HUBTOWNNSEQ2FY26November 20, 2025

Hubtown Limited

5,519words
113turns
11analyst exchanges
5executives
Management on call
Vyomesh Shah
MANAGING DIRECTOR
Khilen Shah
PROMOTER
Sunil Mago
CHIEF FINANCIAL OFFICER
Mukesh Jindal
PRESIDENT, FINANCE
Abhishek Bhatt
E&Y INVESTOR RELATIONS
Key numbers — 40 extracted
300 billion
tructural transformation with market size projected to grow nearly 20-fold from approximately USD 300 billion today to USD 5-10 trillion by 2047. This trajectory aligns closely with the government's Viksit B
1 million
ng and Sanjay Gandhi National Park- facing development near Upvan Lake at Thane with approximately 1 million square feet of carpet area and a luxury weekend homes project in the Khalapur region of MMR. In
INR3,547 crore
cluding proposed amalgamating companies. Demand trends remain robust as evidenced by pre-sales of INR3,547 crore year-to-date. The company continues to prioritize execution excellence and achieves significant
5 million
he premium projects of South Mumbai will come directly under the listed platform adding more than 5 million square feet of prime developable area and increasing our total development value from approximate
INR850 billion
re feet of prime developable area and increasing our total development value from approximately INR850 billion to over INR1,300 billion. The promoters will bring in 25 Downtown at an indicative value of aroun
INR1,300 billion
lopable area and increasing our total development value from approximately INR850 billion to over INR1,300 billion. The promoters will bring in 25 Downtown at an indicative value of around INR900 per Hubtown shar
INR900
o over INR1,300 billion. The promoters will bring in 25 Downtown at an indicative value of around INR900 per Hubtown share at current market value and leaving a lot for the investors to gain. With newl
69%
pany's significant financial discipline. Since 2017, we have reduced listed entity debt by nearly 69% from INR34 billion to INR10.6 billion as of September 25. Over 90% of our current debt is project
INR34 billion
gnificant financial discipline. Since 2017, we have reduced listed entity debt by nearly 69% from INR34 billion to INR10.6 billion as of September 25. Over 90% of our current debt is project-backed and self-li
INR10.6 billion
al discipline. Since 2017, we have reduced listed entity debt by nearly 69% from INR34 billion to INR10.6 billion as of September 25. Over 90% of our current debt is project-backed and self-liquidating with re
90%
d listed entity debt by nearly 69% from INR34 billion to INR10.6 billion as of September 25. Over 90% of our current debt is project-backed and self-liquidating with repayment schedule aligned to con
INR1 billion
chedule aligned to construction progress and collections. During Q2, we also raised approximately INR1 billion of low interest debt on flexible pay- from-cash-flow terms that fit well with our capital strategy
Guidance — 20 items
Abhishek Bhatt
opening
“Should you need any assistance to receive them, you can write to us, and we will be happy to send them over.”
Vyomesh Shah
opening
“These products will be unique in nature and launch at a significant premium to current project prices while maintaining robust sales momentum.”
Vyomesh Shah
opening
“We are very confident that the large-sized apartments which are available nowhere in South Mumbai by any of our competition, we will be having a significant premium and a demand of these products.”
Vyomesh Shah
opening
“We are also planning 2 additional ultra-luxury offerings in FY27 from land parcels already within our portfolio, a large lake-facing and Sanjay Gandhi National Park- facing development near Upvan Lake at Thane with approximately 1 million square feet of carpet area and a luxury weekend homes project in the Khalapur region of MMR.”
Vyomesh Shah
opening
“In early 2027, we also expect to launch a premium 4 and 5-bedroom offering at our Seasons Project, Chembur, which will constitute the highest ticket-sized residences in that micro- market.”
Vyomesh Shah
opening
“We plan to launch two strata-sale office projects in the under-served central suburb market leveraging our land banks in Chembur and Ghatkopar.”
Vyomesh Shah
opening
“I am happy to announce that we have closed another 100 acres of acquisition in MMR region adjoining to our 25-state project of premium houses.”
Vyomesh Shah
opening
“Additional occupation certificates for portions of our Chembur, Ghatkopar and Gujarat projects are expected within FY26.”
Vyomesh Shah
opening
“Over 90% of our current debt is project-backed and self-liquidating with repayment schedule aligned to construction progress and collections.”
Vyomesh Shah
opening
“We expect to complete this fund raise within the current quarter subject to statutory approvals.”
Q&A — 11 exchanges
Q
Hello, and congratulations on a great set of numbers, sir. So, our question is, as you have mentioned in the presentation that in FY26, the pre-sales would be 6,000 crore, right? So, on this note, what can we expect the full year revenue and profitability to look like, sir?
Vyomesh Shah
We are well on target to achieve the figure which we have given for FY26, that is of INR 6,000 crores. Half year we have already covered INR3,500 and balanced half year we will cover the balance value. And revenue recognition, as you are well aware, is linked to occupation certificate and possession. Correct. So, can you give a percentage on this? Like how much can we expect in revenue and that? If not, then it's fine. But anything would be helpful. Because it all depends upon receiving occupation certificate and possession received. Ultimately, sales are booked. Okay, understood, sir. Thank y
Q
Yes, thanks for the opportunity. My question is just a clarification. You said 3,547 in the pre- sales number for the entire till date or this is for only H1?
Vyomesh Shah
H1. H1. And this 11,000 we have sold from the group projects. So, that we sold in last year. And what was the last year pre-sales number? So, we are very clear that INR 5,500 is of the previous year and INR 6,000 will of the current year. We have till date; we have total sales value achieved is INR 14,779 crores. And out of that, revenue considered already is INR 2,847 crores. And balance is nearly INR 12,000 crores, that is INR 11,932 balance to be on OC and position recognized as and when OC and possession is received. No, sir. Can you just repeat? INR 14,779 is the pre-sales number for the
Q
Sir, thank you so much for the opportunity. Sir, there is any particular reason we have not launched the above 54 floors for 25 Downtown?
Vyomesh Shah
As a strategy, we always do is first launch the lower floors. Once we have completed that and once the project reaches a critical stage, then we launch the upper floor because upper floor gets much higher valuation in Mumbai as you are aware. Okay, right. And this has worked very well for the company, isn't it? This has worked very well for the company throughout. All right. Thank you so much. Sir, one last question is that in the previous question you answered that amalgamation will be effective from April 2025. So, would we see once these amalgamations have been approved by the exchanges and
Q
Thank you for the opportunity, sir. So, my first question is the listed entities debt has reduced. So how was this achieved and what is the future debt strategy for us?
Vyomesh Shah
As on today, consolidation was the strategy. Going forward, of course, there are going to be some new projects also taken over. But we have achieved through excellent sales strategy which we followed. We ensured that the collections were there, occupation certificates obtained, and according to the loans, getting retired out of it. And last year, we had a preference issue which was utilized for repaying the loans which was standing in the books. So, all this put together, we are on track to ensure that the debt remains practically operational debt more than anything else. Okay. And when will t
Q
Hi. Good afternoon, sir. Thanks for the opportunity. I wanted to understand how our Ultra- Luxury Project strategy is shaping up? We had talked about this a bit earlier. If you could elaborate further, that would be great.
Vyomesh Shah
We are ensuring that the Ultra-Luxury Projects of ours are situated at a location where ultra- luxury is in demand. So, we are very clear that all the locations where we are launching ultra- luxury are at a location where Ultra-Luxury will always remain in demand. And there will be a robust demand like one which is next to golf course at Mumbai, Wellington Golf Course at Mumbai. One which is at Mount Mary area of Bandra, and another is second homes, which is 90 minutes from here. Third is Voltas land at Pokhran Lake next to Sanjay Gandhi National Park. All these areas are suitable for Ultra-Lu
Q
So, thank you so much for the follow up. Sir, I was fortunate to visit your 25 Downtown, and I have seen the kind of luxuries which are available. So, I just want to ask you if we are going to offer similar kinds of amenities in Mount Marry and the new project at Thane and the Sanjay Gandhi one or because it is really ultra luxury, I mean, with whatever I have seen there.
Vyomesh Shah
See, every project has its own definition of ultra-luxury. And every project, depending upon the scale and the size, will have ultra luxury. But in that segment, there will be no match to us. That's how it is. The best way to describe it is that nobody will be able to match the amenities which we offer in that segment. Right. And sir, one more question on the debt repayment. So, as I understand, and you can correct me if I'm wrong, Oaktree Capital, we have taken capital from Oaktree Capital for 25 South project. So how is the debt repayment being paid? Is it like on a schedule, what kind of sc
Q
Yes. May I know as to what will be the free cash flow from 25 Downtown, South, West, which we are expecting over a period of time?
Vyomesh Shah
Free cash flow will be more than sufficient to meet all the liabilities and still leave huge surplus with us for expansion. I don't want to make statements which are not uploaded on the stock exchange. Okay We have uploaded already on the stock exchange, the approximately estimates and everything. I think INR 45,000 crores, is the sales figure, right? Yes. So our margins generally are in the range of 30%-35%. So that's how it will be. Right. And secondly, what about the payment to the DLF which is being made regards that liability? DLF payment is divided into two parts. INR 250 crores was to b
Q
Hello, sir. I have one question related to this. Like what would be the pre-sales of our company and what would be the pre-sales of our other group companies like 25 south, 25 west?
Vyomesh Shah
We have given an amalgamated figure, considering those three companies to be amalgamated. So that is how going forward it should be. So, it would be always like that. But we have uploaded on exchanges all those bifurcations and details also. Okay, sir. And can you please explain this INR 14,000 crores figure like is it pre-sales or can you please explain this? Yes, that is pre-sales. Figures of pre-sales. Okay, sir. Thank you.
Q
Sir, good afternoon, and thanks for giving me a chance to ask the question. My query is that your quarter-on-quarter although sales have increased but profit has declined. So what is the reason for that?
Vyomesh Shah
I will put it simply. As I have explained in my opening speech, we recognize the profits and the revenue based on occupation certificate and handing over possession. The projects which we handed over during this quarter were sold at a much lower value earlier and now occupation has been obtained. So those are the projects whose revenues have got recognized and hence these are the numbers. And going forward now the sale prices have increased, everything has increased. So, you will have the balancing figures coming up going forward. But if suppose a project which was launched in 2015-2016 gets o
Q
Thank you for the opportunity once again sir. Sir, my question is you haven't shared any quarterly trend or growth on realization or collection. So, if you can just touch base upon that, that would be helpful?
Vyomesh Shah
We will keep this in mind, and we will ensure that next time onwards we start giving that trend also. Okay, sir. Thank you. All the best.
Q
I really thank each one of you for participating here. We really appreciate your questions, they were very on point questions, really asking us to do what we need to do, requiring us to think on our strategies and everything. Thank you very much. We have an Investors Meet at 3.30 at Jio today. I would request all of you if you can really be part of this, all those who are on call, participate there so that there can be one-to-one interaction. Also, further to your various insightful questions which you have given to us. Thank you very much.
Management
Speaking time
Vyomesh Shah
47
Moderator
13
Amit Jain
13
Dhananjay Mishra
12
Mehul Panjwani
8
Samir Desai
6
Ashok Kumar Daga
4
Kriti Tripathi
3
Ninad Sabnis
3
Athar Syed
3
Opening remarks
Abhishek Bhatt
Thank you. Thank you everyone for joining us on the call. Before we proceed to the call, let me remind you that today's discussion may contain forward-looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with the business risks that could cause future results, performance or argument to differ significantly from what is expressed and implied by such forward-looking statements. Please note the results and presentations are available on the exchanges. Should you need any assistance to receive them, you can write to us, and we will be happy to send them over. Today we have on the call the senior management of Hubtown Limited, which is represented by Mr. Vyomesh Shah, Managing Director; Mr. Khilen Shah, Promoter; Mr. Sunil Mago, Chief Financial Officer; Mr. Mukesh Jindal, President, Finance. We will begin with the highlights of the quarter followed by Q&A. Now I would like to hand over the call to Mr. Vyomesh Shah fo
Vyomesh Shah
Thank you very much. Good afternoon, everyone and thank you for joining our Q2 FY26 Earning Call. Hubtown Limited is a Mumbai-based headquartered MMR-centric real estate developer with a strong brand presence in the ultra-luxury residential segment and a strategic land bank across South Mumbai, Central Suburbs and broader MMR region. I would like to begin with a brief overview of the industry backdrop. As per recent industry reports, India's real estate sector is undergoing a structural transformation with market size projected to grow nearly 20-fold from approximately USD 300 billion today to USD 5-10 trillion by 2047. This trajectory aligns closely with the government's Viksit Bharat 2047 vision, which emphasizes large-scale infrastructure investments, improved ease of doing business and inclusive economic growth. Against this backdrop, Hubtown stands at a strategic inflection point supported by three core pillars. One, strong presence in MMR region which is the backbone of Indian ec
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