Buy Sobha: target of Rs 902: ICICI Securities

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26 Aug, 2025 12:21

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ICICI Securities research report on Sobha

As per Sobha’s Q4FY22 operations update, the company has achieved gross sales bookings of 1.34msf worth Rs11.1bn which were flat on YoY and QoQ basis in volume terms and up 4% YoY and 6% QoQ in value terms aided by the company achieving its highest ever gross realisation of Rs8,265/psf. The Bengaluru market was again the key contributor with sales volumes of 0.93msf and contributed 69% of the total volumes followed by Gurugram which accounted for 17% of volumes. For FY22 overall, the company has clocked its best ever annual sales performance with gross sales bookings of 4.91msf worth Rs38.7bn. We expect this momentum to continue into FY23-24E with ~13msf of planned launches, and model for 5.9/6.4msf of sales volumes in FY23/24E.

Outlook

We maintain our BUY rating with an unchanged Mar’22 SOTP-based target price of Rs902/share.

More Info

At 16:01 hrs Sobha was quoting at Rs 709.05, down Rs 3.90, or 0.55 percent.

It has touched an intraday high of Rs 744.85 and an intraday low of Rs 705.25.

It was trading with volumes of 66,822 shares, compared to its thirty day average of 24,973 shares, an increase of 167.57 percent.

In the previous trading session, the share closed up 0.54 percent or Rs 3.85 at Rs 712.95.

The share touched its 52-week high Rs 1,045.00 and 52-week low Rs 442.00 on 19 January, 2022 and 14 May, 2021, respectively.

Currently, it is trading 32.15 percent below its 52-week high and 60.42 percent above its 52-week low.

Market capitalisation stands at Rs 6,725.05 crore.

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