Sobha (SOBHA) Q4 24/25 earnings summary

Executive summary

• Completed INR 2,000 crore (₹19.99 Bn) rights issue, expanding capital base, enabling entry into Mumbai and Greater Noida, and supporting ERP migration.

• Achieved record launches of 8.76 million sq ft across four cities and highest-ever real estate collections in FY25.

• Celebrated 30 years with industry-leading quality, backward integration, and net-debt negative status in FY25.

• Consolidated revenue from operations for FY25 was ₹40,386.93 million, up from ₹30,969.46 million in FY24.

• Achieved total real estate sales of INR 6,277 crore (₹62.77 Bn) in FY25, with Bangalore contributing 58%, Gurugram 20%, and Kerala 13%.

Financial highlights

• FY25 total income reached INR 4,163 crore (₹41.63 Bn), up 29% year-over-year; EBITDA ₹4.18 Bn (10.1% margin); PAT ₹0.95 Bn (2.3% margin).

• Sales value reached ₹62.77 Bn (4.67 Mn sft), up 22% year-over-year; average price realization at ₹13,412/sq ft.

• Net operational cashflow at ₹11.74 Bn; net cashflow (including rights issue) at ₹18.93 Bn.

• Q4 real estate collections hit a record INR 1,500 crore.

• Book equity value as of 31.03.2025 at ₹45.61 Bn.

Outlook and guidance

• Targeting at least 30-35% sales growth in FY26, aiming to approach or exceed INR 10,000 crore in sales.

• Plans to launch 18.56 million sq ft across 18 projects in nine cities over the next six to eight quarters.

• Project completions expected to rise by 20% to 5.5 million sq ft in FY26.

• FY26 inventory of 11.44 Mn sft with sales value of ₹177.63 Bn; revenue to be recognized at ₹158.73 Bn.

• Focus on margin protection, operational efficiency, and risk mitigation; major growth targeted from Bangalore, NCR, and Mumbai.