Company Update : Sobha Ltd By JM Financial Services
Despite the lack of large launches, the pre-sales traction from 1Q has largely sustained as Sobha reported quarterly bookings of INR 19bn (+61% YoY; 6% beat on JMFe). Company witnessed improved momentum at Sobha Town Park which resulted in 70% contribution of Bengaluru in overall sales. In 1HFY26, bookings stood at INR 39.8bn (+30% YoY) and given the strong pipeline across NCR, Mumbai and Pune, it remains on track to deliver 30-35% growth in FY26.
* Steady quarter: Sobha announced healthy pre-sales of INR 19bn (+61% YoY; -8% QoQ). Volume for the quarter came in at 1.4msf, up 49% YoY and realization increased 8% YoY to INR 13,648 psf. Bengaluru contributed 70% of overall pre-sales aided by improved momentum at Town Park project. Company recorded INR 3.1bn sales from NCR (16% of total) largely from projects like Aranya and Aurum.
* Strong pipeline: Sobha launched 1 boutique luxury villa project in 2QFY26 at North Bengaluru and delivered 1.18msf across 591 homes. In 1HFY26, bookings stood at INR 39.8bn (+30% YoY) and given the strong pipeline across NCR, Mumbai and Pune, it remains on track to deliver 30-35% growth in FY26.
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SEBI Registration Number is INM000010361
