Sobha's H1 FY27 pre-sales rise 47% to Rs 5,862 crore; Antique keeps Buy, Rs 1,855 target

What was reported

Sobha disclosed its first-half figures in an operational update for the quarter and half year ended 30 September 2026. The update was filed with the stock exchanges in the week before 9 October 2026. The company's H1 FY27 sales value was Rs 5,862.4 crore, against Rs 3,981.4 crore in the same period of FY26.

The company said this was its highest half-yearly sales value. Sales volume rose 32.4% to 3.76 million square feet across 2,260 residential units.

Antique Stock Broking, in a note reported by Business Today on 9 October 2026, kept its Buy rating and a target price of Rs 1,855 per share. The target implies about 57% upside over the last close of Rs 1,183.

Sales in detail

The first half was strong, but the second quarter was weaker than the first in sequential terms. The table below uses company-reported and broker-reported figures.

Antique said the Q2 fall reflects the timing of project launches rather than a year-on-year decline. Launch-led sales tend to come in bunches, so quarter-to-quarter figures can swing sharply.

Antique said H1 pre-sales equal around 55% of the full-year guidance, and that the company is positioned to comfortably exceed its FY27 pre-sales guidance.

Launches, completions and regional mix

Sobha launched projects totalling 7.95 million sq ft in H1, with a gross development value (GDV) of Rs 11,200 crore. It completed 2.56 million sq ft during the same period. Bengaluru accounted for about 58% of pre-sales, followed by the National Capital Region at about 34%. The company's own H1 Bengaluru share was 57.7%.

Average price realisation rose to Rs 15,522 per sq ft in H1. In the June quarter alone, the company had reported Rs 15,655 per sq ft.

Sobha's own filings put the June-quarter launches at three projects in Bengaluru and Gurugram, with a saleable area of 68.9 lakh sq ft. Other reports list launch locations in Mysuru, Kozhikode and Gurugram. The company has not, in the material reviewed, given a single consolidated list for H1.

Broker views

Antique Stock Broking (Buy, Rs 1,855): Antique's view rests on pre-sales growth and valuation. It expects pre-sales to grow at a compound annual rate of around 24% between FY26 and FY29, and says the project pipeline gives visibility for continued growth. It also notes that the company's execution record and premium project portfolio remain key to its outlook. Antique's review date was not reported.

Emkay Global (Buy, Rs 1,900, update of 21 September 2026 and reported 6 October 2026): Emkay expects FY27 pre-sales of Rs 11,000 crore to Rs 12,000 crore, against company guidance of Rs 10,600 crore. Its view depends on converting the strong H1 booking pace into second-half launches and recognised earnings.

Other older targets cited in the press include Investec at Rs 2,150, Citi at Rs 1,450 (Sell), Jefferies at Rs 1,450 (Hold) and Motilal Oswal at Rs 1,720 (Buy). Those dates are not shown in the material reviewed and predate the current Antique target. The average analyst target cited was Rs 1,752.17.

Why the share price lags the sales

Sales growth has not lifted the share price. Reports note that the stock was about 31% below its 52-week high of Rs 1,732 and above its 52-week low of Rs 1,130 at the time of the Antique note. Market capitalisation was about Rs 12,730 crore.

Whalesbook attributes the gap to investor concern about thin operating margins. Sobha reported an operating margin of 9.3% for fiscal 2026. Analysts expect a margin turnaround to begin in the third quarter of FY27. That expectation is an analyst view, not a company commitment.

What it means for buyers and investors

For home buyers: The figures show demand for Sobha's projects, mainly in Bengaluru and the National Capital Region. They do not show anything about specific prices, possession dates or project terms. No project-level buyer impact was reported by named sources.

For investors: The main points to track are whether the company converts H1 bookings into recognised revenue and whether margins improve. Analyst targets range from Rs 1,450 to Rs 2,150 in the reports reviewed, so the spread of views is wide.

For the market: Sobha's H1 result is a sign of continued luxury demand in Bengaluru and Gurugram. Its own quarterly data also shows that sales can fall sharply from one quarter to the next when launches are bunched.

What comes next

• The company has nine projects left to launch in FY27, covering 8.2 million sq ft and implying about Rs 12,000 crore of GDV at current pricing. This was stated on the Q1 FY27 earnings call of 21 July 2026.
• Its planned FY27 launch pipeline is about 10 million sq ft across Bengaluru, Gurugram, Hyderabad and Pune, with more phases planned in Kerala and Bengaluru.
• Antique's rating and target are current as of 9 October 2026. No review date was reported.
• The date of the next operational update was not found in the material reviewed.

Where the reports differ

Several figures vary between sources. Readers should use the company's own filing as the baseline.

• Q2 sales: Antique and Business Today say about Rs 2,210 crore. The company-reported figure is Rs 2,206.3 crore.
• H1 launches: Business Today reports 7.95 million sq ft; Sahi reports 7.91 million sq ft across five projects in Bengaluru, Gurugram and Calicut.
• FY27 guidance: Whalesbook and Propnewstime cite Rs 10,000 crore. Emkay cites Rs 10,600 crore (Rs 106 billion). Antique's 55% figure matches the Rs 10,600 crore basis.
• Completions: Business Today reports 2.56 million sq ft completed. A data page on Groww reports 1,391 homes completed. The two measures are not directly comparable.