Hubtown Limited (HUBTOWN)
₹160.10 +2.22% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hubtown's revenue was ₹156 Cr (-16.8% year on year, -2.7% on the previous quarter), and net profit ₹26.6 Cr (-67.5% year on year); the operating margin was 18.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹156 | -16.8% | -2.7% |
| Operating profit | ₹28.4 | -30.7% | -63.6% |
| Net profit | ₹26.6 | -67.5% | +2.4% |
| EPS (₹) | 1.75 | -70.1% | +8.7% |
| Operating margin | 18.3% | — | — |
HUBTOWN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.73% of the HUBTOWN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.9%. That is close to its usual level.
Delivery in the last 5 sessions: 60.5% · 69.2% · 57.6% · 51.9% · 59.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hubtown Limited has subscribed to 10,85,543 Class A equity shares of its subsidiary, Rare Townships Private Limited (RTPL), on a rights basis for a total consideration of ₹3.26 crore. The shares were acquired at an issue price of ₹30 each (face value ₹10 plus ₹20 premium). Following this allotment on October 12, 2026, Hubtown's stake in RTPL increased marginally from 74.65% to 75.24%. RTPL, which operates in real estate development, reported a turnover of ₹98.03 crore for FY26 compared to ₹0.40 crore in FY25.
- Subscribed to 10,85,543 Class A equity shares of subsidiary RTPL at ₹30 per share
- Total investment amount is ₹3,25,66,290 in cash
- Holding in RTPL increased from 74.65% to 75.24% of Class A equity share capital
- RTPL recorded FY26 turnover of ₹9802.79 Lakhs (₹98.03 crore), up from ₹40.45 Lakhs in FY25
- Allotment of rights issue shares completed on October 12, 2026
Hubtown Limited has subscribed to the rights issue of its subsidiary, Rare Townships Private Limited (RTPL), investing ₹36.78 crore for 1,22,60,843 Class A equity shares at ₹30 per share. Following the allotment on October 08, 2026, Hubtown's stake in RTPL increased from 72.91% to 74.65%. The investment represents approximately 6.0% of Hubtown's TTM revenue of ₹613 crore. RTPL, engaged in residential and commercial real estate, reported a turnover of ₹98.03 crore (₹9802.79 lakhs) in FY26, up sharply from ₹40.45 lakhs in FY25.
- Invested ₹36,78,25,290 via subscription to 1,22,60,843 Class A equity shares at ₹30 per share (₹10 face value plus ₹20 premium)
- Shareholding in subsidiary RTPL increased from 72.91% to 74.65%
- RTPL's turnover for FY26 reached ₹9802.79 lakhs (₹98.03 crore), compared to ₹40.45 lakhs in FY25
- Paid-up share capital of RTPL expanded to ₹47,45,91,730 post rights issue
- Allotment of shares was completed on October 08, 2026
Hubtown Limited has submitted the quarterly confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Transfer Agent. The RTA confirmed that no dematerialisation requests were received from shareholders during the quarter. This is a standard quarterly regulatory filing.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 6, 2026
- Zero demat requests received from shareholders during the quarter ended September 30, 2026
Hubtown Limited has released the voting results and scrutinizer's report for its 38th AGM held on September 18, 2026. Shareholders approved all six resolutions with requisite majority, including a special resolution to issue Foreign Currency Convertible Bonds (FCCBs) up to US$ 150 million. The FCCB resolution received 99.10% votes in favour (6,49,38,340 votes). In addition, resolutions approving material related-party transactions and the reappointment of director Mr. Vyomesh M. Shah were passed.
- Shareholders approved FCCB issuance up to US$ 150 Million with 99.10% votes in favour
- Material Related Party Transactions of the company approved with 96.87% favourable votes (1,78,22,310 votes)
- Re-appointment of retiring director Mr. Vyomesh M. Shah approved with 99.60% votes in favour
- Annual adoption of FY26 financial statements approved with 99.10% votes in favour
Hubtown Limited conducted its 38th Annual General Meeting on September 18, 2026, with 83 shareholders attending virtually. Among key agenda items was a special resolution seeking shareholder approval for issuing Foreign Currency Convertible Bonds (FCCBs) of up to $150 million. The company also put forward resolutions regarding material related party transactions and the re-appointment of Director Vyomesh M. Shah. Scrutinizer voting results will be disclosed separately.
- Proposed issuance of FCCBs up to US$ 150 Million as a special resolution
- 38th AGM held on September 18, 2026, attended by 83 shareholders via VC/OAVM
- Remote e-voting held between September 14, 2026, and September 17, 2026
- Resolutions tabled to approve material related party transactions of the company and subsidiaries
Hubtown Limited has informed the exchanges of an upcoming physical group meeting and site visit with analysts and institutional investors scheduled for September 17, 2026, at 02:00 PM in Mumbai. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction. This interaction comes as the company continues to focus on execution across its prime MMR and South Mumbai developments following FY26 revenue of Rs 644 Cr.
- Meeting scheduled for Thursday, September 17, 2026, at 02:00 PM IST
- Format is an in-person group meeting and site visit in Mumbai
- Company confirmed no unpublished price sensitive information will be shared
Hubtown Limited has issued notice for its 38th Annual General Meeting scheduled for September 18, 2026. Key special business includes an enabling resolution to raise funds up to US$ 150 Million (~₹1,250+ Cr) through the issuance of Foreign Currency Convertible Bonds (FCCBs) or convertible securities. The proposed $150M cap represents approximately 56% of Hubtown's current market cap (₹2,225 Cr) and over 2x its TTM revenue (₹613 Cr). The AGM will also consider director reappointment and multiple material related-party transactions.
- Special resolution proposed to raise up to US$ 150 Million through FCCBs or convertible securities in one or more tranches.
- 38th Annual General Meeting convened for Friday, September 18, 2026, via Video Conferencing.
- Proposed enabling approvals for major related-party transactions, including Rare Townships Private Limited representing 244.81% of consolidated turnover.
- Ratification of re-appointment of Executive Non-Independent Director Mr. Vyomesh M. Shah, who holds 51,81,349 shares and drew ₹1.38 Cr remuneration in FY26.
Hubtown Limited has responded to an exchange query from the National Stock Exchange regarding a significant increase in trading volume. The company confirmed that it has disclosed all requisite material and price-sensitive information in compliance with Regulation 30 of SEBI LODR. Hubtown clarified that the volume surge is purely market-driven and that management has no undisclosed information or connection with the trading activity. With a market cap of ₹2,309 Cr, the company's operational disclosures remain as previously filed.
- Response submitted on August 24, 2026, to NSE surveillance query dated August 20, 2026 (Ref: NSE/CM/Surveillance/17381)
- Management clarified that the increase in trading volume is purely market driven
- Company affirmed full compliance with Regulation 30 of SEBI LODR with no pending undisclosed material events
Hubtown is undergoing a major transformation ('Hubtown 2.0') by merging three high-value promoter-held luxury projects into the listed entity, which will expand its development pipeline from 7.13 million to 34 million sq. ft. The company disclosed a massive contracted revenue pipeline of Rs 11,583 Cr (including to-be-merged entities) that is yet to be recognized in the P&L due to the project completion accounting method. Total consolidated debt stands at Rs 5,181 Cr, primarily project-linked, with a target to be net debt-free by FY2031. Promoter shareholding is expected to increase to 70% post-merger from the current 32.8%.
- Contracted revenue pipeline of Rs 11,583 Cr is yet to be recognized in the P&L, representing ~18x TTM revenue.
- Planned development pipeline to expand nearly 5x from 7.13 million to 34 million sq. ft. post-merger.
- Total pre-sales reached Rs 14,835 Cr, with Rs 8,352 Cr already collected as of Q1 FY27.
- Consolidated debt reduced to Rs 5,181 Cr, with Rs 3,956 Cr specifically linked to the merging entities' projects.
- Promoter stake projected to rise to 70% post-merger, signaling high management conviction despite current pledges.
Hubtown Limited has released the audio recording of its Q1 FY27 investor conference call held on August 04, 2026. The call discussed the company's quarterly performance and strategic progress, including the ongoing merger of promoter-held entities. This follows a strong FY26 where revenue grew to ₹644 Cr from ₹408 Cr in FY25. Investors can access the recording via the company's website to evaluate management's outlook on its ₹1,300 billion Total Development Value (TDV) pipeline.
- Conference call conducted on August 04, 2026, to discuss Q1 FY27 results and investor presentation
- Company is managing a launch-ready land bank of 23.1 million sq. ft. across the MMR region
- Strategic merger in progress aims to increase Total Development Value by 53% to ₹1,300 billion
- TTM Revenue stands at ₹644 Cr with an Operating Profit Margin of 23.6%
- Promoter holding reported at 32.83% as of March 2026
Hubtown is undergoing a major corporate consolidation by merging several promoter-held residential assets (25 West, 25 South, 25 Downtown) into the listed entity. This strategic move is projected to increase the company's Total Development Value (TDV) by 53%, from Rs 850 billion to Rs 1,300 billion. Post-merger, the ongoing development pipeline will jump from 7.13 million sq. ft. (msf) to 34.17 msf. The company has also set a long-term target to achieve Net Debt Zero status by FY31.
- Post-merger development potential to reach 34.17 million sq. ft. across residential and commercial segments
- Total Development Value (TDV) expected to increase by 53% to Rs 1,300 billion
- Strategic land reserve stands at 346.94 acres as of June 30, 2026
- Company targets Net Debt Zero status by FY31, down from current debt of Rs 411 Cr
- Merger involves three separate schemes of arrangement with specific share swap ratios for promoter entities
Hubtown's board has approved a significant fundraise of up to US$ 150 million (~₹1,250 Cr) through Foreign Currency Convertible Bonds (FCCBs), which represents approximately 52% of its current market capitalization. This capital is likely intended for its strategic consolidation of promoter-held entities and MMR expansion. However, Q1 FY27 standalone results were weak, with revenue falling 85% YoY to ₹21.22 Cr and net profit declining 73.7% to ₹17.71 Cr. Furthermore, auditors issued a qualified opinion noting that the company failed to provide for ₹5.28 Cr in interest expenses, which inflated the reported profit.
- Board approved fundraising of up to US$ 150 million via FCCBs or other equity-linked securities on a private placement basis.
- Standalone Revenue from Operations plummeted to ₹21.22 Cr in Q1 FY27 from ₹142.07 Cr in Q1 FY26.
- Standalone Net Profit for the quarter stood at ₹17.71 Cr, down from ₹67.31 Cr in the previous year's corresponding quarter.
- Auditors qualified the results due to non-provision of interest amounting to ₹5.28 Cr on certain inter-corporate deposits.
- The proposed fundraise of ~$150M is equivalent to roughly 52% of the company's current market cap of ₹2,407 Cr.
Hubtown Limited's board has approved a significant fundraise of up to $150 million (~₹1,245 Cr) through Foreign Currency Convertible Bonds (FCCBs) or other equity-linked securities. This proposed amount represents approximately 52% of the company's current market capitalization. Operationally, the standalone Q1 FY27 results were weak, with revenue from operations plunging 85% YoY to ₹21.22 Cr. Profitability was largely sustained by 'Other Income' of ₹39.24 Cr, though the statutory auditor issued a qualified opinion regarding the non-provision of ₹5.28 Cr in interest expenses.
- Approved fundraise of up to $150 million (~₹1,245 Cr) via FCCBs on a private placement basis.
- Standalone Revenue from Operations fell sharply to ₹21.22 Cr from ₹142.07 Cr in the same quarter last year.
- Standalone Net Profit declined 74% YoY to ₹17.71 Cr, down from ₹67.31 Cr in Q1 FY26.
- Statutory auditor qualified the results due to non-provision of interest amounting to ₹5.28 Cr on certain inter-corporate deposits.
- Other Income of ₹39.24 Cr accounted for nearly 65% of the total standalone income for the quarter.
Hubtown Limited has announced its Q1 FY27 earnings conference call scheduled for August 04, 2026, at 12:30 PM IST. The call will be led by Managing Director Vyomesh Shah and CFO Sunil Mago. This follows a strong FY26 where revenue grew to ₹644 cr from ₹408 cr in FY25. Investors will likely seek updates on the ongoing merger of promoter-held entities, which is projected to increase the company's Total Development Value (TDV) by 53% to ₹1,300 billion.
- Earnings conference call scheduled for Tuesday, August 04, 2026, at 12:30 PM IST
- Management participation includes the Managing Director, CFO, and AVP of the company
- Company is currently executing a strategic merger to expand TDV from ₹850 billion to ₹1,300 billion
- Latest TTM revenue stands at ₹644 cr with an operating profit margin of 23.6%
- Current launch-ready land bank is reported at 23.1 million sq. ft.
Hubtown Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited, confirms that no requests for dematerialization were received from shareholders during the quarter ended June 30, 2026. This is a standard administrative filing required to maintain the integrity of the company's shareholding records. There is no impact on the company's financial position or operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Zero (0) requests received from shareholders for dematerialization during the period
- Certificate issued by RTA MUFG Intime India Private Limited (formerly Link Intime India)
- Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Financial Performance
Revenue Growth by Segment
Pre-sales grew by ~19% YoY reaching ~INR 3,547 Crores as of November 2025, driven by the ultra-luxury and premium residential segments. Revenue recognition is tied to project completion (Occupation Certificate), which can cause timing mismatches between sales and reported revenue.
Geographic Revenue Split
100% of revenue is concentrated in the Mumbai Metropolitan Region (MMR), with a strategic focus on South Mumbai, Central Suburbs, and broader MMR landholdings.
Profitability Margins
Net profit recently declined despite higher sales because recognized revenue was derived from older projects sold at lower historical values. Margins are expected to improve as high-value ultra-luxury inventory like 25 South (over 90% sold) reaches the revenue recognition stage.
EBITDA Margin
Not explicitly disclosed in percentage terms, but core profitability is being optimized through a 69% reduction in listed entity debt, lowering interest burdens from a peak of INR 34.3 billion to INR 10.6 billion.
Capital Expenditure
The company recently closed a 100-acre land acquisition in the MMR region to expand its premium housing platform. Total Development Value (TDV) is planned to expand from INR 850 billion to INR 1,300 billion through strategic mergers.
Credit Rating & Borrowing
Listed entity debt was reduced by 69% to INR 10.6 billion. Specific interest rate percentages were not disclosed, but the company is moving toward a disciplined capital structure with zero debt on marquee projects like 25 West.
Operational Drivers
Raw Materials
Steel, cement, and construction labor represent the primary costs, typically accounting for 60-70% of total project development expenses in the Mumbai real estate market.
Import Sources
Primarily sourced from Maharashtra and neighboring Indian states to minimize logistics costs for Mumbai-based projects.
Capacity Expansion
Current launch-ready land bank stands at 23.1 million sq. ft. Planned expansion includes consolidating over 5 million sq. ft. of prime ultra-luxury inventory through the merger of 25 West, 25 South, and 25 Downtown.
Raw Material Costs
Construction costs are managed through accelerated execution timelines to mitigate inflationary pressures. Project completion cycles are being reduced to align with strong demand and improve cash flow visibility.
Manufacturing Efficiency
Focusing on reducing project completion cycles. Marquee developments in Chembur and Andheri West recently received non-occupation certificates, signaling improved execution speed.
Strategic Growth
Expected Growth Rate
19%
Growth Strategy
Growth will be achieved through a strategic merger of promoter-held entities (25 West, 25 South, 25 Downtown) into the listed entity, increasing Total Development Value by 53% (from INR 850 bn to INR 1,300 bn). The company is also accelerating its launch pipeline and recently acquired 100 acres in MMR to scale its premium housing platform.
Products & Services
Ultra-luxury residential apartments, premium housing units, commercial office spaces, and slum rehabilitation/redevelopment projects.
Brand Portfolio
Hubtown, 25 West (Bandra), 25 South (Prabhadevi), 25 Downtown (Mahalaxmi), Hubtown Seasons (Chembur).
New Products/Services
Expansion into brownfield redevelopment and slum rehabilitation projects; the 100-acre MMR acquisition is expected to contribute significantly to future premium housing launches.
Market Expansion
Deepening presence in South Mumbai and expanding into the broader MMR region through new land acquisitions and the completion of the amalgamation process by FY27.
Market Share & Ranking
Largest holder of premium and ultra-premium land parcels in South Mumbai.
Strategic Alliances
Proposed amalgamation with Saicharan Consultancy Private Limited and other promoter-held private entities to unlock scale and synergies.
External Factors
Industry Trends
The Indian real estate sector is undergoing a structural transformation, projected to reach USD 5-10 trillion by 2047. There is a distinct shift toward premiumization and consolidation among organized developers with strong execution track records.
Competitive Landscape
Competes with other major Mumbai developers in the ultra-luxury and premium segments; differentiation is achieved through prime micro-market locations like Bandra, Prabhadevi, and Mahalaxmi.
Competitive Moat
Hubtown possesses one of the largest landholdings in South Mumbai, a high-barrier market due to land scarcity. This moat is sustainable because the 23.1 million sq. ft. land bank provides a multi-year launch pipeline that competitors cannot easily replicate.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and Mumbai's infrastructure development; the sector is projected to grow 20-fold by 2047, aligning with the Viksit Bharat vision.
Consumer Behavior
Strong demand for ultra-luxury and premium housing in Mumbai, with customers prioritizing brand trust and execution capabilities.
Geopolitical Risks
Minimal direct impact as operations are MMR-centric, though global economic shifts could affect ultra-luxury demand from HNI/NRI investors.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by RERA and MOFA, which dictate that revenue can only be recognized upon receipt of the Occupation Certificate and handing over of possession.
Legal Contingencies
The company is undergoing a Scheme of Arrangement (merger) under Sections 230 to 232 of the Companies Act, 2013, requiring various regulatory and tribunal approvals.
Risk Analysis
Key Uncertainties
Timing of the amalgamation process (targeted for FY27) and the speed of regulatory approvals for new launches could impact the growth trajectory by 10-15%.
Geographic Concentration Risk
High concentration risk with nearly 100% of assets and revenue derived from the Mumbai Metropolitan Region (MMR).
Third Party Dependencies
Dependency on government authorities for Occupation Certificates (OC) and non-occupation certificates to trigger revenue recognition.
Technology Obsolescence Risk
Low risk, but the company is focusing on operational efficiency and modern design excellence to maintain its premium positioning.
Credit & Counterparty Risk
Pre-sales model reduces credit risk as payments are tied to construction milestones, though overall receivables are subject to the financial health of luxury home buyers.
