DLF financials and balance sheet

NSE: DLFBSE: 532868RealtyLarge Cap

₹657.00₹6.25 (0.94%)BSE ₹653.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹663.25.

52-week range of traded prices to 23 Oct 2026

₹489.40Low, 2 Apr 2026₹786.50High, 29 Oct 2025

Market cap: ₹1,62,628 Cr56th largest listed
P/E: 35.6
P/B: 3.6
Dividend yield: 1.22%
ROE: 10.3%
ROCE: 1.8%
Debt to equity: 0.00
Volume, NSE: 20,66,83137.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.DLF annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹8,366 Cr, year to Mar 2019A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,194
Materials and goods−4,849
Employee costs−640
Other expenses−1,257
Operating profit1,448
Depreciation−142
Other income+1,622
One-off items+203
Finance costs−199
Profit before tax2,932
Tax−310
Joint ventures+1,793
Net profit4,415

What the company owns

Plant, investments and other assets₹40,991 Cr
Inventory₹24,717 Cr
Cash and bank₹7,746 Cr
Receivables₹847 Cr
Current investments₹573 Cr

What pays for it: net worth and liabilities

Net worth₹45,473 Cr
Other liabilities₹27,637 Cr
Owed to suppliers₹1,720 Cr
Borrowings₹45 Cr

Profit and loss

Consolidated, ₹ crore, years to March.DLF quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 11 Jun	Mar 2022Filed 18 May	Mar 2023Filed 13 May	Mar 2024Filed 14 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue from operations	8,221	6,707	8,366	6,083	5,414	5,717	5,695	6,427	7,994	8,194
	4,788	4,329	6,225	4,948	3,996	3,975	3,969	4,303	5,885	6,746
Materials and goods bought	–	3,115	–	–	2,849	2,745	2,434	2,794	4,132	4,849
Employee costs	–	–	–	–	314	354	548	546	592	640
Other expenses	–	–	–	–	833	876	987	964	1,161	1,257
Operating profit before depreciation	3,433	2,377	2,142	1,135	1,418	1,743	1,726	2,124	2,109	1,448
Operating margin	41.8%	35.4%	25.6%	18.7%	26.2%	30.5%	30.3%	33.0%	26.4%	17.7%
Materials, % of revenue	–	–	–	–	52.6%	48.0%	42.7%	43.5%	51.7%	59.2%
Employee costs, % of revenue	–	–	–	–	5.8%	6.2%	9.6%	8.5%	7.4%	7.8%
Other expenses, % of revenue	–	–	–	–	15.4%	15.3%	17.3%	15.0%	14.5%	15.3%
Depreciation and amortisation	572	534	225	200	159	149	149	148	151	142
Operating profit after depreciation	2,861	1,844	1,917	935	1,258	1,593	1,577	1,976	1,958	1,306
Other income	719	957	663	805	531	420	317	531	1,002	1,622
Finance costs	2,980	2,951	2,062	1,427	853	625	392	356	397	199
Profit before one-off items and tax	600	−150	518	313	936	1,389	1,502	2,151	2,563	2,729
One-off items	429	8,765	127	340	−96	−224	0	0	−302	203
Profit before tax	1,030	8,615	646	653	840	1,165	1,502	2,151	2,261	2,932
	229	4,323	277	2,133	362	321	402	520	−434	310
Current tax	–	–	–	–	106	59	−6	136	677	87
Deferred tax	–	–	–	–	256	262	407	384	−1,111	223
Share of profit of joint ventures and associates	–	184	946	890	605	657	933	1,093	1,672	1,793
	708	4,477	1,314	−590	1,083	1,500	2,034	2,724	4,367	4,415
Belonging to the company's shareholders	708	4,477	–	−590	1,094	1,501	2,036	2,727	4,368	4,415
Belonging to outside owners of subsidiaries	–	–	–	–	−11	−1	−2	−4	−1	0
Other comprehensive income	–	–	–	–	4	13	17	6	−11	−6
Total comprehensive income	–	–	–	–	1,086	1,513	2,051	2,730	4,356	4,408
Net margin	8.6%	66.8%	15.7%	−9.7%	20.0%	26.2%	35.7%	42.4%	54.6%	53.9%
Net margin without joint ventures and associates	–	64.0%	4.4%	−24.3%	8.8%	14.8%	19.3%	25.4%	33.7%	32.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2021Filed 11 Jun	Mar 2022Filed 18 May	Mar 2023Filed 13 May	Mar 2024Filed 14 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May	Sep 2026Half yearFiled 16 Oct
	35,364	36,382	37,692	39,432	42,550	45,473	45,587
	35,344	36,362	37,688	39,431	42,550	45,473	45,587
Share capital	495	495	495	495	495	495	495
Reserves	34,849	35,867	37,192	38,936	42,055	44,978	45,092
Belonging to outside owners of subsidiaries	20	19	4	1	0	0	0
	5,640	3,960	3,334	4,834	4,103	45	45
Repayable after a year	3,295	2,189	1,271	2,667	1,911	0	0
Repayable within a year	2,345	1,771	2,063	2,167	2,192	45	45
	12,577	10,382	10,927	14,137	22,200	25,601	28,648
Trade payables	1,234	1,529	1,644	1,788	2,261	1,720	1,658
Other financial liabilities	1,491	389	432	386	402	341	417
Other liabilities	7,452	6,649	6,753	9,721	17,060	23,407	26,409
Provisions	54	45	36	75	41	79	84
Tax owed	0	–	–	0	244	10	35
	6,661	5,718	5,051	6,690	4,692	3,800	3,868
Other financial liabilities	553	434	244	250	296	357	371
Other liabilities	105	110	118	135	123	398	425
Provisions	51	49	50	54	53	108	118
Deferred tax	1,863	2,142	2,574	2,790	1,515	2,143	2,160
Trade payables	795	794	794	794	794	794	794
Liabilities going with businesses held for sale	207	22	258	4	33	–	–
	54,810	52,503	53,928	60,262	69,475	74,875	78,104
Held for sale or for a demerger	421	273	528	538	834	51	48
	28,217	28,413	28,157	26,706	27,421	34,154	31,275
Plant in use, after depreciation	919	832	748	691	630	592	–
Plant being built	94	81	61	68	77	159	–
Intangible assets	146	146	142	219	222	217	107
Goodwill	944	944	944	944	944	944	944
Intangible assets being developed	1	–	–	3	9	3	105
Property held to earn rent	2,847	2,940	2,952	2,026	1,706	2,361	2,812
Investments	443	694	382	444	914	638	633
Stakes in joint ventures and associates	18,585	18,842	18,628	19,313	20,066	20,481	21,786
Loans given	396	230	206	205	190	663	42
Other financial assets	171	217	522	141	151	5,171	1,267
Deferred tax	1,322	1,337	1,356	1,193	1,003	1,410	1,184
Other assets	2,348	2,149	2,217	1,459	1,508	1,516	1,644
	26,172	23,818	25,243	33,018	41,220	40,669	46,781
Inventories	21,087	20,107	19,361	21,154	24,621	24,717	25,453
Trade receivables	581	564	549	538	802	847	903
Cash and cash equivalents	1,045	306	211	1,394	753	2,273	992
Other bank balances	362	626	2,064	2,991	3,586	5,473	2,176
Current investments	717	243	471	381	355	573	529
Loans given	1,041	688	817	958	677	448	1,094
Other financial assets	902	944	1,058	3,275	7,239	2,281	11,735
Tax paid in advance	–	–	–	1,000	849	1,247	1,097
Other assets	437	341	712	1,329	2,339	2,809	2,801
Net debt	3,516	2,785	589	69	−590	−8,274	−3,652

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 11 Jun	Mar 2022Filed 18 May	Mar 2023Filed 13 May	Mar 2024Filed 14 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May	Sep 2026Half yearFiled 16 Oct
	1,460	2,832	2,375	2,539	5,235	6,347	1,953
	1,059	2,612	2,461	2,826	5,055	7,013	1,833
	−702	754	563	791	3,225	5,479	1,642
Receivables	31	24	61	36	−232	−19	−48
Inventories	1,480	987	792	−1,533	−1,080	139	−1,184
Payables	219	320	125	150	547	−506	−60
Other working capital	−2,432	−577	−415	2,138	3,991	5,865	2,934
Tax paid	401	220	−86	−257	−122	−666	121
Capital spending	14	148	64	116	96	129	22
Free cash flow	1,447	2,683	2,312	2,423	5,139	6,218	1,931
	150	267	−463	−1,529	−3,543	721	−1,227
Plant and property sold	83	1	9	743	1	13	4
Interest received	138	112	45	180	603	887	146
Dividends received	197	336	954	583	999	1,334	420
	−2,184	−3,828	−2,011	176	−2,335	−5,547	−2,006
Borrowings raised	7,015	6,063	267	1,942	284	0	0
Borrowings repaid	−8,252	−8,741	−1,141	−457	−1,035	−3,814	−13
Interest paid	−720	−633	−370	−291	−384	−218	−14
Lease payments	−28	−22	−27	0	−30	−30	0
Dividends paid	199	497	743	987	1,234	1,480	1,980
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−573	−729	−99	1,186	−642	1,522	−1,280

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.DLF dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 11 Jun	Mar 2022Filed 18 May	Mar 2023Filed 13 May	Mar 2024Filed 14 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Earnings per share	₹3.89	₹25.02	₹7.38	−₹2.41	₹4.42	₹6.06	₹8.22	₹11.02	₹17.64	₹17.83
Diluted earnings per share	₹3.89	₹23.62	₹6.00	−₹2.41	₹4.42	₹6.06	₹8.22	₹11.02	₹17.64	₹17.83
Dividend per share	₹2.00	₹2.00	₹2.00	₹2.00	₹2.00	₹3.00	₹4.00	₹5.00	₹6.00	₹8.00
Book value per share	–	–	–	–	₹142.79	₹146.90	₹152.25	₹159.30	₹171.90	₹183.71
Dividend payout	50.4%	8.0%	–	–	45.3%	49.5%	48.6%	45.4%	34.0%	44.9%
Shareholder yield	–	–	–	–	0.3%	0.5%	0.8%	0.4%	0.7%	1.2%
Market cap at the year end (₹ crore)	26,519	35,904	36,127	34,023	71,054	94,173	88,294	2,22,035	1,68,445	1,24,780

Ratios

Consolidated, years to March.DLF PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 11 Jun	Mar 2022Filed 18 May	Mar 2023Filed 13 May	Mar 2024Filed 14 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue growth	−11.2%	−18.4%	24.7%	−27.3%	−11.0%	5.6%	−0.4%	12.9%	24.4%	2.5%
Operating profit growth	–	−30.8%	−9.9%	−47.0%	24.9%	22.9%	−1.0%	23.0%	−0.7%	−31.3%
Net profit growth	28.9%	532.3%	−70.6%	–	–	38.6%	35.6%	33.9%	60.3%	1.1%
Earnings per share growth	26.3%	543.2%	−70.5%	–	–	37.1%	35.6%	34.1%	60.1%	1.1%
	–	–	–	–	3.1%	4.2%	5.5%	7.1%	10.7%	10.0%
	–	–	–	–	–	1.1 pts	1.3 pts	1.6 pts	3.6 pts	−0.6 pts
From the net margin	–	–	–	–	–	0.9 pts	1.5 pts	1.0 pts	2.0 pts	−0.1 pts
From asset turnover	–	–	–	–	–	0.3 pts	0.0 pts	0.3 pts	0.9 pts	−0.8 pts
From borrowing	–	–	–	–	–	−0.2 pts	−0.2 pts	0.2 pts	0.7 pts	0.4 pts
Return on capital employed	–	–	–	–	3.1%	3.9%	3.8%	4.5%	4.2%	2.9%
Cash conversion	–	–	–	–	134.9%	188.7%	116.8%	93.2%	119.9%	143.8%
Interest cover	1.0	0.6	0.9	0.7	1.5	2.6	4.0	5.5	4.9	6.6
Debt to equity	–	–	–	–	0.16	0.11	0.09	0.12	0.10	0.00
Receivable days	–	–	–	–	39	36	35	31	37	38
Inventory days	–	–	–	–	2,701	2,674	2,903	2,764	2,175	1,861
Payable days	–	–	–	–	158	203	246	234	200	129
Cash conversion cycle, days	–	–	–	–	2,582	2,506	2,692	2,561	2,012	1,769
Working capital days	–	–	–	–	931	896	874	925	754	303
Asset turnover	–	–	–	–	0.10	0.11	0.11	0.11	0.12	0.11
Assets per rupee of net worth	–	–	–	–	1.55	1.50	1.44	1.48	1.58	1.64
Sales per rupee of plant	–	–	–	–	5.89	6.87	7.62	9.30	12.69	13.84
Capital spending to depreciation	–	–	–	–	0.08	0.99	0.43	0.78	0.64	0.91
Plant being built, % of plant in use	–	–	–	–	10.3%	9.7%	8.2%	9.9%	12.2%	26.8%

No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.1%
Cash from operations against operating profit: 438.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−1.2%	8.6%	12.9%
Profit growth, yearly rate	23.2%	32.2%	29.4%
Return on equity, average	–	7.5%	9.3%
Return on capital employed, average	–	3.9%	3.8%
Operating margin, average	28.6%	27.6%	25.7%
Net margin, average	31.4%	42.6%	50.3%
Asset turnover, average	–	0.11	0.12
Cash conversion cycle, days, average	–	2,308	2,114
Interest cover, average	2.8	4.7	5.7
Debt to equity, average	–	0.08	0.07

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	19,328	14,121	6,347
Cash from investing	−4,546	−4,351	721
Cash from financing	−13,544	−7,705	−5,547
Capital spending	553	341	129
Dividends paid	4,941	3,701	1,480
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	8,556	2,226	0
Borrowings repaid	15,188	5,306	3,814

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	9	6	7	5
Altman Z-scorePublished threshold 1.1	–	–	–	–	5.82	6.50	6.66	6.43	5.69	5.18
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−2.66	−2.71	−2.66	−2.27	−2.49
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	−2.98	0.23	3.00	4.12	−3.68
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.44	1.24	1.11	1.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	−8.65	−2.16	−14.89	24.71	3.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	−0.99	7.62	−5.52	−31.50	−16.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	−0.94	8.51	59.65	60.34	−49.92
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	1.30	0.95	0.75	0.86	1.51
Effective tax ratePublished threshold 17.16 per cent	22.27	50.18	42.96	326.36	43.15	27.56	26.72	24.19	−19.19	10.57
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.69	21.01	12.23	−24.58	−12.14

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
11 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+Review, Upgrade	Stable	2,107.25
11 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+Review, Upgrade	Stable	2,582
11 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA+Review, Upgrade	Stable
11 Dec 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AA+Review, Upgrade	Stable	310.75
11 Dec 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		350
11 Dec 2025	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AA+New, New	Stable	1,500
17 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Upgrade	Stable	397.25
17 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		37.75
17 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other		1,400

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.