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Today's prices ask more of DLF than of Lodha Developers.
At current prices, buyers of DLF are assuming about 35% growth against 9% in its own record; for Lodha Developers it is 24% against 19%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: DLF on estimate withheld; Lodha Developers on discounted cash flow.
- Size: DLF is worth about 1.5 times Lodha Developers on the stock market.
- Record: Lodha Developers has grown revenue faster: DLF compounded at about 3% a year (FY2018–FY2026) and Lodha Developers at about 25% (FY2021–FY2026).
- What to watch: launches and sales at DLF; pre-sales growth at Lodha Developers.
| DLF | Lodha Developers | |
|---|---|---|
| Price | ₹759 | ₹1,220 |
| Market cap | ₹1.88L Cr | ₹1.22L Cr |
| P/E | 41.1 | 28.0 |
| P/B | 4.13 | 5.24 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
Gurugram's developer
DLF, founded in 1946 and controlled by the Singh family, is India's largest listed real-estate developer by market value. It largely built modern Gurugram, and its recent luxury launches such as The Camellias and The Dahlias have sold at record prices.
From Macrotech to Lodha Developers
Lodha Developers, renamed from Macrotech Developers in 2025, is a Mumbai-based developer controlled by the Lodha family and listed in 2021. It builds homes across price points in the Mumbai region and Pune, from luxury towers to mid-income projects.
02The records side by side
Lodha Developers has grown revenue faster: DLF compounded at about 3% a year (FY2018–FY2026) and Lodha Developers at about 25% (FY2021–FY2026). By revenue, Lodha Developers is about 2.0 times the size of DLF. DLF kept 53.9% of revenue as net profit in FY2026; Lodha Developers kept 20.6% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: DLF · Lodha Developers.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Launches and salesNew luxury projects drive bookings and cash flow.
- Land bankOwned land lets DLF launch without paying today's land prices.
- Pre-sales growthBookings drive future revenue and cash.
- Debt reductionLower debt has cut interest costs and risk.
05What could go wrong
- Property cycleHousing demand can fall quickly when rates rise.
- ConcentrationHeavy dependence on one city.
- Mumbai concentrationMost sales come from one region.
- Rate cyclesHigher mortgage rates slow buying.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is DLF or Lodha Developers better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, DLF trades at 41.1 times earnings and 4.13 times book value, and Lodha Developers at 28.0 times earnings and 5.24 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between DLF and Lodha Developers?
DLF, founded in 1946 and controlled by the Singh family, is India's largest listed real-estate developer by market value. Lodha Developers, renamed from Macrotech Developers in 2025, is a Mumbai-based developer controlled by the Lodha family and listed in 2021.
Are DLF and Lodha Developers valued the same way?
No. DLF is valued on estimate withheld and Lodha Developers on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for DLF and Lodha Developers?
Worked backwards from the share price, DLF needs about 35% growth and Lodha Developers about 24% growth, against 9% and 19% in their own records.