Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Sobha Limited (SOBHA)
Large CapReal Estate stocks · Large cap · NSE
Sobha Limited is a Bengaluru-headquartered real estate developer with over 30 years of experience. It operates a backward integrated model covering design, manufacturing, construction, and delivery, focusing on residential real estate. The company also has contracting, manufacturing, and retail segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result20 Jul, 06:37 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -3.5% / mo · MACD + · near 52W low · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
SOBHAD candles · FIT view-17.0%Latest close ₹1176.00 on 2026-10-19
Bar
-1.4%
RSI
40
MACD hist
2.04
52W pos
8%
2026-10-19O ₹1192.70H ₹1205.60L ₹1172.00C ₹1176.00Vol 1.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SOBHANifty RealtyNifty 500
- SOBHA
- -19.2%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -13.6 pp
Chart stats
19 Oct 2026- From 52W high
- -32.1%
- 52W range position
- 8%
- ATR (14)
- 3.0%
- Volume vs 20D
- 1.07x
- Avg traded value
- ₹18.5 Cr
- 20D price channel
- ₹1,145 - ₹1,260
₹1,732
₹1,130 - ₹1,732
₹34.9
Latest completed session
20-session average
17.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +50.0% · PAT +264.3% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-63.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +50% YoY · PAT +264% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,278 Cr | +50.0% | -35.7% |
| EBITDA | ₹78 Cr | +225.0% | -48.7% |
| Operating margin | 6.0% | +320 bps | -200 bps |
| PAT | ₹51 Cr | +264.3% | -44.6% |
| PAT margin | 4.0% | +235 bps | -64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 55.90
- P/B
- 2.73
- EV/EBITDA
- 29.35
- Market Cap
- 12886.00Cr
Profitability
- ROE
- 4.16%
- ROCE
- 6.86%
- ROA
- 1.18%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 2.62×
- Altman Z
- 1.29
- Book Value
- 441.00
Cash Flow
- FCF Yield
- 2.58%
- FCF Positive Y
- 9/5
- OCF
- 430.00 Cr
- EPS TTM
- 21.57
Shareholding
- Promoter Hold
- 52.89%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,176-0.3% vs prev
Net Profit
₹ CrLatest: 193+103.2% vs prev
Return on Equity
%Latest: 4.1+96.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
21
RS percentile
Stage 4 Downtrend
1M return
-3.2%
3M return
-19.2%
6M return
-15.2%
1Y return
-23.9%
RS 1D
+2
RS 20D
+3
Sector rank
#12
Industry rank
#18
Stage evidence
- Price is 11.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 78.58-0.01%
RS vs Nifty 50079
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality0/20
Balance Sheet3/15
Cash Flow6/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 15/25 to the score.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Fair-value margin of safety is negative at -63.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
55.9
PB
2.7
EV/EBITDA
29.4
ROE
4.2%
ROCE
6.9%
FCF Yield
2.6%
Debt/Equity
0.2
MoS
-63.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-63.7%
Previous: -63.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
28
28
28
28
28
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹462.63
-154.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹718.28
-63.7% MoS
PEG
2.31
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DBREALTY
Micro
Valor Estate Limited
Real Estate
match 163
31
—
-1.3%
-801%
OVERVALUED
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 163
43
23.1
9.2%
+37%
WATCHLIST
PSPPROJECT
Small
PSP Projects Limited
Real Estate
match 162
21
41.3
4.5%
-837%
OVERVALUED
GANESHHOU
Small
GANESH HOUSING LIMITED
Real Estate
match 162
62
22.1
16.0%
+36%
UNDERVALUED
BRIGADE
Small
Brigade Enterprises Limited
Real Estate
match 161
34
27.5
10.5%
+19%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-21T07:15:01.314Z
Management commentary snapshot
Sobha reports record Q1 FY27 real estate sales of ₹36.56 Bn (+76% YoY) and 2.34 Mn sft (+62% YoY), driven by strong launches in Bangalore and NCR. PAT surged 264% YoY to ₹0.51 Bn, despite a negative net cashflow of (₹1.49) Bn due to increased land investments.
The company delivered record quarterly sales and strong profit growth, supported by new launches and a robust project pipeline. However, increased land investments led to negative net cashflow for the quarter, which warrants monitoring despite a net cash positive balance sheet.
Current business mix
Q1 FY27 Sales Value Mix by Price Band
Latest issuer-disclosed distribution across 4 reported categories.
< ₹2 Cr.19.0%
₹2 - ₹3 Cr.26.0%
> ₹3 - ₹5 Cr.13.0%
>₹5 Cr.42.0%
Growth engines
New Market Entries
Company entered 2 new markets, Greater Noida & Mumbai, in 2026 with SOBHA Aurum & SOBHA Inizio.
Strong Launch Performance
Strong launch performance of SOBHA Crescent helped achieve historic quarterly high sales in NCR. Bangalore achieved its best ever quarterly sales.
Robust Project Pipeline
20.77 Mn sft forthcoming launches with a sale potential of ₹295.57 Bn over 6-8 quarters.
Developable Land Bank
361 acres of developable land bank across 8 regions with 36.94 Mn sft potential for future growth.
Capacity and execution
New Project Launches Q1 FY27
SOBHA OneWorld (Hoskote, Bangalore), SOBHA Crescent (Sector 63A, Gurgaon), SOBHA Sacred Grove (Chikka Tirupati, Bangalore) launched.
Tailwinds
Credit Rating Upgrade
Ind-RA upgraded Outlook to AA- Positive, reflecting stable financial footing.
Strong Market Response
Bangalore achieved its best ever quarterly sales, backed by good response to SOBHA OneWorld and Sacred Grove launches.
Headwinds
Increased Sales & Marketing Spend
Sales & marketing spend is at ₹0.88 Bn (+79% YoY) in Q1 FY27, on account of higher sales.
Increased Land Investment
Land investment increased to ₹3.70 Bn (+31% YoY) in Q1 FY27.
Risk radar
Negative Net Cashflow
Net Cashflow after Land and Financial outflow is at (₹1.49) Bn for Q1 FY27, despite positive operational cashflow.
Execution Risk for Projections
Forward-looking statements involve risks and uncertainties which could cause actual results to differ from projections made by the company.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing growth against seasonal fluctuations in the real estate sector. QoQ provides insight into sequential momentum, especially for sales and cashflow trends, which are both relevant here.
Sector KPIs management disclosed
Presales (New Sale Area)
New sale area Q1 FY27: 2.34 Mn sft, up from 1.44 Mn sft in Q1 FY26 (+62% YoY).
Presales (Total Sale Value)
Total sale value Q1 FY27: ₹36.56 Bn, up from ₹20.79 Bn in Q1 FY26 (+76% YoY).
Collections (Real Estate)
Real estate collections Q1 FY27: ₹17.56 Bn, up from ₹15.99 Bn in Q1 FY26 (+9.9% YoY).
Launches (New Saleable Area)
New Launches Q1 FY27: 6.89 Mn Sft saleable area across 3 projects in 2 cities.
Management forward view
Future Revenue Recognition
₹205.53 Bn revenue to be recognized from sales done till June 30, 2026.
Projected Project Level EBITDA Margin
Management projects 30%+ project level EBITDA margin.
Total Marginal Cashflow
₹194.81 Bn marginal Cashflow expected from current & forthcoming projects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Operational Cashflow | ₹3.12 Bn (Q1 FY27) | Improvement from YoY decline and sustained positive trend in subsequent quarters. |
| Net Cashflow | (₹1.49) Bn (Q1 FY27) | Return to positive territory and efficient funding of land investments without significant debt increase. |
| Real Estate Sales Value | ₹36.56 Bn (Q1 FY27) | Continued growth momentum and successful performance of new launches in upcoming quarters. |
| Realization (₹/sft) | ₹15,655/sft (Q1 FY27) | Sustained price increases across regions, indicating strong demand and pricing power. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
Forthcoming projects are expected to be launched over the next 6-8 quarters.
Timeframe: next 6-8 quartersConfidence: expected
"expected to be launched over next 6-8 quarters"
capex timelinenot yet verifiablequantified
Forthcoming projects are expected to be launched over the next 6-8 quarters.
Timeframe: next 6-8 quartersConfidence: expected
"expected to be launched over next 6-8 quarters"
cash flow improvementnot yet verifiablequantified
Forthcoming projects are projected to generate a marginal cashflow of ₹73.09 Bn.
Direction: increase
"Marginal Cashflow – Forthcoming Projects ₹ Bn 73.09"
cash flow improvementdeliveredquantified
Forthcoming projects are projected to generate a marginal cashflow of ₹73.09 Bn.
Direction: increase
"Marginal Cashflow – Forthcoming Projects ₹ Bn 73.09"
Outcome check: OPM moved from 4.1% to average 7.0% (+2.9 pp).
project executionnot yet verifiablequantified
The developable land bank has a development potential of 42.79 Mn sft SBA.
Timeframe: long-term
"Development Potential (SBA in Mn sft) 42.79"
project executionnot yet verifiablequantified
The developable land bank has a development potential of 42.79 Mn sft SBA.
Timeframe: long-term
"Development Potential (SBA in Mn sft) 42.79"
revenue outlookdeliveredquantified
Balance revenue yet to be recognized from sales done till December 31, 2025, is ₹186.06 Bn.
Timeframe: future (beyond Dec 31, 2025)Direction: increase
"Balance revenue yet to be recognized from sales done till 31 December 2025 was ₹186.06 Bn"
Outcome check: Revenue YoY averaged 55.1% across 2 later quarter(s).
revenue outlooknot yet verifiablequantified
Balance revenue yet to be recognized from sales done till December 31, 2025, is ₹186.06 Bn.
Timeframe: future (beyond Dec 31, 2025)Direction: increase
"Balance revenue yet to be recognized from sales done till 31 December 2025 was ₹186.06 Bn"
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 49th percentile of the scored universe and 76th percentile within Real Estate. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
102 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Real Estate: 76th pctile, median 61 · Large: 26th pctile, median 73
Evidence depth
Financial-only
102 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
48
watch · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.6%.
- ▸9 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.29.
- ▸ROCE is low at 6.9%.
- ▸ROE is low at 4.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sobha Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - Sobha Ltd schedules Q1FY27 results conference call on July 21, 2026 at 5:00 PM IST.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Jul - Advertisement in Newspapers about Financial Results for the quarter ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 2h - ICRA reports Q1FY2027 rights issue proceeds utilisation; no deviation from objects, INR 1,984.25 crore monitored.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Jun - Advertisement in Newspapers about notice of 31st Annual General Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jun - Advertisement in Newspaper for transfer of dividend and equity shares to Investors Education and Protection Fund
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Announcement
Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 11 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.