Equity Snap: Sobha Limited (SOBHA IN): Record bookings in Q1, Sobha OneWorld launched

Research evidence excerpt

Equity Snap: Sobha Limited (SOBHA IN): Record bookings in Q1, Sobha OneWorld launched

6 July 2026

Equity Snap: Sobha Limited Equities REMD

(SOBHA IN)

Record bookings in Q1, Sobha OneWorld launched India

◆ Bookings rose 76% y-o-y to INR36.6bn in Q1FY27, the highest Puneet Gulati*, CFA

ever in any quarter to date, 6% beat vs. HSBC estimates SeniorHSBC SecuritiesAnalyst, Indiaand CapitalEnergy,MarketsProperty(India)& InfraPrivate

Limited

◆ Bookings supported by 3 project launches including Sobha puneetgulati@hsbc.co.in

+91 82 9189 7591

Crescent in Gurgaon and Sobha OneWorld in Bangalore

Sambhav Kela*

Analyst, India Real Estate & Power

HSBC Securities and Capital Markets (India) Private

Sobha Limited (SOBHA IN, INR1442.90, Buy, TP INR1800.00) Limited

(Priced as of 03 Jul 2026) sambhav.kela@hsbc.co.in

+91 22 40891464

Record bookings reported in Q1FY27: In its Q1FY27 operational update, Sobha

reported quarterly bookings of INR36.6bn, up 76% y-o-y and 79% q-o-q. In volume * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

terms, bookings grew 62% y-o-y to 2.3msf, while average realization was up 9% y-o-y

to INR15,655/psf. Sobha’s share of bookings came in at 82% of total bookings or

INR29.9bn, up 74% y-o-y. Bangalore contributed to c57% of the overall bookings at

INR20.7bn, while NCR contributed c28% at INR13.8bn.

Bookings supported by key launches, 3 projects launched: Record bookings in

the quarter were supported by c6.9msf of new launches across Gurgaon and

Bangalore. Projects launched include Sobha OneWorld in Hoskote Bangalore, a

luxury residential project where the company opened the first phase of 3.4msf of the

total 5.4msf with a company estimated sales potential of INR75bn. Other launches