Sobha Limited has informed the Exchange about Transcript of Conference call held on July 26, 2025.
SOBHA · price
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Awaiting price reaction for this filing.
Sobha Limited reported its highest-ever quarterly real estate sales of INR2,078.8 crores in Q1 FY26, crossing the INR2,000 crore mark for the first time, with 1.44 million sq ft sold at an average realization of INR14,395/sq ft. Collections grew 15% YoY to INR1,778 crores, and the company holds a strong future cash flow visibility of INR24,752 crores. However, profitability was weak — EBITDA of INR73 crores (8.1% margin) and PAT of INR13.6 crores (1.5% margin) — because 5 Bangalore projects faced delays in receiving Occupancy Certificates, preventing recognition of INR650 crores in revenue and INR150 crores in PBT. Management has a launch pipeline of 8 million sq ft (worth ~INR10,000 crores) over the next 9 months across Bangalore, NCR, Pune, Chennai, Kerala, and Mumbai, and guided for 30% growth in presales for FY26, targeting INR10,000 crores in the following year.
Short-term: weak headline margins may pressure the stock, but the miss is clearly explained by one-time OC delays with revenue expected to flow in subsequent quarters. Medium-term: the strong presales, INR17,245 crores of unrecognized revenue, and a robust launch pipeline support sustained growth, while calibrated cash deployment (INR1,706 crores cash, INR1,019 crores debt) gives flexibility for expansion.