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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sobha
Sobha (SOBHA) investor relations material
Sobha Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary19 Oct, 2026
Executive summary
H1 FY27 real estate sales reached a record ₹58.62bn, up 47.2% YoY, across 3.76mn sft and 2,260 units.
H1 operational cash inflow was a record ₹40.09bn; net operational cashflow was ₹7.55bn.
Q2 sales were ₹22.06bn, up 16% YoY; management said sales were on track to meet or exceed FY27 guidance.
Healthy sustenance demand, a 20.42mn sft launch pipeline and a ₹220.41bn sold-unit revenue backlog supported the outlook.
Financial highlights
H1 total income was ₹23.47bn, EBITDA ₹2.485bn versus ₹2.306bn, and PAT excluding OCI ₹839mn versus ₹861.45mn; consolidated PAT was ₹838.05mn.
Q2 total income was ₹10,172.17mn versus ₹14,693mn YoY; consolidated revenue from operations was ₹9,670.64mn and PAT ₹329.59mn versus ₹725.27mn.
H1 consolidated revenue from operations was ₹22,452.16mn versus ₹22,595.50mn; real estate revenue was ₹18,558mn and contractual and manufacturing revenue ₹3,962mn.
H1 net operational cashflow was ₹7.55bn; consolidated operating cash flow was an outflow of ₹3,424.03mn. Net cashflow after financing and capital outflow was negative ₹4.86bn.
Q2 operational cash inflow was ₹20.84bn and operational outflow ₹16.42bn, resulting in positive operational cashflow of ₹4.42bn; H1 real estate collections were a record ₹40.09bn.
Outlook and guidance
Management expects FY27 PAT growth of at least 50% YoY; EBITDA margin is expected to exceed 15% in H2 FY27 and trend toward 20% or more from FY28.
FY27 delivery plan is ~6mn sft: 2.56mn sft completed in H1 and ~3.5mn sft planned for H2; completion timing may differ from revenue recognition and handovers.
Forthcoming launches comprise 20.42mn sft with ₹313.53bn sale potential; management expects at least two to three launches in Q3, subject to approvals and readiness.
Revenue of ₹220.41bn remained to be recognized from units sold through 30 Sep 2026; projected real estate project-level marginal cashflow was ₹197.48bn across completed, ongoing and forthcoming projects.
Forthcoming and subsequent land bank totals 347 acres across 8 cities, with 35.97mn sft development potential; project-level EBITDA margin is projected above 30%.
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Latest events from Sobha
- Demand recovery lifted sales and PAT as debt/equity fell to 0.85.SOBHA
Q4 09/10 - Turnover climbed 35%, while rapid expansion coincided with negative operating cash flow.SOBHAQ4 05/06
- Revenue surged 90% as real estate and contracting growth fueled FY07 expansion.SOBHAQ4 06/07
- Record profit growth amid expansion, rising debt and tighter property-market conditions.SOBHAQ4 07/08
- Record FY11 revenue and lower leverage support planned expansion.SOBHAQ4 10/11
- FY12 sales beat guidance as margins strengthened and debt/equity improved to 0.53.SOBHAQ4 11/12
- Record collections and higher sales realization support ₹27b FY15 sales guidance.SOBHAQ4 13/14
- Recession cut earnings sharply, while positive cash flow and debt rescheduling supported resilience.SOBHAQ4 08/09
- Revenue grew 12.44%, but weak demand and rising debt tempered the FY15 outlook.SOBHAQ4 14/15
Next Sobha earnings date
Q3 26/2716 Jan, 2027
Sobha
Next Sobha earnings date
Q3 26/2716 Jan, 2027
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