Buy Sobha; target of Rs 668: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Sobha

Sobha sustained its strong performance with Q4FY18 PAT at INR654mn (up 40% YoY) beating our estimate. Operations also remained strong with new sales of 1.02msf (up 40% YoY), valued at INR8.1bn (up 31% YoY). The 1.02msf sold in Q4FY18 was the highest in the past 12 quarters; management has guided for steady ramp up going ahead. Improving collections (~INR30bn in FY18, best ever) led to fall in leverage.

Outlook

Robust launch pipeline, market share gain, diversified land bank and improving cash flow trajectory continue to remain key positives. Maintain ‘BUY’ with TP of INR668/share.

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