DLF share: Jefferies, BoFA Sec, Motilal Oswal, Nuvama, Antique maintain buy; Nomura neutral
Brokerages remain broadly positive on DLF following its Q1FY26 update and a confident outlook by the management for the rest of the year. While multiple houses reiterated their 'Buy' ratings, Nomura maintained a neutral stance, citing limited upside risks to pre-sales targets. The pre-sales guidance of ₹20,000–₹22,000 crore for FY26 is seen as achievable by most, especially after a strong Q1 start. Jefferies on DLF share: Buy, TP ₹1,000
Jefferies noted that DLF had an 'upfronted start' to FY26, which bolstered management's confidence in meeting the ₹220 billion pre-sales target. The successful launch in Mumbai also opens avenues for more projects in the city. The brokerage pointed out that strong cash generation (₹33/share net cash) is a key positive, and the focus may now shift to lease income as major properties near completion. Residential completions are largely expected from FY28 onwards. BoFA Securities on DLF share: Buy, TP ₹945
BoFA Securities also retained a positive stance after a robust Q1, where DLF achieved over 50% of its full-year pre-sales target. It highlighted the success of Mumbai Phase 1 and expects 15% CAGR in the annuity portfolio. The brokerage said the company is likely to use growing cash flows to distribute dividends over the next two years. Motilal Oswal on DLF share: Buy, TP ₹1,005
MOSL reaffirmed its Buy call, pointing to a positive outlook and a ₹62,900 crore project pipeline in the medium term. While the Privana launch helped boost sales, collections were slightly underwhelming. FY26 pre-sales guidance was reiterated at ₹20,000–22,000 crore. Key upcoming launches include Goa (FY26), Mumbai Phase 2 (FY27), and DLF City (FY27). Capex of ₹5,000 crore annually has been guided for FY26 and FY27. Nuvama on DLF share: Buy, TP ₹1,005
Nuvama said DLF's new launches are driving strong booking momentum. The brokerage maintained its Buy rating and highlighted pre-sales guidance of ₹20,000–22,000 crore for FY26E, with exit rentals expected to reach ~₹6,700 crore. DLF is likely to retain leadership in margins, cash flow, and annuity rental growth. Antique on DLF share: Buy, TP ₹933
Antique remains positive, citing a strong cash flow visibility of ₹46,500 crore over the next 3–4 years. The firm considers the FY26 pre-sales guidance of ₹20,000–22,000 crore as achievable. While no major near-term surprises are expected, the residential business is being valued at 14x 1HFY28E earnings. Nomura on DLF share: Neutral, TP ₹740
Nomura was more cautious, stating that while rental growth is healthy, there is low upside risk to the pre-sales target. It expects consolidated rental income to grow at a 15% CAGR between FY25 and FY28.
Disclaimer: The views and investment recommendations expressed by brokerages are their own and do not represent the views of this publication. Investors are advised to consult certified financial advisors before making any investment decisions.
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Arunika Jain, a graduate in Mass Communication, brings a fresh perspective to the world of journalism. Arunika has a passion for writing finance and corporate news at BusinessUpturn.com. You can write to her at [email protected]
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