SOBHA - Sobha Limited Share Price

Realty

₹1600.90+15.20(+0.96%)

Market Closed as of Jun 17, 2025, 15:30 IST

What does Sobha Limited do?

Residential, Commercial Projects•Realty•Small Cap

Sobha Limited engages in the construction, development, sale, management, and operation of residential and commercial real estate under the Sobha brand primarily in India. It operates through two segments, Real Estate, and Contractual and Manufacturing. The company's residential projects include luxury and super luxury apartments, apartments, independent villas, row houses, plotted developments, and homes; and contractual services for corporates offices, IT parks, convention centers, hotels, hostels, multiplexes, training centres, academic institutions, and food courts. It also manufactures products for construction activities, such as concrete blocks, pavers, kerb stones, water drainage channels, paving slabs, aluminium windows, doors and louvers, glass skylights, canopies and partitions, automatic sliding doors, and glass, railings; and wooden products ranging from doors, windows and panelling to cabinets, and loose furniture; home furniture, furnishing products, and other home accessories; and spring, foam, organic, and rolled mattresses under the Restoplus brand. In addition, the company offers contractual services, including project conceptualization, planning, design, engineering, and execution. The company was formerly known as Sobha Developers Limited and changed its name to Sobha Limited in August 2014. Sobha Limited was incorporated in 1995 and is headquartered in Bengaluru, India.

Industry Group:Realty

Employees:3,814

Website:www.sobha.com

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	SOBHA	Realty
PE	278.67	46.29
PS	4.60	9.42
Growth	0.5 %	8.1 %

Share Holdings

Understand Sobha ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-05-16

Shareholder Name	Holding %
Sobha Menon	30.63%
P N C Menon	18.84%
Others	5.56%
Anamudi Real Estates LLP	5.56%
Bandhan Small Cap Fund	4.53%
Franklin India Focused Equity Fund	4.3%
Ravi P N C Menon	3.36%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Flexi Cap Fund	3.19%
Hsbc Small Cap Fund	2.91%
Mirae Asset Large Cap Fund	2.57%
Icici Prudential Multicap Fund	1.24%
Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund	1.03%
P N Haridas	0.05%
Employees	0.01%
Sudha Menon	0%
Director or Director's Relatives	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Description	Share	Value
Real estate	82.2%	1.1 kCr
Contractual and manufacturing	17.8%	229.3 Cr
Total		1.3 kCr

Summary of Latest Earnings Report from Sobha

Summary of Sobha's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook:
Sobha Limited anticipates strong growth driven by a robust residential pipeline (21 million sq. ft. across 19 projects) and plans to expand into Greater Noida, Hosur, and Mumbai by FY26, increasing presence to 15 cities. Revenue visibility remains high, with Rs.15,000 crores of unrecognized real estate revenue (28% PBT margin at project level). The focus is shifting toward high-margin real estate, reducing reliance on low-margin contractual segments. Margins are expected to improve as legacy contractual losses subside.

Key Points:

Operational Performance:
- Q3 FY25 real estate sales: Rs.1,388 crores (72% from Bangalore).
- Launched 4.66 million sq. ft. in FY25; targeting 9 million sq. ft. with upcoming launches (e.g., Sobha Townpark).
- Unsold inventory: 8.92 million sq. ft. (Rs.14,000 crores sales value).
Expansion & Pipeline:
- Residential pipeline: 21 million sq. ft. (to be launched in 4"“6 quarters).
- Commercial pipeline: 1.19 million sq. ft. across 4 projects.
Financials:
- 9M FY25 revenue: Rs.28.92 billion (real estate contributed 80.2%).
- Net debt: Rs.4.56 billion (net debt/equity: 0.13).
- Rights issue proceeds to reduce debt (~Rs.900 crores) and fund growth.
Margins & Challenges:
- Q3 EBITDA margin impacted by one-time losses from descoped contracts.
- Real estate margins to stabilize as revenue recognition accelerates (Rs.15,000 crores unrecognized revenue).
Market Strategy:
- Focus on premium projects with ticket sizes aligned to city-specific demand (e.g., Rs.2"“3 crores in Bangalore, Rs.5"“6 crores in Gurgaon).
- NRI demand remains steady (~8"“10% of sales).

Growth Targets:

Aim to match FY24 presales (Rs.6,000+ crores) in FY25; FY26 growth to hinge on new launches and geographical diversification.
Contracts/manufacturing segment to stabilize at Rs.450"“500 crores annually (15%+ margins).

Q&A Session

Last updated: Feb 25

Question 1: "My first question is during the year, you guided for presales target of Rs.8,500 crores. Given the run rate and the fact that you're still to launch Townpark, is there a reasonable expectation that you would still be able to meet this guidance by March?"
Answer: Management acknowledged delays in launches and slower sales in high-ticket projects but aims to match last year's presales (around Rs.6,000 crores). New launches like Townpark and others in Bangalore could improve performance, but guidance of Rs.8,500 crores is unlikely.

Question 2: "My second question is on the margins front... Why is that happening? And when do we see a turnaround?"
Answer: Lower margins stemmed from one-time losses due to descoped contractual projects and cost escalations in JV real estate projects. Margins are expected to improve from Q4 FY '25 onward as contractual losses subside and real estate revenue (with 28% PBT margins at project level) accelerates.

Question 3: "On the visibility to our revenue and profitability... what will be the realistic PBT margin considering... corporate overheads?"
Answer: Project-level PBT margins are ~28%, but after accounting for corporate overheads, interest, and depreciation, consolidated PBT margins are expected to stabilize at 15"“18% in the medium term.

Question 4: "How much was out of this 9 million [launched area] opened for sale? And what is the contribution of new launches to overall sales?"
Answer: ~50% of newly launched projects (4.66 million sq. ft. in 9M FY '25) were opened for sale. Townpark's 3.67 million sq. ft. (with phased launches) and upcoming projects aim to boost presales.

Question 5: "What can we do to increase velocity for premium projects? Does faster construction help sales?"
Answer: High-ticket projects face slower velocity, but faster construction reduces cost escalations. Demand improves with project visibility; new launches are tailored to market sweet spots (e.g., Rs.2"“3 crore in Bangalore, Rs.5"“6 crore in Gurgaon).

Question 6: "How will rights issue proceeds be utilized?"
Answer: Rs.900 crores of the Rs.2,000 crores rights issue will reduce debt; the rest (Rs.1,100 crores) will fund land acquisition and growth. Net debt is targeted at Rs.1,200"“1,500 crores, leveraging strong project cash flows.

Question 7: "What is the breakdown of inventory (land vs. finished flats)?"
Answer: Completed inventory is minimal (210,000 sq. ft., ~Rs.180 crores). Remaining 8.92 million sq. ft. (sales value ~Rs.14,000 crores) is under construction across 19 projects.

Question 8: "What percentage of presales comes from NRI demand?"
Answer: NRI demand accounts for 8"“10% of presales, driven by brand visibility and currency dynamics. Demand is stable, with potential upside from rupee depreciation.

Question 9: "How will corporate costs trend as presales scale to Rs.8,000"“10,000 crores?"
Answer: Corporate costs will rise incrementally (in line with inflation), but operating leverage from higher presales will improve margins.

Question 10: "Will Sobha increase its share in forthcoming projects?"
Answer: Current projects have ~80% Sobha share; the Q3 spike to 90% was due to strong sales in owned projects. Future projects will likely average 80% ownership.

Cash Flow for Sobha

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-0.8%	240	242	728
Change in inventories	41.9%	-582.49	-1,003.7	-279.2
Depreciation	15.9%	74	64	68
Adjustments for interest income	97.3%	74	38	40
Net Cashflows from Operations	-38.7%	753	1,228	845
Income taxes paid (refund)	23.6%	69	56	46
Net Cashflows From Operating Activities	-41.7%	684	1,173	798
Cashflows used in obtaining control of subsidiaries	193.1%	86	30	43
Cash payment for investment in partnership firm or association of persons or LLP	11.1%	11	10	0
Proceeds from sales of PPE	-103.4%	0.8	6.8	18
Purchase of property, plant and equipment	0.8%	123	122	26
Interest received	297.7%	36	9.8	3.2
Other inflows (outflows) of cash	-191.3%	-382.04	-130.5	41
Net Cashflows From Investing Activities	-90.9%	-528.46	-276.4	-6.4
Proceeds from borrowings	145%	665	272	1,314
Repayments of borrowings	-3.9%	745	775	1,811
Payments of lease liabilities	-7.2%	7.4	7.9	0
Dividends paid	0%	28	28	33
Interest paid	-5.9%	207	220	281
Net Cashflows from Financing Activities	57.3%	-323.3	-758.5	-814.6
Net change in cash and cash eq.	-223.2%	-167.72	138	-22.7

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-1.2%	246	249	750
Change in inventories	42.6%	-636.11	-1,109.4	-291.4
Depreciation	14.9%	78	68	72
Adjustments for interest income	106.1%	69	34	35
Net Cashflows from Operations	-40.5%	725	1,218	873
Income taxes paid (refund)	13.4%	77	68	52
Net Cashflows From Operating Activities	-43.8%	647	1,150	821
Proceeds from sales of PPE	-	1.04	0	18
Purchase of property, plant and equipment	1.6%	125	123	20
Proceeds from sales of investment property	-117.2%	0	6.8	0
Purchase of intangible assets	-	0	0	-0.2
Interest received	218.2%	36	12	3
Other inflows (outflows) of cash	-190.8%	-387.54	-132.6	37
Net Cashflows From Investing Activities	-100.1%	-474.93	-236.8	38
Proceeds from borrowings	145%	665	272	1,309
Repayments of borrowings	-3.7%	755	784	1,866
Payments of lease liabilities	-7.2%	7.4	7.9	2.9
Dividends paid	0%	28	28	33
Interest paid	-5.8%	212	225	292
Net Cashflows from Financing Activities	56.2%	-338.16	-773	-884.3
Net change in cash and cash eq.	-219.9%	-165.66	140	-24.7

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
DLF	DLFResidential, Commercial Projects	2.11 LCr	7.96 kCr	+19.18%	-2.89%	52.74	26.52	+28.11%	+68.73%
GODREJPROP	Godrej PropertiesResidential, Commercial Projects	74 kCr	6.97 kCr	+12.91%	-18.06%	53.27	10.62	+60.75%	+85.96%
PRESTIGE	Prestige Estates ProjectsResidential, Commercial Projects	72.87 kCr	8.38 kCr	+18.04%	-12.20%	90	8.7	-17.29%	-57.34%
OBEROIRLTY	OBEROI REALTYResidential, Commercial Projects	69.38 kCr	5.47 kCr	+13.83%	+0.01%	31.17	12.67	+13.60%	+15.52%
BRIGADE	Brigade EnterprisesResidential, Commercial Projects	28.71 kCr	5.54 kCr	+5.99%	-13.37%	44.73	5.18	+32.83%	+153.48%

Income Statement for Sobha

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-6.4%	3,097	3,310	2,731	2,110	3,754	3,442
Other Income	31.9%	121	92	91	81	72	74
Total Income	-5.4%	3,218	3,402	2,822	2,190	3,826	3,516
Cost of Materials	-21.1%	289	366	198	186	300	276
Purchases of stock-in-trade	3.7%	991	956	716	392	722	1,086
Employee Expense	20.1%	353	294	230	177	246	236
Finance costs	-1.2%	246	249	750	601	682	236
Depreciation and Amortization	14.9%	78	68	72	79	72	62
Other expenses	-29.6%	1,709	2,426	1,014	1,096	1,712	1,466
Total Expenses	-3.5%	3,144	3,258	2,664	2,115	3,393	3,067
Profit Before exceptional items and Tax	-49.3%	74	145	158	75	433	448
Total profit before tax	-49.3%	74	145	158	75	433	448
Current tax	244.4%	125	37	61	10	45	99
Deferred tax	-4466.5%	-99.43	3.3	-19.8	2.8	106	52
Total tax	-40%	25	41	41	13	152	151
Total profit (loss) for period	-53.4%	49	104	117	62	282	297
Other comp. income net of taxes	54.8%	-1.26	-4	-0.9	0.7	0.5	-0.8
Total Comprehensive Income	-52.5%	48	100	116	63	282	296
Earnings Per Share, Basic	-58.2%	5.18	10.99	12.32	6.57	29.69	31.33
Earnings Per Share, Diluted	-58.2%	5.18	10.99	12.32	6.57	29.69	31.33

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	31.1%	1,224	934	640	763	685	741
Other Income	3.2%	33	32	29	28	29	32
Total Income	30.3%	1,257	965	670	791	714	774
Cost of Materials	5.1%	63	60	60	64	74	78
Purchases of stock-in-trade	5.7%	351	332	247	239	244	248
Employee Expense	4%	104	100	93	92	90	91
Finance costs	-4.2%	47	49	54	59	61	64
Depreciation and Amortization	0%	23	23	20	20	20	19
Other expenses	2.9%	779	757	1,391	521	386	466
Total Expenses	32.1%	1,227	929	659	780	692	749
Profit Before exceptional items and Tax	-20%	29	36	11	11	21	25
Total profit before tax	-20%	29	36	11	11	21	25
Current tax	-26.7%	12	16	44	53	34	26
Deferred tax	31.8%	-3.83	-6.08	-39.17	-49.11	-27.99	-16.08
Total tax	-24.7%	7.78	10	5.04	3.88	6.28	9.72
Total profit (loss) for period	-16%	22	26	6.06	7.03	15	15
Other comp. income net of taxes	83.2%	0.4	-2.57	0.33	0.14	0.18	-1.84
Total Comprehensive Income	-8.7%	22	24	6.38	7.17	15	13
Earnings Per Share, Basic	-28.1%	2.15	2.6	0.64	0.74	1.59	1.58
Earnings Per Share, Diluted	-30.8%	2.1	2.59	0.64	0.74	1.59	1.58

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-7.1%	3,092	3,328	2,714	2,097	3,756	3,358
Other Income	34%	131	98	95	94	75	76
Total Income	-5.9%	3,223	3,426	2,809	2,191	3,830	3,434
Cost of Materials	-21.1%	289	366	198	186	300	276
Purchases of stock-in-trade	3.9%	986	949	518	401	730	1,086
Employee Expense	20.1%	353	294	230	177	246	236
Finance costs	-0.8%	240	242	728	576	673	229
Depreciation and Amortization	15.9%	74	64	68	76	67	58
Other expenses	-29.2%	1,681	2,374	1,189	1,039	1,689	1,379
Total Expenses	-4.3%	3,154	3,294	2,656	2,117	3,390	3,002
Profit Before exceptional items and Tax	-48.9%	68	132	153	75	441	432
Total profit before tax	-48.9%	68	132	153	75	441	432
Current tax	303.4%	118	30	58	9.9	44	98
Deferred tax	-1894.4%	-95.9	6.4	-18.3	-0.8	107	48
Total tax	-40%	22	36	40	9.1	152	145
Total profit (loss) for period	-51.1%	47	95	113	66	289	287
Other comp. income net of taxes	54.8%	-1.26	-4	-0.9	0.7	0.5	-0.8
Total Comprehensive Income	-51.1%	45	91	112	66	290	286
Earnings Per Share, Basic	-56.8%	4.91	10.05	11.9	6.91	30.52	30.23
Earnings Per Share, Diluted	-56.8%	4.91	10.05	11.9	6.91	30.52	30.23
Debt equity ratio	-	-	-	0.0103	0.0128	0.0131	0.0122
Debt service coverage ratio	-	-	-	021	02	03	032
Interest service coverage ratio	-	-	-	0.0154	0.0123	0.0239	0.0288

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	36.8%	1,247	912	633	764	695	744
Other Income	2.9%	36	35	32	31	31	35
Total Income	35.5%	1,283	947	666	795	726	779
Cost of Materials	5.1%	63	60	60	64	74	78
Purchases of stock-in-trade	6.1%	350	330	245	238	242	246
Employee Expense	4%	104	100	93	92	90	91
Finance costs	-4.3%	46	48	53	58	60	62
Depreciation and Amortization	4.8%	23	22	19	19	19	18
Other expenses	2.6%	738	719	1,373	532	366	457
Total Expenses	36.7%	1,245	911	653	786	702	756
Profit Before exceptional items and Tax	5.7%	38	36	13	9.11	24	23
Total profit before tax	5.7%	38	36	13	9.11	24	23
Current tax	-48.5%	7.69	14	44	49	34	26
Deferred tax	131.9%	2.48	-3.64	-40.19	-46.23	-27.49	-17.46
Total tax	0%	10	10	3.94	3.13	6.44	8.09
Total profit (loss) for period	8%	28	26	9.04	5.98	18	15
Other comp. income net of taxes	83.2%	0.4	-2.57	0.33	0.14	0.18	-1.84
Total Comprehensive Income	22.7%	28	23	9.36	6.12	18	13
Earnings Per Share, Basic	11.6%	2.73	2.55	0.95	0.63	1.87	1.56
Earnings Per Share, Diluted	8.4%	2.67	2.54	0.95	0.63	1.87	1.56

Investor Care
Dividend Yield	0.50%
Dividend/Share (TTM)	6
Shares Dilution (1Y)	12.77%
Diluted EPS (TTM)	6.07

Financial Health
Current Ratio	1.17
Debt/Equity	0.43

Valuation
Market Cap	17.12 kCr
Price/Earnings (Trailing)	281.34
Price/Sales (Trailing)	4.65
EV/EBITDA	44.51
Price/Free Cashflow	31.65
MarketCap/EBT	195.25

Fundamentals
Revenue (TTM)	3.68 kCr
Rev. Growth (Yr)	76.1%
Rev. Growth (Qtr)	30.21%
Earnings (TTM)	60.86 Cr
Earnings Growth (Yr)	43.78%
Earnings Growth (Qtr)	-16.88%

Profitability
Operating Margin	2.38%
EBT Margin	2.38%
Return on Equity	1.74%
Return on Assets	0.38%
Free Cashflow Yield	3.16%

Balance Sheet for Sobha

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	206.7%	320	105	150	272	321	135
Loans, current	67%	163	98	64	44	0	0
Total current financial assets	52.5%	2,086	1,368	1,289	1,165	1,124	1,044
Inventories	17.7%	10,419	8,849	8,491	8,287	6,887	7,035
Total current assets	22.6%	13,196	10,765	10,502	10,060	9,189	9,450
Property, plant and equipment	8.5%	308	284	246	232	237	232
Capital work-in-progress	-	0	0	1.53	0	0	0
Investment property	-1.5%	269	273	272	277	210	188
Non-current investments	-6%	440	468	459	452	440	440
Loans, non-current	0%	23	23	23	24	0	0
Total non-current financial assets	-11.3%	550	620	583	593	659	650
Total non-current assets	3.1%	2,495	2,421	2,087	2,072	1,557	1,524
Total assets	19%	15,691	13,187	12,589	12,132	10,746	10,974
Borrowings, non-current	18%	793	672	678	559	320	664
Total non-current financial liabilities	29.5%	897	693	699	579	320	668
Provisions, non-current	8.3%	27	25	24	23	20	18
Total non-current liabilities	28.7%	924	718	723	602	360	692
Borrowings, current	-42.9%	678	1,187	1,261	1,381	1,822	1,725
Total current financial liabilities	-21.6%	1,861	2,372	2,725	2,838	3,090	2,989
Provisions, current	23.8%	27	22	22	20	18	16
Current tax liabilities	-8.6%	54	59	22	0	22	20
Total current liabilities	12.9%	11,415	10,111	9,532	9,189	8,128	7,916
Total liabilities	13.9%	12,339	10,829	10,255	9,791	8,488	8,608
Equity share capital	6.4%	101	95	95	95	95	95
Total equity	42.2%	3,352	2,358	2,334	2,341	2,258	2,366
Total equity and liabilities	19%	15,691	13,187	12,589	12,132	10,746	10,974

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	187.6%	326	114	156	279	328	139
Loans, current	-	0	0	0.12	0.9	0	0
Total current financial assets	56.3%	1,959	1,254	1,220	1,082	1,076	1,017
Inventories	17.5%	11,014	9,376	8,987	8,761	7,311	7,427
Current tax assets	-	0	0	0	0	12	0
Total current assets	22.1%	13,724	11,243	10,966	10,481	9,568	9,828
Property, plant and equipment	5.2%	489	465	427	413	414	420
Capital work-in-progress	-	0	0	1.53	0	-	0
Investment property	-1.3%	444	450	453	459	394	374
Goodwill	0%	17	17	17	0	22	0
Non-current investments	-	0	0	0	115	115	115
Total non-current financial assets	-32.6%	88	130	102	233	325	317
Total non-current assets	2%	2,504	2,454	2,119	2,095	1,541	1,582
Total assets	18.5%	16,228	13,696	13,085	12,576	11,108	11,410
Borrowings, non-current	16.2%	832	716	728	614	380	728
Total non-current financial liabilities	15.5%	852	738	749	634	399	732
Provisions, non-current	362.5%	112	25	24	23	20	18
Total non-current liabilities	25.9%	978	777	787	657	371	764
Borrowings, current	-42.5%	689	1,197	1,271	1,390	1,830	1,725
Total current financial liabilities	-21.3%	1,903	2,419	2,778	1,992	3,122	3,051
Provisions, current	23.8%	27	22	22	6,515	18	16
Current tax liabilities	-66.2%	23	66	24	20	22	20
Total current liabilities	12.9%	11,744	10,405	9,806	9,424	8,297	8,135
Total liabilities	13.8%	12,722	11,182	10,594	10,081	8,668	8,900
Equity share capital	6.4%	101	95	95	95	95	95
Total equity	39.5%	3,506	2,514	2,492	2,495	2,440	2,510
Total equity and liabilities	18.5%	16,228	13,696	13,085	12,576	11,108	11,410

SOBHA - Sobha Limited Share Price

What does Sobha Limited do?

Sector Comparison: SOBHA vs Realty

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Revenue Breakdown

Summary of Latest Earnings Report from Sobha

Cash Flow for Sobha

Is Sobha Better than it's peers?

Income Statement for Sobha

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Balance Sheet for Sobha