupancy declined to 94% from 97% on Sep 20-end. Retail is inching towards recovery with footfall at 60% and spending 70% of pre-pandemic level. Gradual recovery in presales, strong launch pipeline and REIT plans for DCCDL augur well for the company.

Outlook

We maintain BUY on DLF, with unchanged target price of Rs 320, given healthy balance sheet and change our FY21/FY22/FY23 EPS estimates by 4.2/0.5/0.6% to account for lower cost of debt.

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