DLF shares in focus after turning gross debt positive; Eight analysts see stock crossing ₹1,000

Shares of DLF Ltd. are in focus on Friday, January 23, as the company turned gross debt-free for the first time since its initial public offering (IPO) in 2007. The company made this announcement alongside its third quarter results, which it reported after market hours on Thursday.

In addition to this, brokerage firm Jefferies also remains positive on the stock as it projected a 62.7% potential upside from its previous close. Jefferies is one among the eight brokerages, who expect the stock to cross levels of ₹1,000 over the next 12 months.

The company has turned debt-free at a residential business level.

Its cash on the books stood at ₹11,660 crore, including the RERA amount of ₹10,433 crore.

DLF's new sales bookings stood at ₹419 crore at the end of the December quarter, declining 97% from the previous year and 90% sequentially. The significant drop was due to the suspension of the super luxury Dahlias project for a redesign, which have since been resumed in the ongoing fourth quarter.

DLF said it will achieve its bookings guidance of ₹22,000 crore for the financial year 2026.

For the first nine months of FY26, its bookings stood at 16,176 crore. DLF's bookings have consistently increased in the last few years, from ₹15,058 crore in FY23 to ₹14,778 crore in FY24 and ₹21,223 crore in FY25.

The company's gross collections in the December quarter were at a record level of ₹5,100 crore. Its collections for the nine months of FY26 were higher than the entire FY25.

DLF Cyber City Developers Ltd.'s office income increased 2% sequentially and 19% annually to 1,150 crore. Mall rentals were up 11% from the previous quarter and 14% from the previous year at ₹260 crore.

Jefferies Stays Bullish

Jefferies has retained its "buy" rating on DLF with a price target of ₹1,000 per share.

DLF's pre-sales were a miss at just ₹400 crore on the lack of marketable inventory and no new launch, Jefferies said.

Of the 25 analysts that have coverage on the stock, 23 have a "buy" rating and two have a "hold" rating.

DLF shares ended the previous session 0.5% lower at ₹614.65 apiece, The stock has declined 27% in the last six months.

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