Sobha Ltd.

•

sobha.comBSE: 532784NSE: SOBHA

Market Cap₹ 13,020 Cr.

Current Price

High / Low₹ 1,732 / 1,130

Stock P/E41.5

Book Value₹ 444

Price to Book2.70

Dividend Yield0.49 %

ROCE9.6 %

ROE6.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Real estate: 78.9% • Contractual & Manufacturing: 21.1%

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

View full sector analysis →

PROS

Company has delivered good profit growth of 35.7% CAGR over last 5 years
Company has delivered good sales growth of 20.7% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.94x)
Latest quarter profit grew 26.5% YoY, showing strong momentum
Working capital cycle has improved - days down from 253 to 139
Stock looks reasonably valued - P/E of 41.5 is below its historical median

CONS

A large part of profit comes from other income (54.2% of PBT)
Company has a low return on equity of 4.0% over last 3 years
Company has a low return on capital employed of 8.0%
Equity base is being diluted - shares outstanding up 12.8%
Operating margins have contracted to 7.8% from 13.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY TOTAL MKT NIFTY REALTY NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	DLF	643.60	35.83	159311.06	1.24	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1113.00	26.96	111226.00	0.38	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1891.15	52.85	67642.25	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1505.00	56.92	64824.90	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1747.40	24.16	63535.85	0.46	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1745.00	32.85	52564.02	0.57	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	599.05	37.26	21558.43	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	638.90	30.00	20844.71	0.24	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1284.65	108.49	14348.99	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1217.35	56.45	13020.02	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	762.15	10.27	10722.39	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MAXESTATES	560.60	793.00	9169.45	0.00	8.35	-30.00	51.91	0.86	2.05	15.65

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	889	744	695	764	633	912	1,247	1,274	919	1,483	980	1,985	1,258
	834	675	623	708	581	841	1,177	1,176	861	1,355	932	1,799	1,238
Operating Profit	55	68	72	56	52	71	70	99	59	128	48	186	20
OPM %	6.20%	9.19%	10.38%	7.34%	8.29%	7.78%	5.62%	7.75%	6.41%	8.63%	4.93%	9.38%	1.58%
	34	35	31	31	32	35	36	33	55	69	48	47	59
Interest	60	62	60	58	53	48	46	42	30	31	29	43	31
Depreciation	17	18	19	19	19	22	23	22	23	25	27	28	28
Profit before Tax	12	23	24	9	13	36	38	67	62	140	41	162	78
Tax %	34.10%	35.37%	26.59%	34.40%	30.35%	28.63%	26.97%	25.51%	25.50%	25.92%	24.37%	25.40%	26.01%
Net Profit	8	15	18	6	9	26	28	50	46	104	31	121	58
	0.85	1.56	1.87	0.63	0.95	2.55	2.73	4.69	4.29	9.70	2.87	11.32	5.43

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,175	2,597	3,359	3,756	2,097	2,547	3,328	3,092	4,067	5,368	5,706
	1,777	2,118	2,715	2,649	1,465	2,037	2,988	2,840	3,774	4,946	5,323
Operating Profit	397	479	644	1,107	632	510	340	252	292	421	382
OPM %	18.27%	18.46%	19.16%	29.47%	30.13%	20.03%	10.22%	8.14%	7.19%	7.85%	6.70%
	35	48	76	75	94	88	98	131	136	219	223
Interest	148	195	229	673	576	299	242	240	188	134	135
Depreciation	60	50	58	67	75	68	64	74	86	102	107
Profit before Tax	225	282	432	441	75	231	132	68	154	404	421
Tax %	37.67%	31.33%	33.66%	34.37%	12.22%	26.80%	27.65%	31.88%	27.01%	25.49%	25.59%
Net Profit	140	194	287	289	66	169	95	47	112	301	314
EPS	14.47	20.28	30.23	30.52	6.91	17.83	10.05	4.91	10.50	28.17	—
Dividend Payout %	17.17%	34.23%	23.17%	22.94%	50.65%	16.82%	29.86%	61.10%	28.58%	21.30%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 21%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 9%
5 Years:: 36%
3 Years:: 47%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 10%
3 Years:: 25%
1 Year:: -22%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 5%
3 Years:: 4%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	96	95	95	95	95	95	95	95	107	107
	2,418	2,522	1,983	2,192	2,192	2,183	2,246	2,263	4,315	4,582
	2,185	2,262	2,545	3,008	2,960	2,479	2,062	1,471	1,157	964
Trade Payables	772	699	1,124	960	734	442	596	613	561	815
	3,267	3,310	4,782	4,361	4,801	5,896	7,119	8,633	10,178	11,843
Total Liabilities	8,739	8,888	10,528	10,616	10,782	11,094	12,118	13,075	16,317	18,311
	317	279	283	297	289	258	250	304	358	462
Capital Work in Progress	1	0	0	0	0	0	0	0	0	0
	391	396	416	367	398	440	452	468	448	487
	4,855	4,673	6,274	6,424	6,752	7,283	8,287	8,849	10,533	11,869
	0	0	0	0	0	0	0	198	227	300
Cash & Bank	116	91	173	80	197	173	440	655	1,699	1,375
	3,059	3,448	3,381	3,448	3,147	2,941	2,688	2,603	3,053	3,818
Total Assets	8,739	8,888	10,528	10,616	10,782	11,094	12,118	13,075	16,317	18,311

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	409	333	310	185	669	850	1,228	684	178	492
Cash from Investing	-52	-8	-70	-85	-92	-6	-276	-528	-1,181	-180
Cash from Financing	-316	-272	-81	-98	-452	-820	-759	-323	1,010	-270
	-15	-13	80	-101	98	-23	138	-168	8	42

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.28	52.77	52.77	52.88	52.88	52.88	52.88	52.88	52.88
	11.48	10.93	10.03	8.91	8.09	6.41	6.26	6.23	6.12
	18.60	23.44	24.16	23.98	24.62	26.04	25.78	26.10	25.99
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.65	12.87	13.05	14.24	14.41	14.68	15.08	14.79	15.00

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-07-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-27 - Sobha Limited has informed the Stock Exchange about the Transcript of Conference Call held on July 21, 2026.

2026-07-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-21 - Sobha Limited has informed the Exchange about the link of Audio Recording of Conference Call held on July 21, 2026.

2026-07-21

Copy of Newspaper Publication

2026-07-21 - Advertisement in Newspapers about Financial Results for the quarter ended June 30, 2026.

2026-07-20

Press Release

2026-07-20 - Sobha Limited has informed the Exchange about Press Release titled Operational and Financial Performance for Q1 FY 2027.

2026-07-20

General Updates

2026-07-20 - Sobha Limited has informed the exchange about Investor Presentation Q1 FY 2027.

2026-07-20

Monitoring Agency Report

2026-07-20 - Sobha Limited has informed the Exchange about the Monitoring Agency Report related to Rights Issue for the quarter ended June 30, 2026.

2026-07-20

Statement of deviation(s) or variation(s) under Reg. 32

2026-07-20 - Sobha Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-07-20

Outcome of Board Meeting

2026-07-20 - Sobha Limited has informed the Exchange regarding approval of issuance of Non-convertible Debentures.

2026-07-20

Outcome of Board Meeting

2026-07-20 - Sobha Limited has informed the Exchange regarding outcome of Board meeting held on July 20, 2026.

News

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