| Management target | Net Profit 50.0% FY27 |
|---|
| Revenue growth | ₹1,017 Cr revenue in Q2; real estate contributed ₹749 Cr. |
|---|---|
| Margins | Current margins 11%; guided to exceed 15% in H2 and 20% FY28. |
| Order book | External contract order book at ₹540 Cr; real estate receivables ₹31,814 Cr. |
| Demand visibility | Strong sustainance sales; 15M sq ft unsold inventory offers high visibility. |
| Management confidence | Extremely confident; repeatedly highlighting record cash inflows and H2 launch pipeline. |
Growth
H1 sales value grew 47.2% YoY to ₹5,862 Cr. Realization improved 13.7% in Q2 due to a premium sales mix in Bangalore and NCR.
Outlook
Management guides for H2 EBITDA margins above 15% and a 50% PAT growth over FY26. Project pipeline stands at 20.42 million sq ft.
Risks
Low Q2 EBITDA margins (11%) reflect recognition of older, low-margin projects. Execution delays in a tight labor/approval market could defer revenue recognition further.
Last quarter's promises, checked
Delivered
- Projected net debt at 0 level → Delivered net cash positive ₹322 Cr (= BEAT)
- 30% presales growth guidance → Delivered 47.2% H1 growth (= BEAT)
- Launched 3 new projects (6.89M sq ft) → Delivered launches including Sobha One World (= BEAT)
Partly delivered
- Launch 8.2M sq ft in 9 months → 11M sq ft now pushed to H2 (= PARTIAL)
- ₹2,000 Cr annual operating cash flow target → Delivered healthy H1 inflows but tracking against heavy capex (= PARTIAL)
Missed
- Q1 EBITDA margin 9.7% with expansion target → Delivered 11% Q2 margin, missing 15%+ H2 trajectory (= MISS)
Earnings Call Transcript filed with NSE, NSE: SOBHA. Summary written with AI assistance from the document.
Sobha Ltd: key numbers
- Share price
- ₹1,155.00
- Market cap
- ₹12,352 Cr
- Revenue (annual)
- ₹5,190 Cr
- Net profit (annual)
- ₹193.4 Cr
- P/E (TTM)
- 64.7×Sector 34.0×
- Promoter holding
- 52.89%+0.01% QoQ
- FII holding
- 6.34%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Sobha Ltd
All →Sobha Capital Structure Change
Bandhan Mutual Fund, a non-promoter, acquired 2,183,115 Sobha Ltd shares through the secondary market. Its stake rose from 7.03% to 9.07% of paid-up equity capital.
Sobha Legal & Regulatory
Sobha faces a GST order for Rs 29.76 Crore tax plus interest and penalty, and is appealing to GSTAT. The company reports no operational impact.
- Value
- ₹29.76 Cr
Sobha Capital Structure Change
Sobha Limited issued a final notice for payment of the first and final call of ₹825.50 per partly paid-up share on 20,857 shares outstanding.
- Value
- ₹1.72 Cr
Sobha Acquisition Worth ₹12.7 Cr
Sobha Limited will acquire the fire and safety business division of Sobha Projects and Trade Private Limited in a slump sale for ₹12.70 Crore.
- Value
- ₹12.70 Cr
- Execution
- Three months
Sobha Merger & Restructuring Worth ₹12.7 Cr
Sobha Limited is acquiring the fire and safety division of Sobha Projects and Trade Private Limited via a slump sale for Rs. 12.7 Crore.
- Value
- ₹12.70 Cr
- Execution
- Three months
Sobha Results Update
Sobha Limited achieved H1 FY27 sales of Rs 5,862 Crore, up 47.2% YoY. Quarterly revenue stood at Rs 1,017 Crore, driven by strong operational demand.
- Value
- ₹5,862 Cr