DLF's Privana Launch Lifts Q1 Sales; But Collections Disappoint, Says Motilal Oswal Maintaining 'Buy'

In Q1 FY26, bookings surged 78% YoY/5x QoQ to Rs 114 billion (11% below estimate), fueled by healthy sales from the luxury project, DLF Privana North, launched during the quarter. Privana North contributed Rs 110 billion or ~96% of total presales, while the remaining 4% came from Dahlias.

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Motilal Oswal Report

DLF Ltd. continues to enhance its growth visibility as it replenishes its launches with its existing vast land reserves. However, our assumption of a 12-13-year monetization timeline for its remaining 150 msf of land bank (including TOD potential) adequately incorporates this growth.

DLF’s business (Devco/DLF commercial) is valued at Rs 1,726 billion, wherein land contributes Rs 1,304 billion. DLF Cyber City Developers Ltd. is valued at Rs 708 billion. gross asset value is at Rs 2,434 billion. After taking FY26E net cash of Rs 54 billion (incl. DCCDL) into consideration, net asset value stands at Rs 2,488 billion.

We reiterate our Buy rating with a revised target price of Rs 1,005 (vs Rs 967 earlier).

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