Revenue Recognition Lag
OC delays affected Q1 revenue recognition; management acknowledged revenue will be 'larger in a lagged manner' for remainder of FY25 despite expecting significant OCs post-Q1.
SOBHA / Q1-FY25 / risks
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Sobha · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Moderate Sales Velocity for Premium Projects
Recent launches are in high-ticket size category (>INR 5 crores), leading management to expect 'moderate' sales velocity for these units, potentially impacting quarterly sales run-rate.
Margin Pressure in Near Term
Analyst directly questioned EBITDA margin trajectory for FY25-26; management provided only qualitative guidance ('steady improvement') without specific quarterly margin targets despite direct questioning.
New City Entry Execution Uncertainty
Mumbai expansion described as 'baby steps' and 'learning mode'; timelines for pre-sales remain unclear with management saying 'by next call or so' they'll be clearer. Greater Noida entry also in early stages with ~0.65-0.7M sq ft development potential.