Arthneeti

Sobha Q2 FY27 Share Price & Earnings Call Analysis

₹1,155.60-0.38% today
Market cap
₹12,361 Cr
P/E
53.61
ROE
4.16%
PEG
2.33
Price to sales
2.21
Debt to equity
0.22
52W high / low
₹1,701 / ₹1,145
Sales growth (5Y)
19.73%
EBITDA margin
6.48%
Net profit margin
3.72%
Promoter holding
52.89%
Sales (last year)
₹5,617 Cr

Sobha Limited, incorporated in 1995, is a real estate developer engaged in construction to operations of townships, housing projects, commercial premises, and other related activities. The Co. is also engaged in manufacturing activities related to interiors, glazing and metal works, and concrete products. [1]

Guidance scorecard · Q2 FY27 call

What Sobha Ltd's management guided
and where it ranks in Realty

#2of 41 in
Realty
Revenue20–40%MarginsUp 2%+CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

20–40%
  • H1 FY27 was the strongest half in SOBHA's history with sales value of INR5,862 crores, a 47.2% YoY growth.
  • Sales volume grew 32.4% with 3.76 million sq ft sold.
  • Average price realization increased by 13.7% in Q2 FY27 to INR15,522/sq ft.
  • Guidance indicates strong sales growth for the full financial year, likely exceeding initial targets.
  • Launch pipeline is robust with plans to launch at least 9 projects totaling over 11 million sq ft in H2 FY27.
  • Projected deliveries for FY27 are about 6 million sq ft (3.5 million sq ft in H2).
  • EBITDA margins expected to improve, with 15% planned for H2 FY27.

2 more points from Sobha Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 2%+

See what Sobha Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • SOBHA Limited is acquiring the fire and safety business of SOBHA Trade and Projects, which has been delivering about 70% of its business for SOBHA itself.
  • The acquisition is strategic to improve coordination, delivery speed, reduce costs via GST benefits and procurement synergies.
  • The fire and safety business currently has no need for additional capital expenditure as it is a services business with existing capex being sufficient.

2 more points from Sobha Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Sobha Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • SOBHA's contract manufacturing and retail businesses generated approximately INR225 crores in Q2 FY27, a 31% increase quarter-on-quarter.
  • The external order book for these businesses stood at around INR540 crores as of Q2 FY27.
  • SOBHA Projects and Trade Limited's fire and safety business, recently acquired, has an order book of about INR180 crores, with 70% of the orders from SOBHA's own projects.
  • This acquisition is expected to help scale operations and increase revenues beyond the current INR60-65 crores annual turnover.
  • The overall development pipeline includes approximately 20.42 million square feet across 18 projects.

2 more points from Sobha Ltd's call on the order book

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Full Q2 FY27 analysis
Full Realty ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Realty
on management's own guidance

  1. This stockSobha LtdGood growth
    2
  2. Strong growth
    1
  3. Man Infraconstruction LtdGood growth
    3
See all potential multibaggersAll Realty rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Realty companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹12,035 Cr41.1
2Sobha LtdThis stock20–40%Up 2%+₹12,548 Cr54.4
3Man Infraconstruction Ltd20–40%Up 2%+₹4,602 Cr21.2
420–40%Up 2%+₹1,157 Cr12.7
520–40%Flat₹1.06L Cr25.6
620–40%Flat₹61,922 Cr23.4

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Sobha Ltd announcements

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Financials of Sobha Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Sobha Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +52.28%52.28%52.28%52.78%52.78%52.88%52.88%52.88%52.88%52.88%52.88%52.89%
FIIs +11.13%11.87%11.48%10.93%10.03%8.91%8.09%6.41%6.26%6.23%6.12%6.34%
DIIs +17.23%17.55%18.60%23.44%24.16%23.98%24.62%26.04%25.78%26.10%25.99%25.70%
Public +19.36%18.28%17.65%12.87%13.04%14.23%14.40%14.68%15.09%14.78%15.00%15.07%
No. of Shareholders87,9811,00,2951,04,9941,11,6761,17,1931,26,9311,25,5481,25,8131,26,2551,24,1101,22,3051,20,814

Financials of Sobha Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +7416857636409341,2241,2418521,4089431,9881,278967
Expenses +6666117015848561,1571,1478281,3129051,8361,201898
Operating Profit757462567767942496391527869
OPM %10%11%8%9%8%5%8%2.8%7%4.1%8%6%7%
Other Income +32292829323330496240425250
Interest64615954494745313230443240
Depreciation19202120232323242628282832
Profit before tax252111113629561999211226947
Tax %39%29%36%45%28%26%27%27%27%25%25%26%30%
Net Profit +151576262241147315925133
EPS in Rs1.401.410.660.572.442.033.821.276.781.448.594.763.08

Financials of Sobha Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +2,4411,9432,2292,7833,4423,7542,1102,5613,3103,0974,0395,1905,176
Expenses +1,8231,4991,8092,2632,7692,6391,4352,0282,9412,8203,7444,8804,839
Operating Profit6174444205206731,115675533370277294310337
OPM %25%23%19%19%20%30%32%21%11%9%7%6%7%
Other Income +153652507372818492121124193184
Interest188164150198236682601308249246196137146
Depreciation7260645462727972687890106116
Profit before tax3722572583174484337523714574133260258
Tax %34%46%38%32%34%35%17%27%28%34%29%26%
Net Profit +244138161217297282621731044995193191
EPS in Rs21.5212.4814.8020.2727.7626.325.8216.199.744.598.8618.0917.87
Dividend Payout %29%14%15%31%22%24%53%16%27%58%34%33%

Financials of Sobha Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital98989695959595959595107107107
Reserves2,3342,4672,5482,6752,1342,3362,3332,3282,4002,4194,4544,6134,629
Borrowings +2,0592,1802,2222,3312,6043,1313,0522,5292,0271,9401,1831,0571,562
Other Liabilities +1,6663,3174,0273,9245,9075,4485,7296,5788,0549,22811,46113,72114,836
Total Liabilities6,1578,0628,8939,02510,74011,01011,20811,53012,57613,68217,20519,49921,133
Fixed Assets +3153735956106789199038528999469811,0761,201
CWIP52451000002524270
Investments02290112113114114115115115115120119
Other Assets +5,7897,4158,2988,3029,9499,97610,19110,56411,56012,61516,08518,27519,813
Total Assets6,1578,0628,8939,02510,74011,01011,20811,53012,57613,68217,20519,49921,133

Financials of Sobha Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-2163883543532062946138261,150647200430
Cash from Investing Activity +-60-2452-129-61-307-3338-237-475-1,180-97
Cash from Financing Activity +337-133-345-243-86-84-483-889-773-338993-285
Net Cash Flow611110-1858-9796-25140-1661348
Free Cash Flow-280281322294102-75738731,03452470224
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-21%101%100%84%44%36%95%165%330%262%122%213%

Financials of Sobha Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days264737433535345017191719
Inventory Days5,28910,07210,3435,650
Days Payable788688519365
Cash Conversion Cycle2647374,544353534509,401199,8415,305
Working Capital Days27966534426168101155154671910435
ROCE %14%9%8%10%14%21%12%10%8%7%6%7%

Guidance history

How Sobha Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%Up 2%+Planned—Rising
Q1 FY27 call →20–40%Up 2%+Planned—Rising
Q4 FY26 call →20–40%Up 0–2%Planned—Rising
Q3 FY26 call →10–20%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

13out of 100

Momentum score · price trend

13 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−25.9%29%
Last 6 months−19.4%19%
Last 3 months−14.0%30%

The price is 45.6% below its all-time high of ₹2,122.99 (14 Jun 2024). Stocks more than 20% below their peak have their score halved, so 25 became 13.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sobha Ltd: 0.4 × 29 + 0.4 × 19 + 0.2 × 30 = 25, halved to 13 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Sobha Ltd's management said in earlier quarters

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