Brokerages Nomura, Antique and Nuvama Revise DLF Price Targets Following Weak Q1 FY27 Results

Brokerages Hold Bullish Stance on DLF Despite Weak Q1 Bookings

Three major securities firms—Nomura, Antique, and Nuvama—have revised their price targets for DLF, India's leading real estate developer, following a subdued first quarter of financial year 2026-27, yet each maintained a Buy rating on the stock. The revisions reflect confidence in the company's medium-term pipeline despite near-term headwinds in presales.

Q1 FY27 Results: Timing Impact on Bookings

DLF had a weak first quarter of 2026-27 in terms of presales due to the absence of launches. The real estate developer reported subdued presales of ₹660 crore, down 94 per cent from the year-ago quarter. Ashok Kumar Tyagi, managing director of DLF, said during the earnings call following the Q1FY27 results that the June quarter was weak in terms of pre-sales as the company did not launch any housing projects.

Most of the company's presales in the quarter came from The Dahlias, an ultra-luxury project in Gurugram, with about 34 units sold during the quarter, generating ₹540 crore and taking the proportion of units sold in the project to 65 per cent.

Full-Year Guidance Intact

The company has maintained its FY27 presales guidance of ₹20,000 crore. The company's overall net cash position remains strong at ₹15,200 crore, while the net debt position at its commercial arm also remains healthy.

Brokerage Revisions and Ratings

Nuvama Research has maintained a 'buy' rating, with a revised target price of ₹780, up from ₹722 earlier. Analysts Parvez Qazi and Vasudev Ganatra of Nuvama Research believe DLF's strong brand and execution track record should help it navigate challenges in the Gurugram housing market.

Analyst Abhishek Lodhiya of Antique Research has maintained a 'buy' recommendation with a revised sum-of-the-parts target price of ₹870 per share. The view is supported by the company's net cash balance sheet, leadership in the National Capital Region, luxury product mix, a launch pipeline of more than ₹60,000 crore, net receivables of ₹11,800 crore, and an estimated cash surplus of ₹16,700 crore from unsold inventory.

Nomura's revision to its DLF target reflects similar confidence in the company's cash generation and deferred launch pipeline for the remainder of FY27.

Launch Pipeline and Strategic Projects

The company's launch pipeline includes major projects in DLF City (Gurugram), with a revenue potential of ₹8,000 crore to ₹9,000 crore, Arbour Senior Living (Gurugram), Westpark Phase 2 (Andheri, Mumbai), and a project in Goa.

Deferred launches in the coming quarters are expected to lift bookings for the year and help DLF meet its sales targets.

Rental Business Shows Resilience

The company expects exit rentals of ₹7,300 crore to ₹7,500 crore in FY27 and projects mid-teen growth in net operating income over the next four to five years in its rental business.

About DLF

DLF is India's leading real estate developer with close to eight decades of track record and has developed more than 185 real estate projects spanning more than 352 million square feet. The company operates across various geographic locations in India, targeting key markets such as Gurugram, Delhi, Hyderabad, Noida, and Chennai.