DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹691.55 last close on 30 Oct 2026 −0.40%
Research updated
Sobha Ltd.
NSE: SOBHAReal EstateReal Estate - Development
- Last close
- ₹1,125.10
- Day change
- −₹30.50 (−2.64%)vs
- Market cap
- ₹12,578 crIndian rupees
- Research updated
- 2 reports
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About Sobha
Sobha Ltd. is a prominent real estate development company based in India. Specializing in residential and commercial projects, its primary function is to create high-quality, luxury properties that cater to both domestic and international markets. Known for its excellence in engineering, design, and execution, Sobha Ltd. focuses on developing premium living spaces, including apartments, villas, and integrated townships. The company also participates in constructing commercial buildings and providing contractual services for corporate clients. Sobha Ltd. impacts sectors such as urban development, architecture, and construction, enhancing infrastructure and lifestyle standards in various regions. Its market significance is highlighted by its influence on the real estate industry's innovation and sustainable building practices, contributing to economic growth in realty markets.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: SOBHA
- Employees
- 4,451
- Headquarters
- Bengaluru, India
- ISIN
- INE671H01015
- Website
- sobha.com
Public research · Report of
Business model & financial foundation
Sobha (NSE: SOBHA), Residential development and contractual manufacturing: revenue of ₹5,190 crore in FY26 (+28.5% on FY25), an EBITDA margin of 6.0%, net profit of ₹193.4 crore and net cash of ₹800.0 crore.
- Revenue, FY26 (₹ crore)
- 5,190
- consolidated
- Revenue growth, FY26
- +28.5%
- on FY25
- Net profit, FY26 (₹ crore)
- 193.4
- to owners
- Return on equity, FY26
- 4.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -800.0
- Company-disclosed net debt / (net cash)
- Market capitalisation (₹ crore)
- 12,710
- at the close of 19 Oct 2026
Company profile
Sobha sells premium residential apartments, villas and plots, primarily in Bengaluru and NCR. Its backward-integrated construction and manufacturing arm supplies interiors, glazing and contract projects. Bookings and collections precede statutory revenue, recognised on completion and transfer of control; project delivery, not current bookings alone, drives earnings.
| Item | Value |
|---|---|
| Legal name | Sobha Limited |
| Exchange and ticker | NSE: SOBHA; BSE: 532784 |
| ISIN | INE671H01015 |
| CIN | L45201KA1995PLC018475 |
| Sector | Real Estate |
| Industry | Residential development and contractual manufacturing |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹12,710 crore (19 Oct 2026) |
| Shares outstanding | 10.70 crore shares (FY26) |
| Price | ₹1,188 (close, 19 Oct 2026) |
| 52-week range | ₹1,130 - ₹1,732 (to 19 Oct 2026) |
| Website | https://www.sobha.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Sobha City | 99% | Real estate partnership; remaining 1% held by Sobha Developers (Pune) |
| Sobha Developers (Pune) | 100% | Development subsidiary |
| Sobha Highrise Ventures | 100% | Development subsidiary |
| Sobha Construction Products | 100% | Construction products |
| C.V.S. Tech Park | 100% | Property subsidiary |
Material selected entities; full subsidiary schedule in FY26 annual report. Constrobot Robotics is a 20.03% associate; Kondhwa Projects LLP ownership/consolidation discrepancy recorded as a gap.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.88% | 52.88% | 52.88% | 52.89% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.26% | 6.23% | 6.12% | 6.34% |
| Domestic institutions | 25.77% | 26.10% | 25.99% | 25.70% |
| of which mutual funds | 24.26% | 24.51% | 24.43% | 24.14% |
| Retail | 15.09% | 14.79% | 15.01% | 15.07% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sobha is a backward-integrated premium residential developer with a contractual/manufacturing arm. Bookings create an unrecognised sold pool; collections finance construction, while completion/control transfer drives revenue recognition. FY26 operating revenue was INR5,190.5 crore: real estate INR4,419.7 crore and contractual/manufacturing INR770.8 crore; other income INR193.3 crore is separately modelled. The model is consolidated, INR crore and April–March fiscal years. Project cash flows in the NAV are management-disclosed marginal amounts net of JD partner payments.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Real estate | 4,420 | 85.1% |
| Contractual & manufacturing (incl. retail) | 770.8 | 14.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Prestige Estates Projects (PRESTIGE) | Bengaluru developer with national residential expansion |
| Brigade Enterprises (BRIGADE) | Bengaluru residential competitor; larger rental/hospitality exposure |
| Godrej Properties (GODREJPROP) | National residential developer; joint development exposure |
| DLF (DLF) | NCR premium housing; rental arm differs |
| Oberoi Realty (OBEROIRLTY) | Premium residential; Mumbai concentration |
| Puravankara (PURVA) | Southern residential competitor |
| Lodha Developers (LODHA) | Large residential developer; scale and geographic comparison |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,556 | 3,275 | 3,097 | 4,039 | 5,190 |
| Cost of revenue (vendor classification) * | 1,430 | 2,118 | 1,926 | 2,689 | 3,549 |
| Other operating costs (vendor classification) * | 328.6 | 499.5 | 489.8 | 602.8 | 777.8 |
| EBITDA (vendor classification) * | 563.0 | 455.0 | 385.6 | 432.6 | 499.6 |
| Operating EBIT excluding other income | 523.1 | 380.3 | 198.8 | 204.5 | 204.4 |
| Finance costs | 286.5 | 235.4 | 245.5 | 195.6 | 137.4 |
| Profit before tax after equity-accounted results | 236.6 | 145.0 | 74.2 | 133.0 | 259.9 |
| Total tax expense | -63.4 | 40.8 | 25.1 | 38.3 | 66.5 |
| Profit after tax | 173.2 | 104.2 | 49.1 | 94.7 | 193.4 |
| Diluted EPS (₹) | 17.79 | 10.70 | 5.18 | 9.28 | 18.09 |
| Other income | 120.9 | 124.1 | 193.3 | ||
| Cost of sales (five disclosed expense lines) | 1,905 | 2,666 | 3,511 | ||
| Employee benefits expense | 352.6 | 405.2 | 504.1 | ||
| Other expenses | 562.5 | 673.6 | 865.2 | ||
| EBITDA excluding other income | 277.0 | 294.3 | 310.4 | ||
| Depreciation and amortisation | 78.2 | 89.8 | 106.0 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of associate and JV profit / (loss) | -0.01 | 0.00 | -0.36 | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 49.1 | 94.7 | 193.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,423 | 2,495 | 2,514 | 4,561 | 4,720 |
| Current and non-current borrowings excluding leases | 2,529 | 2,162 | 1,914 | 1,131 | 1,002 |
| Cash equivalents plus other bank balances | 139.1 | 103.5 | 673.3 | 1,809 | 1,504 |
| Current and non-current trade receivables | 350.5 | 158.0 | 203.9 | 240.4 | 329.5 |
| Inventories | 7,652 | 8,761 | 9,376 | 11,252 | 12,826 |
| Trade payables | 447.0 | 598.7 | 616.5 | 564.8 | 827.6 |
| Net property, plant and equipment | 198.1 | 235.2 | 316.6 | 515.0 | 620.9 |
| Capital work in progress (separate line not found) | 337.6 | 902.2 | 911.6 | n.r. | n.r. |
| Total assets | 11,542 | 12,588 | 13,696 | 17,221 | 19,518 |
| Separately identified liquid investments | 0.00 | 0.00 | 0.00 | ||
| Company-disclosed net debt / (net cash) | 1,262 | -630.0 | -800.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flows from operating activities (Ind AS) | 884.7 | 894.7 | 647.4 | 199.9 | 429.9 |
| Free cash flow (vendor definition) * | 806.4 | 1,027 | 522.7 | 68.7 | 221.4 |
| Dividends paid (cash outflow) | -33.2 | -28.5 | -28.5 | -30.3 | -32.1 |
| Purchase of PPE and investment property (outflow) | 46.1 | -116.6 | n.d. | n.d. | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end shares including partly paid rights shares | 9.74 | 9.74 | 9.48 | 10.70 | 10.70 |
| Investment property under development (not CWIP) | 23.8 | 27.2 | |||
| RERA project-specific cash and deposits across maturity classes | 1,059 | 1,416 | |||
| Deposits >12m pledged/lien/earmarked/margin incl accrued interest | 3.40 | 400.5 | |||
| Borrowing principal on demand incl bank cash credit | 230.3 | 415.0 | |||
| Current maturities long-term borrowings principal | 134.5 | 180.2 | |||
| Undiscounted borrowing payments on demand plus <1year | 364.8 | 634.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 933.6 | 1,224 | 1,241 | 851.9 | 1,408 | 943.1 | 1,988 | 1,278 |
| Cost of revenue (vendor classification) * | 622.0 | 848.8 | 825.0 | 548.1 | 568.1 | 1,464 | 796.0 | |
| Other operating costs (vendor classification) * | 134.9 | 204.0 | -20.3 | 170.4 | 208.7 | 232.4 | 277.8 | |
| EBITDA (vendor classification) * | 108.8 | 100.0 | 115.5 | 73.3 | 78.5 | 194.2 | 129.6 | |
| EBIT * | 85.6 | 76.8 | 92.5 | 49.6 | 50.8 | 165.7 | 101.2 | |
| Finance costs | 49.4 | 47.3 | 45.0 | 31.0 | 32.2 | 30.3 | 43.9 | 32.1 |
| Profit before tax after equity-accounted results | 36.2 | 29.5 | 56.2 | 18.7 | 98.9 | 20.5 | 121.8 | 69.1 |
| Total tax expense | 10.1 | 7.78 | 15.4 | 5.03 | 26.4 | 5.11 | 29.9 | 18.3 |
| Profit after tax | 26.1 | 21.7 | 40.9 | 13.6 | 72.5 | 15.4 | 91.8 | 50.8 |
| Diluted EPS (₹) | 2.59 | 2.10 | 3.83 | 1.27 | 6.78 | 1.44 | 8.59 | 4.75 |
| Other income | 31.7 | 32.8 | 30.1 | 49.5 | 61.7 | 40.0 | 42.1 | 52.0 |
| Cost of sales (five disclosed expense lines) | 622.0 | 848.8 | 814.2 | 548.1 | 930.3 | 568.1 | 1,464 | 796.0 |
| Employee benefits expense | 99.6 | 104.0 | 108.7 | 109.6 | 128.0 | 127.5 | 138.9 | 126.6 |
| Other expenses | 134.9 | 204.0 | 223.7 | 170.4 | 253.7 | 208.7 | 232.4 | 277.8 |
| EBITDA excluding other income | 77.1 | 67.2 | 94.1 | 23.8 | 95.6 | 38.8 | 152.2 | 77.7 |
| Depreciation and amortisation | 23.2 | 23.3 | 23.0 | 23.7 | 26.2 | 27.7 | 28.5 | 28.4 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associate and JV profit / (loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.24 | -0.11 | -0.14 |
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 26.1 | 21.7 | 40.9 | 13.6 | 72.5 | 15.4 | 91.8 | 50.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.3% | 28.1% | -5.4% | 30.4% | 28.5% |
| EBITDA margin | 8.9% | 7.3% | 6.0% | ||
| Net margin | 1.6% | 2.3% | 3.7% | ||
| Return on equity | 2.0% | 2.7% | 4.2% | ||
| Return on capital employed | 10.0% | 7.9% | 4.4% | 4.0% | 3.6% |
| Return on assets | 0.4% | 0.6% | 1.1% | ||
| Net debt (₹ crore) | 1,262 | -630.0 | -800.0 | ||
| Net debt / EBITDA | 4.56x | -2.14x | -2.58x | ||
| Interest cover | 1.83x | 1.62x | 0.81x | 1.05x | 1.49x |
| Asset turnover | 0.22x | 0.27x | 0.24x | 0.26x | 0.28x |
| Receivable days | 50 | 18 | 24 | 22 | 23 |
| Inventory days (on revenue) | 1,093 | 976 | 1,105 | 1,017 | 902 |
| Payable days (on revenue) | 64 | 67 | 73 | 51 | 58 |
| Cash conversion | 13.2x | 2.11x | 2.22x | ||
| Capex intensity | 1.8% | 3.6% | |||
| Free cash flow (₹ crore) | 838.6 | 778.1 | |||
| Dividend payout | 57.9% | 32.0% | 16.6% | ||
| EPS, diluted (₹) | 17.79 | 10.70 | 5.18 | 9.28 | 18.09 |
| Book value per share (₹) | 248.7 | 256.1 | 265.1 | 426.4 | 441.3 |
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-disclosed net debt / (net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Sobha includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Sobha
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 2 Nov 2026.
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