1. Contracting segment degrowth of ₹150-175 crore from FY27 On track - At the Q3 FY26 call, management expected degrowth of about ₹150-175 crore in the contracting segment from FY27, as no new civil contract projects are being undertaken. Q1 FY27 contracts revenue was ₹79 crore against ₹162 crore total contracts & manufacturing; no full-year outcome yet.
2. FY26 NCR launches of \~0.35 crore sq ft in H2 Partial - At the Q2 FY26 call, management envisaged three NCR projects for H2 FY26 launch - a Gurgaon service apartment, a Gurgaon residential phase and Greater Noida - together \~0.35 crore sq ft. SOBHA Strada Gurgaon (323,403 sq ft) launched in Q3 FY26 and SOBHA Rivana Greater Noida (2,572,523 sq ft SBA) in Q4 FY26; SOBHA Crescent Phase 1 slipped to April 2026.
3. FY26 Mumbai launch in H2 FY26 Delivered - At the Q2 FY26 call, management said the Mumbai launch was in plans for H2 FY26, with the first phase hoped "very soon". SOBHA Inizio, the first Mumbai project, launched in December 2025 in Q3 FY26.
4. FY26 revenue recognition of ₹15,873 crore balance revenue at 33% EBITDA margin On track - At the Q4 FY25 call, management expected ₹15,873 crore balance revenue from sold units with embedded project-level EBITDA margin of 33% to be recognized over next 3-4 years. Later updates moved the balance to ₹18,600 crore with margin of at least 30% plus; unrecognized revenue stood at ₹18,647 crore as of 31 March 2026 and ₹20,553 crore as of 30 June 2026, with Q1 FY27 EBITDA margin 9.7%.
5. FY25 contractual & manufacturing margin similar to \~6% EBITDA Delivered - At the Q2 FY25 call, management guided FY25 contractual & manufacturing margin similar to \~6% EBITDA, with improvement starting FY26. H1 FY25 EBITDA margin was \~6%; FY25 segment PBIT margin came in at 4.85% and FY26 at 11.15%.
6. Long-term gross debt settling at \~₹1,600 crore Delivered - At the Q2 FY25 call, management expected long-term gross debt to settle at an absolute level of about ₹1,600 crore. Gross debt was ₹1,131 crore in March 2025, ₹1,002 crore in March 2026 and ₹1,110 crore in June 2026, consistently below the guided level.
7. Rights issue of ₹2,000 crore - completion and utilization Delivered - At the Q3 FY24 call, management said rights issue details would take another month or so to finalize, with the process started in February and remaining money to be called in December 2024. A ₹1,999 crore rights issue completed in FY25, oversubscribed 1.39x, with ₹1,996 crore received and 74% utilized as of 31 March 2025.
8. FY27 launch pipeline GDV of \~₹15,000 crore On track - At the Q4 FY26 call, management confirmed an FY27 launch pipeline of \~1 crore sq ft corresponding to GDV of about ₹15,000 crore; at Q1 FY27 this was refined to about ₹12,000 crore from remaining 0.82 crore sq ft. Q1 FY27 launched 0.69 crore sq ft with potential sale value of \~₹10,000 crore; no full-year outcome yet.
9. Pipeline of at least \~1 crore sq ft new business development every year On track - At the Q4 FY26 call, management aimed to have a pipeline of at least about 1 crore sq ft of new business development every year. Q1 FY27 saw two new land acquisitions with combined GDV \~₹2,700-3,000 crore; no full-year BD area disclosed yet.
10. Two MMR projects concluded in FY27 (\~₹2,000 crore GDV) On track - At the Q4 FY26 call, management expected to conclude two MMR projects - one redevelopment, one land purchase - during FY27, together \~₹2,000 crore GDV. A small \~1.3 acre Mumbai land parcel was bought for \~₹180 crore in Q1 FY27; no redevelopment project concluded yet.
11. Rental portfolio addition of at least 0.2 crore sq ft in coming few years Pending - At the Q4 FY26 call, management expected to build at least about 0.2 crore sq ft of additional rental portfolio in coming few years, with land available in Hoskote and Gurgaon. Current rental income is ₹52 crore and no new rental projects are being developed immediately; no addition disclosed through Q1 FY27.
12. NCD issuance of ₹1,000 crore in tranches Pending - At the Q1 FY27 call, management envisaged issuing the approved ₹1,000 crore NCDs in tranches over the next couple of quarters, at least 2 tranches. No NCD issuance has been disclosed in our record as of Q1 FY27.
13. FY27 net debt at about zero On track - At the Q1 FY27 call, management envisaged net debt to be at about 0 level for FY27. Q1 FY27 already showed a net cash position of ₹659 crore; no full-year outcome yet.
14. FY27 EBITDA margin of 17-20% by Q4 FY27 On track - At the Q1 FY27 call, management guided EBITDA margin of closer to 17-20% by end of Q4 FY27, with Q3 and Q4 sequentially better. Q1 FY27 EBITDA margin was 9.7%; no later quarters yet.
15. FY27 land payments of ₹1,500-1,600 crore On track - At the Q1 FY27 call, management guided FY27 land payments of closer to ₹1,500-1,600 crore, contingent on completing identified transactions. Q1 FY27 land investment was ₹370 crore; no full-year outcome yet.
16. FY27 net operating cash flow close to ₹2,000 crore On track - At the Q4 FY26 call, the CFO aimed for net operating cash flow close to ₹2,000 crore in FY27, later softened at Q1 FY27 to ₹2,000 crore as an average for the next few years. Q1 FY27 net operating cash flow was ₹312 crore; no full-year outcome yet.
17. FY27 completions of \~0.6-0.65 crore sq ft On track - At the Q1 FY27 call, management planned to complete about 0.6-0.65 crore sq ft in FY27, \~20% higher than FY26. Q1 FY27 completions were 0.11 crore sq ft; no full-year outcome yet.
18. FY27 average price realization growth similar to \~9.4% On track - At the Q4 FY26 call, management expected average price realization to grow at a similar rate as last year's \~9.4%. Q1 FY27 average realization was ₹15,655 per sq ft against Q1 FY26's ₹14,395, up \~8.8% YoY; no full-year outcome yet.
19. FY27 launches of \~1 crore sq ft On track - At the Q4 FY26 call, management planned to launch more than 50%, close to about 1 crore sq ft in FY27; at Q1 FY27 it expressed confidence of launching 9 projects aggregating \~0.82 crore sq ft in the remaining period. Q1 FY27 launched 0.69 crore sq ft across 3 projects.
20. FY27 pre-sales growth of at least 30% On track - At the Q4 FY26 call, management expected FY27 real estate sales growth at a similar rate to last year's \~30%, reiterated at Q1 FY27 as at least 30%. Q1 FY27 sales were ₹3,656 crore, up 76% YoY; no full-year outcome yet.
21. FY26 land spend similar or slightly higher than FY25 Delivered - At the Q4 FY25 call, management expected new land purchase spend in FY26 to be similar or slightly higher than FY25 committed land payouts. FY26 land investments were ₹1,160 crore against FY25's ₹946 crore, \~23% higher.
22. FY26 operating cash flow growth of at least 10% Delivered - At the Q4 FY25 call, management expected operating cash flow in FY26 to be similar or better, aiming for at least 10% growth, reiterated at Q1 FY26. FY26 net operating cash flow was ₹1,637 crore, growth of 39.4% over FY25.
23. FY26 contracts, manufacturing and retail growth of at least 10% Delivered - At the Q4 FY25 call, management expected the contracts, manufacturing and retail business to grow at least 10% with enhanced profitability in FY26. FY26 contracts & manufacturing revenue was ₹771 crore against FY25's ₹661 crore, growth of \~16.6%, with collections of ₹732 crore vs ₹666 crore.
24. FY26 completions of at least 0.55 crore sq ft Delivered - At the Q4 FY25 call, management expected completions to increase by at least 20% to 0.55 crore sq ft in FY26, reiterated at Q2 FY26 and refined to 0.52-0.53 crore sq ft at Q3 FY26. FY26 completions were 0.54 crore sq ft, 3,188 homes, \~19% growth.
25. FY26 pre-sales growth of at least 30% (₹8,500 crore) Partial - At the Q4 FY25 call, management guided at least 30% growth in FY26 real estate sales towards the ₹10,000 crore goal, with the ₹8,500 crore figure reiterated through Q3 FY26. FY26 real estate sales were ₹8,136 crore, \~30% growth over FY25, below the ₹8,500 crore guided figure.
26. FY26 launches of \~1 crore sq ft Missed - At the Q2 FY25 call, management targeted launching about 1 crore sq ft in FY26 out of the 1.93 crore sq ft pipeline, later framed as at least 0.8-0.9 crore sq ft. FY26 launches were 0.6 crore sq ft across 9 projects in 6 cities, with some planned launches delayed due to external and internal factors.
27. FY25 business development addition of ₹8,000-10,000 crore project value annually Delivered - At the Q4 FY24 call, management targeted adding at least ₹8,000-10,000 crore value of projects every year in FY25. FY25 business development added close to 1.05 crore sq ft with overall value about ₹15,000 crore.
28. FY25 land spend of \~₹400 crore Delivered - At the Q4 FY24 call, management confirmed roughly ₹400 crore of land spend in FY25 from operational cash flows. FY25 net land payments were ₹946 crore, with business development spend close to ₹945 crore.
29. FY25 average price increase of at least 15-20% Delivered - At the Q4 FY24 call, management guided FY25 average price increase of at least 15-20% vs FY24. FY25 average realization was ₹13,412 per sq ft, higher by \~23% vs FY24.
30. FY25 pre-sales base case of at least ₹8,500 crore Missed - At the Q4 FY24 call, the MD set a base case of "at least doing ₹8,500 crores" for FY25 pre-sales, with ₹10,000 crore possible in an optimistic scenario; at Q2 FY25 this was reiterated only "hopefully". FY25 real estate sales were ₹6,277 crore, \~26% below target.
31. FY25 launches of \~0.9 crore sq ft Delivered - At the Q4 FY24 call, management planned to launch about 0.9 crore sq ft in FY25, an increase of \~30% vs FY24, with an additional 0.55 crore sq ft planned for H2 FY25. FY25 launches were 0.88 crore sq ft across 8 projects in 4 cities - the highest area of launches till date.
32. Margin improvement from FY25 onwards as post-COVID projects complete Missed - At the Q1 FY24 call, management expected margin improvement as post-COVID-sold projects start completing "from end of this financial year, starting from next financial year" - FY25 onwards. Subsequent calls pushed the improvement to FY26, then FY27 with 17-20% by Q4 FY27; EBITDA margins declined from FY24 12.4% to FY25 10.1% and FY26 9.3%.
33. FY24 land investments of ₹250-300 crore Delivered - At the Q1 FY24 call, management guided land investments of ₹250-300 crore in FY24. FY24 net land related payment was ₹383 crore, above the guided range.
34. FY24 pre-sales growth of 15-20% Delivered - At the Q4 FY23 call, management guided FY24 pre-sales growth of 15-20% on the FY23 base of ₹5,200 crore if launches go well, reiterated through Q3 FY24 with sales expected over 20% above FY23. FY24 sales value was ₹6,644 crore, +27.8% vs FY23.
35. FY24 launches of 0.7-0.8 crore sq ft Delivered - At the Q4 FY23 call, management planned to launch 0.7-0.8 crore sq ft in FY24 starting from Q2, confident of at least 0.7 crore sq ft; this was softened mid-year to 0.6-0.7 crore sq ft due to approval delays. FY24 launches totalled 0.7 crore sq ft.
36. Contractual business margin target of \~8% gross/PBT Partial - At the Q3 FY23 call, management stated the contractual business typically aims about 8% at gross margin or PBT level and will go by that number when choosing new contracts. Segment PBIT margin was -0.49% in FY23, 8.67% in FY24, 4.85% in FY25 and 11.15% in FY26; contractual EBIT margin fell to \~3% in Q3 FY24 on a revenue reversal.
37. Gurgaon Karma project launch in FY23 or FY24 Partial - At the Q1 FY23 call, management guided the Gurgaon "Karma" project launch could happen in FY23 or might go to FY24, with clarity expected within a couple of quarters. Karma Lakelands (\~0.2 crore sq ft) was among possible Q4 FY24 launches; Karma Lakelands (Aranya), \~0.19 crore sq ft, launched in Q1 FY25.
38. Sales run-rate increase to 0.7-0.8 crore sq ft, long-term 1 crore sq ft Missed - At the Q1 FY23 call, management guided increasing the sales run-rate from \~0.5 crore sq ft to 0.7-0.8 crore sq ft, with consistency "maybe over three years" and a long-term goal of \~1 crore sq ft. Sales volume stayed in the 0.55-0.6 crore sq ft range for about four years - FY24 0.61, FY25 0.47, FY26 0.55 crore sq ft.
39. \~500 crores free cash flow per year going forward Delivered - At the Q1 FY23 call, management guided \~500 crores of free cash flow generation per year going forward, before land investment, assuming current sales and collection volumes sustained. FY23 free cash flow was \~₹515 crore, and net operating cash flow rose from ₹1,089 crore in FY24 to ₹1,174 crore in FY25 and ₹1,637 crore in FY26.
40. FY23 sales volume growth of 10-15% and sales value growth of 15-20% Delivered - At the Q1 FY23 call, management guided FY23 sales volume growth of 10-15% and overall sales value growth of 15-20%, later revised up to close to 0.6 crore sq ft and ₹5,000 crore. FY23 sales value was ₹5,198 crore, 34% growth over FY22, with volume of 0.57 crore sq ft vs 0.49 crore sq ft, \~16% growth.
41. Hosur land monetization update in a couple of quarters Partial - At the Q1 FY22 call, management indicated Hosur land will be monetized, with an update on the backward integration model to be shared "in a couple of quarters". Hosur plotted development was later slated for FY24 as an "additional bonus" and remained in design and approval phase at Q4 FY25; no launch or backward integration update through Q1 FY27.
42. Hoskote land monetization two to three years from Q1 FY22 Delivered - At the Q1 FY22 call, management said Hoskote land monetization is two to three years from now, after unlocking 50-60 acres around Dream Acres first. After repeated slippages to a Q1 FY27 launch, Hoskote Phase 1 (48 acres, \~0.54 crore sq ft) launched in Q1 FY27 as SOBHA One World, with 0.34 crore sq ft released and \~40% sold at launch.
43. FY22 overall growth not less than double digit Delivered - At the Q1 FY22 call, management guided FY22 overall growth "not less than double digit growth" versus FY21. FY22 total income was ₹2,789 crore, up 29% vs FY21, with sales value of ₹3,807/3,870 crore, up 22-23%.
44. Hyderabad launch in middle/end of Q2 FY22 Partial - At the Q4 FY21 call, management expected the Hyderabad launch "somewhere in middle or end of Q2" of FY22, pending RERA approval, later saying "hopefully we should be able to do quite soon". The Hyderabad launch occurred in January 2023 in Q4 FY23 with a \~650,000 sq ft project, making Hyderabad the 12th city of real estate operations.
45. Contractual business revenue of \~₹800 crores in FY22 Delivered - At the Q4 FY21 call, management expected the contractual business to deliver about ₹800 crores revenue in FY22, plus or minus 5-10%. FY22 contractual and manufacturing revenue was ₹720 crore, at the lower bound of the guided range; pre-COVID FY20 revenue had been \~₹1,500 crores.
46. Planned residential launches of \~1.33 crore sq ft across cities - FY22 Partial - At the Q4 FY21 call, management stated planned residential launches of 1.33 crore sq ft across various cities were on track, later refined to \~1.21 crore sq ft over FY23 and FY24. FY22 launches were 0.4 crore sq ft, FY23 0.4 crore sq ft and FY24 0.7 crore sq ft - the pipeline was delivered across FY22-FY24 but the FY22/FY23 timeline slipped.
47. Debt-equity target of 1:1.1 by Q1/Q2 FY23 Delivered - At the Q4 FY21 call, management targeted debt-equity of 1:1.1, expected by Q1 or Q2 of FY23. Debt-equity reached 1.07 by December 2021, one quarter before the committed timeline, then fell to 0.93 by March 2022, 0.50 by March 2024 and negative net debt by March 2025.
48. Net debt reduction of at least ₹150-200 crores in FY22 Delivered - At the Q4 FY21 call, management expected net debt reduction of at least ₹150-200 crores in FY22, in line with FY21. Net debt reduced by ₹515 crore during FY22, with debt-equity brought below 1 at 0.93 as of 31 March 2022.
49. Maintain EBITDA margins in 20-25% range - ongoing Missed - At the Q4 FY21 call, management expected to maintain EBITDA margins in the 20-25% range despite commodity price increases, with the CFO confirming "it will continue in that range". FY22 EBITDA margin was 19%, then 13.6% in FY23, 12.4% in FY24, 10.1% in FY25, 9.3% in FY26 and 9.7% in Q1 FY27 - the 20-25% range was not maintained in any reported period after FY21.