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

We recently hosted Mr. Jagadish Nangineni, the newly appointed Managing Director (MD) of Sobha Ltd. (SOBHA) for an interaction with investors. Mr. Nangineni has been elevated to the role of MD effective 14th Mar’22 and served as the Deputy MD of the company prior to his elevation. He brings ~20 years of experience in the field of real estate and has been associated with the company since 2009, overseeing its operations in Ahmedabad, Chennai, Gurugram and Pune regions. Mr. Nangineni reiterated in the call that he will look to take the company forward in its growth aspirations to reach 6-7msf of annual sales volumes while looking to reduce debt levels further. He also stressed on the need to bring in quality supply rather than just quantity to ensure increased sales velocity in new project launches taking into account customer preference and project location. We believe that the company’s strategy to elevate incumbent senior management personnel is a positive move and will ensure continuity in executing the company’s strategy.

Outlook

We upgrade our rating to BUY from ADD with an unchanged Mar’22 SOTP-based target price of Rs902/share post the recent correction in the stock price.

More Info

At 16:01 hrs Sobha was quoting at Rs 744.55, up Rs 9.25, or 1.26 percent.

It has touched an intraday high of Rs 772.00 and an intraday low of Rs 741.15.

It was trading with volumes of 15,760 shares, compared to its thirty day average of 24,376 shares, a decrease of -35.35 percent.

In the previous trading session, the share closed up 0.88 percent or Rs 6.45 at Rs 735.30.

The share touched its 52-week high Rs 1,045.00 and 52-week low Rs 402.50 on 19 January, 2022 and 19 March, 2021, respectively.

Currently, it is trading 28.75 percent below its 52-week high and 84.98 percent above its 52-week low.

Market capitalisation stands at Rs 7,061.75 crore.

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