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 1,687,296 - -
Change - -6.24% 151.47% -24.14% -25.92% 35.22% - -
Enterprise Value (EV) 1 971,804 888,829 2,221,042 1,678,546 1,167,670 1,552,813 1,498,146 1,442,834
Change - -8.54% 149.88% -24.43% -30.44% 32.98% -3.52% -3.69%
P/E 62.8x 43.4x 81.4x 38.6x 28.3x 33.8x 27x 23.1x
PBR 2.59x 2.34x 5.63x 3.96x 2.74x 3.5x 3.24x 2.97x
PEG - 1.2x 2.4x 0.6x 26.27x 2.6x 1.1x 1.3x
Capitalization / Revenue 16.5x 15.5x 34.5x 21.1x 15.2x 17.1x 13.7x 11.5x
EV / Revenue 17x 15.6x 34.6x 21x 14.3x 15.7x 12.2x 9.85x
EV / EBITDA 55.8x 51.5x 105x 79.6x 80.6x 54.4x 38.3x 29x
EV / EBIT 61x 56.4x 112x 85.7x 89.4x 51.4x 37.2x 28x
EV / FCF 36.2x 36.6x 91.7x 32.7x 18.7x 23.8x 23.6x 16.8x
FCF Yield 2.76% 2.73% 1.09% 3.06% 5.34% 4.19% 4.24% 5.95%
Dividend per Share 2 3 4 5 6 8 8.246 9.937 11.62
Rate of return 0.79% 1.12% 0.56% 0.88% 1.59% 1.21% 1.46% 1.7%
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% 39.3%
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 -244,463
Reference price 2 380.45 356.70 897.00 680.50 504.10 681.65 681.65 681.65
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.($)
33.38x15.53x53.7x1.22% 17.65B
14.9x4.77x12.83x3.4% 42.42B
19.17x4.05x16.27x1.31% 28.61B
8.15x1.5x7.87x4.44% 26.77B
14.43x3.1x14.85x2.5% 25.7B
5.32x0.6x1.27x9.4% 25.6B
7.77x0.86x3.13x2.88% 19.86B
10.78x2.05x9.56x4.12% 20.41B
13.22x6.48x17.08x1.62% 19.21B
16.5x9.27x17.46x5.02% 17.62B
Average 14.36x 4.82x 15.40x 3.59% 24.39B
Weighted average by Cap. 14.00x 4.41x 14.25x 3.64%

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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