Sobha · Material risks, their source context, and severity in the latest available quarter.
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67% of current inventory is above INR 4 crore ticket size, leading to slower absorption. While management views this as expected for premium players, HDFC Securities questioned whether contributions from large launches (INR 8,000-9,000 crore) have been disappointing. Management acknowledged relooking project configuration for one or two projects.
Multiple analysts questioned delays in RERA approvals in Bengaluru. Management acknowledged 'these issues keep coming up' citing elections, regulatory changes, and government transitions. While one project (1.1 million sq ft) has received RERA for November launch, other approvals remain pending.
Analyst Ankit Gupta from Bamboo Capital asked about slowdown signs in luxury real estate (INR 3-4 crore+ homes), drawing parallels to luxury car sales weakness. Management acknowledged the market may be 'reaching a steady state instead of continuous increase in demand' but maintained confidence in Bengaluru and Gurugram due to job creation.
When HDFC Securities' Parikshit Kandpal specifically asked CFO Yogesh Bansal for the book value of the 1,878 acres of land under consolidation, management deflected: 'We do not have the number exactly, but we will circle back and provide you that number.' This leaves a significant asset class unquantified.
