Company Valuation: DLF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 9,41,732 8,82,944 22,20,355 16,84,450 12,47,805 16,68,360 - -
Change - -6.24% 151.47% -24.14% -25.92% 33.7% - -
Enterprise Value (EV) 1 9,71,804 8,88,829 22,21,042 16,78,546 11,67,670 15,33,877 14,79,210 14,31,819
Change - -8.54% 149.88% -24.43% -30.44% 31.36% -3.56% -3.2%
P/E 62.8x 43.4x 81.4x 38.6x 28.3x 33.4x 26.7x 22.8x
PBR 2.59x 2.34x 5.63x 3.96x 2.74x 3.46x 3.2x 2.94x
PEG - 1.2x 2.4x 0.6x 26.27x 2.5x 1.1x 1.3x
Capitalization / Revenue 16.5x 15.5x 34.5x 21.1x 15.2x 16.9x 13.5x 11.4x
EV / Revenue 17x 15.6x 34.6x 21x 14.3x 15.5x 12x 9.77x
EV / EBITDA 55.8x 51.5x 105x 79.6x 80.6x 53.7x 37.8x 28.8x
EV / EBIT 61x 56.4x 112x 85.7x 89.4x 50.8x 36.7x 27.8x
EV / FCF 36.2x 36.6x 91.7x 32.7x 18.7x 23.6x 22.9x 16.7x
FCF Yield 2.76% 2.73% 1.09% 3.06% 5.34% 4.25% 4.37% 6%
Dividend per Share 2 3 4 5 6 8 8.65 10.4 11.21
Rate of return 0.79% 1.12% 0.56% 0.88% 1.59% 1.28% 1.54% 1.66%
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% 42.9% 41.3% 37.9%
Net sales 1 57,174 56,948 64,270 79,937 81,940 98,710 1,23,237 1,46,535
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 -1,34,483 -1,89,150 -2,36,542
Reference price 2 380.45 356.70 897.00 680.50 504.10 674.00 674.00 674.00
Nbr of stocks (in thousands) 24,75,312 24,75,312 24,75,312 24,75,312 24,75,312 24,75,312 - -
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.($)
33.4x15.54x53.74x1.28% 1.74TCr
61.61x - - - 6.58TCr
14.08x4.56x12.27x3.6% 4.01TCr
5.7x0.76x1.57x8.64% 2.79TCr
8.36x1.48x7.93x4.24% 2.78TCr
17.83x3.95x15.87x1.37% 2.76TCr
13.63x3.06x14.66x2.57% 2.53TCr
9.19x3.49x7.71x-.--% 2.17TCr
8.18x0.91x3.3x2.73% 2.09TCr
10.37x2.04x8.39x4.05% 2.08TCr
Average 18.23x 3.98x 13.94x 3.16% 2.95TCr
Weighted average by Cap. 23.76x 3.66x 12.69x 3.35%

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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