Analysts/Institutional Investor Meet/Con. Call Updates

Date: October 26, 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(s), Sub: Transcript of Meeting with Analysts/ Institutional Investors In continuation of our letter dated 13th October, 2026, please find enclosed herewith the transcript of the conference call held on Monday, the 19th day of October 2026 with the Analysts/ Institutional Investors to brief on the Operational and Financial performance of the Company for the quarter and half year ended September 30, 2026. We request you to take the aforesaid information on record in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the same is available on the website of the Company. 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 “SOBHA Limited Q2 and H1 FY ’27 Earnings Conference Call” October 19, 2026 MANAGEMENT: MR. JAGADISH NANGINENI – MANAGING DIRECTOR – SOBHA LIMITED MR. YOGESH BANSAL – CHIEF FINANCIAL OFFICER – SOBHA LIMITED MODERATOR: MR. ADHIDEV CHATTOPADHYAY – ICICI SECURITIES LIMITED Page 1 of 14 SOBHA Limited October 19, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the SOBHA Limited Q2 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities Limited. Thank you, and over to you, sir. Adhidev Chattopadhyay: Hello. Good evening, everyone, and I’d like to welcome everyone on the SOBHA Limited call today. From the management, as always, we have with us Mr. Jagadish Nangineni, the Managing Director; and Mr. Yogesh Bansal, the Chief Financial Officer. I’d now like to hand over the call to the management for their opening remarks and comments. Over to you. Thank you. Jagadish Nangineni: Thank you, Adhidev. Good evening, everyone, and thank you for joining today’s call for Q2 and H1 2027 earnings. I extend a warm welcome to all our investors, analysts and stakeholders. I’ll briefly highlight our business performance and key developments before I hand over to our CFO, Yogesh Bansal. H1 ’27 was the strongest half year in the SOBHA’s history with sales value of INR5,862 crores, a strong 47.2% year-on-year growth. We sold 3.76 million square feet across 2,260 units, with sales volume growing at 32.4%. SOBHA’s share of sales value also reached a record of INR4,874 crores. In Q2 FY27, this is our second highest quarterly sales of INR2,206 crores with a growth of 16% year-on-year with 1.42 million square feet across 828 units. Average price realization improved to INR15,522 per square feet in Q2 from INR13,648, representing 13.7% growth. For H1, realization increased to INR15,604 per square feet compared to INR14,028 last year, reflecting our strong product positioning and favorable sales mix. From a city wise market performance point of view, Bangalore remained our largest market, contributing INR3,385 crores or about 58% of first half of sales, and NCR of about INR1,974 crores which is, again, about 34%; Kerala at INR357 crores, which is about 6% and remaining cities at 2.5%. Following significant launches in Q1 and Q2, Q2 witnessed healthy sustenance sales, particularly from our launched project in Q1, SOBHA OneWorld and SOBHA Neopolis in Bangalore and SOBHA Crescent and Aranya in Gurgaon. This demonstrates sustained customer demand beyond the initial launch phase. Overall, we are on track for our guidance and hopefully exceed in terms of sales for the entire financial year. Coming to new launches. During this quarter, we launched 2 projects, this is SOBHA Boulevard, which is a plotted development project in Mysore and SOBHA Bellevue, high-rise and apartment project about 4.3 acres, 298 homes of about 0.8 million square feet in Calicut. Overall, for the first half, we launched 5 projects across Bangalore, Gurgaon and Calicut, aggregating to 7.91 million square feet with an estimated sales potential of close to INR11,200 crores. On forthcoming launch pipeline remains robust at 20.42 million square feet across 18 projects. We are quite confident of launching at least 9 projects, exceeding 11 million square feet during the remainder of FY27. As of September 30, 2026, our unsold inventory stood at approximately 15 million square feet, providing a healthy growth visibility. Page 2 of 14 SOBHA Limited October 19, 2026 On execution front, we completed 720 homes covering 1.49 million square feet across 9 wings and blocks in Q2. H1 completion stood at 1,391 homes covering 2.56 million square feet across 17 wings. Coming to cash flows and financial briefly, Our balance sheet continues to be our key strength. We maintained a net cash position of about INR322 crores with a competitive borrowing cost of 7.75%. And remaining focused on sustaining 0 net debt position throughout FY27. We achieved our highest ever cash inflows for both for the quarter and half year. Q2 collections reached more than INR2,000 crores at INR2,084 and our net operational cash flow was INR422 crores. This financial strength supports our future investments while maintaining prudent capital allocation. As of end of this quarter, we had INR 22,040 crores of revenue yet to be recognized from units already sold. We expect -- while the quarter level margins appear lower, we continue -- as we continue to recognize lower margin projects and as we recognize future projects, which we are on course for completion and handovers, we are quite confident that our margins will significantly improve, and we should be able to deliver at least over 50% growth of PAT over last financial year, by the end of this financial year. During Q2, our contracts, manufacturing and retail businesses generated about INR225 crores, an increase of 31% quarter-on-quarter and the external order book stood at INR540 crores. Our commercial rental portfolio contributed INR24 crores in income during the quarter. We expect these businesses to maintain steady performance and with scope for marginal growth. Also in this quarter, as part of our plan to deepen our expertise in terms of execution, we have acquired a small business of fire and safety from SOBHA Projects and Trade Limited (SPTL) and this would enable us to execute fire protection services across all our projects as we scale towards a larger volume delivery. With this remarks, I will conclude my opening remarks, and then I will hand over the forum to our CFO, Mr. Yogesh Bansal for his remarks on the financial performance. Yogesh Bansal: Good evening, everyone. Let me take you through the key financial highlights of SOBHA’s performance for the second quarter and first half of FY27. The first half has been marked by strong operational continued investment in project execution and expansion of our development pipeline while maintaining a healthy balance sheet. We recorded our highest ever half yearly operation cash inflow, INR4009 crores, generated positive operational cash flow of INR755 crores and closed September with a net cash position of INR322 crores. Coming to cash flow, operational cash inflow for the quarter stood at INR 2084 crores compared with INR 2046 crores in the correspo [Showing first 8,000 characters — download PDF for full document]