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Economic Times
2 days ago
- Business
- Economic Times
I-Sec maintains Add on Sobha, raises target price to Rs 1,519
Agencies Sobha, incorporated in 1995, is a Mid Cap company with a market cap of Rs 16191.90 crore, operating in the Real Estate sector. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1270.73 crore, up 1.10% from last quarter Total Income of Rs 1256.88 crore and up 60.60 % from last year same quarter Total Income of Rs 791.25 crore. The company has reported net profit after tax of Rs 40.86 crore in the latest quarter. Live Events Investment Rationale Sobha clocked FY25 sales bookings of 4.7msf worth INR 62.8bn (decline of 23% YoY in volume terms and 6% in value terms), in spite of the company launching over 8msf of new projects in FY25. Heading into FY26, management is confident of achieving ~INR100bn of gross sales bookings driven by ~5msf of unreleased inventory having GVD of Rs 74 billion in ongoing projects and forthcoming launches of ~19msf with GDV of Rs 265 billion, of which management expects to launch ~8?9msf in FY26. Hence, ICICI Securities revised its FY26?27 sales bookings estimate upwards by ~10% and model for sales bookings of Rs 96 billion in FY26E and Rs 109 billion in FY27E. The brokerage retains its ADD rating with a revised Mar?25 SoTP-based target price of Rs 1,519 (earlier Rs 1,366) at a 20% premium to NAV, factoring in balance rights issue proceeds. Key risks: Lower price growth and residential demand slowdown. Promoter/FII Holdings Promoters held 52.88 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.91 per cent, DIIs 23.97 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ICICI Securities maintains Add call on Sobha with a revised target price of Rs 1519 (earlier Rs 1,366). The current market price of Sobha Ltd. is Rs 1672.75 .Sobha, incorporated in 1995, is a Mid Cap company with a market cap of Rs 16191.90 crore, operating in the Real Estate key products/revenue segments include Income from Sale of Commercial Flats, Shops & Plots, Sale of services, Income From Glazing, Income From Interiors, Concrete Blocks, Rental Income, Other Operating Revenue, Scrap for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1270.73 crore, up 1.10% from last quarter Total Income of Rs 1256.88 crore and up 60.60 % from last year same quarter Total Income of Rs 791.25 crore. The company has reported net profit after tax of Rs 40.86 crore in the latest company?s top management includes PNC Menon, Nangineni, S Shah, K N, Mangalorkar, Mr.R V S Rao. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 11 crore shares clocked FY25 sales bookings of 4.7msf worth INR 62.8bn (decline of 23% YoY in volume terms and 6% in value terms), in spite of the company launching over 8msf of new projects in FY25. Heading into FY26, management is confident of achieving ~INR100bn of gross sales bookings driven by ~5msf of unreleased inventory having GVD of Rs 74 billion in ongoing projects and forthcoming launches of ~19msf with GDV of Rs 265 billion, of which management expects to launch ~8?9msf in FY26. Hence, ICICI Securities revised its FY26?27 sales bookings estimate upwards by ~10% and model for sales bookings of Rs 96 billion in FY26E and Rs 109 billion in FY27E. The brokerage retains its ADD rating with a revised Mar?25 SoTP-based target price of Rs 1,519 (earlier Rs 1,366) at a 20% premium to NAV, factoring in balance rights issue proceeds. Key risks: Lower price growth and residential demand held 52.88 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.91 per cent, DIIs 23.97 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Time of India
2 days ago
- Business
- Time of India
I-Sec maintains Add on Sobha, raises target price to Rs 1,519
ICICI Securities maintains Add call on Sobha with a revised target price of Rs 1519 (earlier Rs 1,366). The current market price of Sobha Ltd. is Rs 1672.75 . Sobha, incorporated in 1995, is a Mid Cap company with a market cap of Rs 16191.90 crore, operating in the Real Estate sector. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New mobile air conditioner requires no installation (search now) Air Condition | Search Ads Search Now Sobha's key products/revenue segments include Income from Sale of Commercial Flats, Shops & Plots, Sale of services, Income From Glazing, Income From Interiors, Concrete Blocks, Rental Income, Other Operating Revenue, Scrap for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1270.73 crore, up 1.10% from last quarter Total Income of Rs 1256.88 crore and up 60.60 % from last year same quarter Total Income of Rs 791.25 crore. The company has reported net profit after tax of Rs 40.86 crore in the latest quarter. Live Events The company?s top management includes PNC Menon, Nangineni, S Shah, K N, Mangalorkar, Mr.R V S Rao. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 11 crore shares outstanding. Investment Rationale Sobha clocked FY25 sales bookings of 4.7msf worth INR 62.8bn (decline of 23% YoY in volume terms and 6% in value terms), in spite of the company launching over 8msf of new projects in FY25. Heading into FY26, management is confident of achieving ~INR100bn of gross sales bookings driven by ~5msf of unreleased inventory having GVD of Rs 74 billion in ongoing projects and forthcoming launches of ~19msf with GDV of Rs 265 billion, of which management expects to launch ~8?9msf in FY26. Hence, ICICI Securities revised its FY26?27 sales bookings estimate upwards by ~10% and model for sales bookings of Rs 96 billion in FY26E and Rs 109 billion in FY27E. The brokerage retains its ADD rating with a revised Mar?25 SoTP-based target price of Rs 1,519 (earlier Rs 1,366) at a 20% premium to NAV, factoring in balance rights issue proceeds. Key risks: Lower price growth and residential demand slowdown. Promoter/FII Holdings Promoters held 52.88 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.91 per cent, DIIs 23.97 per cent.
