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Sobha (SOBHA) investor relations material
Sobha Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary18 Oct, 2025
Executive summary
Achieved record H1 FY26 sales value of ₹39.81 bn (INR 3,981 crore), with 2.84 mn sq ft sold and 81.7% share attributed to the company, driven by strong demand in Bangalore, NCR, and Kerala.
Consolidated revenue for Q2 FY26 was ₹14,076.16 million, up from ₹9,335.89 million in Q2 FY25; H1 total income reached ₹23,707.34 million, up 44.9% year-over-year.
Net cash position achieved, with net operational cash flow of ₹9.09 bn in H1 FY26, up 79.6% year-over-year.
Expansion into Greater Noida and increased presence in 12 cities, with 2.25 mn sq ft completed and 1.65 mn sq ft launched in H1 FY26.
Upgraded credit rating to AA- Positive by Ind-RA and ICRA at AA- Stable.
Financial highlights
Q2 total income: INR 1,469 crore; H1 total income: INR 2,371 crore; real estate revenue rose 50.3% year-over-year to ₹18.89 bn.
Q2 EBITDA: INR 157 crore (margin 10.7%); H1 EBITDA: INR 231 crore (margin 9.7%); PAT for H1: INR 86 crore (margin 3.6%).
Q2 PAT: INR 72.5 crore (margin 4.9%); PBT for Q2: ₹989.23 million; H1 PBT: ₹1,175.73 million.
Q2 net operational cash flow: INR 513 crore; H1: INR 909 crore, up 79.1% year-over-year.
Net cash position at quarter end: INR 751 crore; gross debt at ₹10.10 bn, average interest cost at 8.25%.
Outlook and guidance
Targeting launches of 8–9 million sq ft in FY26 across 7–8 projects, with a strong residential pipeline of 15.96–16.69 million sq ft and commercial pipeline of 0.74 million sq ft.
Guidance for FY26 pre-sales remains at INR 8,500 crore, with potential upside if momentum continues.
Management expects continued growth in real estate and contractual segments, supported by robust project pipeline and strong demand.
Inventory visibility of 26.98 mn sq ft and sales value of ₹395.05 bn, with 84.2% effective share in forthcoming projects.
Expecting improved margins as higher-margin projects are completed and recognized in coming quarters and next financial year.
What drives current low margins and path to 30%?
What drives next leg of growth beyond pricing?
How is product mix adapting to market affordability?
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Q3 25/265 Feb, 2026
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