DLF Shares Surge 5% on Strong Q4 Earnings and Record Sales Bookings

Shares of DLF rallied nearly 5% on May 20, after the real estate giant posted a strong set of numbers for the March quarter, driven by robust demand in the luxury housing segment.

In Q4, the company reported a 39% year-on-year jump in consolidated net profit to Rs 1,282 crore, backed by higher revenue. Total income for the January-March period rose to Rs 3,347.77 crore, up from Rs 2,316.7 crore in the same quarter last year.

For the full fiscal year 2024-25, DLF posted a record Rs 21,223 crore in sales bookings, marking a 44% spike from Rs 14,778 crore in FY24. The company attributed this growth to strong pre-sales, particularly at its ultra-luxury project 'The Dahlias' in Gurugram.

Annual net profit also saw a major uptick, coming in at Rs 4,366.82 crore, up from Rs 2,723.53 crore in the previous year.

DLF’s strong March quarter also caught the attention of global brokerage firms, with Jefferies, Morgan Stanley, and Nomura weighing in.

Jefferies has given the stock a ‘buy’ rating with a bullish price target of Rs 1,000, highlighting the sustained momentum in DLF’s ultra-luxury project ‘The Dahlias’, which alone contributed over Rs 2,000 crore in pre-sales.

Morgan Stanley also followed suit and retained its ‘overweight’ rating with a target of Rs 910, noting that DLF’s FY25 pre-sales hit Rs 21,200 crore, up 44% on year and the highest among peers. The brokerage also touted the company’s healthy operating cash flow, which rose 52% to Rs 6,800 crore, and a stronger net cash position of Rs 6,800 crore, up from Rs 4,500 crore in the previous quarter. Rental income also grew steadily, supported by the completion of 2.7 million sq ft of leasing space, with another 6.2 million sq ft in the pipeline for FY26.

Meanwhile, Nomura took a more cautious stance, retaining a ‘neutral’ rating with a Rs 700 target, citing that medium-term launch guidance and FY26 plans remain largely unchanged.