Sobha shares dip 1.4% as Jefferies flags muted Bengaluru demand, urges consistent launches for FY26 growth targets.

• Q1 sales boost driven by NCR projects; Bengaluru market remains soft, impacting broader regional momentum.
• Jefferies maintains a "hold" rating vs the average analyst "buy", citing limited near-term growth visibility.
• Stock up 1% YTD despite strong Q1 earnings and revenue rise; launch pipeline key for upside.