Unclassified · NSE: DLF
DLF share analysis
Fair value, business quality, the case for and against, and the risks — computed by VestCall from reported data, updated 14 October 2026.
DLF in one paragraph
DLF (NSE: DLF) was trading at ₹660.6 on 14 October 2026. VestCall scores its business health 74/100 (healthy). On valuation, the price sits in the “Valuation Premium” zone (₹634.33 and above) — above the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.
- Share price₹660.6
- Business health74/100
- Growth97/100
- Financial strength68/100
- Valuation74/100 · Fair
- Valuation zoneValuation Premium
- RiskHigh
Is DLF overvalued or undervalued?
At ₹660.6, DLF sits in VestCall’s “Valuation Premium” zone (₹634.33 and above): above the modelled fair-value range. Its valuation scores 74/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
| Valuation zone | Price band | What it means |
|---|---|---|
| Deeply Discounted | ₹558.8 – ₹606.35 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹606.35 – ₹610.4 | Below the modelled fair-value range |
| Fairly Valued | ₹610.4 – ₹634.33 | Inside the modelled fair-value range |
| Valuation Premium (current) | ₹634.33 and above | Above the modelled fair-value range |
The case for and against DLF
What supports the case
- Growth · 94/100.
- Shareholding Quality · 80/100.
- Financial Strength · 68/100.
- Management Stability · 67/100.
- Business Quality · 65/100.
What needs proof
- Capital Allocation · 30/100.
DLF key ratios
| Ratio | DLF | Unclassified median |
|---|---|---|
| P/E | 29.87x | — |
| P/B | 1.58x | — |
| P/S | 5.09x | — |
| Return on equity (ROE) | 8.3% | — |
| Return on capital employed (ROCE) | 9.3% | — |
| Operating margin | 29.9% | — |
| Net margin | 26.7% | — |
| Current ratio | 1.34x | — |
DLF growth
Growth scores 97/100, with a stable trend, measured Mar 2023 to Mar 2026.
| Measure | Reading |
|---|---|
| Revenue CAGR | 17.8% |
| Net profit CAGR | 33.5% |
| EPS CAGR | 29.4% |
| Revenue growth, latest year | 9.1% |
| Profit growth, latest year | -2.7% |
DLF bull, base and bear case
Modelled annual return under three sets of stated assumptions over 5 years. These are model outputs, not a forecast or a promise of return.
| Scenario | Modelled CAGR | Weight | Assumption |
|---|---|---|---|
| Bear | +3.8% | 22% | Growth decelerates to 7.8% and the multiple de-rates toward the cohort's trough. |
| Base | +21.7% | 53% | Earnings compound near the measured 21.7% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +33.9% | 25% | Growth holds at 30.4% and the market pays the full premium the measured quality supports. |
Risks to watch in DLF
| Review trigger | Current | Threshold | Status |
|---|---|---|---|
| Return on equity falls below the quality floor | 8.3% | below 15% | high · breached |
| Revenue growth falls below the thesis floor | 17.75% | below 8% | high · armed |
| Promoter holding drops materially | 74.08% | below 71.08%, 3 points under the Jun 2026 filing | high · armed |
| Price runs more than two sigma above its own trend | 660.6 | at or above 986.32 | medium · armed |
| Drawdown from the 52-week high exceeds tolerance | 15.25% | at or beyond 25% | low · armed |
| Leverage doubles from the level underwritten today | No leverage line in the balance sheet | unavailable | high · unmeasurable |
| Promoter pledge rises above tolerance | No pledge disclosed (the NSE filing for DLF could not be read either (nse_session_unavailable)) | above 10% | high · unmeasurable |
| Valuation reaches the top of its own cohort | No cohort multiple to rank against | at or above the 95th percentile | medium · unmeasurable |
An armed trigger is watched and has not fired; a breached one has.
How DLF shares have traded
| Measure | Reading |
|---|---|
| 52-week range | ₹504.1 – ₹779.5 |
| Distance from 52-week high | −15.3% |
| Return, 3 months | −1.6% |
| Return, 12 months | −10.2% |
| Trend | Sideways |
| Annualised volatility | 32.1% |
| Deepest drawdown, 2 years | −45.4% |
Questions about DLF shares
Is DLF overvalued or undervalued?
At ₹660.6, DLF sits in VestCall’s “Valuation Premium” zone (₹634.33 and above): above the modelled fair-value range. Its valuation scores 74/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
Is DLF fundamentally strong?
VestCall scores DLF’s business health 74/100 (healthy). The strongest measured pillars are growth and shareholding quality. The ones that need proof are capital allocation. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.
What is DLF’s P/E ratio?
DLF trades at a P/E of 29.87x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against DLF’s returns and growth.
What are the risks of investing in DLF?
The review triggers VestCall watches for DLF are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 71.08%, 3 points under the Jun 2026 filing). On the fundamentals, capital allocation is the weakest measured pillar at 30/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.
Is this a recommendation to buy or sell DLF?
No. VestCall states where DLF’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.
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