Construction - Real Estate · Founded 1989 · www.hubtown.co.in · BSE 532799 · NSE HUBTOWN · ISIN INE703H01016
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Business
Hubtown Ltd. is an Indian real estate development company. Its core business involves the development of properties across various categories, including residential, commercial, retail, and hospitality. The company operates primarily through the acquisition of land parcels, planning and design, project execution, and subsequent sale of developed units to customers. It generates revenue primarily from the sale of these developed properties.
Revenue Mix
Information on precise revenue breakdown by segment (e.g., residential vs. commercial) is not publicly detailed. However, given its sector, Hubtown's revenue is primarily derived from:
Residential Projects: Sale of apartments, villas, and plotted developments.
Commercial Projects: Sale or lease of office spaces, retail outlets, and other business premises.
The company typically operates as a developer, with revenue booked upon project completion and sale of units.
Industry
The Indian real estate industry is highly competitive, capital-intensive, cyclical, and largely fragmented, with numerous regional and national players. It is also significantly influenced by government regulations (like RERA), economic cycles, and interest rates. Hubtown Ltd. operates within this competitive landscape, focusing on developing projects mainly in the Mumbai Metropolitan Region (MMR) and other key cities in India. It positions itself as an established developer, aiming to deliver projects across different asset classes, likely competing with both large national players and other regional developers in its target markets.
MOAT
Hubtown Ltd. does not exhibit a strong, widely recognized competitive moat similar to large, nationally branded developers. Potential localized advantages might include:
Local Expertise: Deep understanding of specific micro-markets, particularly in the MMR, including land acquisition and regulatory processes.
Land Bank: Possession of strategically located land parcels acquired over time, which can provide a cost advantage for future projects.
However, these are often offset by intense competition, high capital requirements, and execution risks inherent in the real estate sector. Its brand reputation is primarily regional, not offering a national pricing premium or overwhelming customer loyalty.
Growth Drivers
Urbanization & Demographics: Continued migration to urban centers and a young, growing population in India drive demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing affluence among the middle and upper-middle classes supports demand for quality residential and lifestyle properties.
Favorable Interest Rate Environment: Lower home loan interest rates can boost affordability and buyer sentiment, accelerating sales.
Government Initiatives: Infrastructure development, smart city projects, and affordable housing schemes can create new market opportunities and improve connectivity for existing projects.
Project Launches & Execution: Timely completion and successful sales of ongoing and new projects will be crucial for revenue and profitability growth.
Risks
Cyclicality of Real Estate: The sector is highly sensitive to economic downturns, interest rate hikes, and changes in consumer sentiment, leading to potential slowdowns in sales and price corrections.
Regulatory & Approval Delays: Obtaining numerous clearances and permits for real estate projects in India can be time-consuming and lead to significant project delays and cost overruns.
High Capital Intensity & Debt: Real estate development requires substantial capital. High debt levels, typical for developers, make the company vulnerable to rising interest costs and refinancing risks.
Land Acquisition Challenges: Difficulties in acquiring suitable land parcels, along with rising land costs, can impact project viability and timelines.
Competition: Intense competition from both established players and new entrants can pressure pricing and market share.
Execution Risk: Delays in construction, quality issues, or cost escalations can impact project profitability and reputation.
Management & Ownership
Hubtown Ltd. is a promoter-led company, with the Shah and Patel families being the primary promoters. The management team typically comprises individuals with experience in various facets of real estate development, including land acquisition, project planning, construction, and sales. As a publicly listed entity, the ownership structure is a mix of promoter holdings, institutional investors, and public shareholders, with the promoter group holding a significant stake, influencing strategic decisions.
Outlook
Hubtown operates in the dynamic and crucial Indian real estate sector. The long-term outlook for real estate in India remains positive, driven by strong underlying demographics, urbanization, and economic growth, which can provide a supportive environment for developers like Hubtown. Successful project execution, effective inventory management, and strategic land bank utilization will be key to capitalizing on this demand. However, the company faces inherent risks associated with the cyclical nature of the industry, intense competition, capital requirements, and regulatory complexities. Its performance will be closely tied to its ability to launch and complete projects efficiently, manage its debt, and navigate the evolving market conditions in its specific geographic focus areas.
Price goes above X
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 106 | 120 | 99 | 92 | 97 | 187 | 209 | 88 | 160 | 156 |
| Other Income | 84 | 6 | 40 | 28 | 44 | 48 | 55 | 44 | 43 | 47 |
| Total Income | 190 | 126 | 139 | 120 | 141 | 235 | 263 | 132 | 203 | 202 |
| Total Expenditure | 261 | 106 | 38 | 60 | 88 | 147 | 177 | 85 | 82 | 127 |
| Operating Profit | -71 | 20 | 101 | 61 | 52 | 88 | 86 | 46 | 121 | 75 |
| Interest | 16 | 14 | 65 | 37 | 19 | 16 | 27 | 23 | 85 | 42 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -88 | 5 | 36 | 23 | 33 | 72 | 58 | 22 | 36 | 32 |
| Provision for Tax | 2 | -1 | 7 | 7 | 29 | -10 | 27 | -2 | 6 | 6 |
| Profit After Tax | -89 | 6 | 29 | 16 | 4 | 82 | 32 | 24 | 30 | 27 |
| Adjustments | 1 | -1 | -13 | 5 | -1 | -3 | -8 | -2 | -7 | -2 |
| Profit After Adjustments | -89 | 5 | 17 | 21 | 4 | 79 | 24 | 22 | 23 | 25 |
| Adjusted Earnings Per Share | -11.1 | 0.7 | 1.3 | 1.6 | 0.3 | 5.8 | 1.7 | 1.6 | 1.6 | 1.8 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 407 | 543 | 563 | 471 | 273 | 266 | 190 | 319 | 221 | 408 | 644 | 613 |
| Other Income | 32 | 33 | 291 | 78 | 38 | 46 | 24 | 17 | 141 | 118 | 189 | 189 |
| Total Income | 438 | 575 | 853 | 549 | 311 | 312 | 214 | 336 | 362 | 526 | 833 | 800 |
| Total Expenditure | 58 | 174 | 524 | 328 | 197 | 333 | 250 | 245 | 360 | 292 | 491 | 471 |
| Operating Profit | 380 | 401 | 329 | 221 | 114 | -21 | -36 | 91 | 2 | 234 | 342 | 328 |
| Interest | 383 | 424 | 351 | 218 | 139 | 105 | 87 | 94 | 75 | 135 | 151 | 177 |
| Depreciation | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -7 | -26 | -25 | -0 | -29 | -130 | -127 | -6 | -75 | 97 | 188 | 148 |
| Provision for Tax | -2 | 6 | -2 | 12 | 17 | -0 | 3 | -32 | 1 | 41 | 20 | 37 |
| Profit After Tax | -4 | -32 | -23 | -12 | -46 | -130 | -130 | 26 | -76 | 55 | 168 | 113 |
| Adjustments | -19 | -8 | -3 | -3 | -14 | 9 | 4 | 3 | -9 | -9 | -20 | -19 |
| Profit After Adjustments | -24 | -39 | -26 | -15 | -61 | -120 | -126 | 29 | -85 | 47 | 148 | 94 |
| Adjusted Earnings Per Share | -3.2 | -5.4 | -3.6 | -2.1 | -8.4 | -16.6 | -17.3 | 3.8 | -10.7 | 3.4 | 10.4 | 6.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 58% | 26% | 19% | 5% |
| Operating Profit CAGR | 46% | 55% | 0% | -1% |
| PAT CAGR | 205% | 86% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -37% | 39% | 44% | 7% |
| ROE Average | 7% | 1% | -1% | -2% |
| ROCE Average | 10% | 6% | 4% | 6% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1690 | 1651 | 1622 | 1602 | 1532 | 1412 | 1289 | 1306 | 1258 | 2408 | 2628 |
| Minority's Interest | 22 | 21 | 22 | 22 | 22 | 21 | 19 | 23 | 55 | 61 | 37 |
| Borrowings | 529 | 522 | 392 | 263 | 212 | 282 | 216 | 31 | 354 | 508 | 890 |
| Other Non-Current Liabilities | -0 | -16 | 178 | 154 | 146 | 59 | 54 | 16 | 7 | 58 | 144 |
| Total Current Liabilities | 2412 | 2717 | 2620 | 2643 | 2663 | 2632 | 3108 | 3081 | 3188 | 2375 | 2604 |
| Total Liabilities | 4652 | 4896 | 4834 | 4684 | 4575 | 4406 | 4686 | 4456 | 4862 | 5411 | 6302 |
| Fixed Assets | 59 | 52 | 50 | 49 | 48 | 34 | 35 | 33 | 107 | 112 | 124 |
| Other Non-Current Assets | 2221 | 2017 | 1853 | 1855 | 1878 | 1509 | 1464 | 1363 | 769 | 733 | 1079 |
| Total Current Assets | 2372 | 2828 | 2931 | 2781 | 2649 | 2864 | 3187 | 3060 | 3985 | 4567 | 5099 |
| Total Assets | 4652 | 4896 | 4834 | 4684 | 4575 | 4406 | 4686 | 4456 | 4862 | 5411 | 6302 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 8 | 3 | -5 | 9 | 18 | 29 | 46 | 36 | 42 | 95 | 84 |
| Cash Flow from Operating Activities | 138 | -3 | 451 | 76 | 68 | -129 | 24 | -6 | 161 | -580 | 187 |
| Cash Flow from Investing Activities | 1 | 154 | 7 | 151 | 12 | 204 | 24 | 156 | -81 | -75 | -520 |
| Cash Flow from Financing Activities | -144 | -159 | -444 | -219 | -87 | -57 | -58 | -145 | -27 | 644 | 390 |
| Net Cash Inflow / Outflow | -5 | -8 | 14 | 9 | -7 | 17 | -10 | 6 | 53 | -10 | 56 |
| Closing Cash & Cash Equivalent | 3 | -5 | 9 | 18 | 12 | 46 | 36 | 42 | 95 | 84 | 141 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -3.24 | -5.38 | -3.6 | -2.07 | -8.35 | -16.56 | -17.33 | 3.78 | -10.69 | 3.44 | 10.44 |
| CEPS(Rs) | -0.11 | -3.9 | -2.69 | -1.19 | -5.77 | -17.33 | -17.37 | 3.86 | -9.13 | 4.27 | 12.05 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 232.31 | 226.94 | 222.96 | 220.28 | 210.66 | 194.1 | 177.24 | 170.33 | 157.38 | 175.06 | 184.92 |
| Core EBITDA Margin(%) | 85.62 | 67.86 | 6.85 | 30.39 | 27.79 | -25.18 | -31.32 | 23.28 | -62.48 | 28.46 | 23.73 |
| EBIT Margin(%) | 92.48 | 73.33 | 57.92 | 46.31 | 40.29 | -9.27 | -20.8 | 27.58 | -0.33 | 56.66 | 52.68 |
| Pre Tax Margin(%) | -1.71 | -4.76 | -4.45 | -0.07 | -10.65 | -48.77 | -66.71 | -1.9 | -33.99 | 23.63 | 29.27 |
| PAT Margin (%) | -1.1 | -5.82 | -4.04 | -2.51 | -16.99 | -48.75 | -68.43 | 8.24 | -34.3 | 13.51 | 26.12 |
| Cash Profit Margin (%) | -0.2 | -5.22 | -3.47 | -1.84 | -15.38 | -47.38 | -66.38 | 9.24 | -32.94 | 14.16 | 26.6 |
| ROA(%) | -0.09 | -0.66 | -0.47 | -0.25 | -1 | -2.89 | -2.86 | 0.58 | -1.63 | 1.07 | 2.87 |
| ROE(%) | -0.27 | -1.89 | -1.39 | -0.73 | -2.96 | -8.81 | -9.64 | 2.03 | -5.94 | 3.04 | 6.72 |
| ROCE(%) | 11.1 | 11.87 | 10.83 | 8.56 | 4.66 | -1.12 | -1.91 | 4.26 | -0.03 | 8.58 | 9.65 |
| Receivable days | 149.22 | 152.01 | 244.09 | 296.77 | 270.62 | 188.48 | 411.69 | 255.39 | 324.14 | 220.53 | 162.3 |
| Inventory Days | 1802.54 | 1100.09 | 1091.05 | 1219.76 | 2197.19 | 2444.74 | 3681.2 | 2340.89 | 4069.96 | 2713.72 | 1975.67 |
| Payable days | -7816.16 | 3654.27 | 351.23 | 289.93 | -1470.73 | 656.09 | 1100.75 | 498.08 | 568.64 | 459.75 | 243.69 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.16 | 0 | 54.82 | 16.4 |
| Price/Book(x) | 0.45 | 0.4 | 0.32 | 0.15 | 0.04 | 0.08 | 0.26 | 0.18 | 0.84 | 1.08 | 0.93 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 5.73 | 4.44 | 2.61 | 2.26 | 2.6 | 3.05 | 5.05 | 3.24 | 8.4 | 7.72 | 5.13 |
| EV/Core EBITDA(x) | 6.13 | 6.01 | 4.46 | 4.82 | 6.22 | -38.6 | -26.92 | 11.35 | 818.17 | 13.48 | 9.65 |
| Net Sales Growth(%) | -8.27 | 33.42 | 3.72 | -16.33 | -42.07 | -2.44 | -28.49 | 67.69 | -30.6 | 84.46 | 57.54 |
| EBIT Growth(%) | -10.26 | 5.79 | -18.07 | -33.11 | -49.6 | -122.45 | -60.4 | 322.37 | -100.84 | 0 | 46.48 |
| PAT Growth(%) | -178.1 | -603.4 | 28.13 | 47.92 | -291.76 | -180 | -0.38 | 120.19 | -389 | 172.64 | 204.59 |
| EPS Growth(%) | -3298.32 | -66.16 | 33.18 | 42.53 | -303.91 | -98.35 | -4.63 | 121.84 | -382.51 | 132.13 | 204.04 |
| Debt/Equity(x) | 0.95 | 1.06 | 0.61 | 0.55 | 0.45 | 0.54 | 0.53 | 0.66 | 0.75 | 0.33 | 0.46 |
| Current Ratio(x) | 0.98 | 1.04 | 1.12 | 1.05 | 0.99 | 1.09 | 1.03 | 0.99 | 1.25 | 1.92 | 1.96 |
| Quick Ratio(x) | 0.33 | 0.42 | 0.48 | 0.49 | 0.32 | 0.42 | 0.37 | 0.34 | 0.34 | 0.6 | 0.49 |
| Interest Cover(x) | 0.98 | 0.94 | 0.93 | 1 | 0.79 | -0.23 | -0.45 | 0.94 | -0.01 | 1.72 | 2.25 |
| Total Debt/Mcap(x) | 2.13 | 2.65 | 1.93 | 3.77 | 12.41 | 7.02 | 2.01 | 3.66 | 0.89 | 0.31 | 0.49 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.85 | 46.6 | 28.81 | 28.81 | 32.09 | 32.09 | 35.02 | 35.02 | 32.84 | 33.17 |
| FII | 3.33 | 3.57 | 6.75 | 5 | 4.95 | 3.69 | 2.05 | 1.76 | 1.4 | 1.48 |
| DII | 0 | 0 | 0 | 0 | 0.04 | 0.04 | 0.2 | 0.21 | 0.21 | 0.2 |
| Public | 48.82 | 49.83 | 64.44 | 66.18 | 62.92 | 64.18 | 62.73 | 63.01 | 65.55 | 65.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.83 | 3.73 | 3.73 | 3.73 | 4.35 | 4.35 | 4.98 | 4.98 | 4.67 | 4.71 |
| FII | 0.27 | 0.29 | 0.87 | 0.65 | 0.67 | 0.5 | 0.29 | 0.25 | 0.2 | 0.21 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Public | 3.9 | 3.98 | 8.33 | 8.56 | 8.53 | 8.7 | 8.91 | 8.95 | 9.32 | 9.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.99 | 7.99 | 12.94 | 12.94 | 13.56 | 13.56 | 14.21 | 14.21 | 14.21 | 14.21 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +58% | +26% | +19% | +5% |
| Operating Profit CAGR | +46% | +55% | — | -1% |
| PAT CAGR | +205% | +86% | — | — |
| Share Price CAGR | -37% | +39% | +44% | +7% |
| ROE Average | +7% | +1% | -1% | -2% |
| ROCE Average | +10% | +6% | +4% | +6% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.85 | 46.6 | 28.81 | 28.81 | 32.09 | 32.09 | 35.02 | 35.02 | 32.84 | 33.17 |
| FII | 3.33 | 3.57 | 6.75 | 5 | 4.95 | 3.69 | 2.05 | 1.76 | 1.4 | 1.48 |
| DII | 0 | 0 | 0 | 0 | 0.04 | 0.04 | 0.2 | 0.21 | 0.21 | 0.2 |
| Public | 48.82 | 49.83 | 64.44 | 66.18 | 62.92 | 64.18 | 62.73 | 63.01 | 65.55 | 65.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.83 | 3.73 | 3.73 | 3.73 | 4.35 | 4.35 | 4.98 | 4.98 | 4.67 | 4.71 |
| FII | 0.27 | 0.29 | 0.87 | 0.65 | 0.67 | 0.5 | 0.29 | 0.25 | 0.2 | 0.21 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Public | 3.9 | 3.98 | 8.33 | 8.56 | 8.53 | 8.7 | 8.91 | 8.95 | 9.32 | 9.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.99 | 7.99 | 12.94 | 12.94 | 13.56 | 13.56 | 14.21 | 14.21 | 14.21 | 14.21 |
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