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On Tuesday, Citi analyst Rajiv Berlia adjusted the outlook for DLF (NSE:DLF) Ltd. (DLFU:IN), shifting the stock rating from Sell to Neutral while revising the price target downward to INR750.00 from INR775.00. The change in rating follows a recent price correction in DLF’s stock, prompting a reassessment of the company’s pre-sales growth expectations for the fiscal year 2026.
Berlia cited several factors contributing to the decision to upgrade the rating. The analyst pointed out that the lower pre-sales growth expectation is now in the low-single digits, which seems more attainable for DLF, especially considering the company’s substantial inventory available for sale, valued at approximately INR 250 billion. This inventory level suggests that DLF could potentially continue its current pre-sales momentum.
Furthermore, Citi’s on-the-ground research indicates that DLF is likely to launch new projects in Mumbai in the upcoming quarters. This development could provide additional revenue streams and contribute to the company’s pre-sales figures. The analyst also noted DLF’s decent balance sheet, which supports the more favorable rating.
Berlia’s commentary highlighted the rationale behind the upgrade: "Upgrade DLF to Neutral from Sell due to (a) implied FY26 pre-sales growth expectation down to low-single digit post the recent price correction (b) DLF likely to achieve the implied FY26 pre-sales expectation given inventory available for sale is ~Rs250bn even if the similar pre-sales momentum is maintained (c) our on-the-ground research indicates that Mumbai new launch likely to happen in 4Q/1Q and (c) decent balance sheet. Upgrade DLF to Neutral (from Sell) as implied pre-sales expectations are more reasonable post the price correction, in our view."
Investors and market watchers will be keeping an eye on DLF’s stock performance following this updated assessment from Citi, as the company navigates its pre-sales objectives and upcoming project launches.
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