Pre-sales (FY26)
₹8,136 Cr
+30% YoY
Record annual pre-sales driven by Bangalore and NCR regions.
SOBHA
Other
15 May 2026
Sobha Ltd — Q4 FY26
Sobha reported record full-year pre-sales of ₹8,136 crore, up ~30% YoY, driven by strong performance in Bangalore (₹4,500 crore) and NCR (₹2,450 crore).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Sobha reported record full-year pre-sales of ₹8,136 crore, up ~30% YoY, driven by strong performance in Bangalore (₹4,500 crore) and NCR (₹2,450 crore). Q4 revenue recognition improved to ₹2,300 crore aided by delayed occupancy certificates, with EBITDA of ₹194 crore and PAT of ₹92 crore. The company ended the year net cash positive with gross debt of ₹2,200 crore and cash of ₹1,800 crore. Management guided for similar ~30% pre-sales growth in FY27, targeting launches of ~10 million sq ft (GDV ~₹15,000 crore), including the large Hoskote project (5.3 msf, GDV ₹7,000 crore). EBITDA margins are expected to improve to 24-26% in H2 FY27 as higher-margin projects complete. Key risk: input cost inflation from geopolitical tensions could pressure margins if not offset by price increases.
Key Numbers
Average Price Realization
₹14,675/sq ft
+9.4% YoY
Improved from ₹13,412/sq ft in FY25.
Launches (FY26)
6.04 msf
flat
Some launches delayed; FY27 target is ~10 msf.
Net Operating Cash Flow (FY26)
₹1,637 Cr
+39.4% YoY
Strong cash generation; FY27 target is ₹2,000 Cr.
Management Guidance
Pre-sales growth of ~30% in FY27
Management expects similar growth rate as FY26, with 45-50% from sustenance and 50-55% from new launches.
Management guidance growthLaunch ~10 million sq ft in FY27
Planned launches include Hoskote phase 1 (5.3 msf), Gurgaon Crescent, and projects in Kerala, Bangalore, Pune, Chennai.
Management guidance expansionEBITDA margin improvement to 24-26% in H2 FY27
Higher-margin projects nearing completion will drive margin expansion in Q3/Q4 FY27.
Management guidance marginsNet operating cash flow target of ₹2,000 Cr in FY27
Aiming to generate ₹2,000 crore from operations, up from ₹1,637 crore in FY26.
Management guidance otherKey Risks
Input cost inflation from geopolitical tensions
Commodity price increases may impact margins; management is in wait-and-watch mode and may not fully pass on costs.
high · analyst_questionDemand slowdown due to AI/IT sector concerns
Analyst raised concern about IT client mix in Bangalore; management noted steady demand but acknowledged uncertainty.
medium · analyst_questionDelays in project approvals and launches
FY26 launches were delayed; FY27 target of 10 msf depends on timely approvals, especially for Hoskote.
medium · management_commentaryGeopolitical uncertainty impacting NCR demand
Rivana launch in March faced uncertain environment; sustained sales momentum needs monitoring.
low · data_observationNotable Quotes
FI26 has been an exceptional year for the company. Our real estate sales reached an all-time high of 8,136 crores with strong and consistent average quarterly run rate of approximately 2,000 crores.
We currently have an unrecognized real estate revenue of about 18,600 crores... we expect an EBITDA margin of at least about 30% plus there the projects that are nearing completion and expected to be recognized in the next 12 months are likely to deliver higher margins in the range of 24 to 25 26%.
We are aiming in FI 27 cash net operating cash flow to 2,000 crores.
Frequently Asked Questions
What was Sobha's revenue in Q4 FY26?
Sobha reported revenue of ₹1,988 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Sobha management give for FY27?
Pre-sales growth of ~30% in FY27: Management expects similar growth rate as FY26, with 45-50% from sustenance and 50-55% from new launches. Launch ~10 million sq ft in FY27: Planned launches include Hoskote phase 1 (5.3 msf), Gurgaon Crescent, and projects in Kerala, Bangalore, Pune, Chennai. EBITDA margin improvement to 24-26% in H2 FY27: Higher-margin projects nearing completion will drive margin expansion in Q3/Q4 FY27. Net operating cash flow target of ₹2,000 Cr in FY27: Aiming to generate ₹2,000 crore from operations, up from ₹1,637 crore in FY26.
What are the key risks for Sobha in FY27?
Key risks include Input cost inflation from geopolitical tensions — Commodity price increases may impact margins; management is in wait-and-watch mode and may not fully pass on costs.; Demand slowdown due to AI/IT sector concerns — Analyst raised concern about IT client mix in Bangalore; management noted steady demand but acknowledged uncertainty.; Delays in project approvals and launches — FY26 launches were delayed; FY27 target of 10 msf depends on timely approvals, especially for Hoskote.; Geopolitical uncertainty impacting NCR demand — Rivana launch in March faced uncertain environment; sustained sales momentum needs monitoring..
Did Sobha meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Sobha Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.