Sobha · Material risks, their source context, and severity in the latest available quarter.
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Analyst Himanshu Upadhyay questioned whether higher ticket sizes (INR 14,000/sq ft realization) and slower sales pace in large-ticket projects could impact project-level IRRs. Management acknowledged the issue but expects new launches to address this.
Despite INR 8,500 crore guidance, 9M sales target appears unachievable. Parikshit Kandpal from HDFC Securities challenged management on whether launch assumptions were realistic, noting that actual opened-for-sale area is much lower than announced project sizes.
Management disclosed Mumbai project is 'very early stages of approval process' with visibility expected in 3-4 months. Location details withheld from investors. Geographic expansion execution remains uncertain.
MD explicitly stated that lower-margin projects recognized in joint development agreements combined with cost increases in real estate projects led to margin compression, not just contractual business losses.
