Choice Equity Broking's report on Sobha
We maintain our BUY rating on SOBHA with a TP of INR 1,840/sh (1,800/sh earlier). We expect FY26 and FY27 to be a be a launch heavy year which will drive healthy pre-sales growth and revenue recognition of 4 msf worth of deliveries in FY26/27 would materially lift reported financials. EBITDA margins (reported) would gradually move up as higher priced and higher margin projects start getting completed and get recognised in the reported financials.
Outlook
Based on the SOTP valuation approach, we arrive at a target price of INR 1,840, factoring in the Residential Business, Commercial Rental, Contract & Manufacturing Business, as well as the land bank.
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