Sobha Limited remains well positioned for sustained growth, supported by healthy launch visibility across key markets and improving regional diversification. The company slightly missed its revised FY26 pre-sales guidance because of delays in a key project. The management continues to maintain a ~30% pre-sales growth outlook. In addition, strong revenue visibility through ~Rs. 18,600 crore of unrecognized revenue is expected to support cash flows and profitability. Considering the healthy growth outlook, we maintain an Accumulate rating with a...