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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Sobha
Sobha (SOBHA) investor relations material
Sobha Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary17 Jan, 2026
Executive summary
Achieved record real estate sales of INR 6,097 crores (₹60.97 Bn) in the first nine months of FY 2026, with Q3 sales at an all-time high of INR 2,115 crores (₹21.15 Bn), reflecting strong demand and successful new launches across multiple cities.
Expanded presence to 13 cities, including first project launch in Mumbai, strong performance in Bangalore and NCR, and strategic expansion into new business verticals.
Non-real estate businesses (manufacturing, contracting, retail) contributed INR 575 crores (₹5.71 Bn) in nine months, expected to reach INR 750 crores for the year.
Backward integrated model supports in-house delivery, with 580+ completed projects and presence in 27 cities across 14 states.
Recognized with multiple awards for CSR, leadership, and branding in Q3 FY26.
Financial highlights
Q3 operational cash inflow was INR 1,985 crores, up 34% year-on-year; nine-month inflow at INR 5,809 crores, up 32% year-on-year.
Net operational cash flow for Q3 was INR 362 crores, a 78% year-on-year increase; nine-month net operational cash flow at INR 1,270 crores, surpassing the previous full year.
Q3 total income was INR 983 crores (₹9,831.03 million); nine-month total income at INR 3,354 crores (₹33,538.37 million).
Q3 EBITDA was INR 78 crores; nine-month EBITDA at INR 309 crores (₹3.09 Bn, 9.2% margin), up 5.1% year-on-year.
Gross debt at quarter-end was INR 997 crores (₹9.97 Bn), with a cash balance of INR 1,790 crores (₹17.90 Bn); net debt position turned negative in FY25 and remained so in 9M FY26.
Outlook and guidance
Targeting FY 2026 sales of INR 8,500 crores, a 35% increase over last year, contingent on timely project launches in Q4.
Expecting to launch 8.5 million sq ft in FY 2026, with major projects in Gurgaon, Greater Noida, Chennai, and Calicut.
Project completions expected to reach 5.2-5.3 million sq ft for the year, a 15-17% increase over last year.
Margins expected to improve as delayed revenue recognition (INR 500 crores) is realized in Q4 and as higher-margin projects are completed.
Outlook upgraded to AA- Positive by Ind-RA; ICRA rating at AA- Stable.
What is the quarterly margin trajectory for FY27
Mumbai's role in future growth and market share
Capital allocation for new land and project pipeline
Partial view of Summaries dataset, powered by Quartr API
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Next Sobha earnings date
Q4 25/2619 May, 2026
Sobha
Next Sobha earnings date
Q4 25/2619 May, 2026
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