Company Valuation: DLF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 941,732 882,944 2,220,355 1,684,450 1,247,805 1,616,379 - -
Change - -6.24% 151.47% -24.14% -25.92% 29.54% - -
Enterprise Value (EV) 1 971,804 888,829 2,221,042 1,678,546 1,167,670 1,481,895 1,427,228 1,379,837
Change - -8.54% 149.88% -24.43% -30.44% 26.91% -3.69% -3.32%
P/E 62.8x 43.4x 81.4x 38.6x 28.3x 32.4x 25.9x 22.1x
PBR 2.59x 2.34x 5.63x 3.96x 2.74x 3.36x 3.1x 2.85x
PEG - 1.2x 2.4x 0.6x 26.27x 2.5x 1x 1.3x
Capitalization / Revenue 16.5x 15.5x 34.5x 21.1x 15.2x 16.4x 13.1x 11x
EV / Revenue 17x 15.6x 34.6x 21x 14.3x 15x 11.6x 9.42x
EV / EBITDA 55.8x 51.5x 105x 79.6x 80.6x 51.9x 36.5x 27.8x
EV / EBIT 61x 56.4x 112x 85.7x 89.4x 49x 35.4x 26.8x
EV / FCF 36.2x 36.6x 91.7x 32.7x 18.7x 22.8x 22.1x 16.1x
FCF Yield 2.76% 2.73% 1.09% 3.06% 5.34% 4.39% 4.53% 6.23%
Dividend per Share 2 3 4 5 6 8 8.246 9.937 11.21
Rate of return 0.79% 1.12% 0.56% 0.88% 1.59% 1.26% 1.52% 1.72%
EPS 2 6.06 8.22 11.02 17.64 17.83 20.18 25.2 29.57
Distribution rate 49.5% 48.7% 45.4% 34% 44.9% 40.9% 39.4% 37.9%
Net sales 1 57,174 56,948 64,270 79,937 81,940 98,710 123,237 146,535
EBITDA 1 17,426 17,259 21,236 21,086 14,484 28,542 39,099 49,670
EBIT 1 15,931 15,772 19,756 19,580 13,060 30,220 40,294 51,492
Net income 1 15,009 20,340 27,235 43,676 44,147 50,054 63,360 74,592
Net Debt 1 30,072 5,886 687 -5,904 -80,135 -134,483 -189,150 -236,542
Reference price 2 380.45 356.70 897.00 680.50 504.10 653.00 653.00 653.00
Nbr of stocks (in thousands) 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 - -
Announcement Date 17/05/22 12/05/23 13/05/24 19/05/25 13/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.88x15.28x52.83x1.24% 17.11B
13.96x4.53x12.19x3.63% 39.75B
5.77x0.79x1.62x8.53% 28.2B
17.93x3.96x15.92x1.37% 27.75B
8.01x1.43x7.9x4.41% 26.78B
13.78x3.08x14.74x2.54% 25.49B
8.35x0.93x3.37x2.68% 21.36B
10.35x2.03x8.37x4.06% 20.8B
12.99x6.38x16.78x1.68% 18.67B
37.66x13.81x34.76x3.15% 18.18B
Average 16.17x 5.22x 16.85x 3.33% 24.41B
Weighted average by Cap. 15.01x 4.60x 14.97x 3.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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