SOBHA

[Regulatory cover note] Date: July 21, 2026 BSE Limited The National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Plot No C/1, G Block PJ Towers, Dalal Street Bandra Kurla Complex Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 532784 Scrip Code: SOBHA Dear Sir/Madam, Sub: Audio Recording of Conference Call held on July 21, 2026 In continuation of our letter dated July 15, 2026 and pursuant to Regulation 30 (6) and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”), we wish to inform you that the audio recording of the Conference Call with Analysts and Institutional Investors, held on Tuesday, the 21st day of July, 2026 to brief the Operational and Financial performance of the Company for the quarter ended June 30, 2026, is available on the Company’s website at: sobha.com/wp-content/uploads/2026/07/SOBHA_Concall_Audio_Q1_FY2027.mp3 Kindly take the aforesaid information on record in compliance of the SEBI Listing Regulations. Yours sincerely, FOR SOBHA LIMITED Bijan Kumar Dash Company Secretary & Compliance Officer Membership No. ACS 17222 SOBHA LIMITED Regd & Corporate Office: SOBHA Limited, Sarjapur - Marathahalli, Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru - 560103, Karnataka, India. CIN: L45201KA1995PLC018475 | Tel: +91 80 49320000 | www.sobha.com | Email: investors@sobha.com [Investor-call recording transcript] Ladies and gentlemen, good day and welcome to Soba Limited Q1 F-Py 27 earnings conference call hosted by ICSA Securities. As a reminder, all participant lines will be in the lesson-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal and update a bipartisan staff then 0 on your touch-tone phone, please note that this conference is being recorded I would now like to hand over the call to Mr. Athirya Sattopadhyay from ICSA Securities. Thank you and over to you sir. Yeah, good evening everyone. Thank you for joining us on the Soba Limited Q1 F-Py 27 results call today. As always from the management we have with us Mr. Jagdish Nangineni, the managing director and Mr. Yokesh Bansal, the chief financial officer. I would now like to hand over the call to the management for their opening remarks. Over to you. Thank you. Thank you Azir. Good evening everyone and thank you for, I thank all the investors and the detailed investor presentation is available. It has been a landmark part of, we achieved the highest representing, we sold 2.34 million square feet across 1,432 homes with an average realization, 57% of it driven by the NCR region present in Gurgaon, reaffirming our strategy of launching nine projects. To begin the question answer session, anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Girish Chaudhary from Avender's Park. Please go ahead. Hi Jagdish, congratulations on the strong pre-sales, I mean firstly if you obviously you have had a strong start to the year, so if you could just give us the pre-sales growth or the booking value you are targeting for fiscal 27 and as a follow up, you mentioned about 8 million square feet of launches for the remaining nine, so if you could give the GDV and also the timelines and the key projects which we should look forward to and secondly what we notice also collections were relatively modest considering the pre-sales. So what is primarily a timing issue because a large part of sales came towards the end of quarter and should we expect material improvement from this quarter onwards? Yeah, that's right, what you mentioned was right, one is the collections from new sales have come towards the end of the quarter and hence there is a, I mean there is more collection that would be coming from these new sales but part of the collections only have come in this Q1, second is typically our milestone building collections this time were relatively lower because some of the milestones we could not achieve due to labor hence there is a small in general things in terms of. So we are on target to do the 2000 crore I think which was guided in the past for the year. 2000 crore of? Yes, yes, yeah. If you take an aggregate marginal cash flow? Yeah, lastly if I may on the land payments we have seen around 370 crores during the orders higher than the normal run rates. So if you could explain I mean for fiscal 27 and 28 what are the commitments and then from a business development point of view what are you seeing? Thank you on all the very best. Thank you, ladies and gentlemen in order to ensure that a management is able to address questions from all participants in the conference please limit your questions to three for participant should you have a follow-up question you would request you to rejoin the queue. The next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much. My first question is one with respect to your disclosures on the forthcoming project where you talk about potential sales value of 295 billion. And and versus that the margin that you talk about in slide 15 is 68.3 billion. This is a lot lower than what you add in the previous presentation at close to 86 billion of margin and a smaller, you know, sellable value for forthcoming project. What is the change here? You're right Puneet good evening. Okay, so the GBV that you state is basically including the land owner share. Yes, this is a cross value of the whole. And secondly, you know, why you talked about potential, you know, two acquisitions this quarter one in Mumbai and one sorry, the other one I missed out in Greater Noida. And have you paid for both of them? Yes. Okay, so how should one think about full year, you know, allocation of capital towards land? What is a rendered one should assume? We have done last year's point of view. Okay, that's it. And lastly, your nine project launches. Does that also include the balance phase of one world or that's separate? You have taken the entire. Thank you so much and all the best. Thank you. The next question is from the line of Parikshit Kanpal from HDSE security. Please go ahead. Yeah, hi Jagdish congratulations on a great quarter on pre-sales. So my first question is, I mean, the way we were forecasting this quarter, our staff was a washout because of geopolitical issue. So just wanted to understand what led to this strong demand coming back towards the second half of the quarter to both in Gugram and Bangalore and also wanted some color on Noida, how the Rewana has done after there was some delays you said this year's could have got pushed out. So just your sense on the demand, what has surprised just surprised us positively and where do you think the real estate cycle currently is? Thank you, Parikshit. So, let's say Q1 of this calendar, yes, we had been in that aspect, the overall demand seems to be what we are witness. It has been quite stable. The second question is on the 1500 crore tentative. I mean, you said that you could get close to 1500 crore states. That's what happened this year. So just wanted to break up of how much will be Bangalore and how much is the contribution from NCR and MMR on this? And whether is it right to assume that out of the 1500 up to 15,000 crores worth of GDP, 10 to 13,000 crores of GDP addition will happen? Yes, I mean, from a remaining capital allocation, part of that is towards our current commitment. So for the 20.77 million square feet, that's roughly about another 400 crores. And our past commitments, those are also that's about another 200. I mean, those are about 600 as already we have done about 370. So remaining is about 600 crores. So that's 600 or we will, we should look at still little, I mean, early to disclose that. Typically, we see that the value of the land. This will be largely in NCR, the 600, 700 incremental beyond the existing past commitments which you said. So out of the 1700 crores, how will be the geographical breakthrough process? It's part of it is majority is in Bangalore and the remaining is still a bit portion. And this is the third question on this post-quoted. So how much is the contribution from the sugar one by a lot of the total 20,000 odd crores of sales? So how much was the contribution? Because the numbers look a little lower and the numbers are as it has. So what's the, you know, what you're going to work in Q2 out of this? Just wanted the total cumulative sales on this and how much has been with the banking Q1? About, you've seen about 45% of the overall sales. Sorry, I think, how much? NCR, together have contributed about it. Out of the total 3600, 45% comes from your sugar one world. Is there any pending years to be recognized because the numbers then look slightly on the lower side compared to what you have released. It's about 1600. So was there, I mean, were you able to do the entire sales? Because there's a pass over which is happening Q2 from this, which you could not realize in the Q1 numbers. Yeah. So like I mentioned, we have released about 3.4 million square feet of the total. And within that, we have, and within that we have done about 45%. So that's about total 1800 odd. So 200, 300 crores could be a spillover which may happen in a site in the Q2 quarter. So there are some spillover into Q2 that means. I think that is a characteristic of any new launch or ongoing. Thank you. Thank you. Thank you. The next question is on the line of Vipulav Dev Bhadama from NK Global. Please go ahead. Hi, Judges and team. Congratulations on the great start to FI 27. The first question is on the Mumbai and Greater Noida business development you did in this quarter. Could you give us some details like, are these outright projects and how much you paid for this project? What would be their GDP when they are expected to be launched? The Mumbai project is about 1.3 acres and it's, we bought the land for about 180 crores. And the Greater Noida is, Greater Noida project is a joint development. The GDP for this would be about… Financial year? …missaging to, setting the approval, certainty of a clear timeline and you are used to launch. The second question is on the margin. I mean, last quarter you mentioned that margin will see revival from the second half of this financial year. The margin continues to, margin continues to be low sir. Do you maintain that margin will see uptake in second half of this financial year? And what kind of margin do you think we will see in the second half of financial year? Reported margin. Right. We, you are right. I mean, we, I still expect the margins to be significantly better from the, in the second half. Sequentially it would, it should start looking better. Q, depending on the number of competitions that we can do. Q2 might be similar. Reminder of the year you said 8.2 million square feet launches. They are translated into how, how much of GDP? At the current average of 15,000 it should be… Q, the next question is on the line of Fennel Brumback, some choice institutional equities. Please go ahead. Hello. Congratulations for the good set of number. I have two questions for you. First is for on this approved N series of 1000 crores. So when we are planning to issue this N series in the next quarter or there is any timeline. So if you can throw some light on that, that would be helpful. Yes. We need not be at one shot, but… Not that. And I just want to understand the project completion for FY 27 and 28. So which projects are at the finishing stage or we are planning to deliver in next three quarters or next remaining FY 27. And if possible you can give some highlights for FY 28 projects as well. That's all from my side. All the best for the next quarter. Thank you. The next question is on the line of Prateesh Sheth from Access Capital. Please go ahead. Hi. Thanks for the opportunity and congrats on a great start to the year. Just willing some more on launches again. So second phase of Shobha Crescent is planned for next year or this year. Next year which you said is basically second phase of Crescent and the Noida project. Converted into those apartment projects also included in current year's pipeline. In Mumbai I can't see latest addition in our forthcoming or subsequent pipeline or rather there is one acre of Mumbai but I thought that the second part of the… Is it included in the current pipeline or since we are not sure of the timeline we have not included in the forthcoming or subsequent land right now? The pipeline is the second phase of the current project. The one that we have just acquired that we have not yet included basically timeline once the… And one last again on launches. I think last time we had a 6 lakh square feet of commercial project in Gurgaon that I don't see currently in the pipeline. Has the plans being shelled for that commercial project now or has anything changed there? Good observation to this. Is that the club project? Will it still be the endeavour to launch and develop it? That's pretty helpful. That's it from my side and all the best. The next question is from the line of Shubham Salwadia from Tikri Investments. Please go ahead. Good evening sir. My question is regarding labour law. Sir in Karnataka recently in May month, there was a hike of 60% in minimum wages. So have you evaluated any impact on cost? Only our technician force that… Okay. Thank you sir. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you everyone for participating in today's call. I hope we have answered most of the questions that you had. In case of any further queries or more details, you can please reach out to us and have a good evening. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line.