Company Update : Sobha Ltd by JM Financial Services Ltd
NCR drives record bookings
Sobha reported a strong 1Q performance with highest ever quarterly bookings of INR 20.8bn (+11% YoY; 9% beat on JMFe) aided by successful launch of its maiden project in Noida. During the quarter, the company launched 2 projects with a total saleable area of 1.6msf including “Sobha Aurum”, Noida having a saleable area of 0.7msf. Sobha also launched the remaining four towers at Marina One, Kochi having a saleable area of 0.9msf. With a strong project pipeline of c. 20msf, we expect the company to report 38% YoY growth in bookings to INR 86bn.
* Steady quarter: Sobha had a strong start to FY26 with highest ever quarterly bookings of INR 20.8bn (+11% YoY, +13% QoQ; 9% beat on JMFe). The performance was driven by successful launch at Noida which led to NCR contributing c. 50% to overall bookings volume. The sales volume came in at 1.4msf (+23% YoY, -8% QoQ) and blended realization declined 10% YoY on account of sales mix.
* New Launches: During the quarter, the company launched 2 projects with a total saleable area of 1.6msf including its maiden project in Noida, “Sobha Aurum”, with a saleable area of 0.7msf. Sobha also launched the remaining four towers at Marina One, Kochi with a saleable area of 0.9msf. It also delivered 1.07msf with 594 homes across projects in Bengaluru, Chennai, NCR and others.
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SEBI Registration Number is INM000010361
