CLSA on Sobha : Upgrade to O-P , TP Rs 1580

Reported presales of Rs22bn in 2QFY27, up 16% YoY (achieved c.55% of FY27 guidance in 1HFY27). OCF declined YoY due to lower growth in collections vis-à-vis construction and marketing spend. It expects to exceed its 30% YoY presales growth guidance in FY27 driven by its robust launch pipeline subject to approvals. Additionally, it expects margins to improve (normalised level of 20%) going forward owing to better product mix.

SOBHA LIMITED

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