NSE: HUBTOWN · BSE: 532799
HUBTOWN LIMITED
Develops and sells residential and commercial real estate, primarily in the Mumbai metropolitan area, with a 35-year track record and 47+ projects delivered. FY26 pre-sales were ₹4,400 crore (663 units) with collections of ₹1,900 crore, against recognised revenue of ₹643.51 crore — the gap reflecting the build-and-sell model where revenue is booked on construction completion. Unrecognised revenue from already-booked units stood at ₹11,300 crore, providing forward visibility, and the total development pipeline is described as exceeding ₹1 lakh crore in gross development value. Key projects include 25 South (Prabhadevi, ~95% sold, completion expected in FY26), 25 Downtown (Mahalaxmi), 25 West (Bandra), Rising City, and the 150-acre Sunstream City seafront project in Thane/Mulund. Five new launches are planned across Thane, Khalapur, Chembur and Bandra, and three promoter-held entities are being merged into the listed company to consolidate project ownership with no shareholder dilution. Construction and land-related materials are the dominant cost, accounting for 73.5% of FY26 revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Residential and commercial real estate development (Mumbai). Mumbai-focused, asset-heavy residential and commercial property developer with project-backed debt and a build-and-sell revenue model.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 190 | 319 | 258 | 408 | 644 |
| EBITDA (ex other income) | (60) | 74 | (102) | 116 | 153 |
| margin % | (31.3) | 23.3 | (39.6) | 28.5 | 23.7 |
| Owners' profit | (128) | 0 | (85) | 47 | 148 |
| EPS, as reported (₹) | (17.66) | 4.16 | (11.17) | 4.39 | 10.62 |
| ROE % · ROCE % | (9.8) · (2.5) | 2.3 · 6.2 | (6.6) · (0.0) | 1.9 · 7.6 | 6.1 · 9.2 |
| Debt / equity (x) | 0.52 | 0.65 | 0.72 | 0.32 | 0.45 |
| Cash from operations | 24 | (6) | 161 | (580) | 187 |
| Capex | (1) | 0 | (67) | (6) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 92 | 97 | 187 | 209 | 88 | 160 | 156 |
| Profit before tax | 36 | 23 | 33 | 72 | 58 | 22 | 36 | 32 |
| Net profit | 19 | 20 | 2 | 82 | 32 | 23 | 26 | 27 |
| EPS (₹) | 2.34 | 1.62 | 0.33 | 5.85 | 1.75 | 1.57 | 1.61 | 1.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.6 | 20.5 | 35 of 57 | 39% |
| P/B | 0.9 | 1.9 | 16 of 64 | 76% |
| ROCE | 5.1 | 6.4 | 39 of 66 | 42% |
| ROE | 6.1 | 8.0 | 37 of 64 | 43% |
| Debt / Equity | 0.5 | 0.4 | 38 of 64 | 41% |
| EBITDA margin | 48.4 | 29.6 | 9 of 66 | 88% |
| Revenue growth | (17.0) | 12.8 | 54 of 67 | 20% |
| Profit growth | (67.7) | 7.5 | 58 of 66 | 12% |
| Market cap | 2430 | 1781 | 31 of 67 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · Hubtown invests additional Rs 3.26 cr in subsidiary Rare Townships | strategic transactions | medium | — | — |
| 9 Oct 2026 · Hubtown invests Rs 36.78 cr in subsidiary RTPL via rights issue subscription | strategic transactions | medium | — | — |
| 8 Oct 2026 · Hubtown files routine RTA dematerialisation compliance certificate | compliance | minimal | — | — |
| 24 Sept 2026 · Hubtown trading window closed from Oct 1 until Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Hubtown to meet analysts on 28 Sep 2026 via virtual mode | board shareholder meetings | low | — | — |
| 20 Sept 2026 · Hubtown 38th AGM: All 6 resolutions passed; FCCB of $150M approved | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Hubtown 38th AGM on Sept 18, 2026 - 6 resolutions tabled | board shareholder meetings | medium | — | — |
| 12 Sept 2026 · Hubtown to host analysts and investors meet on September 17, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · NCLT hearing date fixed for merger of 25 West Realty with Hubtown | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.