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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹14360 Cr.
Stock P/E
151.7
P/B
3
Current Price
₹1342.6
Book Value
₹ 441.3
Face Value
10
52W High
₹1732.5
52W Low
₹ 1131.1
Dividend Yield
0.45%

Sobha Overview

Business

Sobha Ltd. is a prominent Indian real estate developer primarily engaged in the development of residential and contractual projects. Its core business model revolves around acquiring land parcels, designing, developing, and marketing residential properties, including apartments, villas, and row houses, primarily in the premium and luxury segments. The company also undertakes contractual projects for corporate clients and institutions, constructing commercial spaces, institutional buildings, and other infrastructure. Additionally, Sobha has backward integration capabilities, owning and operating manufacturing units for various construction materials like concrete products, glazing, metal works, and woodwork, which are utilized in its own projects and also supplied to third parties, contributing to quality control and cost efficiency. It makes money primarily through the sale of developed residential properties and through fees/payments for contractual construction services.

Revenue Mix

Sobha's primary revenue streams generally come from:

Real Estate Development: This segment includes the development and sale of residential properties (apartments, villas, plotted developments) across various cities. This typically forms the largest portion of its revenue.

Contractual Projects: Undertaking construction projects for external clients, including corporate offices, hotels, hospitals, and institutional buildings.

Manufacturing: Production and supply of construction materials like concrete products, woodwork, metalwork, and glazing, primarily for captive consumption in its own projects, but also for external sales. While directly contributing to a smaller portion of external revenue, it significantly impacts cost and quality for the real estate development segment.

Industry

The Indian real estate industry is large, cyclical, and highly fragmented, characterized by numerous regional and national players. Sobha Ltd. operates primarily in the premium and luxury residential segments, with a strong presence in South India, particularly Bangalore, Chennai, and Mysore, and a growing footprint in other key cities like Pune, Gurgaon, and Thrissur. It positions itself as a quality-focused developer known for timely delivery, superior construction standards, and strong project management, often catering to discerning buyers. Compared to many peers, Sobha's backward integration provides a distinct operational edge in quality control and supply chain management.

MOAT

Brand Reputation & Quality: Sobha has built a strong brand image for quality construction, architectural design, and timely project delivery, particularly in the premium segment. This instills buyer trust and commands a premium.

Vertical Integration: The company's backward integration into manufacturing key construction materials (concrete, woodwork, metalwork, glazing) provides significant advantages in terms of quality control, cost efficiency, and reduced reliance on external suppliers, ensuring project timelines and material quality.

Execution Capabilities: A track record of executing complex projects efficiently and delivering on commitments contributes to its competitive standing.

Financial Discipline: Historically, Sobha has been known for relatively disciplined financial management and a focus on generating free cash flow, though like all real estate developers, it is exposed to debt.

Growth Drivers

Urbanization and Nuclearization: Continued migration to urban centers and the rise of nuclear families drive demand for organized housing.

Rising Disposable Incomes: Growth in per capita income allows more households to invest in larger or higher-quality homes.

Favorable Interest Rates: A benign interest rate environment for home loans makes property acquisition more affordable and attractive.

Government Initiatives: Policy support for housing, infrastructure development, and smart cities can indirectly boost real estate demand.

Strong Project Pipeline: Successful launch and execution of new residential projects in key growth corridors.

Geographic Diversification: Expansion into new micro-markets or cities with high growth potential.

Risks

Real Estate Cyclicality: The industry is inherently cyclical, sensitive to economic slowdowns, job market conditions, and consumer sentiment, which can impact sales volumes and pricing.

Interest Rate Fluctuations: Changes in home loan interest rates significantly affect buyer affordability and demand.

Regulatory & Environmental Risks: Strict and evolving regulations (e.g., RERA, environmental clearances, land acquisition laws) can cause project delays, cost overruns, or restrict development.

Land Acquisition Challenges: Difficulty or delays in acquiring suitable land parcels at viable costs can hamper future project pipeline.

Raw Material Price Volatility: Fluctuations in prices of steel, cement, and other construction materials can impact project costs and margins.

Intense Competition: The fragmented nature of the market leads to intense competition from both national and regional developers.

High Capital Intensity: Real estate development is capital-intensive, requiring significant upfront investment in land and construction, leading to exposure to financial leverage.

Management & Ownership

Sobha Ltd. was founded by Mr. P.N.C. Menon, who along with his family (the promoters), holds a significant stake in the company. The management team is generally perceived as experienced and focused on quality and execution. The company has professional management overseeing day-to-day operations and project execution. The promoter group maintains a substantial ownership stake, aligning their interests with the long-term performance of the company.

Outlook

Sobha Ltd. is well-positioned to benefit from India's long-term urbanization trend and the growing demand for quality housing, especially in the premium segment where its brand commands recognition. Its vertically integrated model offers operational efficiencies and quality control, which are distinct advantages in a competitive market. A strong project pipeline, healthy booking trends, and a continued focus on execution could drive future revenue and profitability. However, the company remains exposed to inherent real estate industry risks, including economic cyclicality, interest rate sensitivity, regulatory changes, and raw material price volatility. Sustaining growth will depend on successful land acquisition, efficient project launches, effective capital management, and maintaining its brand promise amidst evolving market dynamics and competitive pressures.

Sobha Share Price

Live · BSE / NSE · Inception: 1995
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Sobha Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 685 763 640 934 1224 1241 852 1408 943 1988
Other Income 29 28 29 32 33 30 49 62 40 42
Total Income 714 791 670 965 1257 1271 901 1469 983 2030
Total Expenditure 611 701 584 856 1157 1147 828 1312 904 1836
Operating Profit 103 90 85 109 100 124 73 157 79 194
Interest 61 59 54 49 47 45 31 32 30 44
Depreciation 20 21 20 23 23 23 24 26 28 28
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 21 11 11 36 29 56 19 99 21 122
Provision for Tax 6 4 5 10 8 15 5 26 5 30
Profit After Tax 15 7 6 26 22 41 14 73 16 92
Adjustments -0 -0 0 0 0 0 0 0 -0 -0
Profit After Adjustments 15 7 6 26 22 41 14 73 15 92
Adjusted Earnings Per Share 1.5 0.7 0.6 2.6 2.1 3.8 1.3 6.8 1.4 8.6

Sobha Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 2441 1943 2229 2783 3442 3754 2110 2561 3310 3097 4039 5191
Other Income 15 34 39 50 73 72 81 84 92 121 124 193
Total Income 2455 1977 2268 2833 3516 3826 2190 2645 3402 3218 4163 5383
Total Expenditure 1823 1500 1809 2263 2769 2639 1435 2028 2941 2820 3744 4880
Operating Profit 632 477 458 569 747 1187 756 617 462 398 418 503
Interest 188 164 150 198 236 682 601 308 249 246 196 137
Depreciation 72 60 64 54 62 72 79 72 68 78 90 106
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 372 257 258 317 448 433 75 237 145 74 133 261
Provision for Tax 128 119 97 100 151 151 13 63 41 25 38 66
Profit After Tax 244 138 161 217 297 282 62 173 104 49 95 195
Adjustments -6 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 238 138 161 217 297 282 62 173 104 49 95 194
Adjusted Earnings Per Share 23.6 13.7 16.3 22.3 30.5 28.9 6.4 17.8 10.7 5 8.9 18.1

Sobha Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 2432 2565 2644 2770 2229 2431 2428 2423 2495 2514 4561
Minority's Interest 15 0 0 0 0 0 0 0 0 0 0
Borrowings 236 477 442 279 5 238 350 365 613 716 766
Other Non-Current Liabilities 186 246 245 271 -81 50 54 25 34 -65 -69
Total Current Liabilities 3289 4775 5562 5705 8494 8292 8376 8705 9424 10405 11709
Total Liabilities 6157 8062 8893 9025 10646 11010 11208 11517 12566 13571 16966
Fixed Assets 315 373 317 280 297 499 480 449 441 496 551
Other Non-Current Assets 523 763 764 930 1039 1094 1251 1106 1645 1832 1750
Total Current Assets 5319 6926 7812 7815 9310 9417 9477 9962 10481 11243 14666
Total Assets 6157 8062 8893 9025 10646 11010 11208 11517 12566 13571 16966

Sobha Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 80 103 114 124 106 164 68 164 139 279 114
Cash Flow from Operating Activities -216 388 354 353 206 294 613 826 1150 647 200
Cash Flow from Investing Activities -60 -245 2 -129 -61 -307 -33 38 -237 -475 -1180
Cash Flow from Financing Activities 337 -133 -345 -243 -86 -84 -483 -889 -773 -338 993
Net Cash Inflow / Outflow 61 11 10 -18 58 -97 96 -25 140 -166 13
Closing Cash & Cash Equivalent 141 114 124 106 164 68 164 139 279 114 127

Sobha Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 23.63 13.71 16.25 22.26 30.48 28.91 6.39 17.78 10.7 5.04 8.85
CEPS(Rs) 31.39 19.63 22.7 27.84 36.88 36.33 14.54 25.15 17.66 13.07 17.25
DPS(Rs) 6.8 1.94 2.43 6.8 6.8 6.8 3.4 2.91 2.91 2.91 3
Book NAV/Share(Rs) 241.41 254.62 267.32 284.31 228.8 249.54 249.19 248.69 256.06 258.05 426.47
Core EBITDA Margin(%) 25.17 22.64 18.69 18.65 19.56 29.71 32 20.8 11.16 8.95 7.29
EBIT Margin(%) 22.83 21.49 18.14 18.48 19.88 29.7 32.06 21.28 11.9 10.32 8.14
Pre Tax Margin(%) 15.15 13.13 11.48 11.38 13.02 11.54 3.56 9.24 4.38 2.4 3.29
PAT Margin (%) 9.95 7.06 7.16 7.78 8.63 7.5 2.95 6.76 3.15 1.59 2.34
Cash Profit Margin (%) 12.89 10.11 10 9.73 10.44 9.43 6.71 9.57 5.2 4.11 4.57
ROA(%) 4.18 1.94 1.9 2.42 3.02 2.6 0.56 1.52 0.87 0.38 0.62
ROE(%) 10.33 5.53 6.17 8.01 11.88 12.09 2.56 7.14 4.24 1.96 2.68
ROCE(%) 13.68 9.11 8.48 10.33 13.78 21.48 12.28 10.49 8.36 7.16 6.49
Receivable days 31.21 39.69 38.91 36.27 34.69 33.43 47.94 38.77 28.03 19.01 15.86
Inventory Days 383.68 652.31 760.58 650.3 601.9 642.8 1196.25 1052.86 904.89 1068.82 932.17
Payable days 279.27 283.14 278.37 264.47 289.13 344.36 741.18 278.79 149.91 225.88 126.91
PER(x) 16.48 19.4 20.5 22.22 16.38 4.56 66.39 38.86 39.19 278.91 138.26
Price/Book(x) 1.61 1.04 1.25 1.74 2.18 0.53 1.7 2.78 1.64 5.45 2.87
Dividend Yield(%) 1.75 0.73 0.73 1.38 1.36 5.17 0.8 0.42 0.7 0.21 0.25
EV/Net Sales(x) 2.38 2.44 2.41 2.53 2.12 1.15 3.3 3.54 1.7 4.82 3.07
EV/Core EBITDA(x) 9.2 9.93 11.72 12.35 9.76 3.63 9.22 14.68 12.2 37.54 29.67
Net Sales Growth(%) 12.29 -20.38 14.71 24.85 23.68 9.06 -43.8 21.4 29.24 -6.44 30.41
EBIT Growth(%) 2.95 -24.9 -3.12 26.37 32.93 62.87 -39.32 -19.43 -27.7 -18.85 2.76
PAT Growth(%) 4.39 -43.4 16.43 34.91 36.95 -5.16 -77.89 178.1 -39.83 -52.87 92.79
EPS Growth(%) 1.26 -41.99 18.56 36.98 36.95 -5.16 -77.89 178.1 -39.83 -52.87 75.65
Debt/Equity(x) 0.85 0.85 0.84 0.84 1.17 1.28 1.25 1.03 0.8 0.76 0.25
Current Ratio(x) 1.62 1.45 1.4 1.37 1.1 1.14 1.13 1.14 1.11 1.08 1.25
Quick Ratio(x) 0.79 0.56 0.49 0.52 0.33 0.33 0.28 0.27 0.18 0.18 0.29
Interest Cover(x) 2.97 2.57 2.72 2.6 2.9 1.64 1.13 1.77 1.58 1.3 1.68
Total Debt/Mcap(x) 0.52 0.81 0.67 0.48 0.54 2.43 0.74 0.37 0.49 0.14 0.09

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +30% +16% +1% +5%
Operating Profit CAGR +5% -12% -19% -4%
PAT CAGR +94% -18% -20% -9%
Share Price CAGR -16% +34% +22% +16%
ROE Average +3% +3% +4% +7%
ROCE Average +6% +7% +9% +11%

Sobha Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 52.88 %
FII 6.23 %
DII (MF + Insurance) 26.1 %
Public (retail) 47.12 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 52.2852.2852.2852.7752.7752.8852.8852.8852.8852.88
FII 11.1311.8811.4810.9210.038.918.086.416.266.23
DII 17.2217.5518.5923.4424.1523.9824.6326.0325.7726.1
Public 47.7247.7247.7247.2347.2347.1247.1247.1247.1247.12
Others 0000000000
Total 100100100100100100100100100100

Sobha Peer Comparison

Construction - Real Estate Edit Columns

Sobha Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Sobha Pros & Cons

Pros

  • Debtor days have improved from 225.88 to 126.91days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 3% over the last 3 years.
  • The company has delivered a poor profit growth of -19% over past five years.
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