Nomura on DLF ; Buy, TP Rs 74

2QFY27 pre-sales at Rs 38bn (vs estimate of Rs 25bn) Co on track to meet FY27F presales target of Rs200bn; continued robust cash generation 2QFY27 revenue/EBITDA were weaker than consensus estimates; expect a strong revenue recognition cycle from 2QFY28F Buy based on DLF’s: (1) robust FCF generation of INR70-80bn annually with a net cash position that allows it to materially increase shareholder returns and focus on new business development (BD); (2) potential annuity income, which expect to expand at a 12-13% CAGR as new assets come online; (3) execution capability, which has translated into strong performance for luxury/super luxury projects

DLF LIMITED

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