✅ At a Glance
| 📊 | Key Metrics | Q4 FY25 | FY25 (Full Year) |
|---|---|---|---|
| 💰 Revenue | ₹3,128 Cr | ₹7,994 Cr | |
| 🧾 Net Profit | ₹12,822 Cr | ₹43,668 Cr | |
| 🏢 Segment | Single (Real Estate) | – | |
| 🧮 EPS | ₹5.18 (Q4) | ₹17.64 | |
| 🎯 CMP | ₹848.80 (as of May 19, 2025) | ||
| 📈 P/E (TTM) | 48.1 |
Yes. ₹43,668 Cr profit. No typo. No bonus share. No multiverse. Just India’s largest listed real estate developer doing real accounting gymnastics.
🏗️ About DLF Limited
DLF — the OG of Indian skyscrapers and golf-course facing apartments — has delivered the kind of numbers that make even startup bros look up from their pitch decks.
- Business: Real estate development
- Reporting: Consolidated
- Segment: Single (No hygiene, no fintech. Just land.)
This quarter, DLF flexed its balance sheet harder than a HNI at Lodha’s open house.
🧑💼 KMP & Auditor Info
| Role | Name |
|---|---|
| 🧠 CMD | Mr. Rajiv Singh |
| 🧮 CFO | Mr. Vivek Anand |
| 🧾 Auditor | S.R. Batliboi & Co. LLP (Peer review valid till July 2027) |
💹 FY25 vs FY24 Financials
| Metric | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue (₹ Cr) | ₹7,994 | ₹7,993 | 🔻 0.01% |
| Other Income | ₹10,022 Cr | ₹2,202 Cr | 🔻 78% |
| Total Income | ₹8,995 Cr | ₹3,348 Cr | 🔻 62.7% |
| EBITDA Margin | ~45% est. | ~34% est. | 🔻 |
| Net Profit | ₹26,945 Cr | ₹43,668 Cr | 🚀 +62% |
| EPS (₹) | 17.64 | 5.18 (Q4) | N/A |
Profit grew. Revenue didn’t. You do the math 🧠
🤹 So What’s the Trick?
Here’s the “ta-da” moment:
- DLF booked a ₹11,108 Cr deferred tax gain.
- That’s not money coming in. It’s future tax reductions, pulled in today.
- Think of it like saying: “Mummy, I got 95% in next year’s exams. Can I get my gift now?”
Add a ₹16,723 Cr profit share from joint ventures/associates, and your P&L becomes a fantasy novel.
🧮 Forward Value (FV) Estimation
Let’s keep it real.
- EPS (TTM): ₹17.64
- Fair P/E: 40 (reasonable for real estate, considering volatility)
✅ FV = ₹17.64 × 40 = ₹705.60
CMP is ₹848.80
➡️ Overvalued by ₹143.20 (~20%)
📦 Balance Sheet Highlights
| 📂 Line Item | Amount (₹ Cr) |
|---|---|
| Inventories | ₹2,46,215 |
| Investment Property | ₹17,065 |
| Goodwill + Intangibles | ₹11,660 |
| Cash & Equivalents | ₹7,525 |
| Total Assets | ₹6,94,753 |
| Equity Reserves | ₹4,20,551 |
| Total Liabilities | ₹2,69,251 |
That ₹2.4 lakh crore inventory? That’s land bank hoarding at Pokémon levels.
💸 Dividend Payout
- Final Dividend: ₹2.50 per share
- Yield = 0.29% 🥲
- Basically, a 2BHK costs ₹2 Cr, but dividend will get you a masala dosa and a Pepsi.
🏦 Cash Flow Circus
| Flow Type | ₹ Cr |
|---|---|
| 🔁 Operating Cash Flow | +₹52,352 |
| 🏗️ Investing | -₹35,430 |
| 🏦 Financing | -₹23,345 |
| 🧊 Net Change | -₹6,423 |
Despite blockbuster profit, cash is down YoY. Because when you book deferred tax and JV profits, banks don’t care.
🚩 Risks & Red Flags
- Deferred tax gains = “one-timer”
- JV profit = accounting entry, not real inflow
- Inventories growing faster than sales
- High working capital
- P/E is expensive vs industry
🧠 EduInvesting Take
“DLF’s FY25 results are like Gurgaon: polished on top, chaos underneath.”
Yes, ₹43,668 Cr profit sounds sexy. But a lot of it is accounting fantasy. Real estate is a cyclical beast, and deferred tax can’t fund construction.
If you bought it cheap during COVID lows, enjoy your penthouse.
But if you’re entering at 48x P/E, make sure you like long holding periods and hearing “valuation rerating coming soon.”
🎯 Verdict
- Great company. Good asset base.
- Mediocre core ops in FY25.
- Great at “balance sheet dressing”.
“At ₹850+, this stock is no longer selling flats. It’s selling dreams.”
Tags: DLF Limited, FY25 Results, Deferred Tax, Real Estate Stocks, Profit Jump, DLF EPS, EduInvesting Real Estate, NSE BSE DLF, Gurgaon Flats, Indian Developer Stocks
