Buy DLF; target of Rs 915: ICICI Securities

ICICI Securities research report on DLF

DLF recently held an Analyst meet. Management reiterated focus on achieving DLF’s medium-term goal of execution of its INR 1,145bn GDV across its residential ongoing and upcoming/pipeline projects over the next 4–5 years. Buoyed by strong cash generation and a net cash balance sheet at DLF (ex-DCCDL) level, it now aims to be zero net debt at the group level (including DCCDL) over the medium-term. In its rental business, DLF aims to achieve an annualised rental income of over INR 100bn by FY30 by reaching ~73msf of operational rental area across offices/malls through incremental capex of ~INR 200bn over the medium-term.

Outlook

Retain BUY; SoTP-based TP of INR 915 unchanged, based on 20% premium to Mar’25E NAV of INR 763/share.

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