Hold Sobha Ltd; target of Rs 415: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report onSobha Ltd

Sobha Ltd (Sobha) posted a strong show in quarterly volumes without any new launches in Q4FY17. The company is recovering very well from demonetisation impact and it managed to clock 17.9% sequential growth in sales volumes to 0.72 million square feet (msf) in the quarter. In terms of geography, the Bengaluru market continues to remain firm with sales volumes of 0.51 msf in Q4FY17 vs. 0.5 msf in Q3FY17.

Though the company posted strong sequential volume growth in Q4FY17, we would like to see sustainability in sales volumes and improvement in the cash flow generation through better sales collection, going forward. Furthermore, post the recent rally in stock (up 33.7% in last 3 months), we see limited upside in the stock and continue to maintain our HOLD recommendation with a revised target price of Rs 415.

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