NSE: SOBHA · BSE: 532784
SOBHA LIMITED
Develops and sells residential real estate, mainly in Bangalore and the National Capital Region, with a backward-integrated contracting and manufacturing arm that supports its projects. In FY26, real estate contributed 78.9% of segment revenue (INR4,438.543 cr) and contractual and manufacturing contributed 21.1% (INR1,186.79 cr). The real-estate business earns on home sales and project handovers; the contractual arm handles construction and component manufacturing work for outside clients as well. Costs are dominated by other operating expenses at 79.6% of revenue, covering land, construction and subcontracting, with materials at 7.3%, employees at 9.7% and depreciation at 2.0%. The balance sheet carries a net cash position of INR659 cr against gross debt of INR1,110 cr, and a 20.77 mn sq ft pipeline of forthcoming projects is on the books across 17 projects. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate (79%), Contractual and manufacturing (21%). Cyclical, asset-heavy residential real estate developer with a backward-integrated construction arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,731 | 3,310 | 3,097 | 4,039 | 5,190 |
| EBITDA (ex other income) | 889 | 369 | 277 | 294 | 310 |
| margin % | 32.6 | 11.2 | 8.9 | 7.3 | 6.0 |
| Owners' profit | 0 | 104 | 49 | 95 | 193 |
| EPS, as reported (₹) | 12.32 | 10.99 | 5.18 | 9.28 | 18.09 |
| ROE % · ROCE % | 4.7 · 27.7 | 4.2 · 12.5 | 2.0 · 9.7 | 2.1 · 6.0 | 4.1 · 7.6 |
| Debt / equity (x) | 0.98 | 0.80 | 0.76 | 0.25 | 0.21 |
| Cash from operations | 821 | 1,150 | 647 | 200 | 430 |
| Capex | (20) | (123) | (125) | (131) | (208) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 934 | 1,224 | 1,241 | 852 | 1,408 | 943 | 1,988 | 1,278 |
| Profit before tax | 36 | 29 | 56 | 19 | 99 | 21 | 122 | 69 |
| Net profit | 26 | 22 | 41 | 14 | 73 | 15 | 92 | 51 |
| EPS (₹) | 2.60 | 2.15 | 3.83 | 1.27 | 6.78 | 1.44 | 8.59 | 4.75 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real estate | 1,787 | 32.8 |
| Contractual and manufacturing | 809 | 14.8 |
| Real Estate | 2,633 | 48.3 |
| Contractual and Manufacturing | 220 | 4.0 |
| Total, before eliminations | 5,448 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.6 | 20.5 | 51 of 57 | 11% |
| P/B | 2.6 | 1.9 | 43 of 64 | 33% |
| ROCE | 5.0 | 6.4 | 41 of 66 | 39% |
| ROE | 4.1 | 8.0 | 44 of 64 | 32% |
| Debt / Equity | 0.2 | 0.4 | 26 of 64 | 60% |
| EBITDA margin | 10.2 | 29.6 | 54 of 66 | 19% |
| Revenue growth | 50.0 | 12.8 | 19 of 67 | 73% |
| Profit growth | 273.4 | 7.5 | 7 of 66 | 91% |
| Market cap | 12353 | 1781 | 9 of 67 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Bandhan Mutual Fund increases Sobha holding to 9.07% | ownership changes | high | — | — |
| 26 Oct 2026 · Sobha guides higher margins as H1 sales reach INR 5,862 crore | investor communications | medium | — | — |
| 24 Oct 2026 · Final call deadline and forfeiture warning for unpaid rights shares | compliance | minimal | — | — |
| 23 Oct 2026 · Sobha to appeal INR 297.59 million GST order with interest and penalty | compliance | minimal | — | — |
| 20 Oct 2026 · Sobha informs exchanges about newspaper ad for Q2 FY26 results | compliance | minimal | — | — |
| 19 Oct 2026 · Audio recording of Q2 FY27 analyst conference call now available on website | investor communications | low | — | — |
| 19 Oct 2026 · Sobha rights issue final call: pay Rs 825.50 by Nov 24 or shares forfeited | fund raising | medium | — | — |
| 19 Oct 2026 · Sobha Rights Issue Q2 FY27 Monitoring Report Shows No Deviation | fund raising | low | — | — |
| 19 Oct 2026 · Sobha Limited Q2 FY27 Rights Issue fund utilization status - no deviation reported | compliance | minimal | — | — |
| 19 Oct 2026 · Sobha Q2 FY27: Record H1 sales of Rs 5,862 cr, up 47% YoY | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.