Jefferies on DLF ; Buy, TP Rs 830

New launch revival after 4 qtrs, & continued luxury property demand, should help DLF meet its pre-sales guidance for FY27E, despite less than a qtr met in 1H. Lease business remains steady with strong 95%+ occupancies. FY27 P&L performance should stay patchy though Sep'qtr was a beat on other income. Cash generation remains strong with Rs61/sh net cash on devco.

DLF LIMITED

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