Buy DLF; target of Rs 954: ICICI Securities

ICICI Securities research report on DLF

DLF clocked INR 212bn of sales bookings in FY25 driven mainly by the stellar response to its super-luxury Dahlias project in Phase V, Gurugram, which clocked over INR 135bn of sales bookings at a carpet area realisation of over INR 100,000/psf. The company aims for ~INR 1,145bn of sales bookings, of which ~INR 406bn has already been launched till Mar’25 (~35% of overall target); another 15% is expected to be launched in FY26. We model sales bookings of INR 239bn in FY26E (guidance of INR 210bn) and INR 273bn in FY27E.

Outlook

For DCCDL, we estimate rental EBITDA of INR 55bn in FY26 and INR 62bn in FY27 driven by new completions. Retain BUY; TP revised to INR 954 (vs. INR 915 earlier), as we roll forward to Mar’26E NAV and retain our 20% premium to NAV of INR 795/share. Key risk: Weakness in office leasing and residential demand.

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