India · Delayed Price · Currency is INR Sobha Earnings Call Transcripts
Fiscal Year 2026
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Record sales and collections drove strong FY26 results, with robust launches and margin expansion expected in FY27. Key markets like Bangalore and NCR led growth, while a healthy launch pipeline and disciplined capital allocation support continued momentum.
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Record sales and strong cash flow marked Q3, with robust demand in Bangalore, NCR, and a successful Mumbai entry. Margins are set to improve as delayed revenue is recognized and new high-margin projects are completed, supporting a positive outlook for FY 2026 and beyond.
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Q2 FY26 saw robust sales and collections, with 30% year-over-year growth in real estate sales and a historic high in quarterly collections. Margins remain under pressure due to past cost increases and one-off provisions, but are expected to improve as higher-margin projects complete and new launches ramp up.
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Q1 FY26 saw record real estate sales above INR 2,000 crores, driven by strong launches and robust demand, especially in Greater Noida. Margins were impacted by delayed OCs in Bangalore, but future quarters are expected to see improvement as deferred revenue is recognized.
Fiscal Year 2025
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Achieved record launches, 29% revenue growth, and net debt negative status in FY25. Targeting 30-35% sales growth and up to INR 10,000 crore sales in FY26, with strong project pipeline and improved margins expected.
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Q3 FY25 saw strong sales in Bangalore and record share from own projects, but overall pre-sales guidance was revised down due to launch delays and slower high-ticket sales. Margins were impacted by one-time losses, but a robust launch pipeline and rights issue proceeds support future growth.
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H1 FY25 saw robust sales and revenue growth, with Kerala achieving record sales and a strong launch pipeline. Rights issue proceeds reduced net debt, and the company targets INR 8,500 crores in FY25 sales, with a focus on timely launches and margin improvement.
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Q1 FY25 delivered record sales and collections, driven by new launches and strong NCR performance. Rights issue of ₹2,000 crores strengthens expansion plans, with a robust launch pipeline and improving margins expected as revenue recognition accelerates.