DLF Moat Analysis: Score & Risks
DLF Ltd.
A first-pass moat teardown of DLF Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.
DLF Ltd. scores 5.23 on MoatSCORE 6.0 — a narrow moat in Realty. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“As of 31 March 2017, the occupancy rate for your Company's leased offices portfolio was approx. 93%.”
“our construction cost is ballpark in the range of INR 8,000-odd a square foot, INR 8,500 on a sale price of about INR 20,000, which broadly is a 40% ratio.”
“this land parcel today will cost us less than Rs. 2,500 rupees a square foot on saleable area for almost 7.5 million square feet”
“Low-cost land bank coupled with luxury /super-luxury offerings to deliver consistent margin accretion”
“We've got 20% of our business has come from NRIs, which our regular trend in any of our launches that you may be tracking and seeing. And these are the Mumbai NRIs we're talking about.”
“our collection efficiency across all our projects continues to remain extremely high indicating the strong underlying demand of our products and high quality of sales”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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