'Buy' Sobha Shares Maintains HDFC Securities On Multiple Growth Triggers

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HDFC Securities Institutional Equities

Sobha Ltd. has laid out plans to expand in the MMR market from FY26, ramp up its presence in Pune and NCR, and consolidate in Bengaluru. Valuation comfort, robust free cash flow generation, and likely deleveraging are key near-term triggers for further rerating.

Given the robust launch pipeline, strong balance sheet, and stable cash flows, we maintain Buy on Sobha with a target price of Rs 2,459/share.

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