# DLF (DLF) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/dlf

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹752.9
- Change: +1.03%
- As of: 2026-11-06
- 1D return: +1.03%
- 5D return: +8.87%
- 1M return: +18.20%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

DLF (₹752.90) is positioned near the upper end of its recent trading ranges, sitting +100% above its 20-day and 50-day lows and +89.2% above its 252-day low. The daily trend is bullish, with price holding above all key moving averages (20, 50, 200 SMA/EMA) and the Supertrend indicator. Momentum indicators show a developing trend on the daily timeframe (ADX 22.25), supported by a strong Plus DI (36.07) versus Minus DI (10.28). Participation was notable on 2026-11-05, when an extreme upward volume-price anomaly occurred with a 2.84x volume ratio and a 3.5% return. However, monthly and weekly trend strength remains weak (ADX 19.77 and 13.01 respectively), suggesting the current rally may lack broad conviction across longer horizons. Risk metrics indicate high volatility (+30.8% annualized) and a significant maximum drawdown of -42.7%, while the stock currently sits in a -14.5% drawdown from its available high. Immediate resistance lies at ₹753.73 (0.11% away) and ₹762.27 (1.24% away), with support at ₹739.47 (pivot) and ₹738.14 (low).

- Trend Structure: Daily trend is bullish with price above all major MAs and Supertrend; however, weekly (ADX 13.01) and monthly (ADX 19.77) trend strength is weak.
- Momentum & Participation: Extreme upward volume-price anomaly recorded on 2026-11-05 (2.84x volume, +3.5% return); daily ADX at 22.25 indicates developing trend strength.
- Price Positioning: Trading near upper bounds of 20-day, 50-day, and 252-day ranges (+89.2% to +100%); current price ₹752.90 is just below immediate resistance at ₹753.73.
- Risk Profile: High volatility (+30.8% annualized) and significant historical maximum drawdown (-42.7%); current drawdown from peak is -14.5%.

- Bullish Engulfing Reversal
- Doji
- Inside Bar
- Harami

### News Context

On November 6, 2026, DLF announced a strategic partnership with Singapore-based Everstone Group to acquire a significant stake in IREO India. The companies will form a joint venture in which DLF invests approximately ₹3,750 crore for a majority stake. This capital is designated to purchase at least a 20% stake in IREO Private Ltd and other group entities, resulting in an aggregate economic interest of roughly 40%. The transaction is subject to customary closing conditions, including due diligence and regulatory approvals, with an expected closure in 2027. Post-acquisition, IREO’s operations will be managed by an independent team under a governance framework guided by both partners.

Separately, on November 3, 2026, domestic broker SMIFS identified DLF as a top stock pick for November, citing renewed buying interest driven by supportive domestic and global cues. Mirae Asset ShareKhan also recommended buying DLF shares, pointing to technical breakouts and positive momentum. These analyst views reflect external market sentiment but do not alter the fundamental corporate development regarding the IREO acquisition.

- DLF commits ₹3,750 crore via a JV with Everstone to acquire ≥20% stake (≈40% aggregate economic interest) in IREO India, pending regulatory approval and due diligence.
- Transaction expected to close in 2027; IREO India companies will operate under an independent management team guided by a joint governance framework.
- SMIFS named DLF a top November pick based on eased crude oil prices and strong economic growth; Mirae Asset ShareKhan cited technical breakouts and bullish sentiment.

- [DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- [DLF, Everstone join hands to invest in IREO group companies](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- [DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- [HPCL, DLF, Torrent Pharma among top picks for November; check price targets, risk-reward & more](https://www.businesstoday.in/markets/trending-stocks/story/hpcl-dlf-torrent-pharma-among-top-picks-for-november-check-price-targets-risk-reward-more-565289-2026-11-03)
- [Top stocks to buy today: Stock market recommendations for November 3, 2026 - check list](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-november-03-2026-adani-green-dlf-hindalco-bpcl-stocks-to-buy-today/articleshow/135480526.cms)

### What Changed

On 6 November 2026, DLF announced a strategic joint venture with Singapore-based Everstone Group to acquire a significant stake in IREO India Companies. Under the binding term sheet, DLF will invest approximately ₹3,750 crore for a majority stake in the JV, which intends to secure at least a 20% stake in IREO Private Ltd and other group entities, resulting in an aggregate economic interest of around 40%. The transaction is subject to customary closing conditions, including due diligence and regulatory approvals, with an expected close in 2027. Post-transaction, IREO’s operations will be managed by an independent team under a governance framework guided by both partners. Following the announcement, DLF’s shares traded at ₹752.9 on the NSE, up from the previous recorded price of ₹745.2.

- DLF enters a JV with Everstone Group to invest ₹3,750 crore for a majority stake, targeting an aggregate ~40% economic interest in IREO India Companies.
- The deal aims to acquire at least a 20% stake in IREO Private Ltd and related entities, with management transitioning to an independent team under shared governance.
- Closing is conditional on due diligence and regulatory approvals, with an expected timeline of 2027.
- DLF’s NSE share price rose to ₹752.9 on 6 November 2026, following a prior level of ₹745.2.

- [DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- [DLF, Everstone join hands to invest in IREO group companies](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- [DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- [Press Release |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)

### Official Filings

DLF Limited’s Board approved unaudited financial results for Q2 FY27 (ended 30 September 2026) on 16 October 2026. Consolidated revenue stood at ₹2,298 crores, significantly boosted by a one-time valuation gain of ₹738 crores from a joint venture investment. New sales bookings were reported at approximately ₹3,800 crores during the quarter. Management noted strong demand in luxury segments, including a complete sellout of the Aureva retirement housing project and continued momentum in Dahlias, while highlighting that accounting revenue recognition remains constrained by the completed contract method until key projects like Arbour commission in FY27-28.

A separate governance update involves the reclassification of Madhukar Housing and Development Company from ‘Promoter/ Promoter Group’ to ‘Public’. This change is subject to exchange approval and does not affect DLF’s operations or existing shareholding structure, with promoters continuing to hold 74.08% of paid-up equity share capital. The limited-review reports accompanying the financials highlight uncertainty over pending litigation, specifically a ₹630.00 crore Competition Commission of India penalty deposited under protest, which faces challenges before the Supreme Court.

- Q2 FY27 consolidated revenue was ₹2,298 crores, including a one-time JV valuation gain of ₹738 crores; new sales bookings reached ~₹3,800 crores.
- Madhukar Housing and Development Company is proposed to be reclassified from ‘Promoter/ Promoter Group’ to ‘Public’, subject to exchange approval, with no impact on promoter holding of 74.08%.
- Auditor review reports flag uncertainty regarding pending litigation, including a ₹630.00 crore CCI penalty deposited under protest and challenged in the Supreme Court.
- Management indicated that revenue recognition is currently constrained by the completed contract method, with key contributions expected from projects like Arbour in FY27-28.

- [Press Release |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)
- [Transcript of Earnings Call for Q2 FY27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_22102026183910_Letter.pdf)
- [DLF Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261022_184110749.xml)
- [Publication of extracts of Un-audited Financial Results for Q2FY27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DLF_17102026143218_Letter.pdf)
- [DLF Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_17102026144217_Letter.pdf)
- [DLF Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261017_144805417.xml)
- [Un-audited Financial Results (Standalone & Consolidated) for the Quarter and Half year ended 30th September 2026 |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DLF_16102026170503_Letter.pdf)
- [Intimation regarding approval of the Board for reclassification |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/DLF_16102026171640_Letter.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740289_16102026062015_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740287_16102026062004_WEB.xml)

### Fundamentals

DLF’s financial profile for the period ending September 2026 is defined by a sharp divergence between robust cash generation and weakening core operating profitability. While consolidated net profit remained stable at ₹4,415 crore (FY2026) compared to ₹4,367 crore (FY2025), this was achieved through a significant shift in earnings composition: Other Income surged to ₹1,825 crore from ₹700 crore, whereas Operating Profit contracted sharply to ₹1,449 crore from ₹2,109 crore. This reliance on non-operating sources is further evidenced in the Sep 2026 quarter, where Operating Profit fell to just ₹23 crore against Net Profit of ₹1,301 crore, driven by Other Income of ₹1,037 crore.

Financial health has improved markedly, characterized by aggressive deleveraging and strong cash conversion. Borrowings plummeted from ₹4,103 crore (Mar 2025) to ₹306 crore (Mar 2026), supported by negative Cash from Financing Activity of -₹5,547 crore in FY2026. Cash from Operating Activity grew to ₹6,347 crore, with CFO/EBITDA reaching 484%, indicating high quality of earnings despite lower margins. Balance sheet expansion is evident, with Total Assets rising to ₹78,104 crore as of Sep 2026, though Current Liabilities also increased to ₹28,648 crore. Working Capital Days improved significantly to 245 days (from 615 in Mar 2025), yet Trade Receivables jumped to ₹903 crore, suggesting potential collection delays or project-stage shifts.

- Earnings Quality Divergence: Core Operating Profit fell to ₹1,449 crore (FY2026) while Other Income rose to ₹1,825 crore; in Q2 FY2026-27, Operating Profit was only ₹23 crore versus Net Profit of ₹1,301 crore.
- Aggressive Deleveraging: Borrowings dropped from ₹4,103 crore (Mar 2025) to ₹306 crore (Mar 2026), funded by strong Cash from Operating Activity of ₹6,347 crore and financing outflows of -₹5,547 crore.
- Asset & Liability Expansion: Total Assets grew to ₹78,104 crore (Sep 2026) with Inventories at ₹25,453 crore; however, Trade Receivables surged to ₹903 crore and Current Liabilities reached ₹28,648 crore.
- Cash Conversion Strength: CFO/EBITDA ratio expanded to 484% in FY2026, and Working Capital Days compressed to 245 days, signaling improved operational efficiency despite revenue headwinds.

### Bull Case

DLF presents a conditional upside case anchored by strategic portfolio expansion and improving technical momentum. The company is advancing a binding agreement to invest ₹3,750 crore in a joint venture with Everstone Group to acquire a significant stake in IREO India, with an aggregate economic interest of approximately 40%. This transaction, expected to close in 2027, signals a deliberate move to consolidate real estate assets under enhanced governance. Concurrently, the stock has demonstrated strong short-term price action, rising +18.2% over the past 20 days and +23.5% over six months, supported by bullish signals across daily and weekly timeframes. Institutional sentiment also appears supportive, with major brokerages identifying DLF as a top pick for November based on positive momentum and technical breakouts.

- Strategic Expansion: A binding term sheet establishes a JV with Everstone to invest ₹3,750 crore for ~40% economic interest in IREO India, subject to closing conditions in 2027.
- Technical Strength: Daily and weekly Supertrends are bullish, with the Plus DI (36.07) significantly exceeding the Minus DI (10.28), indicating active buying pressure.
- Price Momentum: The stock has gained +18.2% over 20 days and +23.5% over six months, trading near resistance at ₹753.73.
- Institutional Support: Brokerages including Mirae Asset ShareKhan and SMIFS have highlighted DLF as a top pick for November, citing technical accumulation.

- [DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- [DLF, Everstone join hands to invest in IREO group companies](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- [DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- [HPCL, DLF, Torrent Pharma among top picks for November; check price targets, risk-reward & more](https://www.businesstoday.in/markets/trending-stocks/story/hpcl-dlf-torrent-pharma-among-top-picks-for-november-check-price-targets-risk-reward-more-565289-2026-11-03)
- [Top stocks to buy today: Stock market recommendations for November 3, 2026 - check list](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-november-03-2026-adani-green-dlf-hindalco-bpcl-stocks-to-buy-today/articleshow/135480526.cms)
- [Press Release |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)
- [Transcript of Earnings Call for Q2 FY27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_22102026183910_Letter.pdf)
- [DLF Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261022_184110749.xml)
- [Publication of extracts of Un-audited Financial Results for Q2FY27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DLF_17102026143218_Letter.pdf)
- [DLF Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_17102026144217_Letter.pdf)

### Bear Case

DLF faces significant execution and integration risks associated with its proposed Rs 3,750 crore acquisition of IREO India’s real estate portfolio through a joint venture with Everstone Group. The transaction is subject to customary closing conditions, including due diligence and regulatory approvals, with an expected closure in 2027, introducing substantial timeline uncertainty. Concurrently, the stock exhibits elevated volatility and recent drawdown pressure; annualized volatility stands at +30.8%, with a current drawdown of -14.5% against a historical maximum drawdown of -42.7%. While short-term momentum indicators are bullish, the one-year return remains negative at -0.7%, and the year-to-date return of +8.9% sits below the six-month gain of +23.5%, suggesting potential mean reversion or consolidation after strong prior performance.

- Execution Risk: Rs 3,750 crore JV with Everstone for IREO stake is pending regulatory approvals and due diligence, with closure expected in 2027.
- Volatility & Drawdown: Annualized volatility is +30.8%; current price is down 14.5% from recent peaks, within a context of a -42.7% maximum historical drawdown.
- Performance Divergence: One-year return is -0.7%, lagging the +23.5% six-month return, indicating recent momentum may be decelerating despite positive YTD gains of +8.9%.

- [DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- [DLF, Everstone join hands to invest in IREO group companies](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- [DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- [HPCL, DLF, Torrent Pharma among top picks for November; check price targets, risk-reward & more](https://www.businesstoday.in/markets/trending-stocks/story/hpcl-dlf-torrent-pharma-among-top-picks-for-november-check-price-targets-risk-reward-more-565289-2026-11-03)
- [Top stocks to buy today: Stock market recommendations for November 3, 2026 - check list](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-november-03-2026-adani-green-dlf-hindalco-bpcl-stocks-to-buy-today/articleshow/135480526.cms)
- [Press Release |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)
- [Transcript of Earnings Call for Q2 FY27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_22102026183910_Letter.pdf)
- [DLF Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261022_184110749.xml)
- [Publication of extracts of Un-audited Financial Results for Q2FY27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DLF_17102026143218_Letter.pdf)
- [DLF Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_17102026144217_Letter.pdf)

### FAQs

**What is the strategic joint venture DLF has announced with Everstone Group?**

DLF and Singapore-based Everstone Group signed a binding term sheet to form a joint venture. DLF will invest approximately ₹3,750 crore for a majority stake in the JV, which intends to acquire at least a 20% stake in IREO India Companies. This results in an aggregate economic interest of about 40% in the target entities. The transaction is expected to close in 2027, subject to customary closing conditions including due diligence and regulatory approvals.

**How did DLF perform financially in Q2 FY27, and what drove the revenue figures?**

For the quarter ended September 30, 2026, DLF reported consolidated revenue of ₹2,298 crores. This figure included a one-time valuation gain of ₹738 crores from a joint venture investment. New sales bookings were approximately ₹3,800 crores. Management noted that accounting revenue recognition remains constrained by the completed contract method until key projects like Arbour commission in FY27-28.

**What are the current technical price levels and trends for DLF as of November 6, 2026?**

On November 6, 2026, DLF closed at ₹752.90, up +1.0% from the previous close. The daily trend is bullish, with resistance levels near ₹753.73 and ₹762.27, and support near ₹739.47 and ₹738.14. Over the past month, the stock returned +13.0%, while it is down -0.7% over the past year. The stock currently trades within a -14.5% drawdown from its peak.

- [DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- [DLF, Everstone join hands to invest in IREO group companies](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- [DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- [HPCL, DLF, Torrent Pharma among top picks for November; check price targets, risk-reward & more](https://www.businesstoday.in/markets/trending-stocks/story/hpcl-dlf-torrent-pharma-among-top-picks-for-november-check-price-targets-risk-reward-more-565289-2026-11-03)
- [Top stocks to buy today: Stock market recommendations for November 3, 2026 - check list](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-november-03-2026-adani-green-dlf-hindalco-bpcl-stocks-to-buy-today/articleshow/135480526.cms)
- [Press Release |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)
- [Transcript of Earnings Call for Q2 FY27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_22102026183910_Letter.pdf)
- [DLF Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261022_184110749.xml)
- [Publication of extracts of Un-audited Financial Results for Q2FY27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DLF_17102026143218_Letter.pdf)
- [DLF Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DLF_17102026144217_Letter.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹739.47
- Risk regime: Price Risk Currently Contained

### Support levels
- 738.14375
- 723.625
- 710.723046875

### Resistance levels
- 773.11875
- 789.125
- 844.5

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.03% |
| return_10 | +14.60% |
| return_1m | +13.03% |
| return_1y | -0.72% |
| return_20 | +18.20% |
| return_3m | +17.27% |
| return_5 | +8.87% |
| return_6m | +23.51% |
| return_since_start | -8.68% |
| return_ytd | +8.89% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | contained_risk |
| label | Price risk currently contained |
| summary | Recent drawdown and price variability remain within the producer's contained-risk thresholds. |
| maximum_drawdown | -42.74% |
| annualized_volatility | +30.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# DLF Limited FY2026-27 Q2: Profit rises 10% as revenue falls

DLF reported consolidated profit of ₹1,301 crore for Q2 FY2026-27, up 10.3% year on year, while revenue from operations declined 23.3% to ₹1,261 crore. Total income rose 1.6% year on year to ₹2,297 crore, including ₹1,037 crore of other income. The reported profit includes ₹499 crore as the share of profit of associates and joint ventures.

## Revenue and expenses

Revenue from operations was ₹1,261 crore, down 1.5% from ₹1,280 crore in Q1 FY2026-27 and 23.3% from ₹1,643 crore in Q2 FY2025-26. Total expenses were ₹1,294 crore, up 9.4% sequentially but down 10.9% year on year. Other expenses increased to ₹308 crore from ₹239 crore in Q1 FY2026-27 and ₹278 crore in Q2 FY2025-26.

Total income was ₹2,297 crore, compared with ₹1,606 crore in Q1 FY2026-27 and ₹2,262 crore in Q2 FY2025-26. Other income was ₹1,037 crore in the quarter.

## Profit and earnings

Profit before tax was ₹1,003 crore, up from ₹423 crore in Q1 FY2026-27 but 4.0% below ₹1,045 crore in Q2 FY2025-26. Profit from continuing operations was ₹802 crore. The reported profit of ₹1,301 crore also includes ₹499 crore as the share of profit of associates and joint ventures.

Basic and diluted earnings per share were ₹5.25, compared with ₹3.21 in Q1 FY2026-27 and ₹4.77 in Q2 FY2025-26.

## Balance sheet position

At 30 September 2026, inventories stood at ₹25,453 crore and investments accounted for using the equity method were ₹21,786 crore. Cash and cash equivalents were ₹992 crore, with other bank balances of ₹2,176 crore.

## Key Takeaway

DLF’s reported profit and EPS increased year on year despite a sharp decline in revenue from operations. The increase in reported profit should be viewed alongside the ₹499 crore share of profit from associates and joint ventures: profit before tax was 4.0% lower than in Q2 FY2025-26.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +74.08%
- FII holding: +11.43%
- DII holding: +9.06%
- Mutual fund holding: +6.92%
- Retail holding: +2.41%
- Promoter pledged: +0.00%

### Major reported shareholders

- RAJDHANI INVESTMENTS AND AGENCIES PRIVATE LIMITED — +61.53% (Bodies Corporate)
- PREM TRADERS LLP — +3.64% (Bodies Corporate)
- MALLIKA HOUSING COMPANY LLP — +2.90% (Bodies Corporate)
- RAISINA AGENCIES LLP — +2.66% (Bodies Corporate)
- PARAG PARIKH MUTUAL FUND — +2.14%
- JHANDEWALAN ANCILLARIES LLP — +1.91% (Bodies Corporate)
- SBI MUTUAL FUND — +1.57%
- INVESCO GLOBAL FUND — +1.22%
- ICICI PRUDENTIAL MUTUAL FUND — +1.08%
- PIA SINGH — +0.87%

## Official filings

- 2026-11-06 — Press Release: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_06112026084358_Letter.pdf)
- 2026-10-22 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_22102026183910_Letter.pdf)
- 2026-10-22 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261022_184110749.xml)
- 2026-10-17 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_17102026143218_Letter.pdf)
- 2026-10-17 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_17102026144217_Letter.pdf)
- 2026-10-17 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261017_144805417.xml)
- 2026-10-16 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_16102026170503_Letter.pdf)
- 2026-10-16 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_16102026171640_Letter.pdf)
- 2026-10-16 — Financial Results Filing: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740289_16102026062015_WEB.xml)
- 2026-10-16 — Financial Results Filing: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740287_16102026062004_WEB.xml)
- 2026-10-16 — Press Release: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_16102026182547_Letter.pdf)
- 2026-10-16 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_16102026183318_Letter.pdf)
- 2026-10-16 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261016_183851225.xml)
- 2026-10-16 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_16102026211329_Letter.pdf)
- 2026-10-14 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_14102026192415_Letter.pdf)
- 2026-10-14 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2622_WebXMLFile_20261014_192656524.xml)
- 2026-10-10 — Board Meeting Notice: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_10102026175359_Letter.pdf)
- 2026-10-10 — Board Meeting Notice: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2622_WebXMLFile_20261010_183258022.xml)
- 2026-10-10 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2622_WebXMLFile_20261010_183258022.xml)
- 2026-10-07 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_07102026184832_Letter.pdf)
- 2026-10-05 — Shareholding Disclosure: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1733186_05102026073938_WEB.xml)
- 2026-10-04 — Press Release: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_04102026152030_Letter.pdf)
- 2026-10-01 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_01102026192222_Letter.pdf)
- 2026-09-30 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DLF_30092026171954_Letter.pdf)
- 2026-09-30 — Generic Announcement: DLF Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2622_WebXMLFile_20260930_172150279.xml)

## News and market events

- 2026-11-07 — Economic Times: **DLF to invest Rs 3,750 crore for majority stake in JV with Everstone for IREO assets** — DLF plans to invest Rs 3,750 crore for a majority stake in a joint venture with EverstoneGroup to acquire an aggregate economic interest of about 40% in IREO Private Limited and other Indian entities. The transaction, which aims to secure governance rights and unlock development potential in regions like Delhi and Gurugram, remains subject to regulatory approvals and is expected to conclude by 2027. — [Source](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/dlf-and-everstone-join-forces-for-3750-crore-joint-venture-to-boost-ireo-india-companies/articleshow/135593844.cms)
- 2026-11-06 — The Hindu: **DLF, Everstone join hands for ₹3,750-crore IREO investment** — DLF Ltd and Everstone Group have signed binding term sheets to form a joint venture, with DLF investing approximately ₹3,750 crore for a majority stake, to acquire an economic interest of around 40% in IREO Private Ltd’s Indian entities. The partnership aims to unlock development potential across the National Capital Region and other locations by leveraging IREO’s substantial land banks and project portfolio. The transaction is expected to close during 2027, after which the IREO entities will be managed by an independent team under a governance framework overseen by the new JV. — [Source](https://www.thehindu.com/business/Industry/dlf-everstone-join-hands-for-3750-crore-ireo-investment/article71673626.ece)
- 2026-11-06 — Times of India: **DLF to invest Rs 3,750 cr in JV with Everstone to buy stake in IREO India** — Real estate major DLF and Singapore-based Everstone Group are forming a joint venture in which DLF will invest approximately Rs 3,750 crore for a majority stake. The JV intends to use these funds to acquire at least a 20% stake in IREO India Companies, resulting in an aggregate economic interest of about 40% in the target entities. The transaction, expected to close in 2027, is subject to customary closing conditions including due diligence and regulatory approvals. — [Source](https://timesofindia.indiatimes.com/business/india-business/dlf-to-invest-rs-3750-cr-in-jv-with-everstone-to-buy-stake-in-ireo-india/articleshow/135599515.cms)
- 2026-11-06 — BUSINESSTODAY: **DLF, Everstone join hands to invest in IREO group companies** — DLF Ltd and Singapore-based Everstone Group have signed a binding term sheet to form a joint venture in which DLF will invest approximately Rs 3,750 crore for a majority stake. The JV aims to acquire at least a 20% stake in IREO Private Ltd and other group companies, with an aggregate economic interest of around 40%, subject to customary closing conditions expected in 2027. Following the transaction, IREO India companies will be managed by an independent team under a governance framework guided by both partners. — [Source](https://www.businesstoday.in/markets/stocks/story/dlf-everstone-join-hands-to-invest-in-ireo-group-companies-dlf-shares-decline-2-566097-2026-11-06)
- 2026-11-06 — MONEYCONTROL: **DLF makes Rs 3,750 crore move for IREO's real estate portfolio, joins hands with Everstone** — DLF has acquired IREO's real estate portfolio for Rs 3,750 crore and entered into a partnership with Everstone. The transaction involves the transfer of IREO's assets to DLF as part of this strategic move. — [Source](https://www.moneycontrol.com/news/business/dlf-makes-rs-3-750-crore-move-for-ireo-s-real-estate-portfolio-joins-hands-with-everstone-14072309.html)
- 2026-11-03 — BUSINESSTODAY: **HPCL, DLF, Torrent Pharma among top picks for November; check price targets, risk-reward & more** — Domestic brokerage firm SMIFS has identified Hindustan Petroleum Corporation Ltd, DLF Ltd, and Torrent Pharmaceuticals as top stock picks for November, citing renewed buying interest in Indian equities driven by supportive domestic and global cues. The firm attributes the positive outlook for these specific counters to factors such as eased crude oil prices and strong economic growth, while providing detailed technical analysis including buy ratings, target prices, and stop-loss levels for each. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/hpcl-dlf-torrent-pharma-among-top-picks-for-november-check-price-targets-risk-reward-more-565289-2026-11-03)
- 2026-11-03 — Times of India: **Top stocks to buy today: Stock market recommendations for November 3, 2026 - check list** — Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan, recommends buying Adani Green, DLF, Hindalco, and BPCL on November 3, 2026, citing technical indicators such as breakouts and positive momentum. The analysis suggests accumulation and bullish sentiment for these stocks based on their chart structures and support levels. — [Source](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-november-03-2026-adani-green-dlf-hindalco-bpcl-stocks-to-buy-today/articleshow/135480526.cms)
- 2026-11-02 — MONEYCONTROL: **Diwali stock picks 2026: PL Capital recommends 10 stocks for Samvat 2083; Apollo Hospitals, DLF, Jindal Steel and more** — PL Capital has released a list of ten stock picks for the Samvat 2083 period, explicitly naming Apollo Hospitals, DLF, and Jindal Steel among the recommendations. — [Source](https://www.moneycontrol.com/news/business/markets/diwali-stock-picks-2026-pl-capital-recommends-10-stocks-for-samvat-2083-apollo-hospitals-dlf-jindal-steel-and-more-14066104.html)
- 2026-11-02 — Economic Times: **Nifty’s next move hinges on breakout above 23,200: Analysts** — Analysts from HDFC Securities, Tradebulls Securities, and Anand Rathi Share and Stock Brokers have issued recommendations for specific equities including DLF, Zensar Technologies, Coforge, BSE, and ITC, citing technical breakouts and accumulation patterns, while advising a sell position for Radico due to negative momentum signals. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/nifty-faces-key-23200-hurdle-analysts-remain-cautious/articleshow/135440855.cms)
- 2026-10-30 — Mint: **Diwali 2026 Top Stocks To Buy: Apollo Hospitals, GE Vernova, TARIL, TD Power, Jindal Steel, others; top 10 picks, target** — PL Capital released its top 10 stock bets for the Diwali 2026 festive season, recommending Apollo Hospitals, DLF, GE Vernova, HBL Engineering, Jindal Steel, Marine Electricals, Shilpa Medicare, Syrma SGS Technology, TARIL, and TD Power Systems. The brokerage provided specific target prices and stop-loss levels for each selected equity based on technical analysis. — [Source](https://www.livemint.com/market/stock-market-news/pl-capital-diwali-picks-apollo-hospitals-ge-vernova-taril-td-power-systems-to-jindal-steel-among-top-10-bets-for-fe-11793347304385.html)
- 2026-10-30 — Times of India: **Top stocks to buy today: Stock market recommendations for October 30, 2026 - check list** — Hitesh Rathi, Technical Analyst at Angel One, issued buy recommendations for DLF, Punjab National Bank, and ADANIGREEN on October 30, 2026, citing technical breakouts and momentum indicators. — [Source](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-october-30-2026-dlf-punjab-national-bank-pnb-adani-green-stocks-to-buy-today/articleshow/135322780.cms)
- 2026-10-29 — The Hindu: **Suzlon Q2 profit falls 69% to ₹394 crore on deferred tax base effect** — The Reserve Bank of India has cut the repo rate by 25 basis points to 6.25%, aiming to support economic growth amid moderating inflation. This move is expected to lower borrowing costs for households and corporations, potentially boosting credit demand in key sectors like real estate, automobiles, and financial services. — [Source](https://www.thehindubusinessline.com/companies/suzlon-q2-profit-falls-69-to-394-crore-on-deferred-tax-base-effect/article71640320.ece)
- 2026-10-28 — BUSINESSTODAY: **JioBlackRock MF folios jump 261%: Can new fund houses challenge established AMCs?** — JioBlackRock Mutual Fund's investor folios surged 261% year-on-year to 13.37 lakh in September 2026, highlighting the rapid expansion of newer fund houses in India's competitive mutual fund industry. — [Source](https://www.businesstoday.in/mutual-funds/story/jioblackrock-mf-folios-jump-261-can-new-fund-houses-challenge-established-amcs-563522-2026-10-29)
- 2026-10-28 — BUSINESSTODAY: **Diwali Stock Picks 2026: Syrma SGS, Jindal Steel, TARIL, GE Vernova and more** — Brokerage PL Capital also known as Prabhudas Lilladher has come out with its Diwali Stock Picks for 2026. — [Source](https://www.businesstoday.in/markets/stocks/story/diwali-stock-picks-2026-syrma-sgs-jindal-steel-taril-ge-vernova-and-more-564203-2026-10-28)
- 2026-10-26 — Mint: **Top 15 upcoming cities for senior citizen living: Why Bengaluru, Hyderabad, Pune shine; $11.43-bn market by 2031 | Mint** — Senior living is gaining attention, with investors and developers treating it as a core real estate segment. Square Yards has identified 15 growth cities as demand spreads beyond established metros, reflecting a shift in preferences towards wellness, care and affordability. — [Source](https://www.livemint.com/industry/real-estate/senior-citizen-living-top-15-upcoming-cities-bengaluru-hyderabad-pune-coimbatore-chennai-housing-11-billion-market-2031-11792998083326.html)
- 2026-10-21 — Mint: **DLF rebounds in Q2 as luxury demand drives  ₹3,800 crore pre-sales** — DLF bounced back in Q2 with ₹3,800 crore in pre-sales thanks to strong luxury home sales in Gurugram, though hitting its full-year ₹20,000 crore target still looks like a steep hill to climb.  — [Source](https://www.livemint.com/market/mark-to-market/dlf-q2-presales-luxury-housing-launches-11792472022718.html)
- 2026-10-19 — MONEYCONTROL: **Buy DLF; target of Rs 943: ICICI Securities** — Buy, DLF, ICICI Securities, Recommendations — [Source](https://www.moneycontrol.com/news/business/earnings/buy-dlf-target-of-rs-943-icici-securities-2-14055511.html)
- 2026-10-19 — MONEYCONTROL: **DLF Q2: How a Rs 738-crore non-cash gain supported profit growth even as core development earnings fell 73%** — Real Estate, earnings, DLF, Housing, Gurugram, DLF Q2FY27 Results, DLF Q2FY27 Earnings, DCCDL, DLF earnings, DLF quarterly results, homebuyers, Gurugram, quarterly earnings, Delhi NCR Real Estate, business, Delhi NCR News, dip in profits, real estate operations — [Source](https://www.moneycontrol.com/news/business/real-estate/dlf-earnings-how-a-rs-738-crore-non-cash-gain-supported-profit-growth-even-as-core-development-earnings-fell-73-14055366.html)
- 2026-10-19 — MONEYCONTROL: **DLF: Nomura reiterates 'Buy', maintains target price of Rs 740 after Q2 pre-sales beat estimates** — DLF, DLF stocks, DLF shares, DLF Q2 results, Nomura — [Source](https://www.moneycontrol.com/news/business/stocks/dlf-nomura-reiterates-buy-maintains-target-price-of-rs-740-after-q2-pre-sales-beat-estimates-14055323.html)
- 2026-10-19 — CNBC-TV18: **Can DLF shares surge as much as 41%? Jefferies, CLSA highlight key growth drivers** — 24 analysts have coverage on DLF with 22 of them having a "buy" rating on the stock, while one analyst each have a "hold" and "sell" rating. The consensus estimates of price targets implies an upside potential of more than 22% from Friday's closing price. — [Source](https://www.cnbctv18.com/market/dlf-share-price-may-rally-up-to-41-percent-as-per-hsbc-other-analysts-buy-sell-targets-upside-key-growth-drivers-20014747.htm)
- 2026-10-19 — MONEYCONTROL: **Buy DLF; target of Rs 780: Motilal Oswal** — Motilal Oswal, DLF, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/buy-dlf-target-of-rs-780-motilal-oswal-14055182.html)
- 2026-10-19 — MONEYCONTROL: **Parag Parikh Flexi Cap inflows fall 77% since March: How has Rajeev Thakkar changed the Rs 1.45 lakh crore portfolio?** — Parag Parikh Flexi Cap Fund, PPFAS Mutual Fund, Rajeev Thakkar, Parag Parikh Flexi Cap inflows, PPFAS portfolio September 2026, PPFAS cash holdings, Parag Parikh Flexi Cap returns, PPFAS stock holdings — [Source](https://www.moneycontrol.com/news/business/personal-finance/parag-parikh-flexi-cap-inflows-fall-77-since-march-how-has-rajeev-thakkar-changed-the-rs-1-45-lakh-crore-portfolio-14054853.html)
- 2026-10-18 — Mint: **DLF bets big on luxury housing, plans projects worth ₹58,000 crore in Delhi-NCR, Mumbai over 2-3 years | Mint** — The company also said it has launched projects covering 14 million sq ft over the past two and a half years, with a revenue potential of more than ₹56,000 crore. — [Source](https://www.livemint.com/industry/real-estate/dlf-bets-big-on-luxury-housing-plans-projects-worth-58-000-crore-in-delhi-ncr-mumbai-over-2-3-years-11792324956847.html)
- 2026-10-18 — The Hindu: **DLF to launch projects worth ₹58,000 crore in 2-3 yrs in Delhi-NCR, Mumbai amid luxury housing demand** — Realty firm gears up for luxury launches in Mumbai and Gurugram amid strong demand from end users and investors — [Source](https://www.thehindubusinessline.com/news/real-estate/dlf-to-launch-projects-worth-58000-crore-in-2-3-yrs-in-delhi-ncr-mumbai-amid-luxury-housing-demand/article71599611.ece)
- 2026-10-18 — Economic Times: **DLF to launch projects worth Rs 58,000 crore in 2-3 yrs in Delhi-NCR, Mumbai amid luxury housing demand** — DLF Ltd, Indias largest real estate firm, will launch housing properties worth Rs 58,000 crore. The company aims to capitalize on the high demand for luxury homes from buyers and investors. In addition, it reported a 10 percent increase in net profit to Rs 1,301.35 crore during the second quarter of this fiscal. DLF has sold Rs 4,457 crore worth of properties in the first half of this fiscal. — [Source](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/dlf-to-launch-projects-worth-rs-58000-crore-in-2-3-yrs-in-delhi-ncr-mumbai-amid-luxury-housing-demand/articleshow/135027346.cms)

## Business profile

**Strategic vision:** Real estate development, management, and investment services in India.

### Business segments
- **Residential:** DLF develops a range of residential properties, including luxury residences, with recent sales in projects like 'DLF Privana South'.
- **Commercial:** This segment focuses on the development and management of office spaces and IT parks, with DLF Cyber City Developers Limited being a key entity.
- **Retail:** DLF is active in developing and managing shopping malls, such as the DLF Mall of India, which has achieved LEED Platinum certification.
- **Hospitality:** The company also has interests in the hospitality sector.

### Competitive strengths
- Extensive operational experience across the real estate lifecycle.
- Presence across 15 states and 24 cities in India.
- Commitment to sustainability initiatives in property development.

## Related stocks

- [Lodha Developers Limited (Real Estate)](https://faxioms.com/stocks/lodha) — +0.27%
- [Aditya Birla Real Estate Limited (Real Estate)](https://faxioms.com/stocks/abrel) — -0.62%
- [Anant Raj Limited (Real Estate)](https://faxioms.com/stocks/anantraj) — -4.08%
- [Brigade Enterprises Limited (Real Estate)](https://faxioms.com/stocks/brigade) — -0.67%
- [Godrej Properties Limited (Real Estate)](https://faxioms.com/stocks/godrejprop) — -0.31%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/dlf
Markdown representation: https://faxioms.com/stocks/dlf?render=md