Emkay Global Reiterates BUY on Sobha with ₹1,900 Target – Forecasts >₹25 Bn Q1 FY27 Pre-Sales from Recent Mega Launches
Analyst Confidence in Mega Launch Momentum
Emkay Global Financial Services maintained a BUY rating on Sobha Limited with a target price of ₹1,900, based on 8x EV/embedded EBITDA at 21% premium to NAV. The note, published on June 18, 2026, reflects strong analyst confidence in the developer's execution and pre-sales trajectory for the fiscal year ahead.
Two Cornerstone Projects Drive Q1 Outlook
During Q1 FY27, Sobha launched two major projects—Sobha Crescent in Gurugram and Sobha One World in Hoskote, Bengaluru. Both projects received healthy response and the analyst expects them to contribute aggregate pre-sales of over ₹25 billion in Q1 FY27.
The analyst expects these projects to contribute meaningfully for the remainder of the year. Together, they account for 6.2 million square feet of the company's planned FY27 launches of 10 million square feet.
Sobha One World in Hoskote: The Eastern Expansion
Sobha One World is a massive, high-rise gated community project located near the NH-75 and STRR junction, set to be launched in 2026. Phase 1, called Sobha One Residences, is spread across 48 acres of the larger 300-acre master-planned township in Hoskote, East Bangalore.
The project combines scale with logistics advantage: The project sits just 700 meters from the Hoskote Toll Plaza, providing effortless access to the Satellite Town Ring Road (STRR) and the Bangalore-Chennai Expressway. This dramatically cuts transit times to the Kempegowda International Airport (approximately 25 km away).
The township is located roughly 20 minutes from Kadugodi Metro Station (Purple Line Extension), ITPL, and the primary commercial corridors of Hoodi, KR Puram, and Varthur.
Sobha Crescent in Sector 63A, Gurgaon: The NCR Play
Sobha Crescent is the newly launched ultra luxury residential development by Sobha Group, located along Golf Course Extension Road in Gurugram, planned as a low-density development spread across approximately 12 acres and offering ultra-luxe 3 and 4 BHK residences.
Sobha Sector 63A benefits from strong road connectivity via Golf Course Extension Road, linking it to Sohna Road, NH 48, and major employment hubs across Gurugram. The area has witnessed steady infrastructure development, with improved road networks, upcoming metro connectivity, and the presence of premium residential and commercial projects.
Forecast Upside and Full-Year Guidance
The company has a launch pipeline of approximately 4 million square feet in Kerala and Bengaluru, expected in 2HFY27. Overall, Sobha's pre-sales is likely to surpass ₹30 billion in Q1 FY27. On the back of healthy launch responses and continued real estate demand in Greater Noida and Bengaluru, the analyst expects Sobha to comfortably surpass its FY27 pre-sales guidance of ₹100 billion.
Developer Track Record and Scope
Sobha Limited is one of India's leading real estate developers with a strong track record in residential and commercial projects. The company has completed over 152 million square feet of development across 589 projects and has a presence in 28 cities across 14 states.
Over the past five years, Sobha's pre-sales delivered 21% CAGR, increasing from ₹31.4 billion in FY21 to ₹81.4 billion in FY26, marking its highest-ever pre-sales performance.
Strategic Market Positioning
The management expects Bengaluru and NCR to remain its key growth markets, together contributing approximately 60% of pre-sales over the next five years. Both Q1 FY27 launches directly address this geographic focus, with Hoskote tapping East Bangalore's emerging residential corridor and Sector 63A serving Gurgaon's luxury segment.
The company benefits from strong real estate demand in Bengaluru and Greater Noida, while an additional launch pipeline of around 4 million square feet in Kerala and Bengaluru provides further growth visibility.