DLF LIMITED (DLF): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹755 latest close · +11.7% over the last 90 sessions

₹755 month-end · +4.3% over 12 months

₹755 month-end · +20.6% over 3 years

₹755 month-end · +358.0% since Jan '19

52-week range ₹489.40 to ₹784.00 · 1-year volatility 30.8%

Was the rally earned?

1 year3 years5 years

+4%share price, 1 yearRoughly flat

The share price was roughly flat over 1 year (+4%).
The share count barely moved.

Net profit growth-1 ptsNet profit was little changed.

P/E change+5 ptsThe P/E rose from 39.9x to 42.0x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+21%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 86 points, but investors now pay less per rupee of profit (P/E 76.1x to 42.0x), which took 65 points back.
The share count barely moved.

Net profit growth+86 ptsNet profit rose about 118%, which lifts the price.

P/E change-65 ptsThe P/E fell from 76.1x to 42.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+101%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 203 points, but investors now pay less per rupee of profit (P/E 84.8x to 42.0x), which took 102 points back.
The share count barely moved.

Net profit growth+205 ptsNet profit rose about 310%, which lifts the price.

P/E change-102 ptsThe P/E fell from 84.8x to 42.0x, which lowers the price.

Share count change-1 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LODHA DEVELOPERS

How rough has the ride been?

Maximum drawdown-54.0%recovered 2021-01

1-year volatility30.8%annualised

Beta vs sector index1.313-year daily, correlation 0.74

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-54.0% (2020-01 peak to 2020-03 low, recovered 2021-01)

-46.8% (2024-04 peak to 2026-03 low, not yet recovered)

-32.5% (2021-11 peak to 2022-06 low, recovered 2023-05)

Most recent volume spikes

2026-09-09: 5.6x the 50-day median, price -3.0% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

42.0xP/E todayWithin its usual range

Against its own history41st percentile

CheapestMedian 56.7xDearest

Usual range 26.4x to 88.4x since 2019-01.

Against Finance42.0x vs 18.1x

This company

42.0x

Sector median

18.1x

132% above the Finance median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE38thflat vs a year ago
Op. margin27thflat vs a year ago
Revenue growth8th▼ 77 pts vs a year ago
EPS growth43rd▼ 42 pts vs a year ago
Debt/equity ↓75th▲ 21 pts vs a year ago
Cash cycle ↓48thflat vs a year ago
P/E ↓22nd▼ 10 pts vs a year ago
12M momentum72nd▲ 13 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~27%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 62.1x, a holder earning 12%/yr needs earnings to grow about 27.0%/yr for 10 years, then trade at 15x.

Delivered4.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+22.8 ptsimplied minus delivered

Rank104thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	28.3%	29.5%	30.7%
15x	25.8%	27.0%	28.1%
20x	22.6%	23.7%	24.8%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 27.0%/yr

Looking back

Jan 2020Price implied 21%/yr; EPS has since grown 17%/yr (7.0 yrs)
Jan 2022Price implied 29%/yr; EPS has since grown 33%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹755.00
P/E: 42.0x
ROCE: 6.0%
Market Cap: ₹1.87L cr
Revenue (TTM): ₹6757 cr
P/S: 27.6x
P/B: 4.1x
ROE: 9.8%
Operating Margin: 12.0%
Debt / Equity: 0.0x
Promoter Holding: 74.1%
12M Momentum: 4.3%

52-week range

₹489.40₹784.00

90% of the way from its 52-week low to its high

Price risk

1Y volatility

30.8%

Beta vs sector

1-year daily

1.22

Balance sheet & cash

Interest cover

operating profit ÷ interest

21.6x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.23x

Share count, 1Y

unchanged

Are profits backed by cash?

5 of 6checks within range1 beyond a threshold

Other income reliance66%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 66.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate17%Within range

Median quarterly effective tax rate over about 2.5 years: 17.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.23xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.23x (cash from operations ₹14,121 cr, net profit ₹11,506 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (38 vs 35). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs trimmed 3.4 pts; DIIs added 2.6 pts.
The number of shareholders rose from 4.0 lakh to 5.0 lakh (+24%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters74.1%74.1%0.0 pts

FIIs15.8%12.3%-3.4 pts

DIIs5.5%8.0%+2.6 pts

Public and others4.7%5.6%+0.8 pts

Number of shareholders

5.0 lakhshareholders+24% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−5.4%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like DLF LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −29% to +22% vs the market, against −1% for all non-financial companies in the same months.
The gap against the base rate (−4.4%, 80% range −10.2% to +6.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−5.4%

All companies' median

−1.0%

Beat the market

48% vs 49%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NAUKRI Technology Services	Aug 2021	56x	4%	+90%	0%	−34%
BAJAJHLDNG Finance	May 2023	20x	9%	+42%	0%	−24%
MCX Finance	Mar 2023	54x	14%	+7%	−9%	+49%
TATAINVEST Finance	Jan 2021	58x	1%	+14%	−6%	+6%
LINDEINDIA Process Industries	Mar 2023	68x	17%	+7%	0%	+7%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SIEMENS Producer Manufacturing	Feb 2021	65x	11%	+42%	−3%	+6%
TATACONSUM Consumer Non-Durables	Jul 2022	82x	9%	+7%	−8%	−8%
HONAUT Electronic Technology	Dec 2022	109x	17%	−1%	−10%	−30%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to DLF LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

KANSAI NEROLAC PAINTSKANSAINER

Process Industries

59%similar

volatilityrevenue

SCHAEFFLER INDIASCHAEFFLER

Producer Manufacturing

59%similar

debt/equitypromoter holding

AMBUJA CEMENTSAMBUJACEM

Non-Energy Minerals

57%similar

ROCEdebt/equity

BHARAT DYNAMICSBDL

Electronic Technology

57%similar

debt/equitypromoter holding

ABB INDIAABB

Producer Manufacturing

55%similar

market capdebt/equity

SOBHASOBHA

Finance

36%similar

EPS growthrevenue

OBEROI REALTYOBEROIRLTY

Finance

27%similar

revenuemarket cap

TATA INVESTMENT CORPORATION LTTATAINVEST

Finance

24%similar

promoter holdingdebt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jan '21

2026
SepResultsYear-on-year EPS growth turned negative.
SepPeer rankSlipped to the 3rd quartile of Finance on operating margin (from the 2nd quartile).
SepPriceVolume reached 5.6x its 50-day median on 2026-09-09; price -3.0% that day.
JunPeer rankMoved into the 2nd quartile of Finance on operating margin (from the 3rd quartile).
MarResultsRevenue (TTM) reached a new high of ₹9,508 cr.
MarPriceFell 47% from the Apr 2024 peak to the Mar 2026 low.
MarPriceVolume reached 5.2x its 50-day median on 2026-03-04; price -3.6% that day.
2025
DecPeer rankSlipped to the 2nd quartile of Finance on EPS growth (from the top quartile).

Show 22 earlier events

2025
SepResultsRevenue (TTM) reached a new high of ₹9,349 cr.
SepPeer rankSlipped to the 3rd quartile of Finance on operating margin (from the 2nd quartile).
JunPeer rankMoved into the 2nd quartile of Finance on operating margin (from the 3rd quartile).
MayPriceVolume reached 6.6x its 50-day median on 2025-05-20; price +2.1% that day.
JanPriceVolume reached 6.3x its 50-day median on 2025-01-27; price +1.2% that day.
2024
JunPeer rankSlipped to the 2nd quartile of Finance on EPS growth (from the top quartile).
JanPriceVolume reached 5.1x its 50-day median on 2024-01-23; price -4.9% that day.
2023
DecValuationP/E crossed above the 90th percentile of its own history to date (88.4x).
JunPeer rankMoved into the top quartile of Finance on EPS growth (from the 3rd quartile).
MayPriceRegained the 2021-11 peak, 11 months after the low.
MayPriceVolume reached 7.2x its 50-day median on 2023-05-15; price +7.4% that day.
2022
JunResultsYear-on-year EPS growth turned positive.
JunPriceFell 32% from the Nov 2021 peak to the Jun 2022 low.
JunPeer rankMoved into the 3rd quartile of Finance on EPS growth (from the bottom quartile).
JanValuationP/E crossed above the 90th percentile of its own history to date (88.4x).
2021
SepPriceVolume reached 8.5x its 50-day median on 2021-09-23; price +8.9% that day.
JulPriceRegained the 2021-03 peak, 3 months after the low.
JunResultsEPS (TTM) turned positive.
JunDividendStarted paying a dividend (payout 45% of profit).
AprPriceFell 28% from the Mar 2021 peak to the Apr 2021 low.
FebSharesShare count is up 12.2% over 12 months.
JanPriceRegained the 2020-01 peak, 10 months after the low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	42.0x	₹6757 cr	9.8%	6.0%	0.0x
2026-10	38.5x	₹6757 cr	9.8%	6.0%	0.0x
2026-09	37.5x	₹6757 cr	9.8%	6.0%	0.0x
2026-08	38.8x	₹8194 cr	9.7%	6.0%	0.0x
2026-07	37.0x	₹8194 cr	9.7%	6.0%	0.0x
2026-06	34.8x	₹8194 cr	9.7%	6.0%	0.0x
2026-05	33.0x	₹9508 cr	10.4%	7.0%	0.1x
2026-04	32.8x	₹9508 cr	10.4%	7.0%	0.1x
2026-03	28.2x	₹9508 cr	10.4%	7.0%	0.1x
2026-02	34.9x	₹9017 cr	10.1%	7.0%	0.1x
2026-01	36.7x	₹9017 cr	10.1%	7.0%	0.1x
2025-12	39.7x	₹9017 cr	10.1%	7.0%	0.1x
2025-11	39.9x	₹9349 cr	10.5%	7.0%	0.1x
2025-10	41.7x	₹9349 cr	10.5%	7.0%	0.1x
2025-09	39.3x	₹9349 cr	10.5%	7.0%	0.1x
2025-08	41.9x	₹7994 cr	10.3%	7.0%	0.1x
2025-07	44.4x	₹7994 cr	10.3%	7.0%	0.1x
2025-06	47.5x	₹7994 cr	10.3%	7.0%	0.1x
2025-05	49.3x	₹7001 cr	10.2%	6.0%	0.1x
2025-04	41.6x	₹7001 cr	10.2%	6.0%	0.1x
2025-03	42.0x	₹7001 cr	10.2%	6.0%	0.1x
2025-02	43.7x	₹6993 cr	9.1%	6.0%	0.1x
2025-01	51.2x	₹6993 cr	9.1%	6.0%	0.1x
2024-12	56.7x	₹6993 cr	9.1%	6.0%	0.1x
2024-11	71.6x	₹6366 cr	7.2%	6.0%	0.1x
2024-10	71.3x	₹6366 cr	7.2%	6.0%	0.1x
2024-09	77.8x	₹6366 cr	7.2%	6.0%	0.1x
2024-08	76.7x	₹6427 cr	6.9%	6.0%	0.1x
2024-07	80.7x	₹6427 cr	6.9%	6.0%	0.1x
2024-06	74.8x	₹6427 cr	6.9%	6.0%	0.1x
2024-05	99.2x	₹5695 cr	5.4%	5.0%	0.1x
2024-04	108.5x	₹5695 cr	5.4%	5.0%	0.1x
2024-03	109.1x	₹5695 cr	5.4%	5.0%	0.1x
2024-02	109.6x	₹5695 cr	5.4%	5.0%	0.1x
2024-01	97.6x	₹5695 cr	5.4%	5.0%	0.1x
2023-12	88.4x	₹5695 cr	5.4%	5.0%	0.1x
2023-11	76.1x	₹5695 cr	5.4%	5.0%	0.1x
2023-10	68.6x	₹5695 cr	5.4%	5.0%	0.1x
2023-09	64.6x	₹5695 cr	5.4%	5.0%	0.1x
2023-08	61.3x	₹5695 cr	5.4%	5.0%	0.1x
2023-07	63.1x	₹5695 cr	5.4%	5.0%	0.1x
2023-06	59.7x	₹5695 cr	5.4%	5.0%	0.1x
2023-05	78.4x	₹5717 cr	4.1%	5.0%	0.1x
2023-04	70.3x	₹5717 cr	4.1%	5.0%	0.1x
2023-03	58.9x	₹5717 cr	4.1%	5.0%	0.1x
2023-02	58.0x	₹5717 cr	4.1%	5.0%	0.1x
2023-01	58.8x	₹5717 cr	4.1%	5.0%	0.1x
2022-12	61.9x	₹5717 cr	4.1%	5.0%	0.1x
2022-11	66.4x	₹5717 cr	4.1%	5.0%	0.1x
2022-10	63.6x	₹5717 cr	4.1%	5.0%	0.1x
2022-09	58.9x	₹5717 cr	4.1%	5.0%	0.1x
2022-08	64.4x	₹5717 cr	4.1%	5.0%	0.1x
2022-07	63.7x	₹5717 cr	4.1%	5.0%	0.1x
2022-06	51.6x	₹5717 cr	4.1%	5.0%	0.1x
2022-05	78.2x	₹5414 cr	3.1%	4.0%	0.2x
2022-04	84.1x	₹5414 cr	3.1%	4.0%	0.2x
2022-03	86.1x	₹5414 cr	3.1%	4.0%	0.2x
2022-02	79.4x	₹5414 cr	3.1%	4.0%	0.2x
2022-01	88.4x	₹5414 cr	3.1%	4.0%	0.2x
2021-12	88.3x	₹5414 cr	3.1%	4.0%	0.2x

Older months are in the live observatory.

Methodology and data notes